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As Of Filer Filing For·On·As Docs:Size 10/31/19 Exelon Corp 10-Q 9/30/19 161:61M Peco Energy Co Potomac Electric Power Co Delmarva Power & Light Co/DE Commonwealth Edison Co Baltimore Gas & Electric Co Atlantic City Electric Co Pepco Holdings LLC Exelon Generation Co LLC |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 9.82M 2: EX-3.1 Articles of Incorporation/Organization or Bylaws HTML 73K 3: EX-10.1 Material Contract HTML 75K 4: EX-10.2 Material Contract HTML 62K 5: EX-10.3 Material Contract HTML 75K 6: EX-10.4 Material Contract HTML 78K 7: EX-10.5 Material Contract HTML 81K 8: EX-31.1 Certification Filed by Christopher M. Crane for HTML 53K Exelon Corporation 17: EX-31.10 Certification Filed by David M. Vahos for HTML 53K Baltimore Gas and Electric Company 18: EX-31.11 Certification Filed by David M. Velazquez for HTML 53K Pepco Holdings LLC 19: EX-31.12 Certification Filed by Phillip S. Barnett for HTML 53K Pepco Holdings LLC 20: EX-31.13 Certification Filed by David M. Velazquez for HTML 53K Potomac Electric Power Company 21: EX-31.14 Certification Filed by Phillip S. Barnett for HTML 53K Potomac Electric Power Company 22: EX-31.15 Certification Filed by David M. Velazquez for HTML 53K Delmarva Power & Light Company 23: EX-31.16 Certification Filed by Phillip S. Barnett for HTML 53K Delmarva Power & Light Company 24: EX-31.17 Certification Filed by David M. Velazquez for HTML 53K Atlantic City Electric Company 25: EX-31.18 Certification Filed by Phillip S. Barnett for HTML 53K Atlantic City Electric Company 9: EX-31.2 Certification Filed by Joseph Nigro for Exelon HTML 53K Corporation 10: EX-31.3 Certification Filed by Kenneth W. Cornew for HTML 53K Exelon Generation Company, LLC 11: EX-31.4 Certification Filed by Bryan P. Wright for Exelon HTML 53K Generation Company, LLC 12: EX-31.5 Certification Filed by Joseph Dominguez for HTML 53K Commonwealth Edison Company 13: EX-31.6 Certification Filed by Jeanne M. Jones for HTML 53K Commonwealth Edison Company 14: EX-31.7 Certification Filed by Michael A. Innocenzo for HTML 53K Peco Energy Company 15: EX-31.8 Certification Filed by Robert J. Stefani for Peco HTML 53K Energy Company 16: EX-31.9 Certification Filed by Calvin G. Butler, Jr. for HTML 53K Baltimore Gas and Electric Co 26: EX-32.1 Certification Filed by Christopher M. Crane for HTML 48K Exelon Corporation 35: EX-32.10 Certification Filed by David M. Vahos for HTML 48K Baltimore Gas and Electric Company 36: EX-32.11 Certification Filed by David M. Velazquez for HTML 48K Pepco Holdings LLC 37: EX-32.12 Certification Filed by Phillip S. Barnett for HTML 48K Pepco Holdings LLC 38: EX-32.13 Certification Filed by David M. Velazquez for HTML 48K Potomac Electric Power Company 39: EX-32.14 Certification Filed by Phillip S. Barnett for HTML 48K Potomac Electric Power Company 40: EX-32.15 Certification Filed by David M. Velazquez for HTML 48K Delmarva Power & Light Company 41: EX-32.16 Certification Filed by Phillip S. Barnett for HTML 48K Delmarva Power & Light Company 42: EX-32.17 Certification Filed by David M. Velazquez for HTML 48K Atlantic City Electric Company 43: EX-32.18 Certification Filed by Phillip S. Barnett for HTML 48K Atlantic City Electric Company 27: EX-32.2 Certification Filed by Joseph Nigro for Exelon HTML 48K Corporation 28: EX-32.3 Certification Filed by Kenneth W. Cornew for HTML 48K Exelon Generation Company, LLC 29: EX-32.4 Certification Filed by Bryan P. Wright for Exelon HTML 48K Generation Company, LLC 30: EX-32.5 Certification Filed by Joseph Dominguez for HTML 48K Commonwealth Edison Company 31: EX-32.6 Certification Filed by Jeanne M. Jones for HTML 48K Commonwealth Edison Company 32: EX-32.7 Certification Filed by Michael A. Innocenzo for HTML 48K Peco Energy Company 33: EX-32.8 Certification Filed by Robert J. Stefani for Peco HTML 48K Energy Company 34: EX-32.9 Certification Filed by Calvin G. Butler, Jr. for HTML 48K Baltimore Gas and Electric Co 121: R1 Cover Page HTML 149K 52: R2 Consolidated Statements of Operations and HTML 323K Comprehensive Income (Unaudited) 94: R3 Consolidated Statements of Cash Flows (Unaudited) HTML 272K 133: R4 Consolidated Balance Sheets (Unaudited) HTML 466K 120: R5 Consolidated Balance Sheets (Unaudited) HTML 81K (Parenthetical) 51: R6 Consolidated Statements of Changes in Shareholders HTML 325K Equity (Unaudited) 93: R7 Consolidated Statements of Changes in Shareholders HTML 50K Equity (Unaudited) (Parenthetical) 134: R8 Significant Accounting Policies HTML 92K 119: R9 Variable Interest Entities (Exelon, Generation, HTML 261K PHI and ACE) 88: R10 Mergers, Acquisitions and Dispositions (Exelon and HTML 57K Generation) 74: R11 Revenue from Contracts with Customers (All HTML 93K Registrants) 111: R12 Leases (All Registrants) HTML 481K 153: R13 Regulatory Matters (All Registrants) HTML 179K 89: R14 Asset Impairments (Exelon and Generation) HTML 55K 75: R15 Early Plant Retirements (Exelon and Generation) HTML 92K 112: R16 Fair Value of Financial Assets and Liabilities HTML 1.52M (All Registrants) 155: R17 Derivative Financial Instruments (All Registrants) HTML 250K 90: R18 Debt and Credit Agreements (All Registrants) HTML 116K 73: R19 Income Taxes (All Registrants) HTML 297K 123: R20 Nuclear Decommissioning (Exelon and Generation) HTML 69K 135: R21 Retirement Benefits (All Registrants) HTML 173K 91: R22 Changes in Accumulated Other Comprehensive Income HTML 173K (Exelon) 49: R23 Commitments and Contingencies (All Registrants) HTML 365K 124: R24 Supplemental Financial Information (All HTML 877K Registrants) 136: R25 Segment Information (All Registrants) HTML 1.47M 92: R26 Significant Accounting Policies (Policies) HTML 77K 50: R27 Variable Interest Entities (Tables) HTML 237K 122: R28 Revenue from Contracts with Customers (Tables) HTML 89K 138: R29 Leases (Tables) HTML 428K 161: R30 Regulatory Matters (Tables) HTML 140K 114: R31 Early Plant Retirements (Tables) HTML 83K 72: R32 Fair Value of Financial Assets and Liabilities HTML 1.53M (Tables) 85: R33 Derivative Financial Instruments (Tables) HTML 222K 160: R34 Debt and Credit Agreements (Tables) HTML 112K 113: R35 Income Taxes (Tables) HTML 301K 71: R36 Nuclear Decommissioning (Tables) HTML 57K 84: R37 Retirement Benefits (Tables) HTML 174K 156: R38 Changes in Accumulated Other Comprehensive Income HTML 174K (Tables) 115: R39 Commitments and Contingencies (Tables) HTML 334K 141: R40 Supplemental Financial Information (Tables) HTML 883K 126: R41 Segment Information (Tables) HTML 1.47M 60: R42 Variable Interest Entities - Narrative (Details) HTML 67K 102: R43 Variable Interest Entities - Assets and HTML 238K Liabilities of VIES which Creditors or Beneficiaries have no Recourse (Details) 140: R44 Variable Interest Entities - Summary of HTML 81K Significant Unconsolidated VIEs (Details) 125: R45 Mergers, Acquisitions and Dispositions - HTML 55K Acquisitions Narrative (Details) 59: R46 Mergers, Acquisitions and Dispositions - HTML 86K Dispositions Narrative (Details) 101: R47 Revenue from Contracts with Customers - Change in HTML 68K Contract with Customer, Asset and Liability (Details) 139: R48 Revenue from Contracts with Customers - HTML 70K Performance Obligations (Details) 127: R49 Leases Lessee - Narrative (Details) HTML 110K 105: R50 Leases Lessee - Components of Lease Cost (Details) HTML 96K 146: R51 Leases Lessee - Supplemental Balance Sheet HTML 119K Information Related to Lessee Right-of-Use Assets and Lease Liabilities (Details) 82: R52 Leases Lessee - Future Minimum Operating Lease HTML 101K Maturity Payments (Details) 67: R53 Leases Lessee - 2018 Schedule of Minimum Future HTML 107K Operating Lease Payments (Details) 106: R54 Leases Lessee - Supplemental Cash Flow Information HTML 71K Related to Leases (Details) 147: R55 Leases Lessor - Narrative (Details) HTML 95K 83: R56 Leases Lessor - Components of Operating Lease HTML 71K Income (Details) 68: R57 Leases Lessor - Future Minimum Operating Lease HTML 93K Maturity Payments (Details) 103: R58 Regulatory Matters - Narrative (Details) HTML 199K 148: R59 Regulatory Matters Schedule of Completed Rate HTML 99K Cases (Details) (Details) 95: R60 Regulatory Matters Schedule of Pending Rate Cases HTML 103K (Details) (Details) 55: R61 Regulatory Matters - Annual Electric Transmission HTML 84K Fillings (Details) 128: R62 Regulatory Matters Energy Efficiency Formula Rate HTML 67K (Details) 142: R63 Regulatory Matters - Capitalized Ratemaking Amount HTML 65K Not Recognized (Details) 98: R64 Asset Impairments - Narrative (Details) HTML 87K 58: R65 Early Plant Retirements - Narrative (Details) HTML 52K 131: R66 Early Plant Retirements - Pretax Expense (Details) HTML 66K 145: R67 Early Plant Retirements - Implications of HTML 68K Potential Early Plant Retirement on Balance Sheet (Details) 99: R68 Fair Value of Financial Assets and Liabilities - HTML 67K Narrative (Details) 53: R69 Fair Value of Financial Assets and Liabilities - HTML 136K Fair Value of Financial Liabilities Recorded at Amortized Cost (Details) 64: R70 Fair Value of Financial Assets and Liabilities - HTML 714K Fair Value Measurements of Assets and Liabilities, Recurring and Nonrecurring (Details) 81: R71 Fair Value of Financial Assets and Liabilities - HTML 156K Fair Value Assets Liabilities Measured On Recurring Basis Unobservable Input Reconciliation (Details) 152: R72 Fair Value of Financial Assets and Liabilities - HTML 82K Fair Value Assets And Liabilities Measured On Recurring Basis Gain Loss Included In Earnings (Details) 110: R73 Fair Value of Financial Assets and Liabilities - HTML 109K Fair Value Inputs Assets Quantitative Information (Details) 61: R74 Derivative Financial Instruments - Summary of HTML 105K Derivative Fair Value Balances (Details) 78: R75 Derivative Financial Instruments - Summary of HTML 61K Economic Hedges (Details) 149: R76 Derivative Financial Instruments - Summary of HTML 83K Credit Risk Exposure (Details) 107: R77 Derivative Financial Instruments - Summary of HTML 57K Credit Risk Related Contingent Features (Details) 66: R78 Derivative Financial Instruments - Narrative HTML 101K (Details) 77: R79 Derivative Financial Instruments Derivative HTML 66K Financial Instruments - Summary of Cash Collateral and Letters of Credit (Details) 63: R80 Debt and Credit Agreements - Narrative (Details) HTML 72K 80: R81 Debt and Credit Agreements - Commercial Paper HTML 72K Borrowings (Details) 151: R82 Debt and Credit Agreements - Issuance of Long-Term HTML 82K Debt (Details) 109: R83 Income Taxes - Narrative (Details) HTML 77K 62: R84 Income Taxes - Reconciliation to Effective Tax HTML 145K Rate (Details) 79: R85 Income Taxes - Accounting for Uncertainty in HTML 58K Income Taxes (Details) 150: R86 Income Taxes Income Taxes - Reasonably possible HTML 58K the total amount of unrecognized tax benefits could significantly increase or decrease within 12 months after the reporting date (Details) 108: R87 Income Taxes Income Taxes - Other Income Tax HTML 55K Matters (Details) 65: R88 Nuclear Decommissioning - Narrative (Details) HTML 96K 76: R89 Nuclear Decommissioning - Rollforward of Nuclear HTML 93K Decommissioning ARO (Details) 96: R90 Retirement Benefits - Narrative (Details) HTML 68K 56: R91 Retirement Benefits - Calculation of Net Periodic HTML 82K Benefit Cost (Details) 129: R92 Retirement Benefits - Allocated Portion of Pension HTML 82K and Postretirement Benefit Plan Costs (Details) 143: R93 Retirement Benefits - Defined Contribution Savings HTML 70K Plans (Details) 97: R94 Changes in Accumulated Other Comprehensive Income HTML 113K - Schedule of Changes in AOCI (Details) 57: R95 Changes in Accumulated Other Comprehensive Income HTML 57K - Components of Other Comprehensive Income (Loss) (Details) 130: R96 Commitments and Contingencies - Narrative HTML 118K (Details) 144: R97 Commitments and Contingencies - Merger Commitment HTML 68K (Details) 100: R98 Commitments and Contingencies - Schedule of HTML 190K Commercial Commitments (Details) 54: R99 Commitments and Contingencies - Schedule of HTML 79K Accruals for Environmental Matters (Details) 158: R100 Supplemental Financial Information - Utility Taxes HTML 79K (Details) 117: R101 Supplemental Financial Information - Operations HTML 89K (Detail) 70: R102 Supplemental Financial Information - Cash Flow HTML 152K (Details) 87: R103 Supplemental Financial Information - Balance Sheet HTML 126K (Details) 157: R104 Segment Information - Narrative (Details) HTML 52K 116: R105 Segment Information - Reconciliation to HTML 394K Consolidated Financial Statements (Details) 69: R106 Segment Information - Generation Total Revenues HTML 133K (Details) 86: R107 Segment Information - Generation Total Revenues HTML 99K Net of Purchased Power and Fuel Expense (Details) 159: R108 Segment Information - Electric and Gas Revenue by HTML 279K Customer Class (Details) 154: XML IDEA XML File -- Filing Summary XML 257K 118: XML XBRL Instance -- exc-20190930x10q_htm XML 25.50M 104: EXCEL IDEA Workbook of Financial Reports XLSX 284K 45: EX-101.CAL XBRL Calculations -- exc-20190930_cal XML 432K 46: EX-101.DEF XBRL Definitions -- exc-20190930_def XML 2.45M 47: EX-101.LAB XBRL Labels -- exc-20190930_lab XML 3.20M 48: EX-101.PRE XBRL Presentations -- exc-20190930_pre XML 2.60M 44: EX-101.SCH XBRL Schema -- exc-20190930 XSD 358K 137: JSON XBRL Instance as JSON Data -- MetaLinks 650± 1.07M 132: ZIP XBRL Zipped Folder -- 0001109357-19-000112-xbrl Zip 1.25M
Document |
i ☒ | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number | Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number | IRS Employer Identification Number | ||
i EXELON
CORPORATION | i 23-2990190 | |||
(a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 (800) 483-3220 | ||||
i EXELON
GENERATION COMPANY, LLC | i 23-3064219 | |||
(a Pennsylvania limited liability company) 300 Exelon Way (610) 765-5959 | ||||
i COMMONWEALTH
EDISON COMPANY | i 36-0938600 | |||
(an Illinois corporation) 440 South LaSalle Street (312) 394-4321 | ||||
i PECO
ENERGY COMPANY | i 23-0970240 | |||
(a Pennsylvania corporation) P.O. Box 8699 2301 Market Street (215) 841-4000 | ||||
i BALTIMORE
GAS AND ELECTRIC COMPANY | i 52-0280210 | |||
(a Maryland corporation) 2 Center Plaza 110 West Fayette Street (410) 234-5000 | ||||
i PEPCO
HOLDINGS LLC | i 52-2297449 | |||
(a Delaware limited liability company) 701 Ninth Street, N.W. (202) 872-2000 | ||||
i POTOMAC
ELECTRIC POWER COMPANY | i 53-0127880 | |||
(a District of Columbia and Virginia corporation) 701 Ninth Street, N.W. (202) 872-2000 | ||||
i DELMARVA
POWER & LIGHT COMPANY | i 51-0084283 | |||
(a Delaware and Virginia corporation) 500 North Wakefield Drive (202) 872-2000 | ||||
i ATLANTIC
CITY ELECTRIC COMPANY | i 21-0398280 | |||
(a New Jersey corporation) 500 North Wakefield Drive (202) 872-2000 |
Title of each class | Trading
Symbol(s) | Name of each exchange on which registered | ||
EXELON CORPORATION: | ||||
Common Stock, without par value | EXC | The Nasdaq Stock Market LLC | ||
PECO
ENERGY COMPANY: | ||||
Trust Receipts of PECO Energy Capital Trust III, each representing a 7.38% Cumulative Preferred Security, Series D, $25 stated value, issued by PECO Energy Capital, L.P. and unconditionally guaranteed by PECO Energy Company | EXC/28 | New York Stock Exchange |
Exelon
Corporation | i Large Accelerated Filer | x | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | Smaller Reporting Company | i ☐ | Emerging
Growth Company | i ☐ |
Exelon Generation Company, LLC | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | i Non-accelerated
Filer | x | Smaller Reporting Company | i ☐ | Emerging Growth Company | i ☐ |
Commonwealth
Edison Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | i Non-accelerated Filer | x | Smaller Reporting Company | i ☐ | Emerging
Growth Company | i ☐ |
PECO Energy Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | i Non-accelerated
Filer | x | Smaller Reporting Company | i ☐ | Emerging Growth Company | i ☐ |
Baltimore
Gas and Electric Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | i Non-accelerated Filer | x | Smaller Reporting Company | i ☐ | Emerging
Growth Company | i ☐ |
Pepco Holdings LLC | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | i Non-accelerated
Filer | x | Smaller Reporting Company | i ☐ | Emerging Growth Company | i ☐ |
Potomac
Electric Power Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | i Non-accelerated Filer | x | Smaller Reporting Company | i ☐ | Emerging
Growth Company | i ☐ |
Delmarva Power & Light Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | i Non-accelerated
Filer | x | Smaller Reporting Company | i ☐ | Emerging Growth Company | i ☐ |
Atlantic
City Electric Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | i Non-accelerated Filer | x | Smaller Reporting Company | i ☐ | Emerging
Growth Company | i ☐ |
Exelon Corporation Common Stock, without par value | i 972,108,865 |
Exelon Generation Company, LLC | not applicable |
Commonwealth
Edison Company Common Stock, $12.50 par value | i 127,021,343 |
PECO Energy Company Common Stock, without par value | i 170,478,507 |
Baltimore
Gas and Electric Company Common Stock, without par value | i 1,000 |
Pepco Holdings LLC | not applicable |
Potomac Electric Power Company Common Stock, $0.01 par value | i 100 |
Delmarva
Power & Light Company Common Stock, $2.25 par value | i 1,000 |
Atlantic City Electric Company Common Stock, $3.00 par value | i 8,546,017 |
Page No. | ||
Page No. | ||
Page No. | ||
GLOSSARY OF TERMS AND ABBREVIATIONS | ||
Exelon Corporation and Related Entities | ||
Exelon | Exelon Corporation | |
Generation | Exelon Generation Company, LLC | |
ComEd | Commonwealth
Edison Company | |
PECO | PECO Energy Company | |
BGE | Baltimore Gas and Electric Company | |
Pepco Holdings or PHI | Pepco Holdings LLC (formerly Pepco Holdings, Inc.) | |
Pepco | Potomac Electric
Power Company | |
DPL | Delmarva Power & Light Company | |
ACE | Atlantic City Electric Company | |
Registrants | Exelon, Generation, ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, collectively | |
Utility Registrants | ComEd,
PECO, BGE, Pepco, DPL and ACE, collectively | |
ACE Funding or ATF | Atlantic City Electric Transition Funding LLC | |
Antelope Valley | Antelope Valley Solar Ranch One | |
BSC | Exelon Business Services Company, LLC | |
CENG | Constellation
Energy Nuclear Group, LLC | |
Constellation | Constellation Energy Group, Inc. | |
EGR IV | ExGen Renewables IV, LLC | |
EGRP | ExGen Renewables Partners, LLC | |
Exelon Corporate | Exelon in its corporate
capacity as a holding company | |
FitzPatrick | James A. FitzPatrick nuclear generating station | |
PCI | Potomac Capital Investment Corporation and its subsidiaries | |
Pepco Energy Services or PES | Pepco Energy Services, Inc. and its subsidiaries | |
PHI Corporate | PHI
in its corporate capacity as a holding company | |
PHISCO | PHI Service Company | |
SolGen | SolGen, LLC | |
TMI | Three Mile Island nuclear facility |
GLOSSARY OF TERMS AND ABBREVIATIONS | ||
Other Terms and Abbreviations | ||
Note "—" of the 2018 Form 10-K | Reference to specific Combined Note to Consolidated Financial Statements within Exelon’s 2018 Annual Report on Form 10-K | |
AESO | Alberta
Electric Systems Operator | |
AFUDC | Allowance for Funds Used During Construction | |
AMI | Advanced Metering Infrastructure | |
AOCI | Accumulated Other Comprehensive Income (Loss) | |
ARC | Asset
Retirement Cost | |
ARO | Asset Retirement Obligation | |
BGS | Basic Generation Service | |
CERCLA | Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended | |
CES | Clean
Energy Standard | |
Clean Air Act | Clean Air Act of 1963, as amended | |
Clean Water Act | Federal Water Pollution Control Amendments of 1972, as amended | |
CODM | Chief operating decision maker(s) | |
D.C. Circuit Court | United
States Court of Appeals for the District of Columbia Circuit | |
DC PLUG | District of Columbia Power Line Undergrounding Initiative | |
DCPSC | Public Service Commission of the District of Columbia | |
DOE | United States Department of Energy | |
DOEE | Department
of Energy & Environment | |
DOJ | United States Department of Justice | |
DPSC | Delaware Public Service Commission | |
EDF | Electricite de France SA and its subsidiaries | |
EIMA | Energy Infrastructure
Modernization Act (Illinois Senate Bill 1652 and Illinois House Bill 3036) | |
EPA | United States Environmental Protection Agency | |
EPSA | Electric Power Supply Association | |
ERCOT | Electric Reliability Council of Texas | |
FASB | Financial
Accounting Standards Board | |
FEJA | Illinois Public Act 99-0906 or Future Energy Jobs Act | |
FERC | Federal Energy Regulatory Commission | |
FRCC | Florida Reliability Coordinating Council | |
GAAP | Generally
Accepted Accounting Principles in the United States | |
GCR | Gas Cost Rate | |
GSA | Generation Supply Adjustment | |
ICC | Illinois Commerce Commission | |
ICE | Intercontinental Exchange | |
Illinois
EPA | Illinois Environmental Protection Agency | |
IPA | Illinois Power Agency | |
IRC | Internal Revenue Code | |
IRS | Internal Revenue Service |
GLOSSARY OF TERMS AND ABBREVIATIONS | ||
Other Terms and Abbreviations | ||
ISO | Independent System Operator | |
ISO-NE | Independent
System Operator New England Inc. | |
ISO-NY | Independent System Operator New York | |
LIBOR | London Interbank Offered Rate | |
MDE | Maryland Department of the Environment | |
MDPSC | Maryland Public
Service Commission | |
MGP | Manufactured Gas Plant | |
MISO | Midcontinent Independent System Operator, Inc. | |
mmcf | Million Cubic Feet | |
MOPR | Minimum Offer Price Rule | |
MW | Megawatt | |
NAAQS | National
Ambient Air Quality Standards | |
NDT | Nuclear Decommissioning Trust | |
NEIL | Nuclear Electric Insurance Limited | |
NERC | North American Electric Reliability Corporation | |
NJBPU | New Jersey Board
of Public Utilities | |
Non-Regulatory Agreements Units | Nuclear generating units or portions thereof whose decommissioning-related activities are not subject to contractual elimination under regulatory accounting | |
NOSA | Nuclear Operating Services Agreement | |
NPNS | Normal Purchase Normal Sale scope exception | |
NRC | Nuclear
Regulatory Commission | |
NYMEX | New York Mercantile Exchange | |
NYPSC | New York Public Service Commission | |
OCI | Other Comprehensive Income | |
OIESO | Ontario Independent Electricity System Operator | |
OPEB | Other
Postretirement Employee Benefits | |
Oyster Creek | Oyster Creek Generating Station | |
PA DEP | Pennsylvania Department of Environmental Protection | |
PAPUC | Pennsylvania Public Utility Commission | |
PGC | Purchased
Gas Cost Clause | |
PG&E | Pacific Gas and Electric Company | |
PJM | PJM Interconnection, LLC | |
POLR | Provider of Last Resort | |
PPA | Power Purchase Agreement | |
PPE | Property,
plant and equipment | |
Price-Anderson Act | Price-Anderson Nuclear Industries Indemnity Act of 1957 | |
PRP | Potentially Responsible Parties | |
PSDAR | Post-Shutdown Decommissioning Activities Report | |
PSEG | Public
Service Enterprise Group Incorporated | |
REC | Renewable Energy Credit which is issued for each megawatt hour of generation from a qualified renewable energy source | |
RNF | Revenues Net of Purchased Power and Fuel Expense |
GLOSSARY
OF TERMS AND ABBREVIATIONS | ||
Other Terms and Abbreviations | ||
Regulatory Agreement Units | Nuclear generating units or portions thereof whose decommissioning-related activities are subject to contractual elimination under regulatory accounting | |
Rider | Reconcilable Surcharge Recovery Mechanism | |
RMC | Risk
Management Committee | |
ROE | Return on equity | |
ROU | Right-of-use | |
RSSA | Reliability Support Services Agreement | |
RTO | Regional Transmission Organization | |
SEC | United
States Securities and Exchange Commission | |
SERC | SERC Reliability Corporation (formerly Southeast Electric Reliability Council) | |
SNF | Spent Nuclear Fuel | |
SOS | Standard Offer Service | |
TCJA | Tax
Cuts and Jobs Act | |
Transition Bonds | Transition Bonds issued by ACE Funding | |
Upstream | Natural gas exploration and production activities | |
VIE | Variable Interest Entity | |
WECC | Western
Electric Coordinating Council | |
ZEC | Zero Emission Credit, or Zero Emission Certificate | |
ZES | Zero Emission Standard |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions, except per share data) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating revenues | |||||||||||||||
Competitive
businesses revenues | $ | i 4,499 | $ | i 4,971 | $ | i 13,436 | $ | i 14,387 | |||||||
Rate-regulated
utility revenues | i 4,510 | i 4,457 | i 12,758 | i 12,824 | |||||||||||
Revenues
from alternative revenue programs | ( i 80 | ) | ( i 25 | ) | ( i 98 | ) | ( i 41 | ) | |||||||
Total
operating revenues | i 8,929 | i 9,403 | i 26,096 | i 27,170 | |||||||||||
Operating
expenses | |||||||||||||||
Competitive businesses purchased power and fuel | i 2,648 | i 2,977 | i 8,142 | i 8,542 | |||||||||||
Rate-regulated
utility purchased power and fuel | i 1,304 | i 1,355 | i 3,589 | i 3,832 | |||||||||||
Operating
and maintenance | i 2,072 | i 2,346 | i 6,419 | i 7,036 | |||||||||||
Depreciation
and amortization | i 1,083 | i 1,105 | i 3,237 | i 3,284 | |||||||||||
Taxes
other than income | i 452 | i 469 | i 1,316 | i 1,342 | |||||||||||
Total
operating expenses | i 7,559 | i 8,252 | i 22,703 | i 24,036 | |||||||||||
(Loss)
gain on sales of assets and businesses | ( i 17 | ) | ( i 5 | ) | i 19 | i 55 | |||||||||
Operating
income | i 1,353 | i 1,146 | i 3,412 | i 3,189 | |||||||||||
Other
income and (deductions) | |||||||||||||||
Interest expense, net | ( i 403 | ) | ( i 387 | ) | ( i 1,202 | ) | ( i 1,119 | ) | |||||||
Interest
expense to affiliates | ( i 6 | ) | ( i 6 | ) | ( i 19 | ) | ( i 19 | ) | |||||||
Other,
net | i 158 | i 194 | i 837 | i 212 | |||||||||||
Total
other income and (deductions) | ( i 251 | ) | ( i 199 | ) | ( i 384 | ) | ( i 926 | ) | |||||||
Income
before income taxes | i 1,102 | i 947 | i 3,028 | i 2,263 | |||||||||||
Income
taxes | i 172 | i 137 | i 626 | i 262 | |||||||||||
Equity
in losses of unconsolidated affiliates | ( i 170 | ) | ( i 10 | ) | ( i 182 | ) | ( i 22 | ) | |||||||
Net
income | i 760 | i 800 | i 2,220 | i 1,979 | |||||||||||
Net
(loss) income attributable to noncontrolling interests | ( i 12 | ) | i 67 | i 56 | i 121 | ||||||||||
Net
income attributable to common shareholders | $ | i 772 | $ | i 733 | $ | i 2,164 | $ | i 1,858 | |||||||
Comprehensive
income, net of income taxes | |||||||||||||||
Net income | $ | i 760 | $ | i 800 | $ | i 2,220 | $ | i 1,979 | |||||||
Other
comprehensive income (loss), net of income taxes | |||||||||||||||
Pension and non-pension postretirement benefit plans: | |||||||||||||||
Prior
service benefit reclassified to periodic benefit cost | ( i 16 | ) | ( i 17 | ) | ( i 49 | ) | ( i 50 | ) | |||||||
Actuarial
loss reclassified to periodic benefit cost | i 37 | i 62 | i 111 | i 186 | |||||||||||
Pension
and non-pension postretirement benefit plan valuation adjustment | i 6 | i 5 | ( i 32 | ) | i 22 | ||||||||||
Unrealized
gain on cash flow hedges | i — | i — | i — | i 12 | |||||||||||
Unrealized
gain on investments in unconsolidated affiliates | i 5 | i — | i 1 | i 3 | |||||||||||
Unrealized
(loss) gain on foreign currency translation | ( i 2 | ) | i 2 | i 2 | ( i 4 | ) | |||||||||
Other
comprehensive income | i 30 | i 52 | i 33 | i 169 | |||||||||||
Comprehensive
income | i 790 | i 852 | i 2,253 | i 2,148 | |||||||||||
Comprehensive
(loss) income attributable to noncontrolling interests | ( i 9 | ) | i 67 | i 57 | i 123 | ||||||||||
Comprehensive
income attributable to common shareholders | $ | i 799 | $ | i 785 | $ | i 2,196 | $ | i 2,025 | |||||||
Average
shares of common stock outstanding: | |||||||||||||||
Basic | i 973 | i 968 | i 972 | i 967 | |||||||||||
Assumed
exercise and/or distributions of stock-based awards | i 1 | i 2 | i 1 | i 2 | |||||||||||
Diluted(a) | i 974 | i 970 | i 973 | i 969 | |||||||||||
Earnings
per average common share: | |||||||||||||||
Basic | $ | i 0.79 | $ | i 0.76 | $ | i 2.23 | $ | i 1.92 | |||||||
Diluted | $ | i 0.79 | $ | i 0.76 | $ | i 2.22 | $ | i 1.92 |
(a) | The
number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was immaterial for the three and nine months ended September 30, 2019 and approximately i 2 million and i 3
million for the three and nine months ended September 30, 2018, respectively. |
Nine
Months Ended September 30, | |||||||
(In millions) | 2019 | 2018 | |||||
Cash flows from operating activities | |||||||
Net income | $ | i 2,220 | $ | i 1,979 | |||
Adjustments
to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization | i 4,393 | i 4,511 | |||||
Asset
impairments | i 174 | i 49 | |||||
Gain
on sales of assets and businesses | ( i 15 | ) | ( i 55 | ) | |||
Deferred
income taxes and amortization of investment tax credits | i 412 | i 97 | |||||
Net
fair value changes related to derivatives | i 96 | i 67 | |||||
Net
realized and unrealized gains on NDT funds | ( i 467 | ) | ( i 21 | ) | |||
Other
non-cash operating activities | i 460 | i 804 | |||||
Changes
in assets and liabilities: | |||||||
Accounts receivable | i 445 | ( i 167 | ) | ||||
Inventories | ( i 94 | ) | ( i 24 | ) | |||
Accounts
payable and accrued expenses | ( i 671 | ) | i 84 | ||||
Option
premiums received (paid), net | i 13 | ( i 36 | ) | ||||
Collateral
(posted) received, net | ( i 254 | ) | i 222 | ||||
Income
taxes | i 143 | i 166 | |||||
Pension
and non-pension postretirement benefit contributions | ( i 377 | ) | ( i 362 | ) | |||
Other
assets and liabilities | ( i 1,079 | ) | ( i 639 | ) | |||
Net
cash flows provided by operating activities | i 5,399 | i 6,675 | |||||
Cash
flows from investing activities | |||||||
Capital expenditures | ( i 5,259 | ) | ( i 5,497 | ) | |||
Proceeds
from NDT fund sales | i 8,443 | i 6,379 | |||||
Investment
in NDT funds | ( i 8,437 | ) | ( i 6,553 | ) | |||
Acquisition
of assets and businesses, net | i — | ( i 57 | ) | ||||
Proceeds
from sales of assets and businesses | i 17 | i 90 | |||||
Other
investing activities | i 21 | i 29 | |||||
Net
cash flows used in investing activities | ( i 5,215 | ) | ( i 5,609 | ) | |||
Cash
flows from financing activities | |||||||
Changes in short-term borrowings | i 430 | ( i 218 | ) | ||||
Proceeds
from short-term borrowings with maturities greater than 90 days | i — | i 126 | |||||
Repayments
on short-term borrowings with maturities greater than 90 days | ( i 125 | ) | ( i 1 | ) | |||
Issuance
of long-term debt | i 1,576 | i 2,664 | |||||
Retirement
of long-term debt | ( i 644 | ) | ( i 1,480 | ) | |||
Dividends
paid on common stock | ( i 1,055 | ) | ( i 999 | ) | |||
Proceeds
from employee stock plans | i 94 | i 67 | |||||
Other
financing activities | ( i 63 | ) | ( i 94 | ) | |||
Net
cash flows provided by financing activities | i 213 | i 65 | |||||
Increase
in cash, cash equivalents and restricted cash | i 397 | i 1,131 | |||||
Cash,
cash equivalents and restricted cash at beginning of period | i 1,781 | i 1,190 | |||||
Cash,
cash equivalents and restricted cash at end of period | $ | i 2,178 | $ | i 2,321 | |||
Supplemental
cash flow information | |||||||
Decrease in capital expenditures not paid | $ | ( i 96 | ) | $ | ( i 175 | ) | |
Increase
in PPE related to ARO update | i 344 | i 67 |
(In millions) | |||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | i 1,683 | $ | i 1,349 | |||
Restricted
cash and cash equivalents | i 309 | i 247 | |||||
Accounts
receivable, net | |||||||
Customer (net of allowance for uncollectible accounts of $248 and $283 as of September 30, 2019 and December 31, 2018, respectively) | i 4,188 | i 4,607 | |||||
Other
(net of allowance for uncollectible accounts of $49 and $36 as of September 30, 2019 and December 31, 2018, respectively) | i 1,085 | i 1,256 | |||||
Mark-to-market
derivative assets | i 601 | i 804 | |||||
Unamortized
energy contract assets | i 49 | i 48 | |||||
Inventories,
net | |||||||
Fossil fuel and emission allowances | i 325 | i 334 | |||||
Materials
and supplies | i 1,458 | i 1,351 | |||||
Regulatory
assets | i 1,194 | i 1,222 | |||||
Assets
held for sale | i 18 | i 904 | |||||
Other | i 1,296 | i 1,238 | |||||
Total
current assets | i 12,206 | i 13,360 | |||||
Property,
plant and equipment (net of accumulated depreciation and amortization of $23,590 and $22,902 as of September 30, 2019 and December 31, 2018, respectively) | i 78,593 | i 76,707 | |||||
Deferred
debits and other assets | |||||||
Regulatory assets | i 8,122 | i 8,237 | |||||
Nuclear
decommissioning trust funds | i 12,706 | i 11,661 | |||||
Investments | i 471 | i 625 | |||||
Goodwill | i 6,677 | i 6,677 | |||||
Mark-to-market
derivative assets | i 487 | i 452 | |||||
Unamortized
energy contract assets | i 353 | i 372 | |||||
Other | i 3,123 | i 1,575 | |||||
Total
deferred debits and other assets | i 31,939 | i 29,599 | |||||
Total
assets(a) | $ | i 122,738 | $ | i 119,666 |
(In millions) | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | i 1,019 | $ | i 714 | |||
Long-term
debt due within one year | i 4,248 | i 1,349 | |||||
Accounts
payable | i 3,348 | i 3,800 | |||||
Accrued
expenses | i 1,877 | i 2,112 | |||||
Payables
to affiliates | i 5 | i 5 | |||||
Regulatory
liabilities | i 400 | i 644 | |||||
Mark-to-market
derivative liabilities | i 239 | i 475 | |||||
Unamortized
energy contract liabilities | i 138 | i 149 | |||||
Renewable
energy credit obligation | i 375 | i 344 | |||||
Liabilities
held for sale | i 11 | i 777 | |||||
Other | i 1,425 | i 1,035 | |||||
Total
current liabilities | i 13,085 | i 11,404 | |||||
Long-term
debt | i 32,056 | i 34,075 | |||||
Long-term
debt to financing trusts | i 390 | i 390 | |||||
Deferred
credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | i 12,133 | i 11,330 | |||||
Asset
retirement obligations | i 10,089 | i 9,679 | |||||
Pension
obligations | i 3,712 | i 3,988 | |||||
Non-pension
postretirement benefit obligations | i 2,029 | i 1,928 | |||||
Spent
nuclear fuel obligation | i 1,193 | i 1,171 | |||||
Regulatory
liabilities | i 9,792 | i 9,559 | |||||
Mark-to-market
derivative liabilities | i 416 | i 479 | |||||
Unamortized
energy contract liabilities | i 368 | i 463 | |||||
Other | i 3,123 | i 2,130 | |||||
Total
deferred credits and other liabilities | i 42,855 | i 40,727 | |||||
Total
liabilities(a) | i 88,386 | i 86,596 | |||||
Commitments
and contingencies | i | i | |||||
Shareholders’
equity | |||||||
Common stock (No par value, 2,000 shares authorized, 972 shares and 968 shares outstanding at September 30, 2019 and December 31, 2018, respectively) | i 19,238 | i 19,116 | |||||
Treasury
stock, at cost (2 shares at September 30, 2019 and December 31, 2018) | ( i 123 | ) | ( i 123 | ) | |||
Retained
earnings | i 15,871 | i 14,766 | |||||
Accumulated
other comprehensive loss, net | ( i 2,963 | ) | ( i 2,995 | ) | |||
Total
shareholders’ equity | i 32,023 | i 30,764 | |||||
Noncontrolling
interests | i 2,329 | i 2,306 | |||||
Total
equity | i 34,352 | i 33,070 | |||||
Total
liabilities and shareholders’ equity | $ | i 122,738 | $ | i 119,666 |
(a) | Exelon’s
consolidated assets include $ i 9,465 million and $ i 9,667 million
at September 30, 2019 and December 31, 2018, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Exelon’s consolidated liabilities include $ i 3,517 million and $ i 3,548
million at September 30, 2019 and December 31, 2018, respectively, of certain VIEs for which the VIE creditors do not have recourse to Exelon. See Note 2 — Variable Interest Entities for additional information. |
Nine
Months Ended September 30, 2019 | ||||||||||||||||||||||||||
(In millions, shares in thousands) | Issued Shares | Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss,
net | Noncontrolling Interests | Total Shareholders' Equity | |||||||||||||||||||
Balance, December 31, 2018 | i 970,020 | $ | i 19,116 | $ | ( i 123 | ) | $ | i 14,766 | $ | ( i 2,995 | ) | $ | i 2,306 | $ | i 33,070 | |||||||||||
Net
income | — | — | — | i 907 | — | i 59 | i 966 | |||||||||||||||||||
Long-term
incentive plan activity | i 2,446 | ( i 3 | ) | i — | i — | i — | i — | ( i 3 | ) | |||||||||||||||||
Employee
stock purchase plan issuances | i 320 | i 51 | i — | i — | i — | i — | i 51 | |||||||||||||||||||
Changes
in equity of noncontrolling interests | — | — | — | — | — | ( i 17 | ) | ( i 17 | ) | |||||||||||||||||
Sale
of noncontrolling interests | — | i 7 | — | — | — | — | i 7 | |||||||||||||||||||
Common
stock dividends ($0.36/common share) | — | — | — | ( i 352 | ) | — | — | ( i 352 | ) | |||||||||||||||||
Other
comprehensive loss, net of income taxes | — | — | — | — | ( i 17 | ) | ( i 1 | ) | ( i 18 | ) | ||||||||||||||||
Balance,
March 31, 2019 | i 972,786 | $ | i 19,171 | $ | ( i 123 | ) | $ | i 15,321 | $ | ( i 3,012 | ) | $ | i 2,347 | $ | i 33,704 | |||||||||||
Net
income | — | — | — | i 484 | — | i 10 | i 494 | |||||||||||||||||||
Long-term
incentive plan activity | i 320 | i 14 | i — | i — | i — | i — | i 14 | |||||||||||||||||||
Employee
stock purchase plan issuances | i 311 | i 24 | i — | i — | i — | i — | i 24 | |||||||||||||||||||
Changes
in equity of noncontrolling interests | — | — | — | — | — | i 3 | i 3 | |||||||||||||||||||
Common
stock dividends ($0.36/common share) | — | — | — | ( i 353 | ) | — | — | ( i 353 | ) | |||||||||||||||||
Other
comprehensive income (loss), net of income taxes | — | — | — | — | i 22 | ( i 1 | ) | i 21 | ||||||||||||||||||
Balance,
June 30, 2019 | i 973,417 | $ | i 19,209 | $ | ( i 123 | ) | $ | i 15,452 | $ | ( i 2,990 | ) | $ | i 2,359 | $ | i 33,907 | |||||||||||
Net
income (loss) | — | — | — | i 772 | — | ( i 12 | ) | i 760 | ||||||||||||||||||
Long-term
incentive plan activity | i 207 | i 10 | i — | i — | i — | i — | i 10 | |||||||||||||||||||
Employee
stock purchase plan issuances | i 317 | i 19 | i — | i — | i — | i — | i 19 | |||||||||||||||||||
Changes
in equity of noncontrolling interests | — | i — | — | — | — | ( i 18 | ) | ( i 18 | ) | |||||||||||||||||
Common
stock dividends ($0.36/common share) | — | — | — | ( i 353 | ) | — | — | ( i 353 | ) | |||||||||||||||||
Other
comprehensive income net of income taxes | — | — | — | — | i 27 | i — | i 27 | |||||||||||||||||||
Balance,
September 30, 2019 | i 973,941 | $ | i 19,238 | $ | ( i 123 | ) | $ | i 15,871 | $ | ( i 2,963 | ) | $ | i 2,329 | $ | i 34,352 |
Nine
Months Ended September 30, 2018 | ||||||||||||||||||||||||||
(In millions, shares in thousands) | Issued Shares | Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss,
net | Noncontrolling Interests | Total Shareholders' Equity | |||||||||||||||||||
Balance, December 31, 2017 | i 965,168 | $ | i 18,964 | $ | ( i 123 | ) | $ | i 14,081 | $ | ( i 3,026 | ) | $ | i 2,291 | $ | i 32,187 | |||||||||||
Net
income | — | — | — | i 585 | — | i 51 | i 636 | |||||||||||||||||||
Long-term
incentive plan activity | i 1,685 | ( i 3 | ) | i — | i — | i — | i — | ( i 3 | ) | |||||||||||||||||
Employee
stock purchase plan issuances | i 361 | i 12 | i — | i — | i — | i — | i 12 | |||||||||||||||||||
Changes
in equity of noncontrolling interests | — | — | — | — | — | ( i 9 | ) | ( i 9 | ) | |||||||||||||||||
Common
stock dividends ($0.35/common share) | — | — | — | ( i 334 | ) | — | — | ( i 334 | ) | |||||||||||||||||
Other
comprehensive income, net of income taxes | — | — | — | — | i 71 | i 1 | i 72 | |||||||||||||||||||
Impact
of adoption of Recognition and Measurement of Financial Assets and Liabilities standard | — | — | — | i 14 | ( i 10 | ) | — | i 4 | ||||||||||||||||||
Balance,
March 31, 2018 | i 967,214 | $ | i 18,973 | $ | ( i 123 | ) | $ | i 14,346 | $ | ( i 2,965 | ) | $ | i 2,334 | $ | i 32,565 | |||||||||||
Net
income | — | — | — | i 539 | — | i 3 | i 542 | |||||||||||||||||||
Long-term
incentive plan activity | i 183 | i 20 | i — | i — | i — | i — | i 20 | |||||||||||||||||||
Employee
stock purchase plan issuances | i 342 | i 15 | i — | i — | i — | i — | i 15 | |||||||||||||||||||
Changes
in equity of noncontrolling interests | — | — | — | — | — | ( i 14 | ) | ( i 14 | ) | |||||||||||||||||
Common
stock dividends ($0.35/common share) | — | — | — | ( i 334 | ) | — | — | ( i 334 | ) | |||||||||||||||||
Other
comprehensive income, net of income taxes | — | — | — | — | i 44 | i 1 | i 45 | |||||||||||||||||||
Balance,
June 30, 2018 | i 967,739 | $ | i 19,008 | $ | ( i 123 | ) | $ | i 14,551 | $ | ( i 2,921 | ) | $ | i 2,324 | $ | i 32,839 | |||||||||||
Net
Income | — | — | — | i 733 | — | i 67 | i 800 | |||||||||||||||||||
Long-term
incentive plan activity | i 809 | i 15 | i — | i — | i — | i — | i 15 | |||||||||||||||||||
Employee
stock purchase plan issuances | i 294 | i 40 | i — | i — | i — | i — | i 40 | |||||||||||||||||||
Changes
in equity of noncontrolling interests | — | — | — | — | — | ( i 23 | ) | ( i 23 | ) | |||||||||||||||||
Common
stock dividends ($0.35/common share) | — | — | — | ( i 335 | ) | — | — | ( i 335 | ) | |||||||||||||||||
Other
comprehensive income, net of income taxes | — | — | — | — | i 52 | i — | i 52 | |||||||||||||||||||
Balance,
September 30, 2018 | i 968,842 | $ | i 19,063 | $ | ( i 123 | ) | $ | i 14,949 | $ | ( i 2,869 | ) | $ | i 2,368 | $ | i 33,388 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating revenues | |||||||||||||||
Operating
revenues | $ | i 4,499 | $ | i 4,970 | $ | i 13,436 | $ | i 14,389 | |||||||
Operating
revenues from affiliates | i 275 | i 308 | i 844 | i 979 | |||||||||||
Total
operating revenues | i 4,774 | i 5,278 | i 14,280 | i 15,368 | |||||||||||
Operating
expenses | |||||||||||||||
Purchased power and fuel | i 2,648 | i 2,977 | i 8,141 | i 8,542 | |||||||||||
Purchased
power and fuel from affiliates | i 3 | i 3 | i 7 | i 10 | |||||||||||
Operating
and maintenance | i 947 | i 1,218 | i 3,131 | i 3,643 | |||||||||||
Operating
and maintenance from affiliates | i 140 | i 152 | i 439 | i 483 | |||||||||||
Depreciation
and amortization | i 407 | i 468 | i 1,221 | i 1,383 | |||||||||||
Taxes
other than income | i 129 | i 143 | i 394 | i 414 | |||||||||||
Total
operating expenses | i 4,274 | i 4,961 | i 13,333 | i 14,475 | |||||||||||
(Loss)
gain on sales of assets and businesses | ( i 18 | ) | ( i 6 | ) | i 15 | i 48 | |||||||||
Operating
income | i 482 | i 311 | i 962 | i 941 | |||||||||||
Other
income and (deductions) | |||||||||||||||
Interest expense, net | ( i 101 | ) | ( i 93 | ) | ( i 310 | ) | ( i 278 | ) | |||||||
Interest
expense to affiliates | ( i 8 | ) | ( i 8 | ) | ( i 26 | ) | ( i 27 | ) | |||||||
Other,
net | i 128 | i 179 | i 729 | i 164 | |||||||||||
Total
other income and (deductions) | i 19 | i 78 | i 393 | ( i 141 | ) | ||||||||||
Income
before income taxes | i 501 | i 389 | i 1,355 | i 800 | |||||||||||
Income
taxes | i 87 | i 78 | i 388 | i 110 | |||||||||||
Equity
in losses of unconsolidated affiliates | ( i 170 | ) | ( i 11 | ) | ( i 183 | ) | ( i 23 | ) | |||||||
Net
income | i 244 | i 300 | i 784 | i 667 | |||||||||||
Net
(loss) income attributable to noncontrolling interests | ( i 13 | ) | i 66 | i 56 | i 120 | ||||||||||
Net
income attributable to membership interest | $ | i 257 | $ | i 234 | $ | i 728 | $ | i 547 | |||||||
Comprehensive
income, net of income taxes | |||||||||||||||
Net income | $ | i 244 | $ | i 300 | $ | i 784 | $ | i 667 | |||||||
Other
comprehensive income (loss), net of income taxes | |||||||||||||||
Unrealized gain on cash flow hedges | i — | i — | i — | i 12 | |||||||||||
Unrealized
gain on investments in unconsolidated affiliates | i 5 | i — | i 1 | i 3 | |||||||||||
Unrealized
(loss) gain on foreign currency translation | ( i 2 | ) | i 2 | i 2 | ( i 4 | ) | |||||||||
Other
comprehensive income | i 3 | i 2 | i 3 | i 11 | |||||||||||
Comprehensive
income | i 247 | i 302 | i 787 | i 678 | |||||||||||
Comprehensive
(loss) income attributable to noncontrolling interests | ( i 10 | ) | i 66 | i 57 | i 122 | ||||||||||
Comprehensive
income attributable to membership interest | $ | i 257 | $ | i 236 | $ | i 730 | $ | i 556 |
Nine
Months Ended September 30, | |||||||
(In millions) | 2019 | 2018 | |||||
Cash flows from operating activities | |||||||
Net income | $ | i 784 | $ | i 667 | |||
Adjustments
to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization | i 2,377 | i 2,608 | |||||
Asset
impairments | i 174 | i 49 | |||||
Gain
on sales of assets and businesses | ( i 15 | ) | ( i 48 | ) | |||
Deferred
income taxes and amortization of investment tax credits | i 201 | ( i 278 | ) | ||||
Net
fair value changes related to derivatives | i 102 | i 73 | |||||
Net
realized and unrealized gains on NDT funds | ( i 467 | ) | ( i 21 | ) | |||
Other
non-cash operating activities | ( i 95 | ) | i 187 | ||||
Changes
in assets and liabilities: | |||||||
Accounts receivable | i 395 | i 126 | |||||
Receivables
from and payables to affiliates, net | ( i 12 | ) | ( i 7 | ) | |||
Inventories | ( i 36 | ) | ( i 10 | ) | |||
Accounts
payable and accrued expenses | ( i 428 | ) | ( i 59 | ) | |||
Option
premiums received (paid), net | i 13 | ( i 36 | ) | ||||
Collateral
(posted) received, net | ( i 292 | ) | i 228 | ||||
Income
taxes | i 327 | i 220 | |||||
Pension
and non-pension postretirement benefit contributions | ( i 165 | ) | ( i 134 | ) | |||
Other
assets and liabilities | ( i 390 | ) | ( i 154 | ) | |||
Net
cash flows provided by operating activities | i 2,473 | i 3,411 | |||||
Cash
flows from investing activities | |||||||
Capital expenditures | ( i 1,282 | ) | ( i 1,660 | ) | |||
Proceeds
from NDT fund sales | i 8,443 | i 6,379 | |||||
Investment
in NDT funds | ( i 8,437 | ) | ( i 6,553 | ) | |||
Acquisition
of assets and businesses, net | i — | ( i 57 | ) | ||||
Proceeds
from sales of assets and businesses | i 17 | i 90 | |||||
Other
investing activities | ( i 6 | ) | ( i 5 | ) | |||
Net
cash flows used in investing activities | ( i 1,265 | ) | ( i 1,806 | ) | |||
Cash
flows from financing activities | |||||||
Issuance of long-term debt | i 41 | i 14 | |||||
Retirement
of long-term debt | ( i 196 | ) | ( i 100 | ) | |||
Changes
in Exelon intercompany money pool | ( i 100 | ) | ( i 54 | ) | |||
Distributions
to member | ( i 674 | ) | ( i 688 | ) | |||
Contributions
from member | i — | i 54 | |||||
Other
financing activities | ( i 37 | ) | ( i 46 | ) | |||
Net
cash flows used in financing activities | ( i 966 | ) | ( i 820 | ) | |||
Increase
in cash, cash equivalents and restricted cash | i 242 | i 785 | |||||
Cash,
cash equivalents and restricted cash at beginning of period | i 903 | i 554 | |||||
Cash,
cash equivalents and restricted cash at end of period | $ | i 1,145 | $ | i 1,339 | |||
Supplemental
cash flow information | |||||||
Decrease in capital expenditures not paid | $ | ( i 24 | ) | $ | ( i 226 | ) | |
Increase
in PPE related to ARO update | i 342 | i 47 |
(In
millions) | |||||||
ASSETS | |||||||
Current assets | |||||||
Cash
and cash equivalents | $ | i 1,019 | $ | i 750 | |||
Restricted
cash and cash equivalents | i 126 | i 153 | |||||
Accounts
receivable, net | |||||||
Customer (net of allowance for uncollectible accounts of $75 and $103 as of September 30, 2019 and December 31, 2018, respectively) | i 2,587 | i 2,941 | |||||
Other
(net of allowance for uncollectible accounts of $1 as of both September 30, 2019 and December 31, 2018) | i 337 | i 562 | |||||
Mark-to-market
derivative assets | i 602 | i 804 | |||||
Receivables
from affiliates | i 166 | i 173 | |||||
Unamortized
energy contract assets | i 49 | i 49 | |||||
Inventories,
net | |||||||
Fossil fuel and emission allowances | i 243 | i 251 | |||||
Materials
and supplies | i 1,010 | i 963 | |||||
Assets
held for sale | i 18 | i 904 | |||||
Other | i 1,002 | i 883 | |||||
Total
current assets | i 7,159 | i 8,433 | |||||
Property,
plant and equipment (net of accumulated depreciation and amortization of $11,972 and $12,206 as of September 30, 2019 and December 31, 2018, respectively) | i 23,591 | i 23,981 | |||||
Deferred
debits and other assets | |||||||
Nuclear decommissioning trust funds | i 12,706 | i 11,661 | |||||
Investments | i 248 | i 414 | |||||
Goodwill | i 47 | i 47 | |||||
Mark-to-market
derivative assets | i 483 | i 452 | |||||
Prepaid
pension asset | i 1,472 | i 1,421 | |||||
Unamortized
energy contract assets | i 352 | i 371 | |||||
Deferred
income taxes | i 11 | i 21 | |||||
Other | i 1,915 | i 755 | |||||
Total
deferred debits and other assets | i 17,234 | i 15,142 | |||||
Total
assets(a) | $ | i 47,984 | $ | i 47,556 |
(In millions) | |||||||
LIABILITIES AND EQUITY | |||||||
Current liabilities | |||||||
Long-term debt due within one year | $ | i 2,706 | $ | i 906 | |||
Accounts
payable | i 1,583 | i 1,847 | |||||
Accrued
expenses | i 762 | i 898 | |||||
Payables
to affiliates | i 134 | i 139 | |||||
Borrowings
from Exelon intercompany money pool | i — | i 100 | |||||
Mark-to-market
derivative liabilities | i 212 | i 449 | |||||
Unamortized
energy contract liabilities | i 21 | i 31 | |||||
Renewable
energy credit obligation | i 374 | i 343 | |||||
Liabilities
held for sale | i 11 | i 777 | |||||
Other | i 541 | i 279 | |||||
Total
current liabilities | i 6,344 | i 5,769 | |||||
Long-term
debt | i 5,018 | i 6,989 | |||||
Long-term
debt to affiliates | i 889 | i 898 | |||||
Deferred
credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | i 3,607 | i 3,383 | |||||
Asset
retirement obligations | i 9,855 | i 9,450 | |||||
Non-pension
postretirement benefit obligations | i 885 | i 900 | |||||
Spent
nuclear fuel obligation | i 1,193 | i 1,171 | |||||
Payables
to affiliates | i 2,960 | i 2,606 | |||||
Mark-to-market
derivative liabilities | i 163 | i 252 | |||||
Unamortized
energy contract liabilities | i 11 | i 20 | |||||
Other | i 1,466 | i 610 | |||||
Total
deferred credits and other liabilities | i 20,140 | i 18,392 | |||||
Total
liabilities(a) | i 32,391 | i 32,048 | |||||
Commitments
and contingencies | i | i | |||||
Equity | |||||||
Member’s
equity | |||||||
Membership interest | i 9,525 | i 9,518 | |||||
Undistributed
earnings | i 3,778 | i 3,724 | |||||
Accumulated
other comprehensive loss, net | ( i 36 | ) | ( i 38 | ) | |||
Total
member’s equity | i 13,267 | i 13,204 | |||||
Noncontrolling
interests | i 2,326 | i 2,304 | |||||
Total
equity | i 15,593 | i 15,508 | |||||
Total
liabilities and equity | $ | i 47,984 | $ | i 47,556 |
(a) | Generation’s
consolidated assets include $ i 9,443 million and $ i 9,634
million at September 30, 2019 and December 31, 2018, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Generation’s consolidated liabilities include $ i 3,467 million and $ i 3,480
million at September 30, 2019 and December 31, 2018, respectively, of certain VIEs for which the VIE creditors do not have recourse to Generation. See Note 2 — Variable Interest Entities for additional information. |
Nine Months Ended September
30, 2019 | |||||||||||||||||||
Member’s Equity | |||||||||||||||||||
(In millions) | Membership Interest | Undistributed Earnings | Accumulated Other Comprehensive
Loss, net | Noncontrolling Interests | Total Equity | ||||||||||||||
Balance, December 31, 2018 | $ | i 9,518 | $ | i 3,724 | $ | ( i 38 | ) | $ | i 2,304 | $ | i 15,508 | ||||||||
Net
income | — | i 363 | — | i 59 | i 422 | ||||||||||||||
Changes
in equity of noncontrolling interests | — | — | — | ( i 17 | ) | ( i 17 | ) | ||||||||||||
Sale
of noncontrolling interests | i 7 | — | — | — | i 7 | ||||||||||||||
Distributions
to member | — | ( i 225 | ) | — | — | ( i 225 | ) | ||||||||||||
Other
comprehensive income (loss), net of income taxes | — | i — | i 2 | ( i 1 | ) | i 1 | |||||||||||||
Balance,
March 31, 2019 | $ | i 9,525 | $ | i 3,862 | $ | ( i 36 | ) | $ | i 2,345 | $ | i 15,696 | ||||||||
Net
income | — | i 108 | — | i 10 | i 118 | ||||||||||||||
Changes
in equity of noncontrolling interests | — | — | — | i 3 | i 3 | ||||||||||||||
Distributions
to member | — | ( i 224 | ) | — | — | ( i 224 | ) | ||||||||||||
Other
comprehensive loss, net of income taxes | — | i — | i — | ( i 1 | ) | ( i 1 | ) | ||||||||||||
Balance,
June 30, 2019 | $ | i 9,525 | $ | i 3,746 | $ | ( i 36 | ) | $ | i 2,357 | $ | i 15,592 | ||||||||
Net
income (loss) | — | i 257 | — | ( i 13 | ) | i 244 | |||||||||||||
Changes
in equity of noncontrolling interests | — | — | — | ( i 18 | ) | ( i 18 | ) | ||||||||||||
Distributions
to member | — | ( i 225 | ) | — | — | ( i 225 | ) | ||||||||||||
Balance,
September 30, 2019 | $ | i 9,525 | $ | i 3,778 | $ | ( i 36 | ) | $ | i 2,326 | $ | i 15,593 |
Nine Months Ended September
30, 2018 | |||||||||||||||||||
Member’s Equity | |||||||||||||||||||
(In millions) | Membership Interest | Undistributed Earnings | Accumulated Other Comprehensive
Loss, net | Noncontrolling Interests | Total Equity | ||||||||||||||
Balance, December 31, 2017 | $ | i 9,357 | $ | i 4,349 | $ | ( i 37 | ) | $ | i 2,290 | $ | i 15,959 | ||||||||
Net
income | — | i 136 | — | i 50 | i 186 | ||||||||||||||
Changes
in equity of noncontrolling interests | — | — | — | ( i 9 | ) | ( i 9 | ) | ||||||||||||
Distributions
to member | — | ( i 188 | ) | — | — | ( i 188 | ) | ||||||||||||
Other
comprehensive income, net of income taxes | — | i — | i 6 | i 1 | i 7 | ||||||||||||||
Impact
of adoption of Recognition and Measurement of Financial Assets and Liabilities standard | — | i 6 | ( i 3 | ) | — | i 3 | |||||||||||||
Balance,
March 31, 2018 | $ | i 9,357 | $ | i 4,303 | $ | ( i 34 | ) | $ | i 2,332 | $ | i 15,958 | ||||||||
Net
income | — | i 178 | — | i 3 | i 181 | ||||||||||||||
Changes
in equity of noncontrolling interests | — | — | — | ( i 13 | ) | ( i 13 | ) | ||||||||||||
Distributions
to member | — | ( i 189 | ) | — | — | ( i 189 | ) | ||||||||||||
Other
comprehensive income, net of income taxes | — | i — | i 1 | i 1 | i 2 | ||||||||||||||
Balance,
June 30, 2018 | $ | i 9,357 | $ | i 4,292 | $ | ( i 33 | ) | $ | i 2,323 | $ | i 15,939 | ||||||||
Net
income | — | i 234 | — | i 66 | i 300 | ||||||||||||||
Changes
in equity of noncontrolling interests | — | — | — | ( i 23 | ) | ( i 23 | ) | ||||||||||||
Contribution
from member | i 54 | — | — | — | i 54 | ||||||||||||||
Distributions
to member | — | ( i 312 | ) | — | — | ( i 312 | ) | ||||||||||||
Other
comprehensive income, net of income taxes | — | i — | i 2 | i — | i 2 | ||||||||||||||
Balance,
September 30, 2018 | $ | i 9,411 | $ | i 4,214 | $ | ( i 31 | ) | $ | i 2,366 | $ | i 15,960 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating revenues | |||||||||||||||
Electric
operating revenues | $ | i 1,635 | $ | i 1,609 | $ | i 4,427 | $ | i 4,512 | |||||||
Revenues
from alternative revenue programs | ( i 56 | ) | ( i 15 | ) | ( i 98 | ) | ( i 27 | ) | |||||||
Operating
revenues from affiliates | i 4 | i 4 | i 13 | i 23 | |||||||||||
Total
operating revenues | i 1,583 | i 1,598 | i 4,342 | i 4,508 | |||||||||||
Operating
expenses | |||||||||||||||
Purchased power | i 494 | i 496 | i 1,199 | i 1,281 | |||||||||||
Purchased
power from affiliate | i 83 | i 123 | i 270 | i 421 | |||||||||||
Operating
and maintenance | i 267 | i 276 | i 771 | i 785 | |||||||||||
Operating
and maintenance from affiliate | i 73 | i 61 | i 196 | i 189 | |||||||||||
Depreciation
and amortization | i 259 | i 237 | i 767 | i 696 | |||||||||||
Taxes
other than income | i 80 | i 82 | i 228 | i 238 | |||||||||||
Total
operating expenses | i 1,256 | i 1,275 | i 3,431 | i 3,610 | |||||||||||
Gain
on sales of assets | i 1 | i — | i 4 | i 5 | |||||||||||
Operating
income | i 328 | i 323 | i 915 | i 903 | |||||||||||
Other
income and (deductions) | |||||||||||||||
Interest expense, net | ( i 87 | ) | ( i 82 | ) | ( i 258 | ) | ( i 251 | ) | |||||||
Interest
expense to affiliates | ( i 4 | ) | ( i 3 | ) | ( i 10 | ) | ( i 10 | ) | |||||||
Other,
net | i 8 | i 7 | i 27 | i 21 | |||||||||||
Total
other income and (deductions) | ( i 83 | ) | ( i 78 | ) | ( i 241 | ) | ( i 240 | ) | |||||||
Income
before income taxes | i 245 | i 245 | i 674 | i 663 | |||||||||||
Income
taxes | i 45 | i 52 | i 130 | i 140 | |||||||||||
Net
income | $ | i 200 | $ | i 193 | $ | i 544 | $ | i 523 | |||||||
Comprehensive
income | $ | i 200 | $ | i 193 | $ | i 544 | $ | i 523 |
Nine Months Ended September 30, | |||||||
(In millions) | 2019 | 2018 | |||||
Cash
flows from operating activities | |||||||
Net income | $ | i 544 | $ | i 523 | |||
Adjustments
to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | i 767 | i 696 | |||||
Deferred
income taxes and amortization of investment tax credits | i 115 | i 214 | |||||
Other
non-cash operating activities | i 180 | i 187 | |||||
Changes
in assets and liabilities: | |||||||
Accounts receivable | ( i 38 | ) | ( i 190 | ) | |||
Receivables
from and payables to affiliates, net | ( i 27 | ) | i 8 | ||||
Inventories | ( i 16 | ) | i 4 | ||||
Accounts
payable and accrued expenses | ( i 132 | ) | ( i 38 | ) | |||
Collateral
posted, net | i 43 | ( i 10 | ) | ||||
Income
taxes | i 25 | ( i 65 | ) | ||||
Pension
and non-pension postretirement benefit contributions | ( i 71 | ) | ( i 41 | ) | |||
Other
assets and liabilities | ( i 245 | ) | ( i 170 | ) | |||
Net
cash flows provided by operating activities | i 1,145 | i 1,118 | |||||
Cash
flows from investing activities | |||||||
Capital expenditures | ( i 1,413 | ) | ( i 1,540 | ) | |||
Other
investing activities | i 25 | i 22 | |||||
Net
cash flows used in investing activities | ( i 1,388 | ) | ( i 1,518 | ) | |||
Cash
flows from financing activities | |||||||
Changes in short-term borrowings | i 387 | i — | |||||
Issuance
of long-term debt | i 400 | i 1,350 | |||||
Retirement
of long-term debt | ( i 300 | ) | ( i 840 | ) | |||
Contributions
from parent | i 187 | i 387 | |||||
Dividends
paid on common stock | ( i 380 | ) | ( i 345 | ) | |||
Other
financing activities | ( i 10 | ) | ( i 16 | ) | |||
Net
cash flows provided by financing activities | i 284 | i 536 | |||||
Increase
in cash, cash equivalents and restricted cash | i 41 | i 136 | |||||
Cash,
cash equivalents and restricted cash at beginning of period | i 330 | i 144 | |||||
Cash,
cash equivalents and restricted cash at end of period | $ | i 371 | $ | i 280 | |||
Supplemental
cash flow information | |||||||
Decrease in capital expenditures not paid | $ | ( i 52 | ) | $ | ( i 28 | ) |
(In
millions) | |||||||
ASSETS | |||||||
Current assets | |||||||
Cash
and cash equivalents | $ | i 76 | $ | i 135 | |||
Restricted
cash | i 124 | i 29 | |||||
Accounts
receivable, net | |||||||
Customer (net of allowance for uncollectible accounts of $65 and $61 as of September 30, 2019 and December 31, 2018, respectively) | i 561 | i 539 | |||||
Other
(net of allowance for uncollectible accounts of $21 and $20 as of September 30, 2019 and December 31, 2018, respectively) | i 322 | i 320 | |||||
Receivables
from affiliates | i 27 | i 20 | |||||
Inventories,
net | i 162 | i 148 | |||||
Regulatory
assets | i 286 | i 293 | |||||
Other | i 48 | i 86 | |||||
Total
current assets | i 1,606 | i 1,570 | |||||
Property,
plant and equipment (net of accumulated depreciation and amortization of $5,046 and $4,684 as of September 30, 2019 and December 31, 2018, respectively) | i 22,795 | i 22,058 | |||||
Deferred
debits and other assets | |||||||
Regulatory assets | i 1,436 | i 1,307 | |||||
Investments | i 6 | i 6 | |||||
Goodwill | i 2,625 | i 2,625 | |||||
Receivables
from affiliates | i 2,487 | i 2,217 | |||||
Prepaid
pension asset | i 1,020 | i 1,035 | |||||
Other | i 351 | i 395 | |||||
Total
deferred debits and other assets | i 7,925 | i 7,585 | |||||
Total
assets | $ | i 32,326 | $ | i 31,213 |
(In millions) | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | i 387 | $ | i — | |||
Long-term
debt due within one year | i 500 | i 300 | |||||
Accounts
payable | i 520 | i 607 | |||||
Accrued
expenses | i 275 | i 373 | |||||
Payables
to affiliates | i 87 | i 119 | |||||
Customer
deposits | i 116 | i 111 | |||||
Regulatory
liabilities | i 193 | i 293 | |||||
Mark-to-market
derivative liability | i 27 | i 26 | |||||
Other | i 138 | i 96 | |||||
Total
current liabilities | i 2,243 | i 1,925 | |||||
Long-term
debt | i 7,696 | i 7,801 | |||||
Long-term
debt to financing trust | i 205 | i 205 | |||||
Deferred
credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | i 4,016 | i 3,813 | |||||
Asset
retirement obligations | i 120 | i 118 | |||||
Non-pension
postretirement benefits obligations | i 185 | i 201 | |||||
Regulatory
liabilities | i 6,390 | i 6,050 | |||||
Mark-to-market
derivative liability | i 253 | i 223 | |||||
Other | i 621 | i 630 | |||||
Total
deferred credits and other liabilities | i 11,585 | i 11,035 | |||||
Total
liabilities | i 21,729 | i 20,966 | |||||
Commitments
and contingencies | i | i | |||||
Shareholders’
equity | |||||||
Common stock | i 1,588 | i 1,588 | |||||
Other
paid-in capital | i 7,509 | i 7,322 | |||||
Retained
deficit unappropriated | ( i 1,639 | ) | ( i 1,639 | ) | |||
Retained
earnings appropriated | i 3,139 | i 2,976 | |||||
Total
shareholders’ equity | i 10,597 | i 10,247 | |||||
Total
liabilities and shareholders’ equity | $ | i 32,326 | $ | i 31,213 |
Nine
Months Ended September 30, 2019 | |||||||||||||||||||
(In millions) | Common Stock | Other Paid-In Capital | Retained Deficit Unappropriated | Retained Earnings Appropriated | Total Shareholders’ Equity | ||||||||||||||
Balance,
December 31, 2018 | $ | i 1,588 | $ | i 7,322 | $ | ( i 1,639 | ) | $ | i 2,976 | $ | i 10,247 | ||||||||
Net
income | — | — | i 157 | — | i 157 | ||||||||||||||
Appropriation
of retained earnings for future dividends | — | — | ( i 157 | ) | i 157 | i — | |||||||||||||
Common
stock dividends | — | — | — | ( i 127 | ) | ( i 127 | ) | ||||||||||||
Contributions
from parent | — | i 63 | — | — | i 63 | ||||||||||||||
Balance,
March 31, 2019 | $ | i 1,588 | $ | i 7,385 | $ | ( i 1,639 | ) | $ | i 3,006 | $ | i 10,340 | ||||||||
Net
income | — | — | i 186 | — | i 186 | ||||||||||||||
Appropriation
of retained earnings for future dividends | — | — | ( i 186 | ) | i 186 | i — | |||||||||||||
Common
stock dividends | — | — | — | ( i 127 | ) | ( i 127 | ) | ||||||||||||
Contributions
from parent | — | i 61 | — | — | i 61 | ||||||||||||||
Balance,
June 30, 2019 | $ | i 1,588 | $ | i 7,446 | $ | ( i 1,639 | ) | $ | i 3,065 | $ | i 10,460 | ||||||||
Net
income | — | — | i 200 | — | i 200 | ||||||||||||||
Appropriation
of retained earnings for future dividends | — | — | ( i 200 | ) | i 200 | i — | |||||||||||||
Common
stock dividends | — | — | — | ( i 126 | ) | ( i 126 | ) | ||||||||||||
Contributions
from parent | — | i 63 | — | — | i 63 | ||||||||||||||
Balance,
September 30, 2019 | $ | i 1,588 | $ | i 7,509 | $ | ( i 1,639 | ) | $ | i 3,139 | $ | i 10,597 | ||||||||
Nine
Months Ended September 30, 2018 | |||||||||||||||||||
(In millions) | Common Stock | Other Paid-In Capital | Retained Deficit Unappropriated | Retained Earnings Appropriated | Total Shareholders’ Equity | ||||||||||||||
Balance,
December 31, 2017 | $ | i 1,588 | $ | i 6,822 | $ | ( i 1,639 | ) | $ | i 2,771 | $ | i 9,542 | ||||||||
Net
income | — | — | i 165 | — | i 165 | ||||||||||||||
Appropriation
of retained earnings for future dividends | — | — | ( i 165 | ) | i 165 | i — | |||||||||||||
Common
stock dividends | — | — | — | ( i 114 | ) | ( i 114 | ) | ||||||||||||
Contributions
from parent | — | i 113 | — | — | i 113 | ||||||||||||||
Balance,
March 31, 2018 | $ | i 1,588 | $ | i 6,935 | $ | ( i 1,639 | ) | $ | i 2,822 | $ | i 9,706 | ||||||||
Net
income | — | — | i 164 | — | i 164 | ||||||||||||||
Appropriation
of retained earnings for future dividends | — | — | ( i 164 | ) | i 164 | i — | |||||||||||||
Common
stock dividends | — | — | — | ( i 115 | ) | ( i 115 | ) | ||||||||||||
Contributions
from parent | — | i 112 | — | — | i 112 | ||||||||||||||
Balance,
June 30, 2018 | $ | i 1,588 | $ | i 7,047 | $ | ( i 1,639 | ) | $ | i 2,871 | $ | i 9,867 | ||||||||
Net
income | — | — | i 193 | — | i 193 | ||||||||||||||
Appropriation
of retained earnings for future dividends | — | — | ( i 193 | ) | i 193 | i — | |||||||||||||
Common
stock dividends | — | — | — | ( i 115 | ) | ( i 115 | ) | ||||||||||||
Contributions
from parent | — | i 162 | — | — | i 162 | ||||||||||||||
Balance,
September 30, 2018 | $ | i 1,588 | $ | i 7,209 | $ | ( i 1,639 | ) | $ | i 2,949 | $ | i 10,107 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating revenues | |||||||||||||||
Electric
operating revenues | $ | i 726 | $ | i 697 | $ | i 1,914 | $ | i 1,886 | |||||||
Natural
gas operating revenues | i 62 | i 57 | i 431 | i 382 | |||||||||||
Revenues
from alternative revenue programs | ( i 11 | ) | i 1 | ( i 16 | ) | i 2 | |||||||||
Operating
revenues from affiliates | i 1 | i 2 | i 4 | i 5 | |||||||||||
Total
operating revenues | i 778 | i 757 | i 2,333 | i 2,275 | |||||||||||
Operating
expenses | |||||||||||||||
Purchased power | i 185 | i 215 | i 461 | i 576 | |||||||||||
Purchased
fuel | i 18 | i 14 | i 184 | i 148 | |||||||||||
Purchased
power from affiliate | i 43 | i 34 | i 122 | i 94 | |||||||||||
Operating
and maintenance | i 182 | i 184 | i 531 | i 572 | |||||||||||
Operating
and maintenance from affiliates | i 37 | i 35 | i 112 | i 114 | |||||||||||
Depreciation
and amortization | i 83 | i 75 | i 247 | i 224 | |||||||||||
Taxes
other than income | i 47 | i 46 | i 126 | i 125 | |||||||||||
Total
operating expenses | i 595 | i 603 | i 1,783 | i 1,853 | |||||||||||
Gain
on sales of assets | i — | i — | i — | i 1 | |||||||||||
Operating
income | i 183 | i 154 | i 550 | i 423 | |||||||||||
Other
income and (deductions) | |||||||||||||||
Interest expense, net | ( i 30 | ) | ( i 28 | ) | ( i 91 | ) | ( i 85 | ) | |||||||
Interest
expense to affiliates | ( i 3 | ) | ( i 4 | ) | ( i 9 | ) | ( i 11 | ) | |||||||
Other,
net | i 4 | i 2 | i 11 | i 4 | |||||||||||
Total
other income and (deductions) | ( i 29 | ) | ( i 30 | ) | ( i 89 | ) | ( i 92 | ) | |||||||
Income
before income taxes | i 154 | i 124 | i 461 | i 331 | |||||||||||
Income
taxes | i 14 | ( i 2 | ) | i 51 | ( i 5 | ) | |||||||||
Net
income | $ | i 140 | $ | i 126 | $ | i 410 | $ | i 336 | |||||||
Comprehensive
income | $ | i 140 | $ | i 126 | $ | i 410 | $ | i 336 |
Nine
Months Ended September 30, | |||||||
(In millions) | 2019 | 2018 | |||||
Cash flows from operating activities | |||||||
Net income | $ | i 410 | $ | i 336 | |||
Adjustments
to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | i 247 | i 224 | |||||
Gain
on sales of assets | i — | ( i 1 | ) | ||||
Deferred
income taxes and amortization of investment tax credits | i 6 | i 5 | |||||
Other
non-cash operating activities | i 28 | i 41 | |||||
Changes
in assets and liabilities: | |||||||
Accounts receivable | i 46 | ( i 85 | ) | ||||
Receivables
from and payables to affiliates, net | ( i 12 | ) | i 1 | ||||
Inventories | ( i 3 | ) | ( i 13 | ) | |||
Accounts
payable and accrued expenses | ( i 32 | ) | ( i 1 | ) | |||
Income
taxes | ( i 15 | ) | ( i 16 | ) | |||
Pension
and non-pension postretirement benefit contributions | ( i 26 | ) | ( i 25 | ) | |||
Other
assets and liabilities | ( i 111 | ) | i 26 | ||||
Net
cash flows provided by operating activities | i 538 | i 492 | |||||
Cash
flows from investing activities | |||||||
Capital expenditures | ( i 675 | ) | ( i 615 | ) | |||
Other
investing activities | i 7 | i 6 | |||||
Net
cash flows used in investing activities | ( i 668 | ) | ( i 609 | ) | |||
Cash
flows from financing activities | |||||||
Issuance of long-term debt | i 325 | i 700 | |||||
Retirement
of long-term debt | i — | ( i 500 | ) | ||||
Contributions
from parent | i 174 | i 71 | |||||
Dividends
paid on common stock | ( i 268 | ) | ( i 300 | ) | |||
Other
financing activities | ( i 6 | ) | ( i 22 | ) | |||
Net
cash flows provided by (used in) financing activities | i 225 | ( i 51 | ) | ||||
Increase
(decrease) in cash, cash equivalents and restricted cash | i 95 | ( i 168 | ) | ||||
Cash,
cash equivalents and restricted cash at beginning of period | i 135 | i 275 | |||||
Cash,
cash equivalents and restricted cash at end of period | $ | i 230 | $ | i 107 | |||
Supplemental
cash flow information | |||||||
Increase in capital expenditures not paid | $ | i 42 | $ | i 4 |
(In millions) | |||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | i 224 | $ | i 130 | |||
Restricted
cash and cash equivalents | i 6 | i 5 | |||||
Accounts
receivable, net | |||||||
Customer (net of allowance for uncollectible accounts of $54 and $53 as of September 30, 2019 and December 31, 2018, respectively) | i 286 | i 321 | |||||
Other
(net of allowance for uncollectible accounts of $7 and $8 as of September 30, 2019 and December 31, 2018, respectively) | i 118 | i 151 | |||||
Receivable
from affiliates | i 7 | i — | |||||
Inventories,
net | |||||||
Fossil fuel | i 41 | i 38 | |||||
Materials
and supplies | i 37 | i 37 | |||||
Prepaid
utility taxes | i 34 | i — | |||||
Regulatory
assets | i 63 | i 81 | |||||
Other | i 27 | i 19 | |||||
Total
current assets | i 843 | i 782 | |||||
Property,
plant and equipment (net of accumulated depreciation and amortization of $3,670 and $3,561 as of September 30, 2019 and December 31, 2018, respectively) | i 9,100 | i 8,610 | |||||
Deferred
debits and other assets | |||||||
Regulatory assets | i 540 | i 460 | |||||
Investments | i 26 | i 25 | |||||
Receivable
from affiliates | i 473 | i 389 | |||||
Prepaid
pension asset | i 367 | i 349 | |||||
Other | i 30 | i 27 | |||||
Total
deferred debits and other assets | i 1,436 | i 1,250 | |||||
Total
assets | $ | i 11,379 | $ | i 10,642 |
(In millions) | |||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||
Current liabilities | |||||||
Accounts payable | i 382 | i 370 | |||||
Accrued
expenses | i 97 | i 113 | |||||
Payables
to affiliates | i 54 | i 59 | |||||
Customer
deposits | i 69 | i 68 | |||||
Regulatory
liabilities | i 93 | i 175 | |||||
Other | i 27 | i 24 | |||||
Total
current liabilities | i 722 | i 809 | |||||
Long-term
debt | i 3,404 | i 3,084 | |||||
Long-term
debt to financing trusts | i 184 | i 184 | |||||
Deferred
credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | i 2,034 | i 1,933 | |||||
Asset
retirement obligations | i 28 | i 27 | |||||
Non-pension
postretirement benefits obligations | i 289 | i 288 | |||||
Regulatory
liabilities | i 503 | i 421 | |||||
Other | i 79 | i 76 | |||||
Total
deferred credits and other liabilities | i 2,933 | i 2,745 | |||||
Total
liabilities | i 7,243 | i 6,822 | |||||
Commitments
and contingencies | i | i | |||||
Shareholder’s
equity | |||||||
Common stock | i 2,752 | i 2,578 | |||||
Retained
earnings | i 1,384 | i 1,242 | |||||
Total
shareholder’s equity | i 4,136 | i 3,820 | |||||
Total
liabilities and shareholder's equity | $ | i 11,379 | $ | i 10,642 |
Nine
months ended September 30, 2019 | |||||||||||||||
(In millions) | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income, net | Total Shareholder's Equity | |||||||||||
Balance,
December 31, 2018 | $ | i 2,578 | $ | i 1,242 | $ | i — | $ | i 3,820 | |||||||
Net
income | — | i 168 | i — | i 168 | |||||||||||
Common
stock dividends | — | ( i 90 | ) | — | ( i 90 | ) | |||||||||
Contributions
from parent | i 145 | i — | i — | i 145 | |||||||||||
Balance,
March 31, 2019 | $ | i 2,723 | $ | i 1,320 | $ | i — | $ | i 4,043 | |||||||
Net
income | — | i 102 | i — | i 102 | |||||||||||
Common
stock dividends | — | ( i 90 | ) | — | ( i 90 | ) | |||||||||
Balance,
June 30, 2019 | $ | i 2,723 | $ | i 1,332 | $ | i — | $ | i 4,055 | |||||||
Net
income | — | i 140 | i — | i 140 | |||||||||||
Common
stock dividends | — | ( i 88 | ) | — | ( i 88 | ) | |||||||||
Contributions
from parent | i 29 | i — | i — | i 29 | |||||||||||
Balance,
September 30, 2019 | $ | i 2,752 | $ | i 1,384 | $ | i — | $ | i 4,136 | |||||||
Nine
months ended September 30, 2018 | |||||||||||||||
(In millions) | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income, net | Total Shareholder's Equity | |||||||||||
Balance, December 31, 2017 | $ | i 2,489 | $ | i 1,087 | $ | i 1 | $ | i 3,577 | |||||||
Net
income | — | i 113 | i — | i 113 | |||||||||||
Common
stock dividends | — | ( i 287 | ) | — | ( i 287 | ) | |||||||||
Impact
of adoption of Recognition and Measurement of Financial Assets and Liabilities Standard | — | i 1 | ( i 1 | ) | i — | ||||||||||
Balance,
March 31, 2018 | $ | i 2,489 | $ | i 914 | $ | i — | $ | i 3,403 | |||||||
Net
income | — | i 96 | i — | i 96 | |||||||||||
Common
stock dividends | — | ( i 5 | ) | — | ( i 5 | ) | |||||||||
Contributions
from parent | i 41 | i — | i — | i 41 | |||||||||||
Balance,
June 30, 2018 | $ | i 2,530 | $ | i 1,005 | $ | i — | $ | i 3,535 | |||||||
Net
income | — | i 126 | i — | i 126 | |||||||||||
Common
stock dividends | — | ( i 7 | ) | — | ( i 7 | ) | |||||||||
Contributions
from parent | i 30 | i — | i — | i 30 | |||||||||||
Balance,
September 30, 2018 | $ | i 2,560 | $ | i 1,124 | $ | i — | $ | i 3,684 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating revenues | |||||||||||||||
Electric
operating revenues | $ | i 623 | $ | i 652 | $ | i 1,814 | $ | i 1,847 | |||||||
Natural
gas operating revenues | i 79 | i 79 | i 484 | i 527 | |||||||||||
Revenues
from alternative revenue programs | ( i 5 | ) | ( i 6 | ) | i 11 | ( i 23 | ) | ||||||||
Operating
revenues from affiliates | i 6 | i 6 | i 18 | i 18 | |||||||||||
Total
operating revenues | i 703 | i 731 | i 2,327 | i 2,369 | |||||||||||
Operating
expenses | |||||||||||||||
Purchased power | i 159 | i 183 | i 480 | i 510 | |||||||||||
Purchased
fuel | i 12 | i 21 | i 128 | i 176 | |||||||||||
Purchased
power from affiliate | i 64 | i 68 | i 196 | i 195 | |||||||||||
Operating
and maintenance | i 157 | i 144 | i 451 | i 462 | |||||||||||
Operating
and maintenance from affiliates | i 39 | i 38 | i 118 | i 116 | |||||||||||
Depreciation
and amortization | i 116 | i 110 | i 368 | i 358 | |||||||||||
Taxes
other than income | i 65 | i 64 | i 195 | i 188 | |||||||||||
Total
operating expenses | i 612 | i 628 | i 1,936 | i 2,005 | |||||||||||
Gain
on sales of assets | i — | i — | i — | i 1 | |||||||||||
Operating
income | i 91 | i 103 | i 391 | i 365 | |||||||||||
Other
income and (deductions) | |||||||||||||||
Interest expense, net | ( i 31 | ) | ( i 27 | ) | ( i 89 | ) | ( i 78 | ) | |||||||
Other,
net | i 7 | i 5 | i 18 | i 14 | |||||||||||
Total
other income and (deductions) | ( i 24 | ) | ( i 22 | ) | ( i 71 | ) | ( i 64 | ) | |||||||
Income
before income taxes | i 67 | i 81 | i 320 | i 301 | |||||||||||
Income
taxes | i 12 | i 18 | i 59 | i 59 | |||||||||||
Net
income | $ | i 55 | $ | i 63 | $ | i 261 | $ | i 242 | |||||||
Comprehensive
income | $ | i 55 | $ | i 63 | $ | i 261 | $ | i 242 |
Nine
Months Ended September 30, | |||||||
(In millions) | 2019 | 2018 | |||||
Cash flows from operating activities | |||||||
Net income | $ | i 261 | $ | i 242 | |||
Adjustments
to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | i 368 | i 358 | |||||
Deferred
income taxes and amortization of investment tax credits | i 66 | i 82 | |||||
Other
non-cash operating activities | i 63 | i 42 | |||||
Changes
in assets and liabilities: | |||||||
Accounts receivable | i 110 | i 72 | |||||
Receivables
from and payables to affiliates, net | ( i 14 | ) | ( i 4 | ) | |||
Inventories | ( i 5 | ) | ( i 8 | ) | |||
Accounts
payable and accrued expenses | ( i 28 | ) | ( i 3 | ) | |||
Collateral
(posted) received, net | ( i 5 | ) | i 1 | ||||
Income
taxes | ( i 43 | ) | ( i 48 | ) | |||
Pension
and non-pension postretirement benefit contributions | ( i 45 | ) | ( i 50 | ) | |||
Other
assets and liabilities | ( i 65 | ) | ( i 9 | ) | |||
Net
cash flows provided by operating activities | i 663 | i 675 | |||||
Cash
flows from investing activities | |||||||
Capital expenditures | ( i 842 | ) | ( i 667 | ) | |||
Other
investing activities | i 4 | i 8 | |||||
Net
cash flows used in investing activities | ( i 838 | ) | ( i 659 | ) | |||
Cash
flows from financing activities | |||||||
Changes in short-term borrowings | ( i 35 | ) | ( i 77 | ) | |||
Issuance
of long-term debt | i 400 | i 300 | |||||
Dividends
paid on common stock | ( i 169 | ) | ( i 157 | ) | |||
Contributions
from parent | i 104 | i 18 | |||||
Other
financing activities | ( i 7 | ) | ( i 2 | ) | |||
Net
cash flows provided by financing activities | i 293 | i 82 | |||||
Increase
in cash, cash equivalents and restricted cash | i 118 | i 98 | |||||
Cash,
cash equivalents and restricted cash at beginning of period | i 13 | i 18 | |||||
Cash,
cash equivalents and restricted cash at end of period | $ | i 131 | $ | i 116 | |||
Supplemental
cash flow information | |||||||
Increase in capital expenditures not paid | $ | i 6 | $ | i 44 |
(In millions) | |||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | i 130 | $ | i 7 | |||
Restricted
cash and cash equivalents | i 1 | i 6 | |||||
Accounts
receivable, net | |||||||
Customer (net of allowance for uncollectible accounts of $13 and $16 as of September 30, 2019 and December 31, 2018, respectively) | i 242 | i 353 | |||||
Other
(net of allowance for uncollectible accounts of $4 as of both September 30, 2019 and December 31, 2018) | i 110 | i 90 | |||||
Receivables
from affiliates | i 1 | i 1 | |||||
Inventories,
net | |||||||
Fossil fuel | i 34 | i 36 | |||||
Materials
and supplies | i 46 | i 39 | |||||
Prepaid
utility taxes | i — | i 74 | |||||
Regulatory
assets | i 180 | i 177 | |||||
Other | i 7 | i 3 | |||||
Total
current assets | i 751 | i 786 | |||||
Property,
plant and equipment (net of accumulated depreciation and amortization of $3,772 and $3,633 as of September 30, 2019 and December 31, 2018, respectively) | i 8,796 | i 8,243 | |||||
Deferred
debits and other assets | |||||||
Regulatory assets | i 386 | i 398 | |||||
Investments | i 7 | i 5 | |||||
Prepaid
pension asset | i 276 | i 279 | |||||
Other | i 88 | i 5 | |||||
Total
deferred debits and other assets | i 757 | i 687 | |||||
Total
assets | $ | i 10,304 | $ | i 9,716 |
(In millions) | |||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | i — | $ | i 35 | |||
Accounts
payable | i 245 | i 295 | |||||
Accrued
expenses | i 165 | i 155 | |||||
Payables
to affiliates | i 51 | i 65 | |||||
Customer
deposits | i 120 | i 120 | |||||
Regulatory
liabilities | i 21 | i 77 | |||||
Other | i 63 | i 27 | |||||
Total
current liabilities | i 665 | i 774 | |||||
Long-term
debt | i 3,270 | i 2,876 | |||||
Deferred
credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | i 1,329 | i 1,222 | |||||
Asset
retirement obligations | i 22 | i 24 | |||||
Non-pension
postretirement benefits obligations | i 198 | i 201 | |||||
Regulatory
liabilities | i 1,158 | i 1,192 | |||||
Other | i 112 | i 73 | |||||
Total
deferred credits and other liabilities | i 2,819 | i 2,712 | |||||
Total
liabilities | i 6,754 | i 6,362 | |||||
Commitments
and contingencies | i | i | |||||
Shareholder's
equity | |||||||
Common stock | i 1,818 | i 1,714 | |||||
Retained
earnings | i 1,732 | i 1,640 | |||||
Total
shareholder's equity | i 3,550 | i 3,354 | |||||
Total
liabilities and shareholder's equity | $ | i 10,304 | $ | i 9,716 |
Nine
Months Ended September 30, 2019 | |||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||
Balance, December 31, 2018 | $ | i 1,714 | $ | i 1,640 | $ | i 3,354 | |||||
Net
income | — | i 160 | i 160 | ||||||||
Common
stock dividends | — | ( i 56 | ) | ( i 56 | ) | ||||||
Balance,
March 31, 2019 | $ | i 1,714 | $ | i 1,744 | $ | i 3,458 | |||||
Net
income | — | i 45 | i 45 | ||||||||
Common
stock dividends | — | ( i 55 | ) | ( i 55 | ) | ||||||
Balance,
June 30, 2019 | $ | i 1,714 | $ | i 1,734 | $ | i 3,448 | |||||
Net
income | — | i 55 | i 55 | ||||||||
Contributions
from parent | i 104 | i — | i 104 | ||||||||
Common
stock dividends | — | ( i 57 | ) | ( i 57 | ) | ||||||
Balance,
September 30, 2019 | $ | i 1,818 | $ | i 1,732 | $ | i 3,550 | |||||
Nine
Months Ended September 30, 2018 | |||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||
Balance, December 31, 2017 | $ | i 1,605 | $ | i 1,536 | $ | i 3,141 | |||||
Net
income | — | i 128 | i 128 | ||||||||
Common
stock dividends | — | ( i 52 | ) | ( i 52 | ) | ||||||
Balance,
March 31, 2018 | $ | i 1,605 | $ | i 1,612 | $ | i 3,217 | |||||
Net
income | — | i 51 | i 51 | ||||||||
Common
stock dividends | — | ( i 53 | ) | ( i 53 | ) | ||||||
Balance,
June 30, 2018 | $ | i 1,605 | $ | i 1,610 | $ | i 3,215 | |||||
Net
income | — | i 63 | i 63 | ||||||||
Contributions
from parent | i 18 | i — | i 18 | ||||||||
Common
stock dividends | — | ( i 52 | ) | ( i 52 | ) | ||||||
Balance,
September 30, 2018 | $ | i 1,623 | $ | i 1,621 | $ | i 3,244 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating revenues | |||||||||||||||
Electric
operating revenues | $ | i 1,365 | $ | i 1,340 | $ | i 3,570 | $ | i 3,541 | |||||||
Natural
gas operating revenues | i 20 | i 23 | i 115 | i 129 | |||||||||||
Revenues
from alternative revenue programs | ( i 9 | ) | ( i 5 | ) | i 4 | i 7 | |||||||||
Operating
revenues from affiliates | i 4 | i 3 | i 11 | i 11 | |||||||||||
Total
operating revenues | i 1,380 | i 1,361 | i 3,700 | i 3,688 | |||||||||||
Operating
expenses | |||||||||||||||
Purchased power | i 428 | i 415 | i 1,086 | i 1,077 | |||||||||||
Purchased
fuel | i 8 | i 12 | i 51 | i 65 | |||||||||||
Purchased
power and fuel from affiliates | i 83 | i 82 | i 254 | i 268 | |||||||||||
Operating
and maintenance | i 254 | i 261 | i 706 | i 751 | |||||||||||
Operating
and maintenance from affiliates | i 36 | i 31 | i 105 | i 106 | |||||||||||
Depreciation
and amortization | i 193 | i 192 | i 562 | i 555 | |||||||||||
Taxes
other than income | i 122 | i 123 | i 342 | i 343 | |||||||||||
Total
operating expenses | i 1,124 | i 1,116 | i 3,106 | i 3,165 | |||||||||||
Operating
income | i 256 | i 245 | i 594 | i 523 | |||||||||||
Other
income and (deductions) | |||||||||||||||
Interest expense, net | ( i 66 | ) | ( i 65 | ) | ( i 197 | ) | ( i 193 | ) | |||||||
Other,
net | i 13 | i 11 | i 39 | i 33 | |||||||||||
Total
other income and (deductions) | ( i 53 | ) | ( i 54 | ) | ( i 158 | ) | ( i 160 | ) | |||||||
Income
before income taxes | i 203 | i 191 | i 436 | i 363 | |||||||||||
Income
taxes | i 14 | i 4 | i 25 | i 28 | |||||||||||
Equity
in earnings of unconsolidated affiliate | i — | i — | i 1 | i 1 | |||||||||||
Net
income | $ | i 189 | $ | i 187 | $ | i 412 | $ | i 336 | |||||||
Comprehensive
income | $ | i 189 | $ | i 187 | $ | i 412 | $ | i 336 |
Nine
Months Ended September 30, | |||||||
(In millions) | 2019 | 2018 | |||||
Cash flows from operating activities | |||||||
Net income | $ | i 412 | $ | i 336 | |||
Adjustments
to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | i 562 | i 555 | |||||
Deferred
income taxes and amortization of investment tax credits | i 8 | i 50 | |||||
Other
non-cash operating activities | i 122 | i 109 | |||||
Changes
in assets and liabilities: | |||||||
Accounts receivable | ( i 64 | ) | ( i 89 | ) | |||
Receivables
from and payables to affiliates, net | i 1 | i 10 | |||||
Inventories | ( i 36 | ) | i — | ||||
Accounts
payable and accrued expenses | i — | i 115 | |||||
Income
taxes | ( i 11 | ) | ( i 31 | ) | |||
Pension
and non-pension postretirement benefit contributions | ( i 15 | ) | ( i 66 | ) | |||
Other
assets and liabilities | ( i 102 | ) | ( i 144 | ) | |||
Net
cash flows provided by operating activities | i 877 | i 845 | |||||
Cash
flows from investing activities | |||||||
Capital expenditures | ( i 1,006 | ) | ( i 988 | ) | |||
Other
investing activities | i 3 | i 2 | |||||
Net
cash flows used in investing activities | ( i 1,003 | ) | ( i 986 | ) | |||
Cash
flows from financing activities | |||||||
Changes in short-term borrowings | i 78 | ( i 141 | ) | ||||
Proceeds
from short-term borrowings with maturities greater than 90 days | i — | i 125 | |||||
Repayments
of short-term borrowings with maturities greater than 90 days | ( i 125 | ) | i — | ||||
Issuance
of long-term debt | i 410 | i 300 | |||||
Retirement
of long-term debt | ( i 130 | ) | ( i 33 | ) | |||
Change
in Exelon intercompany money pool | i 10 | i 10 | |||||
Distributions
to member | ( i 429 | ) | ( i 232 | ) | |||
Contributions
from member | i 283 | i 237 | |||||
Other
financing activities | ( i 5 | ) | ( i 6 | ) | |||
Net
cash flows provided by financing activities | i 92 | i 260 | |||||
(Decrease)
increase in cash, cash equivalents and restricted cash | ( i 34 | ) | i 119 | ||||
Cash,
cash equivalents and restricted cash at beginning of period | i 186 | i 95 | |||||
Cash,
cash equivalents and restricted cash at end of period | $ | i 152 | $ | i 214 | |||
Supplemental
cash flow information | |||||||
(Decrease) increase in capital expenditures not paid | $ | ( i 62 | ) | $ | i 54 |
(In millions)
| |||||||
ASSETS | |||||||
Current assets | |||||||
Cash
and cash equivalents | $ | i 99 | $ | i 124 | |||
Restricted
cash and cash equivalents | i 38 | i 43 | |||||
Accounts
receivable, net | |||||||
Customer (net of allowance for uncollectible accounts of $41 and $50 as of September 30, 2019 and December 31, 2018, respectively) | i 512 | i 453 | |||||
Other
(net of allowance for uncollectible accounts of $16 and $3 as of September 30, 2019 and December 31, 2018, respectively) | i 189 | i 177 | |||||
Inventories,
net | |||||||
Fossil Fuel | i 8 | i 9 | |||||
Materials
and supplies | i 203 | i 163 | |||||
Regulatory
assets | i 479 | i 489 | |||||
Other | i 50 | i 75 | |||||
Total
current assets | i 1,578 | i 1,533 | |||||
Property,
plant and equipment, net (net of accumulated depreciation and amortization of $1,124 and $841 as of September 30, 2019 and December 31, 2018, respectively) | i 13,968 | i 13,446 | |||||
Deferred
debits and other assets | |||||||
Regulatory assets | i 2,095 | i 2,312 | |||||
Investments | i 135 | i 130 | |||||
Goodwill | i 4,005 | i 4,005 | |||||
Prepaid
pension asset | i 426 | i 486 | |||||
Deferred
income taxes | i 13 | i 12 | |||||
Other | i 356 | i 60 | |||||
Total
deferred debits and other assets | i 7,030 | i 7,005 | |||||
Total
assets(a) | $ | i 22,576 | $ | i 21,984 |
(In millions) | |||||||
LIABILITIES AND MEMBER'S EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | i 132 | $ | i 179 | |||
Long-term
debt due within one year | i 118 | i 125 | |||||
Accounts
payable | i 416 | i 496 | |||||
Accrued
expenses | i 279 | i 256 | |||||
Payables
to affiliates | i 95 | i 94 | |||||
Borrowings
from Exelon intercompany money pool | i 10 | i — | |||||
Customer
deposits | i 118 | i 116 | |||||
Regulatory
liabilities | i 78 | i 84 | |||||
Unamortized
energy contract liabilities | i 117 | i 119 | |||||
Other | i 152 | i 123 | |||||
Total
current liabilities | i 1,515 | i 1,592 | |||||
Long-term
debt | i 6,376 | i 6,134 | |||||
Deferred
credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | i 2,289 | i 2,146 | |||||
Asset
retirement obligations | i 57 | i 52 | |||||
Non-pension
postretirement benefit obligations | i 99 | i 103 | |||||
Regulatory
liabilities | i 1,725 | i 1,864 | |||||
Unamortized
energy contract liabilities | i 357 | i 442 | |||||
Other | i 610 | i 369 | |||||
Total
deferred credits and other liabilities | i 5,137 | i 4,976 | |||||
Total
liabilities(a) | i 13,028 | i 12,702 | |||||
Commitments
and contingencies | i | i | |||||
Member's
equity | |||||||
Membership interest | i 9,503 | i 9,220 | |||||
Undistributed
earnings | i 45 | i 62 | |||||
Total
member's equity | i 9,548 | i 9,282 | |||||
Total
liabilities and member's equity | $ | i 22,576 | $ | i 21,984 |
(a) | PHI’s
consolidated total assets include $ i 22 million and $ i 33
million at September 30, 2019 and December 31, 2018, respectively, of PHI's consolidated VIE that can only be used to settle the liabilities of the VIE. PHI’s consolidated total liabilities include $ i 50 million and
$ i 69 million at September 30, 2019 and December 31, 2018, respectively, of PHI's consolidated VIE for which the VIE creditors do not have recourse to PHI. See Note 2 — Variable
Interest Entities for additional information. |
Nine
Months Ended September 30, 2019 | |||||||||||
(In millions) | Membership Interest | Undistributed Earnings (Losses) | Member's Equity | ||||||||
Balance, December 31, 2018 | $ | i 9,220 | $ | i 62 | $ | i 9,282 | |||||
Net
income | — | i 117 | i 117 | ||||||||
Distributions
to member | — | ( i 128 | ) | ( i 128 | ) | ||||||
Contributions
from member | i 19 | — | i 19 | ||||||||
Balance,
March 31, 2019 | $ | i 9,239 | $ | i 51 | $ | i 9,290 | |||||
Net
income | — | i 106 | i 106 | ||||||||
Distributions
to member | — | ( i 88 | ) | ( i 88 | ) | ||||||
Contributions
from member | i 264 | — | i 264 | ||||||||
Balance,
June 30, 2019 | $ | i 9,503 | $ | i 69 | $ | i 9,572 | |||||
Net
income | — | i 189 | i 189 | ||||||||
Distributions
to member | — | ( i 213 | ) | ( i 213 | ) | ||||||
Balance,
September 30, 2019 | $ | i 9,503 | $ | i 45 | $ | i 9,548 |
Nine
Months Ended September 30, 2018 | |||||||||||
(In millions) | Membership Interest | Undistributed Earnings (Losses) | Member's Equity | ||||||||
Balance, December 31, 2017 | $ | i 8,835 | $ | ( i 10 | ) | $ | i 8,825 | ||||
Net
income | — | i 65 | i 65 | ||||||||
Distributions
to member | — | ( i 71 | ) | ( i 71 | ) | ||||||
Balance,
March 31, 2018 | $ | i 8,835 | $ | ( i 16 | ) | $ | i 8,819 | ||||
Net
income | — | i 84 | i 84 | ||||||||
Distributions
to member | — | ( i 38 | ) | ( i 38 | ) | ||||||
Contributions
from member | i 235 | — | i 235 | ||||||||
Balance,
June 30, 2018 | $ | i 9,070 | $ | i 30 | $ | i 9,100 | |||||
Net
income | — | i 187 | i 187 | ||||||||
Distribution
to member | — | ( i 123 | ) | ( i 123 | ) | ||||||
Contribution
from parent | i 2 | — | i 2 | ||||||||
Balance,
September 30, 2018 | $ | i 9,072 | $ | i 94 | $ | i 9,166 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating revenues | |||||||||||||||
Electric
operating revenues | $ | i 643 | $ | i 630 | $ | i 1,733 | $ | i 1,697 | |||||||
Revenues
from alternative revenue programs | ( i 3 | ) | ( i 4 | ) | i 10 | i 6 | |||||||||
Operating
revenues from affiliates | i 2 | i 2 | i 5 | i 5 | |||||||||||
Total
operating revenues | i 642 | i 628 | i 1,748 | i 1,708 | |||||||||||
Operating
expenses | |||||||||||||||
Purchased power | i 116 | i 131 | i 325 | i 354 | |||||||||||
Purchased
power from affiliates | i 65 | i 46 | i 188 | i 143 | |||||||||||
Operating
and maintenance | i 85 | i 84 | i 208 | i 216 | |||||||||||
Operating
and maintenance from affiliates | i 50 | i 52 | i 156 | i 167 | |||||||||||
Depreciation
and amortization | i 95 | i 99 | i 281 | i 286 | |||||||||||
Taxes
other than income | i 104 | i 104 | i 286 | i 288 | |||||||||||
Total
operating expenses | i 515 | i 516 | i 1,444 | i 1,454 | |||||||||||
Operating
income | i 127 | i 112 | i 304 | i 254 | |||||||||||
Other
income and (deductions) | |||||||||||||||
Interest expense, net | ( i 33 | ) | ( i 32 | ) | ( i 100 | ) | ( i 96 | ) | |||||||
Other,
net | i 9 | i 7 | i 22 | i 23 | |||||||||||
Total
other income and (deductions) | ( i 24 | ) | ( i 25 | ) | ( i 78 | ) | ( i 73 | ) | |||||||
Income
before income taxes | i 103 | i 87 | i 226 | i 181 | |||||||||||
Income
taxes | i 5 | ( i 2 | ) | i 9 | i 7 | ||||||||||
Net
income | $ | i 98 | $ | i 89 | $ | i 217 | $ | i 174 | |||||||
Comprehensive
income | $ | i 98 | $ | i 89 | $ | i 217 | $ | i 174 |
Nine
Months Ended September 30, | |||||||
(In millions) | 2019 | 2018 | |||||
Cash flows from operating activities | |||||||
Net income | $ | i 217 | $ | i 174 | |||
Adjustments
to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | i 281 | i 286 | |||||
Deferred
income taxes and amortization of investment tax credits | i 12 | ( i 5 | ) | ||||
Other
non-cash operating activities | i 43 | i 42 | |||||
Changes
in assets and liabilities: | |||||||
Accounts receivable | ( i 49 | ) | ( i 36 | ) | |||
Receivables
from and payables to affiliates, net | i 4 | ( i 9 | ) | ||||
Inventories | ( i 23 | ) | i 6 | ||||
Accounts
payable and accrued expenses | ( i 12 | ) | i 104 | ||||
Income
taxes | ( i 23 | ) | ( i 18 | ) | |||
Pension
and non-pension postretirement benefit contributions | ( i 10 | ) | ( i 11 | ) | |||
Other
assets and liabilities | ( i 55 | ) | ( i 137 | ) | |||
Net
cash flows provided by operating activities | i 385 | i 396 | |||||
Cash
flows from investing activities | |||||||
Capital expenditures | ( i 455 | ) | ( i 475 | ) | |||
Other
investing activities | i 2 | i 3 | |||||
Net
cash flows used in investing activities | ( i 453 | ) | ( i 472 | ) | |||
Cash
flows from financing activities | |||||||
Changes in short-term borrowings | ( i 28 | ) | i 38 | ||||
Issuance
of long-term debt | i 260 | i 100 | |||||
Retirement
of long-term debt | ( i 118 | ) | ( i 8 | ) | |||
Dividends
paid on common stock | ( i 173 | ) | ( i 128 | ) | |||
Contributions
from parent | i 129 | i 85 | |||||
Other
financing activities | ( i 3 | ) | ( i 4 | ) | |||
Net
cash flows provided by financing activities | i 67 | i 83 | |||||
(Decrease)
increase in cash, cash equivalents and restricted cash | ( i 1 | ) | i 7 | ||||
Cash,
cash equivalents and restricted cash at beginning of period | i 53 | i 40 | |||||
Cash,
cash equivalents and restricted cash at end of period | $ | i 52 | $ | i 47 | |||
Supplemental
cash flow information | |||||||
(Decrease) increase in capital expenditures not paid | $ | ( i 7 | ) | $ | i 15 |
(In millions) | |||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | i 18 | $ | i 16 | |||
Restricted
cash and cash equivalents | i 34 | i 37 | |||||
Accounts
receivable, net | |||||||
Customer (net of allowance for uncollectible accounts of $16 and $20 as of September 30, 2019 and December 31, 2018, respectively) | i 258 | i 225 | |||||
Other
(net of allowance for uncollectible accounts of $8 and $1 as of September 30, 2019 and December 31, 2018, respectively) | i 114 | i 81 | |||||
Receivables
from affiliates | i — | i 1 | |||||
Inventories,
net | i 118 | i 93 | |||||
Regulatory
assets | i 252 | i 270 | |||||
Other | i 12 | i 37 | |||||
Total
current assets | i 806 | i 760 | |||||
Property,
plant and equipment, net (net of accumulated depreciation and amortization of $3,473 and $3,354 as of September 30, 2019 and December 31, 2018, respectively) | i 6,734 | i 6,460 | |||||
Deferred
debits and other assets | |||||||
Regulatory assets | i 577 | i 643 | |||||
Investments | i 109 | i 105 | |||||
Prepaid
pension asset | i 301 | i 316 | |||||
Other | i 76 | i 15 | |||||
Total
deferred debits and other assets | i 1,063 | i 1,079 | |||||
Total
assets | $ | i 8,603 | $ | i 8,299 |
(In millions) | |||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | i 12 | $ | i 40 | |||
Long-term
debt due within one year | i 8 | i 15 | |||||
Accounts
payable | i 177 | i 214 | |||||
Accrued
expenses | i 144 | i 126 | |||||
Payables
to affiliates | i 65 | i 62 | |||||
Customer
deposits | i 56 | i 54 | |||||
Regulatory
liabilities | i 9 | i 7 | |||||
Merger
related obligation | i 38 | i 38 | |||||
Current
portion of DC PLUG obligation | i 30 | i 30 | |||||
Other | i 25 | i 42 | |||||
Total
current liabilities | i 564 | i 628 | |||||
Long-term
debt | i 2,852 | i 2,704 | |||||
Deferred
credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | i 1,150 | i 1,064 | |||||
Asset
retirement obligations | i 41 | i 37 | |||||
Non-pension
postretirement benefit obligations | i 23 | i 29 | |||||
Regulatory
liabilities | i 749 | i 822 | |||||
Other | i 311 | i 275 | |||||
Total
deferred credits and other liabilities | i 2,274 | i 2,227 | |||||
Total
liabilities | i 5,690 | i 5,559 | |||||
Commitments
and contingencies | i | i | |||||
Shareholder's
equity | |||||||
Common stock | i 1,765 | i 1,636 | |||||
Retained
earnings | i 1,148 | i 1,104 | |||||
Total
shareholder's equity | i 2,913 | i 2,740 | |||||
Total
liabilities and shareholder's equity | $ | i 8,603 | $ | i 8,299 |
Nine
Months Ended September 30, 2019 | |||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||
Balance, December 31, 2018 | $ | i 1,636 | $ | i 1,104 | $ | i 2,740 | |||||
Net
income | — | i 55 | i 55 | ||||||||
Common
stock dividends | — | ( i 24 | ) | ( i 24 | ) | ||||||
Contributions
from parent | i 14 | — | i 14 | ||||||||
Balance,
March 31, 2019 | $ | i 1,650 | $ | i 1,135 | $ | i 2,785 | |||||
Net
income | — | i 64 | i 64 | ||||||||
Common
stock dividends | — | ( i 48 | ) | ( i 48 | ) | ||||||
Contributions
from parent | i 115 | — | i 115 | ||||||||
Balance,
June 30, 2019 | $ | i 1,765 | $ | i 1,151 | $ | i 2,916 | |||||
Net
income | — | i 98 | i 98 | ||||||||
Common
stock dividends | — | ( i 101 | ) | ( i 101 | ) | ||||||
Balance,
September 30, 2019 | $ | i 1,765 | $ | i 1,148 | $ | i 2,913 |
Nine
Months Ended September 30, 2018 | |||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||
Balance, December 31, 2017 | $ | i 1,470 | $ | i 1,063 | $ | i 2,533 | |||||
Net
income | — | i 31 | i 31 | ||||||||
Common
stock dividends | — | ( i 25 | ) | ( i 25 | ) | ||||||
Balance,
March 31, 2018 | $ | i 1,470 | $ | i 1,069 | $ | i 2,539 | |||||
Net
income | — | i 54 | i 54 | ||||||||
Common
stock dividends | — | ( i 25 | ) | ( i 25 | ) | ||||||
Contributions
from parent | i 85 | — | i 85 | ||||||||
Balance,
June 30, 2018 | $ | i 1,555 | $ | i 1,098 | $ | i 2,653 | |||||
Net
income | — | i 89 | i 89 | ||||||||
Common
stock dividends | — | ( i 78 | ) | ( i 78 | ) | ||||||
Balance,
September 30, 2018 | $ | i 1,555 | $ | i 1,109 | $ | i 2,664 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating revenues | |||||||||||||||
Electric
operating revenues | $ | i 304 | $ | i 302 | $ | i 872 | $ | i 861 | |||||||
Natural
gas operating revenues | i 20 | i 24 | i 116 | i 129 | |||||||||||
Revenues
from alternative revenue programs | ( i 6 | ) | i — | ( i 6 | ) | i 5 | |||||||||
Operating
revenues from affiliates | i 1 | i 2 | i 5 | i 6 | |||||||||||
Total
operating revenues | i 319 | i 328 | i 987 | i 1,001 | |||||||||||
Operating
expenses | |||||||||||||||
Purchased power | i 105 | i 96 | i 298 | i 258 | |||||||||||
Purchased
fuel | i 8 | i 11 | i 51 | i 64 | |||||||||||
Purchased
power from affiliate | i 14 | i 26 | i 50 | i 103 | |||||||||||
Operating
and maintenance | i 43 | i 44 | i 127 | i 137 | |||||||||||
Operating
and maintenance from affiliates | i 37 | i 38 | i 113 | i 119 | |||||||||||
Depreciation
and amortization | i 46 | i 47 | i 138 | i 135 | |||||||||||
Taxes
other than income | i 15 | i 15 | i 43 | i 43 | |||||||||||
Total
operating expenses | i 268 | i 277 | i 820 | i 859 | |||||||||||
Operating
income | i 51 | i 51 | i 167 | i 142 | |||||||||||
Other
income and (deductions) | |||||||||||||||
Interest expense, net | ( i 15 | ) | ( i 15 | ) | ( i 45 | ) | ( i 42 | ) | |||||||
Other,
net | i 2 | i 2 | i 10 | i 7 | |||||||||||
Total
other income and (deductions) | ( i 13 | ) | ( i 13 | ) | ( i 35 | ) | ( i 35 | ) | |||||||
Income
before income taxes | i 38 | i 38 | i 132 | i 107 | |||||||||||
Income
taxes | i 5 | i 5 | i 16 | i 17 | |||||||||||
Net
income | $ | i 33 | $ | i 33 | $ | i 116 | $ | i 90 | |||||||
Comprehensive
income | $ | i 33 | $ | i 33 | $ | i 116 | $ | i 90 |
Nine
Months Ended September 30, | |||||||
(In millions) | 2019 | 2018 | |||||
Cash flows from operating activities | |||||||
Net income | $ | i 116 | $ | i 90 | |||
Adjustments
to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | i 138 | i 135 | |||||
Deferred
income taxes and amortization of investment tax credits | ( i 2 | ) | i 24 | ||||
Other
non-cash operating activities | i 21 | i 16 | |||||
Changes
in assets and liabilities: | |||||||
Accounts receivable | i 29 | i 13 | |||||
Receivables
from and payables to affiliates, net | ( i 7 | ) | ( i 14 | ) | |||
Inventories | ( i 7 | ) | ( i 3 | ) | |||
Accounts
payable and accrued expenses | i 3 | i 18 | |||||
Income
taxes | i 11 | i — | |||||
Pension
and non-pension postretirement benefit contributions | ( i 1 | ) | i — | ||||
Other
assets and liabilities | ( i 22 | ) | i 13 | ||||
Net
cash flows provided by operating activities | i 279 | i 292 | |||||
Cash
flows from investing activities | |||||||
Capital expenditures | ( i 245 | ) | ( i 254 | ) | |||
Other
investing activities | i 1 | i 1 | |||||
Net
cash flows used in investing activities | ( i 244 | ) | ( i 253 | ) | |||
Cash
flows from financing activities | |||||||
Changes in short-term borrowings | i 57 | ( i 216 | ) | ||||
Issuance
of long-term debt | i — | i 200 | |||||
Retirement
of long-term debt | i — | ( i 4 | ) | ||||
Dividends
paid on common stock | ( i 105 | ) | ( i 58 | ) | |||
Contributions
from parent | i — | i 150 | |||||
Other
financing activities | i — | ( i 3 | ) | ||||
Net
cash flows (used in) provided by financing activities | ( i 48 | ) | i 69 | ||||
(Decrease)
increase in cash, cash equivalents and restricted cash | ( i 13 | ) | i 108 | ||||
Cash,
cash equivalents and restricted cash at beginning of period | i 24 | i 2 | |||||
Cash,
cash equivalents and restricted cash at end of period | $ | i 11 | $ | i 110 | |||
Supplemental
cash flow information | |||||||
(Decrease) increase in capital expenditures not paid | $ | ( i 13 | ) | $ | i 20 |
(In millions) | |||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | i 11 | $ | i 23 | |||
Restricted
cash and cash equivalents | i — | i 1 | |||||
Accounts
receivable, net | |||||||
Customer (net of allowance for uncollectible accounts of $10 and $12 as of September 30, 2019 and December 31, 2018, respectively) | i 112 | i 134 | |||||
Other
(net of allowance for uncollectible accounts of $1 as of both September 30, 2019 and December 31, 2018) | i 37 | i 46 | |||||
Inventories,
net | |||||||
Fossil Fuel | i 8 | i 9 | |||||
Materials
and supplies | i 47 | i 37 | |||||
Prepaid
utility taxes | i 15 | i 17 | |||||
Regulatory
assets | i 62 | i 59 | |||||
Other | i 5 | i 10 | |||||
Total
current assets | i 297 | i 336 | |||||
Property,
plant and equipment, net (net of accumulated depreciation and amortization of $1,407 and $1,329 as of September 30, 2019 and December 31, 2018, respectively) | i 3,941 | i 3,821 | |||||
Deferred
debits and other assets | |||||||
Regulatory assets | i 221 | i 231 | |||||
Goodwill | i 8 | i 8 | |||||
Prepaid
pension asset | i 175 | i 186 | |||||
Other | i 82 | i 6 | |||||
Total
deferred debits and other assets | i 486 | i 431 | |||||
Total
assets | $ | i 4,724 | $ | i 4,588 |
(In millions) | |||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | i 57 | $ | i — | |||
Long-term
debt due within one year | i 91 | i 91 | |||||
Accounts
payable | i 90 | i 111 | |||||
Accrued
expenses | i 59 | i 39 | |||||
Payables
to affiliates | i 26 | i 33 | |||||
Customer
deposits | i 36 | i 35 | |||||
Regulatory
liabilities | i 43 | i 59 | |||||
Other | i 33 | i 7 | |||||
Total
current liabilities | i 435 | i 375 | |||||
Long-term
debt | i 1,404 | i 1,403 | |||||
Deferred
credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | i 655 | i 628 | |||||
Non-pension
postretirement benefits obligations | i 16 | i 17 | |||||
Regulatory
liabilities | i 580 | i 606 | |||||
Other | i 114 | i 50 | |||||
Total
deferred credits and other liabilities | i 1,365 | i 1,301 | |||||
Total
liabilities | i 3,204 | i 3,079 | |||||
Commitments
and contingencies | i | i | |||||
Shareholder's
equity | |||||||
Common stock | i 914 | i 914 | |||||
Retained
earnings | i 606 | i 595 | |||||
Total
shareholder's equity | i 1,520 | i 1,509 | |||||
Total
liabilities and shareholder's equity | $ | i 4,724 | $ | i 4,588 |
Nine
Months Ended September 30, 2019 | |||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||
Balance, December 31, 2018 | $ | i 914 | $ | i 595 | $ | i 1,509 | |||||
Net
income | — | i 53 | i 53 | ||||||||
Common
stock dividends | — | ( i 41 | ) | ( i 41 | ) | ||||||
Balance,
March 31, 2019 | $ | i 914 | $ | i 607 | $ | i 1,521 | |||||
Net
income | — | i 30 | i 30 | ||||||||
Common
stock dividends | — | ( i 29 | ) | ( i 29 | ) | ||||||
Balance,
June 30, 2019 | $ | i 914 | $ | i 608 | $ | i 1,522 | |||||
Net
income | — | i 33 | i 33 | ||||||||
Common
stock dividends | — | ( i 35 | ) | ( i 35 | ) | ||||||
Balance,
September 30, 2019 | $ | i 914 | $ | i 606 | $ | i 1,520 |
Nine
Months Ended September 30, 2018 | |||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||
Balance, December 31, 2017 | $ | i 764 | $ | i 571 | $ | i 1,335 | |||||
Net
income | — | i 31 | i 31 | ||||||||
Common
stock dividends | — | ( i 36 | ) | ( i 36 | ) | ||||||
Balance,
March 31, 2018 | $ | i 764 | $ | i 566 | $ | i 1,330 | |||||
Net
income | — | i 26 | i 26 | ||||||||
Common
stock dividends | — | ( i 4 | ) | ( i 4 | ) | ||||||
Contributions
from parent | i 150 | — | i 150 | ||||||||
Balance,
June 30, 2018 | $ | i 914 | $ | i 588 | $ | i 1,502 | |||||
Net
income | — | i 33 | i 33 | ||||||||
Common
stock dividends | — | ( i 18 | ) | ( i 18 | ) | ||||||
Balance,
September 30, 2018 | $ | i 914 | $ | i 603 | $ | i 1,517 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating revenues | |||||||||||||||
Electric
operating revenues | $ | i 417 | $ | i 406 | $ | i 964 | $ | i 983 | |||||||
Revenues
from alternative revenue programs | i 1 | ( i 1 | ) | i — | ( i 4 | ) | |||||||||
Operating
revenues from affiliates | i 1 | i 1 | i 2 | i 2 | |||||||||||
Total
operating revenues | i 419 | i 406 | i 966 | i 981 | |||||||||||
Operating
expenses | |||||||||||||||
Purchased power | i 207 | i 188 | i 463 | i 465 | |||||||||||
Purchased
power from affiliates | i 3 | i 10 | i 16 | i 21 | |||||||||||
Operating
and maintenance | i 54 | i 52 | i 142 | i 146 | |||||||||||
Operating
and maintenance from affiliates | i 32 | i 33 | i 99 | i 104 | |||||||||||
Depreciation
and amortization | i 43 | i 38 | i 114 | i 107 | |||||||||||
Taxes
other than income | i 1 | i 1 | i 4 | i 4 | |||||||||||
Total
operating expenses | i 340 | i 322 | i 838 | i 847 | |||||||||||
Operating
income | i 79 | i 84 | i 128 | i 134 | |||||||||||
Other
income and (deductions) | |||||||||||||||
Interest expense, net | ( i 15 | ) | ( i 16 | ) | ( i 44 | ) | ( i 48 | ) | |||||||
Other,
net | i 1 | i 1 | i 5 | i 2 | |||||||||||
Total
other income and (deductions) | ( i 14 | ) | ( i 15 | ) | ( i 39 | ) | ( i 46 | ) | |||||||
Income
before income taxes | i 65 | i 69 | i 89 | i 88 | |||||||||||
Income
taxes | i 2 | i 8 | i 2 | i 12 | |||||||||||
Net
income | $ | i 63 | $ | i 61 | $ | i 87 | $ | i 76 | |||||||
Comprehensive
income | $ | i 63 | $ | i 61 | $ | i 87 | $ | i 76 |
Nine
Months Ended September 30, | |||||||
(In millions) | 2019 | 2018 | |||||
Cash flows from operating activities | |||||||
Net income | $ | i 87 | $ | i 76 | |||
Adjustments
to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | i 114 | i 107 | |||||
Deferred
income taxes and amortization of investment tax credits | i 2 | i 24 | |||||
Other
non-cash operating activities | i 21 | i 24 | |||||
Changes
in assets and liabilities: | |||||||
Accounts receivable | ( i 44 | ) | ( i 66 | ) | |||
Receivables
from and payables to affiliates, net | ( i 4 | ) | ( i 3 | ) | |||
Inventories | ( i 4 | ) | ( i 2 | ) | |||
Accounts
payable and accrued expenses | i 27 | i 21 | |||||
Income
taxes | i 5 | ( i 3 | ) | ||||
Pension
and non-pension postretirement benefit contributions | i — | ( i 6 | ) | ||||
Other
assets and liabilities | ( i 18 | ) | ( i 12 | ) | |||
Net
cash flows provided by operating activities | i 186 | i 160 | |||||
Cash
flows from investing activities | |||||||
Capital expenditures | ( i 300 | ) | ( i 247 | ) | |||
Other
investing activities | i — | ( i 1 | ) | ||||
Net
cash flows used in investing activities | ( i 300 | ) | ( i 248 | ) | |||
Cash
flows from financing activities | |||||||
Changes in short-term borrowings | i 49 | i 37 | |||||
Proceeds
from short-term borrowings with maturities greater than 90 days | i — | i 125 | |||||
Repayments
of short-term borrowings with maturities greater than 90 days | ( i 125 | ) | i — | ||||
Issuance
of long-term debt | i 150 | i — | |||||
Retirement
of long-term debt | ( i 13 | ) | ( i 22 | ) | |||
Contributions
from parent | i 155 | i — | |||||
Dividends
paid on common stock | ( i 100 | ) | ( i 46 | ) | |||
Other
financing activities | ( i 1 | ) | i — | ||||
Net
cash flows provided by financing activities | i 115 | i 94 | |||||
Increase
in cash, cash equivalents and restricted cash | i 1 | i 6 | |||||
Cash,
cash equivalents and restricted cash at beginning of period | i 30 | i 31 | |||||
Cash,
cash equivalents and restricted cash at end of period | $ | i 31 | $ | i 37 | |||
Supplemental
cash flow information | |||||||
(Decrease) increase in capital expenditures not paid | $ | ( i 37 | ) | $ | i 16 |
(In
millions) | |||||||
ASSETS | |||||||
Current assets | |||||||
Cash
and cash equivalents | $ | i 13 | $ | i 7 | |||
Restricted
cash and cash equivalents | i 3 | i 4 | |||||
Accounts
receivable, net | |||||||
Customer (net of allowance for uncollectible accounts of $15 and $18 as of September 30, 2019 and December 31, 2018, respectively) | i 142 | i 95 | |||||
Other
(net of allowance for uncollectible accounts of $5 and $1 as of September 30, 2019 and December 31, 2018, respectively) | i 47 | i 55 | |||||
Receivables
from affiliates | i 1 | i 1 | |||||
Inventories,
net | i 37 | i 33 | |||||
Prepaid
utility taxes | i 9 | i — | |||||
Regulatory
assets | i 48 | i 40 | |||||
Other | i 7 | i 5 | |||||
Total
current assets | i 307 | i 240 | |||||
Property,
plant and equipment, net (net of accumulated depreciation and amortization of $1,192 and $1,137 as of September 30, 2019 and December 31, 2018, respectively) | i 3,124 | i 2,966 | |||||
Deferred
debits and other assets | |||||||
Regulatory assets | i 370 | i 386 | |||||
Prepaid
pension asset | i 56 | i 67 | |||||
Other | i 59 | i 40 | |||||
Total
deferred debits and other assets | i 485 | i 493 | |||||
Total
assets(a) | $ | i 3,916 | $ | i 3,699 |
(In millions) | |||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | i 63 | $ | i 139 | |||
Long-term
debt due within one year | i 19 | i 18 | |||||
Accounts
payable | i 139 | i 154 | |||||
Accrued
expenses | i 40 | i 35 | |||||
Payables
to affiliates | i 24 | i 28 | |||||
Customer
deposits | i 26 | i 26 | |||||
Regulatory
liabilities | i 25 | i 18 | |||||
Other | i 11 | i 4 | |||||
Total
current liabilities | i 347 | i 422 | |||||
Long-term
debt | i 1,305 | i 1,170 | |||||
Deferred
credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | i 569 | i 535 | |||||
Non-pension
postretirement benefit obligations | i 18 | i 17 | |||||
Regulatory
liabilities | i 365 | i 402 | |||||
Other | i 44 | i 27 | |||||
Total
deferred credits and other liabilities | i 996 | i 981 | |||||
Total
liabilities(a) | i 2,648 | i 2,573 | |||||
Commitments
and contingencies | i | i | |||||
Shareholder's
equity | |||||||
Common stock | i 1,134 | i 979 | |||||
Retained
earnings | i 134 | i 147 | |||||
Total
shareholder's equity | i 1,268 | i 1,126 | |||||
Total
liabilities and shareholder's equity | $ | i 3,916 | $ | i 3,699 |
(a) | ACE’s
consolidated total assets include $ i 18 million and $ i 23
million at September 30, 2019 and December 31, 2018, respectively, of ACE's consolidated VIE that can only be used to settle the liabilities of the VIE. ACE’s consolidated total liabilities include $ i 46 million
and $ i 59 million at September 30, 2019 and December 31, 2018, respectively, of ACE's consolidated VIE for which the VIE creditors do not have recourse to ACE. See Note 2 — Variable
Interest Entities for additional information. |
Nine
Months Ended September 30, 2019 | |||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||
Balance, December 31, 2018 | $ | i 979 | $ | i 147 | $ | i 1,126 | |||||
Net
income | — | i 10 | i 10 | ||||||||
Common
stock dividends | — | ( i 12 | ) | ( i 12 | ) | ||||||
Contributions
from parent | i 5 | — | i 5 | ||||||||
Balance,
March 31, 2019 | $ | i 984 | $ | i 145 | $ | i 1,129 | |||||
Net
income | — | i 14 | i 14 | ||||||||
Common
stock dividends | — | ( i 12 | ) | ( i 12 | ) | ||||||
Contributions
from parent | i 150 | — | i 150 | ||||||||
Balance,
June 30, 2019 | $ | i 1,134 | $ | i 147 | $ | i 1,281 | |||||
Net
income | — | i 63 | i 63 | ||||||||
Common
stock dividends | — | ( i 76 | ) | ( i 76 | ) | ||||||
Balance,
September 30, 2019 | $ | i 1,134 | $ | i 134 | $ | i 1,268 |
Nine
Months Ended September 30, 2018 | |||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||
Balance, December 31, 2017 | $ | i 912 | $ | i 131 | $ | i 1,043 | |||||
Net
income | — | i 7 | i 7 | ||||||||
Common
stock dividends | — | ( i 9 | ) | ( i 9 | ) | ||||||
Balance,
March 31, 2018 | $ | i 912 | $ | i 129 | $ | i 1,041 | |||||
Net
income | — | i 8 | i 8 | ||||||||
Common
stock dividends | — | ( i 10 | ) | ( i 10 | ) | ||||||
Balance,
June 30, 2018 | $ | i 912 | $ | i 127 | $ | i 1,039 | |||||
Net
income | — | i 61 | i 61 | ||||||||
Common
stock dividends | — | ( i 27 | ) | ( i 27 | ) | ||||||
Balance,
September 30, 2018 | $ | i 912 | $ | i 161 | $ | i 1,073 |
Name of Registrant | Business | Service
Territories | ||
Exelon Generation Company, LLC | Generation, physical delivery and marketing of power across multiple geographical regions through its customer-facing business, Constellation, which sells electricity to both wholesale and retail customers. Generation also sells natural gas, renewable energy and other energy-related products and services. | Five reportable segments: Mid-Atlantic, Midwest, New York, ERCOT and Other Power Regions | ||
Commonwealth
Edison Company | Purchase and regulated retail sale of electricity | Northern Illinois, including the City of Chicago | ||
Transmission and distribution of electricity to retail customers | ||||
PECO Energy Company | Purchase
and regulated retail sale of electricity and natural gas | Southeastern Pennsylvania, including the City of Philadelphia (electricity) | ||
Transmission and distribution of electricity and distribution of natural gas to retail customers | Pennsylvania counties surrounding the City of Philadelphia (natural gas) | |||
Baltimore Gas and Electric Company | Purchase
and regulated retail sale of electricity and natural gas | Central Maryland, including the City of Baltimore (electricity and natural gas) | ||
Transmission and distribution of electricity and distribution of natural gas to retail customers | ||||
Pepco Holdings LLC | Utility services holding company engaged, through its reportable
segments Pepco, DPL and ACE | Service Territories of Pepco, DPL and ACE | ||
Potomac Electric Power Company | Purchase and regulated retail sale of electricity | District of Columbia,
and major portions of Montgomery and Prince George’s Counties, Maryland | ||
Transmission and distribution of electricity to retail customers | ||||
Delmarva Power & Light Company | Purchase and regulated retail sale of electricity and natural gas | Portions of Delaware and Maryland
(electricity) | ||
Transmission and distribution of electricity and distribution of natural gas to retail customers | Portions of New Castle County, Delaware (natural gas) | |||
Atlantic City Electric Company | Purchase and regulated retail sale of electricity | Portions of Southern New Jersey | ||
Transmission
and distribution of electricity to retail customers |
• | a "package of three" expedients that must be taken together and allow entities to (1) not reassess whether existing contracts contain leases, (2) carry forward the existing lease classification, and (3) not reassess initial direct costs associated with existing leases, |
• | an
implementation expedient which allows the requirements of the standard in the period of adoption with no restatement of prior periods, and |
• | a land easement expedient which allows entities to not evaluate land easements under the new standard at adoption if they were not previously accounted for as leases. |
Exelon | Generation | PHI (a) | ACE | Exelon | Generation | PHI
(a) | ACE | ||||||||||||||||||||||||
Cash and cash equivalents | $ | i 168 | $ | i 168 | $ | i — | $ | i — | $ | i 414 | $ | i 414 | $ | i — | $ | i — | |||||||||||||||
Restricted
cash and cash equivalents | i 76 | i 73 | i 3 | i 3 | i 66 | i 62 | i 4 | i 4 | |||||||||||||||||||||||
Accounts
receivable, net | |||||||||||||||||||||||||||||||
Customer | i 163 | i 163 | i — | i — | i 146 | i 146 | i — | i — | |||||||||||||||||||||||
Other | i 43 | i 43 | i — | i — | i 23 | i 23 | i — | i — | |||||||||||||||||||||||
Unamortized
energy contract asset (b) | i 23 | i 23 | i — | i — | i 25 | i 25 | i — | i — | |||||||||||||||||||||||
Inventory,
net | |||||||||||||||||||||||||||||||
Materials
and supplies | i 222 | i 222 | i — | i — | i 212 | i 212 | i — | i — | |||||||||||||||||||||||
Other
current assets | i 50 | i 48 | i 2 | i — | i 52 | i 49 | i 3 | i — | |||||||||||||||||||||||
Total
current assets | i 745 | i 740 | i 5 | i 3 | i 938 | i 931 | i 7 | i 4 | |||||||||||||||||||||||
Property,
plant and equipment, net (c) | i 6,079 | i 6,079 | i — | i — | i 6,188 | i 6,188 | i — | i — | |||||||||||||||||||||||
NDT
funds | i 2,636 | i 2,636 | i — | i — | i 2,351 | i 2,351 | i — | i — | |||||||||||||||||||||||
Unamortized
energy contract asset (b) | i 258 | i 258 | i — | i — | i 274 | i 274 | i — | i — | |||||||||||||||||||||||
Other
noncurrent assets | i 69 | i 52 | i 17 | i 15 | i 258 | i 232 | i 26 | i 19 | |||||||||||||||||||||||
Total
noncurrent assets | i 9,042 | i 9,025 | i 17 | i 15 | i 9,071 | i 9,045 | i 26 | i 19 | |||||||||||||||||||||||
Total
assets | $ | i 9,787 | $ | i 9,765 | $ | i 22 | $ | i 18 | $ | i 10,009 | $ | i 9,976 | $ | i 33 | $ | i 23 | |||||||||||||||
Long-term
debt due within one year | $ | i 556 | $ | i 535 | $ | i 21 | $ | i 19 | $ | i 87 | $ | i 66 | $ | i 21 | $ | i 18 | |||||||||||||||
Accounts
payable | i 148 | i 148 | i — | i — | i 96 | i 96 | i — | i — | |||||||||||||||||||||||
Accrued
expenses | i 58 | i 57 | i 1 | i 1 | i 73 | i 72 | i 1 | i 1 | |||||||||||||||||||||||
Unamortized
energy contract liabilities | i 10 | i 10 | i — | i — | i 15 | i 15 | i — | i — | |||||||||||||||||||||||
Other
current liabilities | i 30 | i 30 | i — | i — | i 3 | i 3 | i — | i — | |||||||||||||||||||||||
Total
current liabilities | i 802 | i 780 | i 22 | i 20 | i 274 | i 252 | i 22 | i 19 | |||||||||||||||||||||||
Long-term
debt | i 532 | i 504 | i 28 | i 26 | i 1,072 | i 1,025 | i 47 | i 40 | |||||||||||||||||||||||
Asset
retirement obligations (d) | i 2,103 | i 2,103 | i — | i — | i 2,165 | i 2,165 | i — | i — | |||||||||||||||||||||||
Unamortized
energy contract liabilities | i 1 | i 1 | i — | i — | i 1 | i 1 | i — | i — | |||||||||||||||||||||||
Other
noncurrent liabilities | i 84 | i 84 | i — | i — | i 42 | i 42 | i — | i — | |||||||||||||||||||||||
Total
noncurrent liabilities | i 2,720 | i 2,692 | i 28 | i 26 | i 3,280 | i 3,233 | i 47 | i 40 | |||||||||||||||||||||||
Total
liabilities | $ | i 3,522 | $ | i 3,472 | $ | i 50 | $ | i 46 | $ | i 3,554 | $ | i 3,485 | $ | i 69 | $ | i 59 |
(a) | Includes
certain purchase accounting adjustments not pushed down to the ACE standalone entity. |
(b) | These are unrestricted assets to Exelon and Generation. |
(c) | Exelon’s and Generation’s balances include unrestricted assets of $ i 41
million and $ i 43 million as of September 30, 2019 and December 31, 2018, respectively. |
(d) | Exelon’s
and Generation’s balances include liabilities with recourse of $ i 5 million as of September 30, 2019 and December 31, 2018. |
Consolidated
VIE or VIE groups: | Reason entity is a VIE: | Reason Generation is primary beneficiary: |
CENG - A joint venture between Generation and EDF. Generation has a 50.01% equity ownership in CENG. See additional discussion below. | Disproportionate relationship between equity interest and operational control as a result of the Nuclear Operating Services Agreement (NOSA) described further below. | Generation conducts the operational activities. |
EGRP - A collection of wind and solar project entities. Generation has a 51% equity ownership in EGRP. See additional discussion below. | Similar
structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. | Generation conducts the operational activities. |
Bluestem Wind Energy Holdings, LLC - A Tax Equity structure which is consolidated by EGRP. Generation is a minority interest holder. | Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. | Generation conducts the operational activities. |
Antelope Valley - A solar generating facility, which is 100% owned by Generation. Antelope Valley sells all of its output to PG&E through a PPA. | The
PPA contract absorbs variability through a performance guarantee. | Generation conducts all activities. |
Equity investment in distributed energy company - Generation has a 31% equity ownership. This distributed energy company has an interest in an unconsolidated VIE (see Unconsolidated VIEs disclosure below). Generation fully impaired this investment in the third quarter of 2019. See Note 7— Asset Impairments for additional information. | Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. | Generation conducts the operational activities. |
• | Generation provided a $ i 400
million loan to CENG. The loan balance was fully repaid by CENG in January 2019. |
• | Generation executed an Indemnity Agreement pursuant to which Generation agreed to indemnify EDF against third-party claims that may arise from any future nuclear incident (as defined in the Price-Anderson Act) in connection with the CENG nuclear plants or their operations. Exelon guarantees Generation’s obligations under this Indemnity Agreement. See Note 22 — Commitments and Contingencies of the Exelon 2018 Form 10-K for additional information. |
• | Generation
and EDF share in the $ i 688 million of contingent payment obligations for the payment of contingent retrospective premium adjustments for the nuclear liability insurance. |
• | Exelon
has executed an agreement to provide up to $ i 245 million to support the operations of CENG as well as a $ i 165
million guarantee of CENG’s cash pooling agreement with its subsidiaries. |
Consolidated
VIEs: | Reason entity is a VIE: | Reason ACE is the primary beneficiary: |
ACE Transition Funding - A special purpose entity formed by ACE for the purpose of securitizing authorized portions of ACE’s recoverable stranded costs through the issuance and sale of transition bonds. Proceeds from the sale of each series of transition bonds by ATF were transferred to ACE in exchange for the transfer by ACE to ATF of the right to collect a non-bypassable Transition Bond Charge from ACE customers pursuant to bondable stranded costs rate orders issued by the NJBPU in an amount sufficient to fund the principal and interest payments on transition bonds and related taxes, expenses and fees. | ACE’s equity investment is a variable
interest as, by design, it absorbs any initial variability of ACETF. The bondholders also have a variable interest for the investment made to purchase the transition bonds. | ACE controls the servicing activities. |
Commercial Agreement VIEs | Equity Investment VIEs | Total | Commercial Agreement VIEs | Equity Investment VIEs | Total | ||||||||||||||||||
Total
assets(a) | $ | i 614 | $ | i 453 | $ | i 1,067 | $ | i 597 | $ | i 472 | $ | i 1,069 | |||||||||||
Total
liabilities(a) | i 36 | i 224 | i 260 | i 37 | i 222 | i 259 | |||||||||||||||||
Exelon's
ownership interest in VIE(a) | i — | i 201 | i 201 | i — | i 223 | i 223 | |||||||||||||||||
Other
ownership interests in VIE(a) | i 587 | i 28 | i 615 | i 560 | i 27 | i 587 | |||||||||||||||||
Registrants’
maximum exposure to loss: | |||||||||||||||||||||||
Carrying amount of equity method
investments | i — | i 12 | i 12 | i — | i 223 | i 223 |
(a) | These
items represent amounts in the unconsolidated VIE balance sheets, not in Exelon’s or Generation’s Consolidated Balance Sheets. These items are included to provide information regarding the relative size of the unconsolidated VIEs. |
Unconsolidated VIE groups: | Reason entity is a VIE: | Reason
Generation is not the primary beneficiary: |
Equity investments in distributed energy companies - 1) Generation has a 90% equity ownership in a distributed energy company. 2) Generation, via a consolidated VIE, has a 90% equity ownership in another distributed energy company (See Consolidated VIEs disclosure above). Generation fully impaired these investments in the third quarter of 2019. See Note 7— Asset Impairments for additional information. | Similar structures to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. | Generation
does not conduct the operational activities. |
Energy Purchase and Sale agreements - Generation has several energy purchase and sale agreements with generating facilities. | PPA contracts that absorb variability through fixed pricing. | Generation does not conduct the operational activities. |
Contract Assets | Contract Liabilities | |||||||||||||||
Exelon | Generation | Exelon | Generation | |||||||||||||
Balance
as of January 1, 2018 | $ | i 283 | $ | i 283 | $ | i 35 | $ | i 35 | ||||||||
Consideration
received or due | ( i 146 | ) | ( i 146 | ) | i 179 | i 465 | ||||||||||
Revenues
recognized | i 50 | i 50 | ( i 187 | ) | ( i 458 | ) | ||||||||||
Balance
at December 31, 2018 | i 187 | i 187 | i 27 | i 42 | ||||||||||||
Consideration
received or due | ( i 109 | ) | ( i 109 | ) | i 65 | i 198 | ||||||||||
Revenues
recognized | i 92 | i 92 | ( i 66 | ) | ( i 192 | ) | ||||||||||
Balance
at September 30, 2019 | i 170 | i 170 | i 26 | i 48 |
2019 | 2020 | 2021 | 2022 | 2023
and thereafter | Total | ||||||||||||
Exelon | i 156 | i 341 | i 142 | i 74 | i 244 | i 957 | |||||||||||
Generation | i 215 | i 442 | i 197 | i 89 | i 244 | i 1,187 |
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||
Contracted
generation | i ● | i ● | |||||||||||||||
Real
estate | i ● | i ● | i ● | i ● | i ● | i ● | i ● | i ● | i ● | ||||||||
Vehicles
and equipment | i ● | i ● | i ● | i ● | i ● | i ● | i ● | i ● | i ● |
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Operating
lease costs | $ | i 97 | $ | i 73 | $ | i 1 | $ | i — | $ | i 8 | $ | i 12 | $ | i 3 | $ | i 3 | $ | i 2 | |||||||||||||||||
Variable
lease costs | i 79 | i 74 | i — | i — | i 1 | i 1 | i — | i — | i — | ||||||||||||||||||||||||||
Short-term
lease costs | i 5 | i 5 | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||
Total
lease costs (a) | $ | i 181 | $ | i 152 | $ | i 1 | $ | i — | $ | i 9 | $ | i 13 | $ | i 3 | $ | i 3 | $ | i 2 |
(a) | Excludes
$ i 29 million, $ i 28 million, $ i 1
million and $ i 1 million of sublease income recorded at Exelon, Generation, PHI and DPL, respectively |
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Operating
lease costs | $ | i 252 | $ | i 180 | $ | i 2 | $ | i 1 | $ | i 25 | $ | i 35 | $ | i 9 | $ | i 10 | $ | i 5 | |||||||||||||||||
Variable
lease costs | i 229 | i 214 | i 1 | i — | i 1 | i 5 | i 2 | i 2 | i 1 | ||||||||||||||||||||||||||
Short-term
lease costs | i 16 | i 16 | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||
Total
lease costs (a) | $ | i 497 | $ | i 410 | $ | i 3 | $ | i 1 | $ | i 26 | $ | i 40 | $ | i 11 | $ | i 12 | $ | i 6 |
(a) | Excludes
$ i 48 million, $ i 42 million, $ i 6
million and $ i 6 million of sublease income recorded at Exelon, Generation, PHI and DPL, respectively. |
Exelon(a) | Generation(a) | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Operating
lease ROU assets | |||||||||||||||||||||||||||||||||||
Other
deferred debits and other assets | $ | i 1,374 | $ | i 926 | $ | i 10 | $ | i 2 | $ | i 83 | $ | i 304 | $ | i 66 | $ | i 75 | $ | i 24 | |||||||||||||||||
Operating
lease liabilities | |||||||||||||||||||||||||||||||||||
Other
current liabilities | i 242 | i 170 | i 3 | i — | i 32 | i 35 | i 8 | i 11 | i 5 | ||||||||||||||||||||||||||
Other
deferred credits and other liabilities | i 1,355 | i 949 | i 8 | i 1 | i 50 | i 279 | i 60 | i 74 | i 19 | ||||||||||||||||||||||||||
Total
operating lease liabilities | $ | i 1,597 | $ | i 1,119 | $ | i 11 | $ | i 1 | $ | i 82 | $ | i 314 | $ | i 68 | $ | i 85 | $ | i 24 |
(a) | Exelon's
and Generation's operating ROU assets and lease liabilities include $ i 542 million and $ i 703
million, respectively, related to contracted generation. |
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||
Remaining
lease term | i 10.1 | i 10.6 | i 4.7 | i 4.3 | i 5.6 | i 9.0 | i 9.6 | i 9.5 | i 5.3 | |||||||||||||||||
Discount
rate | i 4.5 | % | i 4.8 | % | i 3.1 | % | i 3.3 | % | i 3.6 | % | i 4.0 | % | i 3.7 | % | i 3.7 | % | i 3.3 | % |
Year | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||
2019 | $ | i 65 | $ | i 50 | $ | i 1 | $ | i — | $ | i 1 | $ | i 11 | $ | i 3 | $ | i 2 | $ | i 2 | |||||||||||||||||
2020 | i 289 | i 203 | i 3 | i 1 | i 34 | i 45 | i 10 | i 13 | i 5 | ||||||||||||||||||||||||||
2021 | i 246 | i 162 | i 3 | i — | i 31 | i 43 | i 9 | i 12 | i 5 | ||||||||||||||||||||||||||
2022 | i 179 | i 113 | i 2 | i — | i 16 | i 42 | i 9 | i 12 | i 4 | ||||||||||||||||||||||||||
2023 | i 148 | i 100 | i 1 | i — | i — | i 41 | i 8 | i 11 | i 4 | ||||||||||||||||||||||||||
Remaining
years | i 1,123 | i 837 | i 2 | i — | i 19 | i 197 | i 43 | i 53 | i 6 | ||||||||||||||||||||||||||
Total
| i 2,050 | i 1,465 | i 12 | i 1 | i 101 | i 379 | i 82 | i 103 | i 26 | ||||||||||||||||||||||||||
Interest | i 453 | i 346 | i 1 | i — | i 19 | i 65 | i 14 | i 18 | i 2 | ||||||||||||||||||||||||||
Total
operating lease liabilities | $ | i 1,597 | $ | i 1,119 | $ | i 11 | $ | i 1 | $ | i 82 | $ | i 314 | $ | i 68 | $ | i 85 | $ | i 24 |
Year | Exelon(a)(b) | Generation(a)(b) | ComEd(a)(c) | PECO(a)(c) | BGE(a)(c)(d)(e) | PHI(a) | Pepco(a) | DPL(a)(c) | ACE(a) | ||||||||||||||||||||||||||
2019 | $ | i 140 | $ | i 33 | $ | i 7 | $ | i 5 | $ | i 35 | $ | i 48 | $ | i 11 | $ | i 14 | $ | i 7 | |||||||||||||||||
2020 | i 149 | i 46 | i 5 | i 5 | i 35 | i 46 | i 10 | i 13 | i 6 | ||||||||||||||||||||||||||
2021 | i 143 | i 46 | i 4 | i 5 | i 33 | i 43 | i 9 | i 12 | i 5 | ||||||||||||||||||||||||||
2022 | i 126 | i 47 | i 4 | i 5 | i 18 | i 42 | i 8 | i 12 | i 5 | ||||||||||||||||||||||||||
2023 | i 97 | i 46 | i 3 | i 5 | i 3 | i 39 | i 8 | i 10 | i 4 | ||||||||||||||||||||||||||
Remaining
years | i 723 | i 545 | i — | i — | i 19 | i 159 | i 40 | i 35 | i 5 | ||||||||||||||||||||||||||
Total
minimum future lease payments | $ | i 1,378 | $ | i 763 | $ | i 23 | $ | i 25 | $ | i 143 | $ | i 377 | $ | i 86 | $ | i 96 | $ | i 32 |
(a) | Includes
amounts related to shared use land arrangements. |
(b) | Excludes Generation’s contingent operating lease payments associated with contracted generation. |
(c) | Amounts related to certain real estate leases and railroad licenses effectively have indefinite payment periods. As a result, ComEd, PECO, BGE and DPL have excluded these payments from the remaining years as such amounts would not be meaningful. ComEd's, PECO’s, BGE’s and DPL's average annual obligation for these arrangements, included in each of the years 2019 - 2023,
was $ i 3 million, $ i 5
million, $ i 1 million and $ i 1
million respectively. Also includes amounts related to shared use land arrangements. |
(d) | Includes all future lease payments on a 99-year real estate lease that expires in 2106. |
(e) | The BGE column above includes minimum future lease payments associated with a 6-year lease for the Baltimore City conduit system that
became effective during the fourth quarter of 2016. BGE's total commitments under the lease agreement are $ i 26 million, $ i 28
million, $ i 28 million and $ i 14
million related to years 2019 - 2022, respectively. |
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Operating
cash flows from operating leases | $ | i 225 | $ | i 156 | $ | i 2 | $ | i — | $ | i 32 | $ | i 29 | $ | i 7 | $ | i 6 | $ | i 4 |
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Operating
leases | $ | i 70 | $ | i 11 | $ | i 6 | $ | i — | $ | i 1 | $ | i 20 | $ | i 7 | $ | i 9 | $ | i 4 |
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||
Contracted
generation | i ● | i ● | |||||||||||||||
Real
estate | i ● | i ● | i ● | i ● | i ● | i ● | i ● | i ● | i ● |
(in
years) | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||
Remaining
lease terms | 1-84 | 1-33 | 1-18 | 1-84 | 24 | 1-14 | 2-7 | 13-14 | 1-3 | ||||||||
Options
to extend the term | 1-5 | 5-79 | 5-50 | N/A | 5 | N/A | N/A | N/A |
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Operating
lease income | $ | i 30 | $ | i 29 | $ | i — | $ | i — | $ | i — | $ | i 1 | $ | i — | $ | i 1 | $ | i — | |||||||||||||||||
Variable
lease income | i 80 | i 80 | i — | i — | i — | i — | i — | i — | i — |
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Operating
lease income | $ | i 48 | $ | i 44 | $ | i — | $ | i — | $ | i — | $ | i 3 | $ | i — | $ | i 3 | $ | i — | |||||||||||||||||
Variable
lease income | i 209 | i 206 | i — | i — | i — | i 3 | i — | i 3 | i — |
Year | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||
2019 | $ | i 4 | $ | i 3 | $ | i — | $ | i — | $ | i — | $ | i 1 | $ | i — | $ | i 1 | $ | i — | |||||||||||||||||
2020 | i 51 | i 46 | i — | i — | i — | i 4 | i — | i 3 | i — | ||||||||||||||||||||||||||
2021 | i 50 | i 45 | i — | i — | i — | i 4 | i 1 | i 3 | i — | ||||||||||||||||||||||||||
2022 | i 50 | i 45 | i — | i — | i — | i 5 | i — | i 4 | i — | ||||||||||||||||||||||||||
2023 | i 49 | i 45 | i — | i — | i — | i 4 | i — | i 3 | i — | ||||||||||||||||||||||||||
Remaining
years | i 314 | i 271 | i 1 | i 3 | i 1 | i 38 | i — | i 38 | i — | ||||||||||||||||||||||||||
Total
| $ | i 518 | $ | i 455 | $ | i 1 | $ | i 3 | $ | i 1 | $ | i 56 | $ | i 1 | $ | i 52 | $ | i — |
Registrant/Jurisdiction | Filing Date | Requested Revenue Requirement (Decrease) Increase | Approved
Revenue Requirement (Decrease) Increase | Approved ROE | Approval Date | Rate Effective Date | |||||||
ComEd - Illinois (Electric) | $ | ( i 23 | ) | $ | ( i 24 | ) | i 8.69% | ||||||
PECO - Pennsylvania (Electric) | $ | i 82 | $ | i 25 | N/A | (a) | |||||||
BGE - Maryland (Natural Gas) | June 8, 2018 (amended October 12, 2018) | $ | i 61 | $ | i 43 | i 9.8% | |||||||
ACE - New Jersey (Electric) | August 21, 2018 (amended November 19, 2018) | $ | i 122 | (b) | $ | i 70 | (b) | i 9.6% | |||||
Pepco - Maryland (Electric) | January 15, 2019 (amended May 16, 2019) | $ | i 27 | $ | i 10 | i 9.6% |
(a) | The PECO rate case proceeding was resolved through a settlement agreement, which did not specify an approved ROE. |
(b) | Requested and approved increases are before New Jersey sales and use tax. |
Registrant/Jurisdiction | Filing Date | Requested
Revenue Requirement (Decrease) Increase | Requested ROE | Expected Approval Timing | |||
ComEd - Illinois (Electric)(a) | $ | ( i 6 | ) | i 8.91 | % | December
2019 | |
BGE - Maryland (Electric)(b) | May 24, 2019 (amended October 4, 2019) | $ | i 74 | i 10.3 | % | December
2019 | |
BGE - Maryland (Natural Gas)(b) | May 24, 2019 (amended October 4, 2019) | $ | i 59 | i 10.3 | % | December
2019 | |
Pepco - District of Columbia (Electric)(c) | May 30, 2019 (amended September 16, 2019) | $ | i 160 | i 10.3 | % | Fourth
quarter of 2020 |
(a) | Reflects an increase of $ i 57 million for the initial revenue requirement for 2019 and a decrease
of $ i 63 million related to the annual reconciliation for 2018. The revenue requirement for 2019 and annual reconciliation for 2018 provides for a weighted average debt and equity return on distribution rate base of i 6.53%.
See Note 4 — Regulatory Matters of the Exelon 2018 Form 10-K for additional information on ComEd's distribution formula rate filings. |
(b) | On October 25, 2019, BGE filed a settlement agreement with the MDPSC. The settlement provides for an increase to BGE’s annual electric and natural gas distribution rates of $ i 18
million and $ i 45 million, respectively. |
(c) | Reflects
a three-year cumulative multi-year plan and total requested revenue requirement increases of $ i 84 million, $ i 40
million and $ i 36 million for years 2020, 2021, and 2022, respectively, to recover capital investments made in 2018 and 2019 and planned capital investments from 2020 to 2022. |
Registrant(a) | Initial Revenue Requirement Increase (Decrease) | Annual Reconciliation (Decrease) Increase | Total
Revenue Requirement Increase (Decrease) | Allowed Return on Rate Base(c) | Allowed ROE(d) | |||||||||
ComEd | $ | i 21 | $ | ( i 16 | ) | $ | i 5 | i 8.21 | % | i 11.50 | % | |||
BGE | ( i 10 | ) | ( i 23 | ) | ( i 19 | ) | (b) | i 7.35 | % | i 10.50 | % | |||
Pepco | i 15 | i 11 | i 26 | i 7.75 | % | i 10.50 | % | |||||||
DPL | i 17 | ( i 1 | ) | i 16 | i 7.14 | % | i 10.50 | % | ||||||
ACE | i 11 | ( i 2 | ) | i 9 | i 7.79 | % | i 10.50 | % |
(a) | All
rates are effective June 2019, subject to review by the FERC and other parties, which is due by the fourth quarter of 2019. |
(b) | The change in BGE's transmission revenue requirement includes a FERC approved dedicated facilities charge of $ i 14
million to recover the costs of providing transmission service to specifically designated load by BGE. |
(c) | Represents the weighted average debt and equity return on transmission rate bases. |
(d) | As part of the FERC-approved settlement of ComEd’s 2007 transmission rate case, the rate of return on common equity is i 11.50%,
inclusive of a 50-basis-point incentive adder for being a member of a RTO, and the common equity component of the ratio used to calculate the weighted average debt and equity return for the transmission formula rate is currently capped |
Registrant | Initial Revenue Requirement Increase (Decrease) | Annual
Reconciliation Increase (Decrease) | Total Revenue Requirement Increase (Decrease) | Requested Return on Rate Base | Requested ROE | |||||||||
ComEd | $ | i 53 | $ | ( i 2 | ) | $ | i 51 | (a) | i 6.53 | % | i 8.91 | % |
(a) | The
requested revenue requirement increase provides for a weighted average debt and equity return on rate base of i 6.53% inclusive of an allowed ROE of i 8.91%.
The ROE reflects the average rate on 30-year treasury notes plus 580 basis points. The ROE applicable to the 2018 reconciliation year is i 10.91% and the return on rate base is i 7.49%,
which include the Performance Adjustment, which can either increase or decrease the ROE by up to a maximum of 200 basis points. |
Exelon | ComEd(a) | PECO | BGE(b) | PHI | Pepco(c) | DPL(c) | ACE | ||||||||||||||||||||||||
$ | i 59 | $ | i 4 | $ | i — | $ | i 47 | $ | i 8 | $ | i 5 | $ | i 3 | $ | i — | ||||||||||||||||
$ | i 65 | $ | i 8 | $ | i — | $ | i 49 | $ | i 8 | $ | i 5 | $ | i 3 | $ | i — |
(a) | Reflects
ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution formula rate regulatory assets. |
(b) | BGE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholders' investment on its AMI programs. |
(c) | Pepco's and DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on
shareholders' investment on their respective AMI Programs and Energy Efficiency and Demand Response Programs. The earnings on energy efficiency are on Pepco DC and DPL DE programs only. |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Income statement expense (pre-tax) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Depreciation and amortization(a) | ||||||||||||||||
Accelerated
depreciation | $ | i 71 | $ | i 152 | $ | i 216 | $ | i 441 | ||||||||
Accelerated
nuclear fuel amortization | i 3 | i 18 | i 13 | i 52 | ||||||||||||
Operating
and maintenance(b) | i 39 | i 4 | ( i 44 | ) | i 32 | |||||||||||
Total | $ | i 113 | $ | i 174 | $ | i 185 | $ | i 525 |
(a) | Reflects
incremental accelerated depreciation and amortization for TMI for the three and nine months ended September 30, 2019. Reflects incremental accelerated depreciation for TMI and Oyster Creek for the three and nine months ended September 30, 2018. The Oyster Creek amounts are from February 2, 2018 through September 17, 2018. The TMI amounts are through September 20, 2019. |
(b) | In 2019, primarily reflects the net
impacts associated with the remeasurements of the TMI ARO in the first and third quarters. See Note 13 — Nuclear Decommissioning for additional information on the first quarter 2019 TMI ARO update. In 2018, primarily reflects materials and supplies inventory reserve adjustments, employee related costs and CWIP impairments associated with the early retirement decisions for TMI and Oyster Creek. Excludes the charges in the third quarter of 2018 and second quarter of 2019 to Operating and maintenance expense for the ARO remeasurement due to the sale of Oyster Creek. See Note 3 — Mergers, Acquisitions and Dispositions for additional information. |
Asset Balances | ||||
Materials and supplies inventory | $ | i 31 | ||
Fuel
inventory | i 5 | |||
Completed plant, net | i 889 | |||
Construction
work in progress | i 7 | |||
Liability Balances | ||||
Asset
retirement obligation | ( i 2 | ) |
• | Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the Registrants have the ability to liquidate as of the reporting date. |
• | Level
2 - inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. |
• | Level 3 - unobservable inputs, such as internally developed pricing models or third-party valuations for the asset or liability due to little or no market activity for the asset or liability. |
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||
Level
2 | Level 3 | Total | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Long-Term Debt, including amounts due within one year(a) | ||||||||||||||||||||||||||||||||
Exelon | $ | i 36,304 | $ | i 38,056 | $ | i 2,541 | $ | i 40,597 | $ | i 35,424 | $ | i 33,711 | $ | i 2,158 | $ | i 35,869 | ||||||||||||||||
Generation | i 8,613 | i 7,962 | i 1,398 | i 9,360 | i 8,793 | i 7,467 | i 1,443 | i 8,910 | ||||||||||||||||||||||||
ComEd | i 8,196 | i 9,622 | i — | i 9,622 | i 8,101 | i 8,390 | i — | i 8,390 | ||||||||||||||||||||||||
PECO | i 3,404 | i 3,891 | i 50 | i 3,941 | i 3,084 | i 3,157 | i 50 | i 3,207 | ||||||||||||||||||||||||
BGE | i 3,270 | i 3,678 | i — | i 3,678 | i 2,876 | i 2,950 | i — | i 2,950 | ||||||||||||||||||||||||
PHI | i 6,494 | i 5,993 | i 1,093 | i 7,086 | i 6,259 | i 5,436 | i 665 | i 6,101 | ||||||||||||||||||||||||
Pepco | i 2,860 | i 3,249 | i 395 | i 3,644 | i 2,719 | i 2,901 | i 196 | i 3,097 | ||||||||||||||||||||||||
DPL | i 1,495 | i 1,437 | i 232 | i 1,669 | i 1,494 | i 1,303 | i 193 | i 1,496 | ||||||||||||||||||||||||
ACE | i 1,324 | i 1,034 | i 466 | i 1,500 | i 1,188 | i 987 | i 275 | i 1,262 | ||||||||||||||||||||||||
Long-Term
Debt to Financing Trusts(a) | ||||||||||||||||||||||||||||||||
Exelon | $ | i 390 | $ | i — | $ | i 426 | $ | i 426 | $ | i 390 | $ | i — | $ | i 400 | $ | i 400 | ||||||||||||||||
ComEd | i 205 | i — | i 223 | i 223 | i 205 | i — | i 209 | i 209 | ||||||||||||||||||||||||
PECO | i 184 | i — | i 203 | i 203 | i 184 | i — | i 191 | i 191 | ||||||||||||||||||||||||
SNF
Obligation | ||||||||||||||||||||||||||||||||
Exelon | $ | i 1,193 | $ | i 1,017 | $ | i — | $ | i 1,017 | $ | i 1,171 | $ | i 949 | $ | i — | $ | i 949 | ||||||||||||||||
Generation | i 1,193 | i 1,017 | i — | i 1,017 | i 1,171 | i 949 | i — | i 949 |
(a) | Includes
unamortized debt issuance costs which are not fair valued. |
Exelon | Generation | ||||||||||||||||||||||||||||||||||||||
As
of September 30, 2019 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not
subject to leveling | Total | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||
Cash
equivalents(a) | $ | i 1,719 | $ | i — | $ | i — | $ | i — | $ | i 1,719 | $ | i 896 | $ | i — | $ | i — | $ | i — | $ | i 896 | |||||||||||||||||||
NDT
fund investments | |||||||||||||||||||||||||||||||||||||||
Cash
equivalents(b) | i 315 | i 78 | i — | i — | i 393 | i 315 | i 78 | i — | i — | i 393 | |||||||||||||||||||||||||||||
Equities | i 3,121 | i 1,727 | i — | i 1,314 | i 6,162 | i 3,121 | i 1,727 | i — | i 1,314 | i 6,162 | |||||||||||||||||||||||||||||
Fixed
income | |||||||||||||||||||||||||||||||||||||||
Corporate
debt | i — | i 1,473 | i 259 | i — | i 1,732 | i — | i 1,473 | i 259 | i — | i 1,732 | |||||||||||||||||||||||||||||
U.S.
Treasury and agencies | i 1,777 | i 152 | i — | i — | i 1,929 | i 1,777 | i 152 | i — | i — | i 1,929 | |||||||||||||||||||||||||||||
Foreign
governments | i — | i 56 | i — | i — | i 56 | i — | i 56 | i — | i — | i 56 | |||||||||||||||||||||||||||||
State
and municipal debt | i — | i 85 | i — | i — | i 85 | i — | i 85 | i — | i — | i 85 | |||||||||||||||||||||||||||||
Other(c) | i — | i 23 | i — | i 979 | i 1,002 | i — | i 23 | i — | i 979 | i 1,002 |
Exelon | Generation | ||||||||||||||||||||||||||||||||||||||
As
of September 30, 2019 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not
subject to leveling | Total | |||||||||||||||||||||||||||||
Fixed income subtotal | i 1,777 | i 1,789 | i 259 | i 979 | i 4,804 | i 1,777 | i 1,789 | i 259 | i 979 | i 4,804 | |||||||||||||||||||||||||||||
Middle
market lending | i — | i — | i 255 | i 445 | i 700 | i — | i — | i 255 | i 445 | i 700 | |||||||||||||||||||||||||||||
Private
equity | i — | i — | i — | i 398 | i 398 | i — | i — | i — | i 398 | i 398 | |||||||||||||||||||||||||||||
Real
estate | i — | i — | i — | i 581 | i 581 | i — | i — | i — | i 581 | i 581 | |||||||||||||||||||||||||||||
NDT
fund investments subtotal(d) | i 5,213 | i 3,594 | i 514 | i 3,717 | i 13,038 | i 5,213 | i 3,594 | i 514 | i 3,717 | i 13,038 | |||||||||||||||||||||||||||||
Rabbi
trust investments | |||||||||||||||||||||||||||||||||||||||
Cash
equivalents | i 49 | i — | i — | i — | i 49 | i 4 | i — | i — | i — | i 4 | |||||||||||||||||||||||||||||
Mutual
funds | i 77 | i — | i — | i — | i 77 | i 24 | i — | i — | i — | i 24 | |||||||||||||||||||||||||||||
Fixed
income | i — | i 13 | i — | i — | i 13 | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Life
insurance contracts | i — | i 76 | i 40 | i — | i 116 | i — | i 24 | i — | i — | i 24 | |||||||||||||||||||||||||||||
Rabbi
trust investments subtotal | i 126 | i 89 | i 40 | i — | i 255 | i 28 | i 24 | i — | i — | i 52 | |||||||||||||||||||||||||||||
Commodity
derivative assets | |||||||||||||||||||||||||||||||||||||||
Economic
hedges | i 533 | i 1,488 | i 1,817 | i — | i 3,838 | i 533 | i 1,488 | i 1,817 | i — | i 3,838 | |||||||||||||||||||||||||||||
Proprietary
trading | i — | i 54 | i 156 | i — | i 210 | i — | i 54 | i 156 | i — | i 210 | |||||||||||||||||||||||||||||
Effect
of netting and allocation of collateral(e)(f) | ( i 677 | ) | ( i 1,261 | ) | ( i 1,025 | ) | i — | ( i 2,963 | ) | ( i 677 | ) | ( i 1,261 | ) | ( i 1,025 | ) | i — | ( i 2,963 | ) | |||||||||||||||||||||
Commodity
derivative assets subtotal | ( i 144 | ) | i 281 | i 948 | i — | i 1,085 | ( i 144 | ) | i 281 | i 948 | i — | i 1,085 | |||||||||||||||||||||||||||
Total
assets | i 6,914 | i 3,964 | i 1,502 | i 3,717 | i 16,097 | i 5,993 | i 3,899 | i 1,462 | i 3,717 | i 15,071 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||
Commodity
derivative liabilities | |||||||||||||||||||||||||||||||||||||||
Economic
hedges | ( i 773 | ) | ( i 1,695 | ) | ( i 1,686 | ) | i — | ( i 4,154 | ) | ( i 773 | ) | ( i 1,695 | ) | ( i 1,406 | ) | i — | ( i 3,874 | ) | |||||||||||||||||||||
Proprietary
trading | i — | ( i 59 | ) | ( i 89 | ) | i — | ( i 148 | ) | i — | ( i 59 | ) | ( i 89 | ) | i — | ( i 148 | ) | |||||||||||||||||||||||
Effect
of netting and allocation of collateral(e)(f) | i 770 | i 1,585 | i 1,329 | i — | i 3,684 | i 770 | i 1,585 | i 1,329 | i — | i 3,684 | |||||||||||||||||||||||||||||
Commodity
derivative liabilities subtotal | ( i 3 | ) | ( i 169 | ) | ( i 446 | ) | i — | ( i 618 | ) | ( i 3 | ) | ( i 169 | ) | ( i 166 | ) | i — | ( i 338 | ) | |||||||||||||||||||||
Deferred
compensation obligation | i — | ( i 140 | ) | i — | i — | ( i 140 | ) | i — | ( i 37 | ) | i — | i — | ( i 37 | ) | |||||||||||||||||||||||||
Total
liabilities | ( i 3 | ) | ( i 309 | ) | ( i 446 | ) | i — | ( i 758 | ) | ( i 3 | ) | ( i 206 | ) | ( i 166 | ) | i — | ( i 375 | ) | |||||||||||||||||||||
Total
net assets | $ | i 6,911 | $ | i 3,655 | $ | i 1,056 | $ | i 3,717 | $ | i 15,339 | $ | i 5,990 | $ | i 3,693 | $ | i 1,296 | $ | i 3,717 | $ | i 14,696 |
Exelon | Generation | ||||||||||||||||||||||||||||||||||||||
As
of December 31, 2018 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not
subject to leveling | Total | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||
Cash
equivalents(a) | $ | i 1,243 | $ | i — | $ | i — | $ | i — | $ | i 1,243 | $ | i 581 | $ | i — | $ | i — | $ | i — | $ | i 581 | |||||||||||||||||||
NDT
fund investments | |||||||||||||||||||||||||||||||||||||||
Cash
equivalents(b) | i 252 | i 86 | i — | i — | i 338 | i 252 | i 86 | i — | i — | i 338 | |||||||||||||||||||||||||||||
Equities | i 2,918 | i 1,591 | i — | i 1,381 | i 5,890 | i 2,918 | i 1,591 | i — | i 1,381 | i 5,890 | |||||||||||||||||||||||||||||
Fixed
income | |||||||||||||||||||||||||||||||||||||||
Corporate
debt | i — | i 1,593 | i 230 | i — | i 1,823 | i — | i 1,593 | i 230 | i — | i 1,823 | |||||||||||||||||||||||||||||
U.S.
Treasury and agencies | i 2,081 | i 99 | i — | i — | i 2,180 | i 2,081 | i 99 | i — | i — | i 2,180 | |||||||||||||||||||||||||||||
Foreign
governments | i — | i 50 | i — | i — | i 50 | i — | i 50 | i — | i — | i 50 | |||||||||||||||||||||||||||||
State
and municipal debt | i — | i 149 | i — | i — | i 149 | i — | i 149 | i — | i — | i 149 | |||||||||||||||||||||||||||||
Other(c) | i — | i 30 | i — | i 846 | i 876 | i — | i 30 | i — | i 846 | i 876 | |||||||||||||||||||||||||||||
Fixed
income subtotal | i 2,081 | i 1,921 | i 230 | i 846 | i 5,078 | i 2,081 | i 1,921 | i 230 | i 846 | i 5,078 | |||||||||||||||||||||||||||||
Middle
market lending | i — | i — | i 313 | i 367 | i 680 | i — | i — | i 313 | i 367 | i 680 | |||||||||||||||||||||||||||||
Private
equity | i — | i — | i — | i 329 | i 329 | i — | i — | i — | i 329 | i 329 | |||||||||||||||||||||||||||||
Real
estate | i — | i — | i — | i 510 | i 510 | i — | i — | i — | i 510 | i 510 | |||||||||||||||||||||||||||||
NDT
fund investments subtotal(d) | i 5,251 | i 3,598 | i 543 | i 3,433 | i 12,825 | i 5,251 | i 3,598 | i 543 | i 3,433 | i 12,825 | |||||||||||||||||||||||||||||
Rabbi
trust investments | |||||||||||||||||||||||||||||||||||||||
Cash
equivalents | i 48 | i — | i — | i — | i 48 | i 5 | i — | i — | i — | i 5 | |||||||||||||||||||||||||||||
Mutual
funds | i 72 | i — | i — | i — | i 72 | i 24 | i — | i — | i — | i 24 | |||||||||||||||||||||||||||||
Fixed
income | i — | i 15 | i — | i — | i 15 | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Life
insurance contracts | i — | i 70 | i 38 | i — | i 108 | i — | i 22 | i — | i — | i 22 | |||||||||||||||||||||||||||||
Rabbi
trust investments subtotal | i 120 | i 85 | i 38 | i — | i 243 | i 29 | i 22 | i — | i — | i 51 | |||||||||||||||||||||||||||||
Commodity
derivative assets | |||||||||||||||||||||||||||||||||||||||
Economic
hedges | i 541 | i 2,760 | i 1,470 | i — | i 4,771 | i 541 | i 2,760 | i 1,470 | i — | i 4,771 | |||||||||||||||||||||||||||||
Proprietary
trading | i — | i 69 | i 77 | i — | i 146 | i — | i 69 | i 77 | i — | i 146 | |||||||||||||||||||||||||||||
Effect
of netting and allocation of collateral(e)(f) | ( i 582 | ) | ( i 2,357 | ) | ( i 732 | ) | i — | ( i 3,671 | ) | ( i 582 | ) | ( i 2,357 | ) | ( i 732 | ) | i — | ( i 3,671 | ) | |||||||||||||||||||||
Commodity
derivative assets subtotal | ( i 41 | ) | i 472 | i 815 | i — | i 1,246 | ( i 41 | ) | i 472 | i 815 | i — | i 1,246 | |||||||||||||||||||||||||||
Total
assets | i 6,573 | i 4,155 | i 1,396 | i 3,433 | i 15,557 | i 5,820 | i 4,092 | i 1,358 | i 3,433 | i 14,703 |
Exelon | Generation | ||||||||||||||||||||||||||||||||||||||
As
of December 31, 2018 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not
subject to leveling | Total | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||
Commodity
derivative liabilities | |||||||||||||||||||||||||||||||||||||||
Economic
hedges | ( i 642 | ) | ( i 2,963 | ) | ( i 1,276 | ) | i — | ( i 4,881 | ) | ( i 642 | ) | ( i 2,963 | ) | ( i 1,027 | ) | i — | ( i 4,632 | ) | |||||||||||||||||||||
Proprietary
trading | i — | ( i 73 | ) | ( i 21 | ) | i — | ( i 94 | ) | i — | ( i 73 | ) | ( i 21 | ) | i — | ( i 94 | ) | |||||||||||||||||||||||
Effect
of netting and allocation of collateral(e)(f) | i 639 | i 2,581 | i 808 | i — | i 4,028 | i 639 | i 2,581 | i 808 | i — | i 4,028 | |||||||||||||||||||||||||||||
Commodity
derivative liabilities subtotal | ( i 3 | ) | ( i 455 | ) | ( i 489 | ) | i — | ( i 947 | ) | ( i 3 | ) | ( i 455 | ) | ( i 240 | ) | i — | ( i 698 | ) | |||||||||||||||||||||
Deferred
compensation obligation | i — | ( i 137 | ) | i — | i — | ( i 137 | ) | i — | ( i 35 | ) | i — | i — | ( i 35 | ) | |||||||||||||||||||||||||
Total
liabilities | ( i 3 | ) | ( i 592 | ) | ( i 489 | ) | i — | ( i 1,084 | ) | ( i 3 | ) | ( i 490 | ) | ( i 240 | ) | i — | ( i 733 | ) | |||||||||||||||||||||
Total
net assets | $ | i 6,570 | $ | i 3,563 | $ | i 907 | $ | i 3,433 | $ | i 14,473 | $ | i 5,817 | $ | i 3,602 | $ | i 1,118 | $ | i 3,433 | $ | i 13,970 |
(a) | Exelon
excludes cash of $ i 347 million and $ i 458
million at September 30, 2019 and December 31, 2018, respectively, and restricted cash of $ i 112 million and $ i 80
million at September 30, 2019 and December 31, 2018, respectively, and includes long-term restricted cash of $ i 186 million and $ i 185
million at September 30, 2019 and December 31, 2018, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets. Generation excludes cash of $ i 183 million
and $ i 283 million at September 30, 2019 and December 31, 2018, respectively, and restricted cash of $ i 66
million and $ i 39 million at September 30, 2019 and December 31, 2018, respectively. |
(b) | Includes
$ i 85 million and $ i 50
million of cash received from outstanding repurchase agreements at September 30, 2019 and December 31, 2018, respectively, and is offset by an obligation to repay upon settlement of the agreement as discussed in (d) below. |
(c) | Includes a derivative liability of $ i 2
million and a derivative asset of $ i 44 million, which have total notional amounts of $ i 864
million and $ i 1,432 million at September 30, 2019 and December 31, 2018, respectively. The notional principal amounts for these instruments provide one measure of the transaction volume outstanding as of the fiscal years ended and do not represent the amount of Exelon and Generation's exposure to credit or market loss. |
(d) | Excludes
net liabilities of $ i 176 million and $ i 130
million at September 30, 2019 and December 31, 2018, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, repurchase agreement obligations, and payables related to pending securities purchases. The repurchase agreements are generally short-term in nature with durations generally of 30 days or less. |
(e) | Collateral posted/(received) from counterparties totaled $ i 93
million, $ i 324 million and $ i 304
million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of September 30, 2019. Collateral posted/(received) from counterparties, net of collateral paid to counterparties, totaled $ i 57 million, $ i 224
million and $ i 76 million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of December 31, 2018. |
(f) | Of
the collateral posted/(received), $ i 306 million and $( i 94) million represents variation margin on the exchanges as of September 30,
2019 and December 31, 2018, respectively. |
ComEd | PECO | BGE | |||||||||||||||||||||||||||||||||||||||||||||
As
of September 30, 2019 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash
equivalents(a) | $ | i 264 | $ | i — | $ | i — | $ | i 264 | $ | i 207 | $ | i — | $ | i — | $ | i 207 | $ | i 122 | $ | i — | $ | i — | $ | i 122 | |||||||||||||||||||||||
Rabbi
trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Mutual
funds | i — | i — | i — | i — | i 8 | i — | i — | i 8 | i 7 | i — | i — | i 7 | |||||||||||||||||||||||||||||||||||
Life
insurance contracts | i — | i — | i — | i — | i — | i 11 | i — | i 11 | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||
Rabbi
trust investments subtotal | i — | i — | i — | i — | i 8 | i 11 | i — | i 19 | i 7 | i — | i — | i 7 | |||||||||||||||||||||||||||||||||||
Total
assets | i 264 | i — | i — | i 264 | i 215 | i 11 | i — | i 226 | i 129 | i — | i — | i 129 | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred
compensation obligation | i — | ( i 7 | ) | i — | ( i 7 | ) | i — | ( i 8 | ) | i — | ( i 8 | ) | i — | ( i 5 | ) | i — | ( i 5 | ) | |||||||||||||||||||||||||||||
Mark-to-market
derivative liabilities(b) | i — | i — | ( i 280 | ) | ( i 280 | ) | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||
Total
liabilities | i — | ( i 7 | ) | ( i 280 | ) | ( i 287 | ) | i — | ( i 8 | ) | i — | ( i 8 | ) | i — | ( i 5 | ) | i — | ( i 5 | ) | ||||||||||||||||||||||||||||
Total
net assets (liabilities) | $ | i 264 | $ | ( i 7 | ) | $ | ( i 280 | ) | $ | ( i 23 | ) | $ | i 215 | $ | i 3 | $ | i — | $ | i 218 | $ | i 129 | $ | ( i 5 | ) | $ | i — | $ | i 124 |
ComEd | PECO | BGE | |||||||||||||||||||||||||||||||||||||||||||||
As
of December 31, 2018 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash
equivalents(a) | $ | i 209 | $ | i — | $ | i — | $ | i 209 | $ | i 111 | $ | i — | $ | i — | $ | i 111 | $ | i 4 | $ | i — | $ | i — | $ | i 4 | |||||||||||||||||||||||
Rabbi
trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Mutual
funds | i — | i — | i — | i — | i 7 | i — | i — | i 7 | i 6 | i — | i — | i 6 | |||||||||||||||||||||||||||||||||||
Life
insurance contracts | i — | i — | i — | i — | i — | i 10 | i — | i 10 | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||
Rabbi
trust investments subtotal | i — | i — | i — | i — | i 7 | i 10 | i — | i 17 | i 6 | i — | i — | i 6 | |||||||||||||||||||||||||||||||||||
Total
assets | i 209 | i — | i — | i 209 | i 118 | i 10 | i — | i 128 | i 10 | i — | i — | i 10 | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred
compensation obligation | i — | ( i 6 | ) | i — | ( i 6 | ) | i — | ( i 10 | ) | i — | ( i 10 | ) | i — | ( i 5 | ) | i — | ( i 5 | ) | |||||||||||||||||||||||||||||
Mark-to-market
derivative liabilities(b) | i — | i — | ( i 249 | ) | ( i 249 | ) | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||
Total
liabilities | i — | ( i 6 | ) | ( i 249 | ) | ( i 255 | ) | i — | ( i 10 | ) | i — | ( i 10 | ) | i — | ( i 5 | ) | i — | ( i 5 | ) | ||||||||||||||||||||||||||||
Total
net assets (liabilities) | $ | i 209 | $ | ( i 6 | ) | $ | ( i 249 | ) | $ | ( i 46 | ) | $ | i 118 | $ | i — | $ | i — | $ | i 118 | $ | i 10 | $ | ( i 5 | ) | $ | i — | $ | i 5 |
(a) | ComEd excludes cash of $ i 76
million and $ i 93 million at September 30, 2019 and December 31, 2018, respectively, and restricted cash of $ i 31
million and $ i 28 million at September 30, 2019 and December 31, 2018, respectively, and includes long-term restricted cash of $ i 171
million and $ i 166 million at September 30, 2019 and December 31, 2018, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets. PECO excludes cash of $ i 23
million and $ i 24 million at September 30, 2019 and December 31, 2018, respectively. BGE excludes cash of $ i 8
million and $ i 7 million at September 30, 2019 and December 31, 2018, respectively, and restricted cash of $ i 1
million and $ i 2 million at September 30, 2019 and December 31, 2018, respectively. |
(b) | The
Level 3 balance consists of the current and noncurrent liability of $ i 27 million and $ i 253
million, respectively, at September 30, 2019, and $ i 26 million and $ i 223
million, respectively, at December 31, 2018, related to floating-to-fixed energy swap contracts with unaffiliated suppliers. |
As
of September 30, 2019 | As of December 31, 2018 | ||||||||||||||||||||||||||||||
PHI | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash
equivalents(a) | $ | i 107 | $ | i — | $ | i — | $ | i 107 | $ | i 147 | $ | i — | $ | i — | $ | i 147 | |||||||||||||||
Rabbi
trust investments | |||||||||||||||||||||||||||||||
Cash
equivalents | i 43 | i — | i — | i 43 | i 42 | i — | i — | i 42 | |||||||||||||||||||||||
Mutual
funds | i 13 | i — | i — | i 13 | i 13 | i — | i — | i 13 | |||||||||||||||||||||||
Fixed
income | i — | i 13 | i — | i 13 | i — | i 15 | i — | i 15 | |||||||||||||||||||||||
Life
insurance contracts | i — | i 24 | i 40 | i 64 | i — | i 22 | i 38 | i 60 | |||||||||||||||||||||||
Rabbi
trust investments subtotal | i 56 | i 37 | i 40 | i 133 | i 55 | i 37 | i 38 | i 130 | |||||||||||||||||||||||
Total
assets | i 163 | i 37 | i 40 | i 240 | i 202 | i 37 | i 38 | i 277 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Deferred
compensation obligation | i — | ( i 19 | ) | i — | ( i 19 | ) | i — | ( i 21 | ) | i — | ( i 21 | ) | |||||||||||||||||||
Total
liabilities | i — | ( i 19 | ) | i — | ( i 19 | ) | i — | ( i 21 | ) | i — | ( i 21 | ) | |||||||||||||||||||
Total
net assets | $ | i 163 | $ | i 18 | $ | i 40 | $ | i 221 | $ | i 202 | $ | i 16 | $ | i 38 | $ | i 256 |
Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
As
of September 30, 2019 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash
equivalents(a) | $ | i 34 | $ | i — | $ | i — | $ | i 34 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 18 | $ | i — | $ | i — | $ | i 18 | |||||||||||||||||||||||
Rabbi
trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Cash
equivalents | i 43 | i — | i — | i 43 | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||
Fixed
income | i — | i 3 | i — | i 3 | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||
Life
insurance contracts | i — | i 24 | i 40 | i 64 | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||
Rabbi
trust investments subtotal | i 43 | i 27 | i 40 | i 110 | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||
Total
assets | i 77 | i 27 | i 40 | i 144 | i — | i — | i — | i — | i 18 | i — | i — | i 18 | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred
compensation obligation | i — | ( i 2 | ) | i — | ( i 2 | ) | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||
Total
liabilities | i — | ( i 2 | ) | i — | ( i 2 | ) | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||
Total
net assets | $ | i 77 | $ | i 25 | $ | i 40 | $ | i 142 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 18 | $ | i — | $ | i — | $ | i 18 |
Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
As
of December 31, 2018 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash
equivalents(a) | $ | i 38 | $ | i — | $ | i — | $ | i 38 | $ | i 16 | $ | i — | $ | i — | $ | i 16 | $ | i 23 | $ | i — | $ | i — | $ | i 23 | |||||||||||||||||||||||
Rabbi
trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Cash
equivalents | i 41 | i — | i — | i 41 | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||
Fixed
income | i — | i 5 | i — | i 5 | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||
Life
insurance contracts | i — | i 22 | i 37 | i 59 | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||
Rabbi
trust investments subtotal | i 41 | i 27 | i 37 | i 105 | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||
Total
assets | i 79 | i 27 | i 37 | i 143 | i 16 | i — | i — | i 16 | i 23 | i — | i — | i 23 | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred
compensation obligation | i — | ( i 3 | ) | i — | ( i 3 | ) | i — | ( i 1 | ) | i — | ( i 1 | ) | i — | i — | i — | i — | |||||||||||||||||||||||||||||||
Total
liabilities | i — | ( i 3 | ) | i — | ( i 3 | ) | i — | ( i 1 | ) | i — | ( i 1 | ) | i — | i — | i — | i — | |||||||||||||||||||||||||||||||
Total
net assets (liabilities) | $ | i 79 | $ | i 24 | $ | i 37 | $ | i 140 | $ | i 16 | $ | ( i 1 | ) | $ | i — | $ | i 15 | $ | i 23 | $ | i — | $ | i — | $ | i 23 |
(a) | PHI
excludes cash of $ i 45 million and $ i 39
million at September 30, 2019 and December 31, 2018, respectively, and includes long-term restricted cash of $ i 15 million and $ i 19
million at September 30, 2019 and December 31, 2018, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets. Pepco excludes cash of $ i 18 million
and $ i 15 million at September 30, 2019 and December 31, 2018, respectively. DPL excludes cash of $ i 11
million and $ i 8 million at September 30, 2019 and December 31, 2018, respectively. ACE excludes cash of $ i 13
million and $ i 7 million at September 30, 2019 and December 31, 2018, respectively, and includes long-term restricted cash of $ i 15
million and $ i 19 million at September 30, 2019 and December 31, 2018, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets. |
Exelon | Generation | ComEd | PHI
and Pepco | ||||||||||||||||||||||||
Three Months Ended September 30, 2019 | Total | NDT Fund Investments | Mark-to-Market Derivatives | Total Generation | Mark-to-Market Derivatives | Life
Insurance Contracts | Eliminated in Consolidation | ||||||||||||||||||||
Balance as of June 30, 2019 | $ | i 1,179 | $ | i 539 | $ | i 873 | $ | i 1,412 | $ | ( i 273 | ) | $ | i 40 | $ | i — | ||||||||||||
Total
realized / unrealized gains (losses) | |||||||||||||||||||||||||||
Included
in net income | ( i 171 | ) | i 2 | ( i 173 | ) | (a) | ( i 171 | ) | i — | i — | i — | ||||||||||||||||
Included
in noncurrent payables to affiliates | i — | i 11 | i — | i 11 | i — | i — | ( i 11 | ) | |||||||||||||||||||
Included
in regulatory assets/liabilities | i 4 | i — | i — | i — | ( i 7 | ) | (b) | i — | i 11 | ||||||||||||||||||
Change
in collateral | i 41 | i — | i 41 | i 41 | i — | i — | i — | ||||||||||||||||||||
Purchases,
sales, issuances and settlements | |||||||||||||||||||||||||||
Purchases | i 53 | i 1 | i 52 | i 53 | i — | i — | i — | ||||||||||||||||||||
Sales | ( i 22 | ) | ( i 21 | ) | ( i 1 | ) | ( i 22 | ) | i — | i — | i — | ||||||||||||||||
Settlements | ( i 18 | ) | ( i 18 | ) | i — | ( i 18 | ) | i — | i — | i — | |||||||||||||||||
Transfers
into Level 3 | i 1 | i — | i 1 | (c) | i 1 | i — | i — | i — | |||||||||||||||||||
Transfers
out of Level 3 | ( i 11 | ) | i — | ( i 11 | ) | (c) | ( i 11 | ) | i — | i — | i — | ||||||||||||||||
Balance
at September 30, 2019 | $ | i 1,056 | $ | i 514 | $ | i 782 | $ | i 1,296 | $ | ( i 280 | ) | $ | i 40 | $ | i — | ||||||||||||
The
amount of total (losses) gains included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2019 | $ | ( i 18 | ) | $ | i 2 | $ | ( i 20 | ) | $ | ( i 18 | ) | $ | i — | $ | i — | $ | i — |
Exelon | Generation | ComEd | PHI
and Pepco | ||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | Total | NDT Fund Investments | Mark-to-Market Derivatives | Total Generation | Mark-to-Market Derivatives | Life
Insurance Contracts | Eliminated in Consolidation | ||||||||||||||||||||
Balance as of December 31, 2018 | $ | i 907 | $ | i 543 | $ | i 575 | $ | i 1,118 | $ | ( i 249 | ) | $ | i 38 | $ | i — | ||||||||||||
Total
realized / unrealized gains (losses) | |||||||||||||||||||||||||||
Included
in net income | ( i 125 | ) | i 5 | ( i 132 | ) | (a) | ( i 127 | ) | i — | i 2 | i — | ||||||||||||||||
Included
in noncurrent payables to affiliates | i — | i 32 | i — | i 32 | i — | i — | ( i 32 | ) | |||||||||||||||||||
Included
in regulatory assets | i 1 | i — | i — | i — | ( i 31 | ) | (b) | i — | i 32 | ||||||||||||||||||
Change
in collateral | i 227 | i — | i 227 | i 227 | i — | i — | i — | ||||||||||||||||||||
Purchases,
sales, issuances and settlements | |||||||||||||||||||||||||||
Purchases | i 163 | i 43 | i 120 | i 163 | i — | i — | i — | ||||||||||||||||||||
Sales | ( i 23 | ) | ( i 21 | ) | ( i 2 | ) | ( i 23 | ) | i — | i — | i — | ||||||||||||||||
Settlements | ( i 88 | ) | ( i 88 | ) | i — | ( i 88 | ) | i — | i — | i — | |||||||||||||||||
Transfers
into Level 3 | i 5 | i — | i 5 | (c) | i 5 | i — | i — | i — | |||||||||||||||||||
Transfers
out of Level 3 | ( i 11 | ) | i — | ( i 11 | ) | (c) | ( i 11 | ) | i — | i — | i — | ||||||||||||||||
Balance
as of September 30, 2019 | $ | i 1,056 | $ | i 514 | $ | i 782 | $ | i 1,296 | $ | ( i 280 | ) | $ | i 40 | $ | i — | ||||||||||||
The
amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2019 | $ | i 173 | $ | i 5 | $ | i 166 | $ | i 171 | $ | i — | $ | i 2 | $ | i — |
(a) | Includes a reduction for the reclassification of $ i 153 million and $ i 298
million of realized gains due to the settlement of derivative contracts for the three and nine months ended September 30, 2019, respectively. |
(b) | Includes $ i 7
million of decreases in fair value and an increase for realized losses due to settlements of $ i 4 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended September
30, 2019. Includes $ i 31 million of decreases in fair value and an increase for realized losses due to settlements of $ i 17
million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the nine months ended September 30, 2019. |
(c) | Transfers into and out of Level 3 generally occur when the contract tenor becomes less and more observable respectively, primarily due to changes in market liquidity or assumptions for certain commodity contracts. |
Exelon | Generation | ComEd | PHI
and Pepco | ||||||||||||||||||||||||
Three Months Ended September 30, 2018 | Total | NDT Fund Investments | Mark-to-Market Derivatives | Total Generation | Mark-to-Market Derivatives | Life
Insurance Contracts | Eliminated in Consolidation | ||||||||||||||||||||
Balance as of June 30, 2018 | $ | i 1,106 | $ | i 585 | $ | i 737 | $ | i 1,322 | $ | ( i 252 | ) | $ | i 36 | $ | i — | ||||||||||||
Total
realized / unrealized gains (losses) | |||||||||||||||||||||||||||
Included
in net income | ( i 259 | ) | ( i 1 | ) | ( i 259 | ) | (a) | ( i 260 | ) | i — | i 1 | i — | |||||||||||||||
Included
in noncurrent payables to affiliates | i — | ( i 4 | ) | i — | ( i 4 | ) | i — | i — | i 4 | ||||||||||||||||||
Included
in regulatory assets | ( i 11 | ) | i — | i — | i — | ( i 7 | ) | (b) | i — | ( i 4 | ) | ||||||||||||||||
Change
in collateral | ( i 44 | ) | i — | ( i 44 | ) | ( i 44 | ) | i — | i — | i — | |||||||||||||||||
Purchases,
sales, issuances and settlements | |||||||||||||||||||||||||||
Purchases | i 96 | i 15 | i 81 | i 96 | i — | i — | i — | ||||||||||||||||||||
Settlements | ( i 29 | ) | ( i 29 | ) | i — | ( i 29 | ) | i — | i — | i — | |||||||||||||||||
Transfers
into Level 3 | i 3 | i — | i 3 | (c) | i 3 | i — | i — | i — | |||||||||||||||||||
Transfers
out of Level 3 | ( i 6 | ) | i — | ( i 6 | ) | (c) | ( i 6 | ) | i — | i — | i — | ||||||||||||||||
Balance
as of September 30, 2018 | $ | i 856 | $ | i 566 | $ | i 512 | $ | i 1,078 | $ | ( i 259 | ) | $ | i 37 | $ | i — | ||||||||||||
The
amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2018 | $ | ( i 105 | ) | $ | ( i 1 | ) | $ | ( i 104 | ) | $ | ( i 105 | ) | $ | i — | $ | i — | $ | i — |
Exelon | Generation | ComEd | PHI
and Pepco | ||||||||||||||||||||||||
Nine Months Ended September 30, 2018 | Total | NDT Fund Investments | Mark-to-Market Derivatives | Total Generation | Mark-to-Market Derivatives | Life
Insurance Contracts | Eliminated in Consolidation | ||||||||||||||||||||
Balance as of December 31, 2017 | $ | i 966 | $ | i 648 | $ | i 552 | $ | i 1,200 | $ | ( i 256 | ) | $ | i 22 | $ | i — | ||||||||||||
Total
realized / unrealized gains (losses) | |||||||||||||||||||||||||||
Included
in net income | ( i 186 | ) | ( i 1 | ) | ( i 188 | ) | (a) | ( i 189 | ) | i — | i 3 | i — | |||||||||||||||
Included
in regulatory assets | ( i 3 | ) | i — | i — | i — | ( i 3 | ) | (b) | i — | i — | |||||||||||||||||
Change
in collateral | i 14 | i — | i 14 | i 14 | i — | i — | i — | ||||||||||||||||||||
Purchases,
sales, issuances and settlements | |||||||||||||||||||||||||||
Purchases | i 215 | i 34 | i 181 | i 215 | i — | i — | i — | ||||||||||||||||||||
Sales | ( i 3 | ) | i — | ( i 3 | ) | ( i 3 | ) | i — | i — | i — | |||||||||||||||||
Settlements | ( i 103 | ) | ( i 115 | ) | i — | ( i 115 | ) | i — | i 12 | i — | |||||||||||||||||
Transfers
into Level 3 | ( i 21 | ) | i — | ( i 21 | ) | (c) | ( i 21 | ) | i — | i — | i — | ||||||||||||||||
Transfers
out of Level 3 | ( i 23 | ) | i — | ( i 23 | ) | (c) | ( i 23 | ) | i — | i — | i — | ||||||||||||||||
Balance
as of September 30, 2018 | $ | i 856 | $ | i 566 | $ | i 512 | $ | i 1,078 | $ | ( i 259 | ) | $ | i 37 | $ | i — | ||||||||||||
The
amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2018 | $ | i 154 | $ | ( i 5 | ) | $ | i 159 | $ | i 154 | $ | i — | $ | i — | $ | i — |
(a) | Includes
a reduction for the reclassification of $ i 155 million and $ i 347
million of realized losses due to the settlement of derivative contracts for the three and nine months ended September 30, 2018, respectively. |
(b) | Includes $ i 4
million of increases in fair value and an increase for realized losses due to settlements of $ i 3 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended September
30, 2018. Includes $ i 9 million of decreases in fair value and an increase for realized losses due to settlements of $ i 12
million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the nine months ended September 30, 2018. |
(c) | Transfers into and out of Level 3 generally occur when the contract tenor becomes less and more observable respectively, primarily due to changes in market liquidity or assumptions for certain commodity contracts. |
Exelon | Generation | PHI
and Pepco | |||||||||||||||||||||||||||||
Operating Revenues | Purchased Power and Fuel | Operating and Maintenance | Other, net | Operating Revenues | Purchased Power and Fuel | Other, net | Operating
and Maintenance | ||||||||||||||||||||||||
Total realized (losses) gains for the three months ended September 30, 2019 | $ | ( i 25 | ) | $ | ( i 148 | ) | $ | i — | $ | i 2 | $ | ( i 25 | ) | $ | ( i 148 | ) | $ | i 2 | $ | i — | |||||||||||
Total
realized gains (losses) for the nine months ended September 30, 2019 | i 122 | ( i 254 | ) | i — | i 5 | i 122 | ( i 254 | ) | i 5 | i — | |||||||||||||||||||||
Total
unrealized gains (losses) for the three months ended September 30, 2019 | i 99 | ( i 119 | ) | i — | i 2 | i 99 | ( i 119 | ) | i 2 | i — | |||||||||||||||||||||
Total
unrealized gains (losses) for the nine months ended September 30, 2019 | i 368 | ( i 202 | ) | i 2 | i 5 | i 368 | ( i 202 | ) | i 5 | i 2 |
Exelon | Generation | PHI
and Pepco | |||||||||||||||||||||||||||||
Operating Revenues | Purchased Power and Fuel | Operating and Maintenance | Other, net | Operating Revenues | Purchased Power and Fuel | Other, net | Operating
and Maintenance | ||||||||||||||||||||||||
Total realized (losses) gains for the three months ended September 30, 2018 | $ | ( i 176 | ) | $ | ( i 83 | ) | $ | i 1 | $ | ( i 1 | ) | $ | ( i 176 | ) | $ | ( i 83 | ) | $ | ( i 1 | ) | $ | i 1 | |||||||||
Total
realized (losses) gains for the nine months ended September 30, 2018 | ( i 32 | ) | ( i 156 | ) | i 3 | ( i 1 | ) | ( i 32 | ) | ( i 156 | ) | ( i 1 | ) | i 3 | |||||||||||||||||
Total
unrealized (losses) for the three months ended September 30, 2018 | ( i 64 | ) | ( i 40 | ) | i — | ( i 1 | ) | ( i 64 | ) | ( i 40 | ) | ( i 1 | ) | i — | |||||||||||||||||
Total
unrealized gains (losses) for the nine months ended September 30, 2018 | i 174 | ( i 15 | ) | i — | ( i 5 | ) | i 174 | ( i 15 | ) | ( i 5 | ) | i — |
Type of trade | Fair Value at September 30, 2019 | Fair
Value at December 31, 2018 | Valuation Technique | Unobservable Input | 2019 Range | 2018 Range | ||||||||||||||
Mark-to-market derivatives — Economic Hedges (Exelon and Generation)(a)(b) | $ | i 411 | $ | i 443 | Discounted Cash Flow | Forward power price | $ i 11 | - | $ i 167 | $ i 12 | - | $ i 174 | ||||||||
Forward
gas price | $ i 1.36 | - | $ i 10.82 | $ i 0.78 | - | $ i 12.38 | ||||||||||||||
Option Model | Volatility percentage | i 9% | - | i 200% | i 10% | - | i 277% | |||||||||||||
Mark-to-market
derivatives — Proprietary trading (Exelon and Generation)(a)(b) | $ | i 67 | $ | i 56 | Discounted Cash Flow | Forward power price | $ i 17 | - | $ i 167 | $ i 14 | - | $ i 174 | ||||||||
Mark-to-market
derivatives (Exelon and ComEd) | $ | ( i 280 | ) | $ | ( i 249 | ) | Discounted Cash Flow | Forward heat rate(c) | i 9x | - | i 10x | i 10x | - | i 11x | ||||||
Marketability reserve | i 4% | - | i 7% | i 4% | - | i 8% | ||||||||||||||
Renewable factor | i 87% | - | i 119% | i 86% | - | i 120% |
(a) | The
valuation techniques, unobservable inputs and ranges are the same for the asset and liability positions. |
(b) | The fair values do not include cash collateral posted on level three positions of $ i 304 million and
$ i 76 million as of September 30, 2019 and December 31, 2018, respectively. |
(c) | Quoted
forward natural gas rates are utilized to project the forward power curve for the delivery of energy at specified future dates. The natural gas curve is extrapolated beyond its observable period to the end of the contract’s delivery. |
Registrant | Commodity | Accounting Treatment | Hedging instrument |
ComEd | Electricity | NPNS | Fixed
price contracts based on all requirements in the IPA procurement plans. |
Electricity | Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(a) | 20-year floating-to-fixed energy swap contracts beginning June 2012 based on the renewable energy resource procurement requirements in the Illinois Settlement Legislation of approximately 1.3 million MWhs per year. | |
PECO(b) | Gas | NPNS | Fixed price contracts
to cover about 20% of planned natural gas purchases in support of projected firm sales. |
BGE | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. |
Gas | NPNS | Fixed price contracts for between 10-20% of forecasted system supply requirements for flowing (i.e., non-storage) gas for the November through March period. | |
Pepco | Electricity | NPNS | Fixed
price contracts for all SOS requirements through full requirements contracts. |
DPL | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. |
Gas | NPNS | Fixed price contracts through full requirements contracts. | |
Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability (c) | Exchange
traded future contracts for 50% of estimated monthly purchase requirements each month, including purchases for storage injections. | ||
ACE | Electricity | NPNS | Fixed price contracts for all BGS requirements through full requirements contracts. |
(a) | See Note 4 - Regulatory Matters for additional information. |
(b) | As
part of its hedging program, PECO enters into electric supply procurement contracts that do not meet the definition of a derivative instrument. |
(c) | The fair value of the DPL economic hedge is not material as of September 30, 2019 and December 31, 2018 and is not presented in the fair value tables below. |
Exelon | Generation | ComEd | ||||||||||||||||||||||||||
Derivatives | Total Derivatives | Economic Hedges | Proprietary Trading | Collateral (a)(b) | Netting
(a) | Subtotal | Economic Hedges | |||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | i 602 | $ | i 2,452 | $ | i 143 | $ | i 212 | $ | ( i 2,205 | ) | $ | i 602 | $ | i — | |||||||||||||
Mark-to-market
derivative assets (noncurrent assets) | i 483 | i 1,386 | i 67 | i 104 | ( i 1,074 | ) | i 483 | i — | ||||||||||||||||||||
Total
mark-to-market derivative assets | i 1,085 | i 3,838 | i 210 | i 316 | ( i 3,279 | ) | i 1,085 | i — | ||||||||||||||||||||
Mark-to-market
derivative liabilities (current liabilities) | ( i 224 | ) | ( i 2,550 | ) | ( i 101 | ) | i 249 | i 2,205 | ( i 197 | ) | ( i 27 | ) | ||||||||||||||||
Mark-to-market
derivative liabilities (noncurrent liabilities) | ( i 394 | ) | ( i 1,324 | ) | ( i 47 | ) | i 156 | i 1,074 | ( i 141 | ) | ( i 253 | ) | ||||||||||||||||
Total
mark-to-market derivative liabilities | ( i 618 | ) | ( i 3,874 | ) | ( i 148 | ) | i 405 | i 3,279 | ( i 338 | ) | ( i 280 | ) | ||||||||||||||||
Total
mark-to-market derivative net assets (liabilities) | $ | i 467 | $ | ( i 36 | ) | $ | i 62 | $ | i 721 | $ | i — | $ | i 747 | $ | ( i 280 | ) |
Exelon | Generation | ComEd | ||||||||||||||||||||||||||
Description | Total Derivatives | Economic Hedges | Proprietary Trading | Collateral (a)(b) | Netting (a) | Subtotal | Economic Hedges | |||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | i 801 | $ | i 3,505 | $ | i 105 | $ | i 121 | $ | ( i 2,930 | ) | $ | i 801 | $ | i — | |||||||||||||
Mark-to-market
derivative assets (noncurrent assets) | i 445 | i 1,266 | i 41 | i 51 | ( i 913 | ) | i 445 | i — | ||||||||||||||||||||
Total
mark-to-market derivative assets | i 1,246 | i 4,771 | i 146 | i 172 | ( i 3,843 | ) | i 1,246 | i — | ||||||||||||||||||||
Mark-to-market
derivative liabilities (current liabilities) | ( i 473 | ) | ( i 3,429 | ) | ( i 74 | ) | i 125 | i 2,931 | ( i 447 | ) | ( i 26 | ) | ||||||||||||||||
Mark-to-market
derivative liabilities (noncurrent liabilities) | ( i 474 | ) | ( i 1,203 | ) | ( i 20 | ) | i 60 | i 912 | ( i 251 | ) | ( i 223 | ) | ||||||||||||||||
Total
mark-to-market derivative liabilities | ( i 947 | ) | ( i 4,632 | ) | ( i 94 | ) | i 185 | i 3,843 | ( i 698 | ) | ( i 249 | ) | ||||||||||||||||
Total
mark-to-market derivative net assets (liabilities) | $ | i 299 | $ | i 139 | $ | i 52 | $ | i 357 | $ | i — | $ | i 548 | $ | ( i 249 | ) |
(a) | Exelon
and Generation net all available amounts allowed under the derivative authoritative guidance in the balance sheet. These amounts include unrealized derivative transactions with the same counterparty under legally enforceable master netting agreements and cash collateral. In some cases Exelon and Generation may have other offsetting exposures, subject to a master netting or similar agreement, such as trade receivables and payables, transactions that do not qualify as derivatives, letters of credit and other forms of non-cash collateral. These amounts are immaterial and not reflected in the table above. |
(b) | Of
the collateral posted/(received), $ i 306 million and $( i 94)
million represents variation margin on the exchanges at September 30, 2019 and December 31, 2018 respectively. |
Three Months Ended September 30, | Nine
Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Income Statement Location | Gain (Loss) | Gain
(Loss) | ||||||||||||||
Operating revenues | $ | i 76 | $ | i 8 | $ | i 65 | $ | ( i 99 | ) | |||||||
Purchased
power and fuel | ( i 45 | ) | i 66 | ( i 127 | ) | ( i 4 | ) | |||||||||
Total
Exelon and Generation | $ | i 31 | $ | i 74 | $ | ( i 62 | ) | $ | ( i 103 | ) |
Rating
as of September 30, 2019 | Total Exposure Before Credit Collateral | Credit Collateral(a) | Net Exposure | Number of Counterparties Greater than 10% of Net Exposure | Net Exposure of Counterparties Greater than 10% of Net Exposure | |||||||||||||
Investment
grade | $ | i 693 | $ | i 10 | $ | i 683 | i — | $ | i — | |||||||||
Non-investment
grade | i 74 | i 38 | i 36 | i | i | |||||||||||||
No
external ratings | ||||||||||||||||||
Internally rated — investment grade | i 297 | i 1 | i 296 | i | i | |||||||||||||
Internally
rated — non-investment grade | i 175 | i 24 | i 151 | i | i | |||||||||||||
Total | $ | i 1,239 | $ | i 73 | $ | i 1,166 | i — | $ | i — |
Net
Credit Exposure by Type of Counterparty | As of September 30, 2019 | |||
Financial institutions | $ | i 1 | ||
Investor-owned
utilities, marketers, power producers | i 875 | |||
Energy cooperatives and municipalities | i 255 | |||
Other | i 35 | |||
Total | $ | i 1,166 |
(a) | As
of September 30, 2019, credit collateral held from counterparties where Generation had credit exposure included $ i 18 million of cash and $ i 55
million of letters of credit. The credit collateral does not include non-liquid collateral. |
Credit-Risk Related Contingent Features | ||||||||
Gross fair value of derivative contracts containing this feature(a) | $ | ( i 1,249 | ) | $ | ( i 1,723 | ) | ||
Offsetting
fair value of in-the-money contracts under master netting arrangements(b) | i 947 | i 1,105 | ||||||
Net
fair value of derivative contracts containing this feature(c) | $ | ( i 302 | ) | $ | ( i 618 | ) |
(a) | Amount
represents the gross fair value of out-of-the-money derivative contracts containing credit-risk related contingent features ignoring the effects of master netting agreements. |
(b) | Amount represents the offsetting fair value of in-the-money derivative contracts under legally enforceable master netting agreements with the same counterparty, which reduces the amount of any liability for which a Registrant could potentially be required to post collateral. |
(c) | Amount
represents the net fair value of out-of-the-money derivative contracts containing credit-risk related contingent features after considering the mitigating effects of offsetting positions under master netting arrangements and reflects the actual net liability upon which any potential contingent collateral obligations would be based. |
Cash collateral posted | $ | i 787 | $ | i 418 | ||||
Letters
of credit posted | i 273 | i 367 | ||||||
Cash
collateral held | i 96 | i 47 | ||||||
Letters
of credit held | i 58 | i 44 | ||||||
Additional
collateral required in the event of a credit downgrade below investment grade | i 1,481 | i 2,104 |
Outstanding
Commercial Paper as of | Average Interest Rate on Commercial Paper Borrowings as of | ||||||||||||
Commercial Paper Issuer | |||||||||||||
Exelon | $ | i 519 | $ | i 89 | i 2.50 | % | i 2.15 | % | |||||
ComEd | i 387 | i — | i 2.51 | % | i 2.14 | % | |||||||
BGE | i — | i 35 | i 2.49 | % | i 2.18 | % | |||||||
PHI | i 132 | i 54 | i 2.52 | % | i 2.15 | % | |||||||
PEPCO | i 12 | i 40 | i 2.61 | % | i 2.24 | % | |||||||
DPL | i 57 | i — | i 2.42 | % | i 2.07 | % | |||||||
ACE | i 63 | i 14 | i 2.57 | % | i 2.21 | % |
Company | Type | Interest Rate | Maturity | Amount | Use
of Proceeds | ||||||||
Generation | Energy Efficiency Project Financing | i 3.95 | % | $ | i 4 | Funding to install
energy conservation measures for the Fort Meade project. | |||||||
Generation | Energy Efficiency Project Financing | i 3.46 | % | $ | i 39 | Funding to install energy
conservation measures for the Marine Corps. Logistics Project. | |||||||
ComEd | First Mortgage Bonds, Series 126 | i 4.00 | % | March 1,
2049 | $ | i 400 | Repay a portion of ComEd’s outstanding
commercial paper obligations and fund other general corporate purposes. | ||||||
PECO | First and Refunding Mortgage Bonds | i 3.00 | % | September 15,
2049 | $ | i 325 | Repay short-term borrowings and for general
corporate purposes | ||||||
BGE | Senior Notes | i 3.20 | % | September 15,
2049 | $ | i 400 | Repay commercial paper obligations
and for general corporate purposes | ||||||
Pepco | First Mortgage Bonds | i 3.45 | % | $ | i 150 | Repay existing indebtedness
and for general corporate purposes | |||||||
Pepco | Unsecured Tax-Exempt Bonds | i 1.70 | % | $ | i 110 | Refinance
existing indebtedness | |||||||
ACE | First Mortgage Bonds | i 3.50 | % | $ | i 100 | Repay existing indebtedness
and for general corporate purposes | |||||||
ACE | First Mortgage Bonds | i 4.14 | % | May 21,
2049 | $ | i 50 | Repay existing indebtedness
and for general corporate purposes |
Three
Months Ended September 30, 2019 | |||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||
U.S.
Federal statutory rate | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | ||||||||
Increase
(decrease) due to: | |||||||||||||||||
State
income taxes, net of Federal income tax benefit | i 6.4 | i 5.2 | i 8.1 | ( i 0.3) | i 6.3 | i 4.8 | i 1.9 | i 6.6 | i 6.9 | ||||||||
Qualified
NDT fund income | i 3.2 | i 7.1 | i — | i — | i — | i — | i — | i — | i — | ||||||||
Amortization
of investment tax credit, including deferred taxes on basis difference | ( i 4.1) | ( i 8.9) | ( i 0.2) | i — | ( i 0.1) | ( i 0.2) | ( i 0.1) | ( i 0.2) | ( i 0.3) | ||||||||
Plant
basis differences | ( i 1.7) | i — | ( i 1.0) | ( i 7.5) | ( i 1.1) | ( i 1.8) | ( i 2.6) | ( i 0.6) | ( i 1.9) | ||||||||
Production
tax credits and other credits | ( i 1.2) | ( i 2.7) | i — | i — | i — | i — | i — | i — | i — | ||||||||
Noncontrolling
interests | ( i 2.2) | ( i 4.8) | i — | i — | i — | i — | i — | i — | i — | ||||||||
Excess
deferred tax amortization | ( i 6.5) | i — | ( i 9.9) | ( i 3.6) | ( i 8.0) | ( i 17.7) | ( i 16.3) | ( i 13.5) | ( i 23.3) | ||||||||
Other | i 0.7 | i 0.5 | i 0.4 | ( i 0.5) | ( i 0.2) | i 0.8 | i 1.0 | ( i 0.1) | i 0.7 | ||||||||
Effective
income tax rate | i 15.6% | i 17.4% | i 18.4% | i 9.1% | i 17.9% | i 6.9% | i 4.9% | i 13.2% | i 3.1% |
Three
Months Ended September 30, 2018 | |||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||
U.S.
Federal statutory rate | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | ||||||||
Increase
(decrease) due to: | |||||||||||||||||
State
income taxes, net of Federal income tax benefit | ( i 1.2) | ( i 9.0) | i 8.3 | ( i 3.6) | i 7.3 | i 0.2 | i 1.0 | i 6.6 | i 7.3 | ||||||||
Qualified
NDT fund income | i 2.4 | i 5.8 | i — | i — | i — | i — | i — | i — | i — | ||||||||
Amortization
of investment tax credit, including deferred taxes on basis difference | ( i 0.6) | ( i 1.1) | ( i 0.2) | ( i 0.1) | i — | ( i 0.2) | ( i 0.1) | ( i 0.3) | ( i 0.3) | ||||||||
Plant
basis differences | ( i 2.5) | i — | ( i 0.3) | ( i 15.2) | ( i 0.8) | ( i 2.0) | ( i 3.4) | ( i 0.7) | ( i 1.3) | ||||||||
Production
tax credits and other credits | ( i 1.2) | ( i 2.9) | ( i 0.1) | i — | i — | i — | i — | i — | i — | ||||||||
Noncontrolling
interests | ( i 1.1) | ( i 2.8) | i — | i — | i — | i — | i — | i — | i — | ||||||||
Excess
deferred tax amortization | ( i 6.8) | i — | ( i 7.8) | ( i 4.6) | ( i 7.9) | ( i 17.7) | ( i 21.2) | ( i 14.0) | ( i 15.4) | ||||||||
Tax
Cuts and Jobs Act of 2017 | i 1.3 | i 3.5 | i — | i — | i — | i 0.2 | i 0.1 | i — | i — | ||||||||
Other | i 3.2 | i 5.6 | i 0.3 | i 0.9 | i 2.6 | i 0.6 | i 0.3 | i 0.6 | i 0.3 | ||||||||
Effective
income tax rate | i 14.5% | i 20.1% | i 21.2% | ( i 1.6)% | i 22.2% | i 2.1% | ( i 2.3)% | i 13.2% | i 11.6% |
Nine
Months Ended September 30, 2019 | |||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||
U.S.
Federal statutory rate | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | ||||||||
Increase
(decrease) due to: | |||||||||||||||||
State
income taxes, net of Federal income tax benefit | i 5.1 | i 4.2 | i 8.2 | i — | i 6.4 | i 4.8 | i 2.0 | i 6.7 | i 6.9 | ||||||||
Qualified
NDT fund income | i 5.3 | i 11.9 | i — | i — | i — | i — | i — | i — | i — | ||||||||
Amortization
of investment tax credit, including deferred taxes on basis difference | ( i 1.9) | ( i 4.0) | ( i 0.2) | i — | ( i 0.1) | ( i 0.2) | ( i 0.1) | ( i 0.2) | ( i 0.3) | ||||||||
Plant
basis differences | ( i 1.6) | i — | ( i 0.7) | ( i 6.8) | ( i 1.1) | ( i 1.8) | ( i 2.3) | ( i 0.6) | ( i 2.0) | ||||||||
Production
tax credits and other credits | ( i 1.0) | ( i 2.1) | i — | i — | i — | i — | i — | i — | i — | ||||||||
Noncontrolling
interests | ( i 1.0) | ( i 2.3) | i — | i — | i — | i — | i — | i — | i — | ||||||||
Excess
deferred tax amortization | ( i 6.0) | i — | ( i 9.2) | ( i 2.9) | ( i 7.9) | ( i 18.6) | ( i 17.3) | ( i 15.0) | ( i 23.4) | ||||||||
Other | i 0.8 | ( i 0.1) | i 0.2 | ( i 0.2) | i 0.1 | i 0.5 | i 0.7 | i 0.2 | i — | ||||||||
Effective
income tax rate | i 20.7% | i 28.6% | i 19.3% | i 11.1% | i 18.4% | i 5.7% | i 4.0% | i 12.1% | i 2.2% |
Nine
Months Ended September 30, 2018 | |||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||
U.S.
Federal statutory rate | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | i 21.0% | ||||||||
Increase
(decrease) due to: | |||||||||||||||||
State
income taxes, net of Federal income tax benefit | i 1.7 | ( i 2.6) | i 8.2 | ( i 3.6) | i 6.6 | i 2.7 | i 2.4 | i 6.5 | i 7.3 | ||||||||
Qualified
NDT fund income | i 0.9 | i 2.6 | i — | i — | i — | i — | i — | i — | i — | ||||||||
Amortization
of investment tax credit, including deferred taxes on basis difference | ( i 0.9) | ( i 2.2) | ( i 0.2) | ( i 0.1) | ( i 0.1) | ( i 0.2) | ( i 0.1) | ( i 0.3) | ( i 0.3) | ||||||||
Plant
basis differences | ( i 2.7) | i — | ( i 0.1) | ( i 15.4) | ( i 0.7) | ( i 1.9) | ( i 2.9) | ( i 0.7) | ( i 1.3) | ||||||||
Production
tax credits and other credits | ( i 1.8) | ( i 5.1) | ( i 0.1) | i — | i — | i — | i — | i — | i — | ||||||||
Noncontrolling
interests | ( i 1.1) | ( i 3.2) | i — | i — | i — | i — | i — | i — | i — | ||||||||
Excess
deferred tax amortization | ( i 6.1) | i — | ( i 7.6) | ( i 3.4) | ( i 8.1) | ( i 14.5) | ( i 16.5) | ( i 11.0) | ( i 14.0) | ||||||||
Tax
Cuts and Jobs Act of 2017 | i 0.2 | i 1.3 | ( i 0.2) | i — | i — | i 0.3 | i — | i — | i — | ||||||||
Other | i 0.4 | i 2.0 | i 0.1 | i — | i 0.9 | i 0.3 | i — | i 0.4 | i 0.9 | ||||||||
Effective
income tax rate | i 11.6% | i 13.8% | i 21.1% | ( i 1.5)% | i 19.6% | i 7.7% | i 3.9% | i 15.9% | i 13.6% |
Exelon | Generation | ComEd | PHI | ACE | |||||||||||||||
$ | i 448 | $ | i 411 | $ | i — | $ | i 45 | $ | i 14 | ||||||||||
$ | i 477 | $ | i 408 | $ | i 2 | $ | i 45 | $ | i 14 |
Exelon(a) | Generation(a) | PHI(b) | ACE(b) | |||||||||||
$ | i 425 | $ | i 411 | $ | i 14 | $ | i 14 |
(a) | Exelon
and Generation have $ i 411 million that, if recognized, would decrease the effective tax rate. |
(b) | The
unrecognized tax benefit related to PHI and ACE, if recognized, may be included in future base rates and that portion would have no impact to the effective tax rate. |
Exelon | Generation | |||||||
Increase to deferred income tax liability | $ | i 23 | $ | i 9 | ||||
Increase
to income tax expense, net of federal taxes | i 23 | i 9 |
Nuclear decommissioning ARO at December 31, 2018 (a)(b) | $ | i 10,005 | |
Sale
of Oyster Creek | ( i 755 | ) | |
Accretion expense | i 361 | ||
Net
increase due to changes in, and timing of, estimated future cash flows | i 211 | ||
Costs incurred related to decommissioning plants | ( i 52 | ) | |
Nuclear
decommissioning ARO at September 30, 2019 (a) | $ | i 9,770 |
(a) | Includes
$ i 127 million and $ i 22
million as the current portion of the ARO at September 30, 2019 and December 31, 2018, respectively, which is included in Other current liabilities in Exelon’s and Generation’s Consolidated Balance Sheets. |
(b) | Includes $ i 772
million of ARO related to Oyster Creek which was classified as Liabilities held for sale in Exelon's and Generation's Consolidated Balance Sheets at December 31, 2018. See Note 3 — Mergers, Acquisitions and Dispositions for additional information. |
Pension
Benefits Three Months Ended September 30, | OPEB Three Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Components of net periodic benefit cost: | |||||||||||||||
Service
cost | $ | i 89 | $ | i 100 | $ | i 23 | $ | i 28 | |||||||
Interest
cost | i 221 | i 201 | i 47 | i 43 | |||||||||||
Expected
return on assets | ( i 306 | ) | ( i 312 | ) | ( i 38 | ) | ( i 43 | ) | |||||||
Amortization
of: | |||||||||||||||
Prior service benefit | i — | i — | ( i 45 | ) | ( i 47 | ) | |||||||||
Actuarial
loss | i 104 | i 158 | i 11 | i 18 | |||||||||||
Settlement
charges | i 7 | i — | i — | i — | |||||||||||
Contractual
termination benefits | i 1 | i — | i — | i — | |||||||||||
Net
periodic benefit cost | $ | i 116 | $ | i 147 | $ | ( i 2 | ) | $ | ( i 1 | ) |
Pension
Benefits Nine Months Ended September 30, | OPEB Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Components of net periodic benefit cost: | |||||||||||||||
Service
cost | $ | i 267 | $ | i 303 | $ | i 70 | $ | i 84 | |||||||
Interest
cost | i 663 | i 602 | i 141 | i 131 | |||||||||||
Expected
return on assets | ( i 918 | ) | ( i 939 | ) | ( i 115 | ) | ( i 130 | ) | |||||||
Amortization
of: | |||||||||||||||
Prior service cost (benefit) | i — | i 1 | ( i 134 | ) | ( i 140 | ) | |||||||||
Actuarial
loss | i 310 | i 472 | i 34 | i 50 | |||||||||||
Settlement
charges | i 7 | i 1 | i — | i — | |||||||||||
Contractual
termination benefits | i 1 | i — | i — | i — | |||||||||||
Net
periodic benefit cost | $ | i 330 | $ | i 440 | $ | ( i 4 | ) | $ | ( i 5 | ) |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Pension and OPEB Costs | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Exelon | $ | i 114 | $ | i 145 | $ | i 326 | $ | i 435 | ||||||||
Generation | i 37 | i 50 | i 100 | i 151 | ||||||||||||
ComEd | i 23 | i 45 | i 70 | i 133 | ||||||||||||
PECO | i 4 | i 5 | i 9 | i 14 | ||||||||||||
BGE | i 16 | i 15 | i 47 | i 44 | ||||||||||||
PHI | i 23 | i 17 | i 71 | i 51 | ||||||||||||
Pepco | i 6 | i 3 | i 19 | i 10 | ||||||||||||
DPL | i 4 | i 2 | i 11 | i 5 | ||||||||||||
ACE | i 4 | i 3 | i 12 | i 10 |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Savings Plan Matching Contributions | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Exelon | $ | i 36 | $ | i 44 | $ | i 101 | $ | i 126 | ||||||||
Generation | i 14 | i 23 | i 41 | i 65 | ||||||||||||
ComEd | i 9 | i 8 | i 26 | i 23 | ||||||||||||
PECO | i 2 | i 2 | i 7 | i 7 | ||||||||||||
BGE | i 4 | i 2 | i 9 | i 5 | ||||||||||||
PHI | i 4 | i 4 | i 8 | i 10 | ||||||||||||
Pepco | i 1 | i 1 | i 2 | i 2 | ||||||||||||
DPL | i 1 | i 1 | i 2 | i 2 | ||||||||||||
ACE | i 1 | i 1 | i 1 | i 2 |
Three
Months Ended September 30, 2019 | Losses on Cash Flow Hedges | Pension and Non-Pension Postretirement Benefit Plan Items (a) | Foreign Currency Items | AOCI
of Investments in Unconsolidated Affiliates (b) | Total | ||||||||||||||
Beginning balance | $ | ( i 2 | ) | $ | ( i 2,957 | ) | $ | ( i 29 | ) | $ | ( i 2 | ) | $ | ( i 2,990 | ) | ||||
OCI
before reclassifications | i — | i 6 | ( i 2 | ) | i — | i 4 | |||||||||||||
Amounts
reclassified from AOCI | i — | i 21 | i — | i 2 | i 23 | ||||||||||||||
Net
current-period OCI | i — | i 27 | ( i 2 | ) | i 2 | i 27 | |||||||||||||
Ending
balance | $ | ( i 2 | ) | $ | ( i 2,930 | ) | $ | ( i 31 | ) | $ | i — | $ | ( i 2,963 | ) |
Three
Months Ended September 30, 2018 | Losses on Cash Flow Hedges | Pension and Non-Pension Postretirement Benefit Plan Items (a) | Foreign Currency Items | AOCI
of Investments in Unconsolidated Affiliates (b) | Total | ||||||||||||||
Beginning balance | $ | ( i 2 | ) | $ | ( i 2,890 | ) | $ | ( i 29 | ) | $ | i — | $ | ( i 2,921 | ) | |||||
OCI
before reclassifications | i — | i 5 | i 2 | i — | i 7 | ||||||||||||||
Amounts
reclassified from AOCI | i — | i 45 | i — | i — | i 45 | ||||||||||||||
Net
current-period OCI | i — | i 50 | i 2 | i — | i 52 | ||||||||||||||
Ending
balance | $ | ( i 2 | ) | $ | ( i 2,840 | ) | $ | ( i 27 | ) | $ | i — | $ | ( i 2,869 | ) |
Nine
Months Ended September 30, 2019 | Losses on Cash Flow Hedges | Pension and Non-Pension Postretirement Benefit Plan Items (a) | Foreign Currency Items | AOCI
of Investments in Unconsolidated Affiliates (b) | Total | ||||||||||||||
Beginning balance | $ | ( i 2 | ) | $ | ( i 2,960 | ) | $ | ( i 33 | ) | $ | i — | $ | ( i 2,995 | ) | |||||
OCI
before reclassifications | i — | ( i 32 | ) | i 2 | ( i 2 | ) | ( i 32 | ) | |||||||||||
Amounts
reclassified from AOCI | i — | i 62 | i — | i 2 | i 64 | ||||||||||||||
Net
current-period OCI | i — | i 30 | i 2 | i — | i 32 | ||||||||||||||
Ending
balance | $ | ( i 2 | ) | $ | ( i 2,930 | ) | $ | ( i 31 | ) | $ | i — | $ | ( i 2,963 | ) |
Nine
Months Ended September 30, 2018 | Gains (Losses) on Cash Flow Hedges | Unrealized gains (losses) on Marketable Securities | Pension and Non-Pension Postretirement Benefit Plan Items (a) | Foreign Currency Items | AOCI
of Investments in Unconsolidated Affiliates (b) | Total | |||||||||||||||||
Beginning balance | $ | ( i 14 | ) | $ | i 10 | $ | ( i 2,998 | ) | $ | ( i 23 | ) | $ | ( i 1 | ) | $ | ( i 3,026 | ) | ||||||
OCI
before reclassifications | i 11 | i — | i 22 | ( i 4 | ) | i 1 | i 30 | ||||||||||||||||
Amounts
reclassified from AOCI | i 1 | i — | i 136 | i — | i — | i 137 | |||||||||||||||||
Net
current-period OCI | i 12 | i — | i 158 | ( i 4 | ) | i 1 | i 167 | ||||||||||||||||
Impact
of adoption of Recognition and Measurement of Financial Assets and Liabilities standard(c) | i — | ( i 10 | ) | i — | i — | i — | ( i 10 | ) | |||||||||||||||
Ending
balance | $ | ( i 2 | ) | $ | i — | $ | ( i 2,840 | ) | $ | ( i 27 | ) | $ | i — | $ | ( i 2,869 | ) |
(a) |
AOCI amounts are included in the computation of net periodic pension and OPEB cost. See Note 14 — Retirement Benefits for additional information. See Exelon's Statements of Operations and Comprehensive Income for individual components of AOCI. |
(b) | All amounts are net of noncontrolling interests. |
(c) | Exelon prospectively adopted the new standard Recognition and Measurement of Financial Assets and Liabilities. The standard was
adopted as of January 1, 2018, which resulted in an increase to Retained earnings and Accumulated other comprehensive loss of $ i 10 million for Exelon. The amounts reclassified related to Rabbi Trusts. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Pension
and non-pension postretirement benefit plans: | |||||||||||||||
Prior service benefit reclassified to periodic benefit cost | $ | i 6 | $ | i 6 | $ | i 18 | $ | i 18 | |||||||
Actuarial
loss reclassified to periodic benefit cost | ( i 13 | ) | ( i 21 | ) | ( i 39 | ) | ( i 65 | ) | |||||||
Pension
and non-pension postretirement benefit plans valuation adjustment | i — | ( i 2 | ) | i 14 | ( i 8 | ) |
Description | Exelon | PHI
| Pepco | DPL | ACE | ||||||||||||||
Total commitments | $ | i 513 | $ | i 320 | $ | i 120 | $ | i 89 | $ | i 111 | |||||||||
Remaining
commitments(a) | i 112 | i 82 | i 67 | i 9 | i 6 |
(a) | Remaining
commitments extend through 2026 and include rate credits, energy efficiency programs. and delivery system modernization. |
Expiration
within | |||||||||||||||||||||||||||
Total | 2019 | 2020 | 2021 | 2022 | 2023 | 2024
and beyond | |||||||||||||||||||||
Exelon | |||||||||||||||||||||||||||
Letters
of credit | $ | i 1,718 | $ | i 1,192 | $ | i 515 | $ | i 11 | $ | i — | $ | i — | $ | i — | |||||||||||||
Surety
bonds(a) | i 991 | i 315 | i 638 | i 38 | i — | i — | i — | ||||||||||||||||||||
Financing
trust guarantees | i 378 | i — | i — | i — | i — | i — | i 378 | ||||||||||||||||||||
Guaranteed
lease residual values(b) | i 26 | i — | i 2 | i 3 | i 4 | i 3 | i 15 | ||||||||||||||||||||
Total
commercial commitments | $ | i 3,113 | $ | i 1,507 | $ | i 1,155 | $ | i 52 | $ | i 4 | $ | i 3 | $ | i 393 | |||||||||||||
Generation | |||||||||||||||||||||||||||
Letters
of credit | $ | i 1,686 | $ | i 1,179 | $ | i 496 | $ | i 11 | $ | i — | $ | i — | $ | i — | |||||||||||||
Surety
bonds(a) | i 790 | i 298 | i 492 | i — | i — | i — | i — | ||||||||||||||||||||
Total
commercial commitments | $ | i 2,476 | $ | i 1,477 | $ | i 988 | $ | i 11 | $ | i — | $ | i — | $ | i — | |||||||||||||
ComEd | |||||||||||||||||||||||||||
Letters
of credit | $ | i 7 | $ | i 4 | $ | i 3 | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||
Surety
bonds(a) | i 50 | i 5 | i 43 | i 2 | i — | i — | i — | ||||||||||||||||||||
Financing
trust guarantees | i 200 | i — | i — | i — | i — | i — | i 200 | ||||||||||||||||||||
Total
commercial commitments | $ | i 257 | $ | i 9 | $ | i 46 | $ | i 2 | $ | i — | $ | i — | $ | i 200 | |||||||||||||
PECO | |||||||||||||||||||||||||||
Surety
bonds(a) | $ | i 9 | $ | i 1 | $ | i 8 | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||
Financing
trust guarantees | i 178 | i — | i — | i — | i — | i — | i 178 | ||||||||||||||||||||
Total
commercial commitments | $ | i 187 | $ | i 1 | $ | i 8 | $ | i — | $ | i — | $ | i — | $ | i 178 | |||||||||||||
BGE | |||||||||||||||||||||||||||
Letters
of credit | $ | i 8 | $ | i 2 | $ | i 6 | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||
Surety
bonds(a) | i 17 | i 2 | i 15 | i — | i — | i — | i — | ||||||||||||||||||||
Total
commercial commitments | $ | i 25 | $ | i 4 | $ | i 21 | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||
PHI | |||||||||||||||||||||||||||
Letters
of credit | $ | i 11 | $ | i 1 | $ | i 10 | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||
Surety
bonds(a) | i 24 | i 5 | i 19 | i — | i — | i — | i — | ||||||||||||||||||||
Guaranteed
lease residual values(b) | i 26 | i — | i 2 | i 3 | i 4 | i 3 | i 15 | ||||||||||||||||||||
Total
commercial commitments | $ | i 61 | $ | i 6 | $ | i 31 | $ | i 3 | $ | i 4 | $ | i 3 | $ | i 15 | |||||||||||||
Pepco | |||||||||||||||||||||||||||
Letters
of credit | $ | i 10 | $ | i — | $ | i 10 | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||
Surety
bonds(a) | i 17 | i 2 | i 15 | i — | i — | i — | i — | ||||||||||||||||||||
Guaranteed
lease residual values(b) | i 9 | i — | i — | i 1 | i 1 | i 1 | i 6 | ||||||||||||||||||||
Total
commercial commitments | $ | i 36 | $ | i 2 | $ | i 25 | $ | i 1 | $ | i 1 | $ | i 1 | $ | i 6 | |||||||||||||
DPL | |||||||||||||||||||||||||||
Letters
of credit | $ | i 1 | $ | i 1 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||
Surety
bonds(a) | i 4 | i 2 | i 2 | i — | i — | i — | i — | ||||||||||||||||||||
Guaranteed
lease residual values(b) | i 11 | i — | i 1 | i 1 | i 2 | i 1 | i 6 | ||||||||||||||||||||
Total
commercial commitments | $ | i 16 | $ | i 3 | $ | i 3 | $ | i 1 | $ | i 2 | $ | i 1 | $ | i 6 | |||||||||||||
ACE | |||||||||||||||||||||||||||
Surety
bonds(a) | $ | i 3 | $ | i 1 | $ | i 2 | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||
Guaranteed
lease residual values(b) | i 7 | i — | i 1 | i 1 | i 1 | i 1 | i 3 | ||||||||||||||||||||
Total
commercial commitments | $ | i 10 | $ | i 1 | $ | i 3 | $ | i 1 | $ | i 1 | $ | i 1 | $ | i 3 |
(a) | Surety bonds—Guarantees issued related to contract and commercial agreements, excluding bid bonds. |
(b) | Represents
the maximum potential obligation in the event that the fair value of certain leased equipment and fleet vehicles is zero at the end of the maximum lease term. The lease term associated with these assets ranges from 1 to i 8 years. The maximum potential obligation at the end of the minimum lease term would be $ i 68
million guaranteed by Exelon and PHI, of which $ i 22 million, $ i 29
million and $ i 17 million is guaranteed by Pepco, DPL and ACE, respectively. Historically, payments under the guarantees have not been made and PHI believes the likelihood of payments being required under the guarantees is remote. |
• | ComEd has identified i 21
sites that are currently under some degree of active study and/or remediation. ComEd expects the majority of the remediation at these sites to continue through at least 2025. |
• | PECO has i 8 sites that are currently under some degree of active study and/or remediation.
PECO expects the majority of the remediation at these sites to continue through at least 2022. |
• | BGE has i 4 sites that currently require some level of remediation and/or ongoing activity. BGE expects the majority of the remediation at these sites to
continue through at least 2021. |
• | DPL has i 1 site that is currently under study and the required cost at the site is not expected to be material. |
Total environmental investigation and remediation liabilities | Portion of total related to MGP investigation and remediation | Total environmental investigation
and remediation liabilities | Portion of total related to MGP investigation and remediation | ||||||||||||
Exelon | $ | i 507 | $ | i 346 | $ | i 496 | $ | i 356 | |||||||
Generation | i 107 | i — | i 108 | i — | |||||||||||
ComEd | i 328 | i 327 | i 329 | i 327 | |||||||||||
PECO | i 20 | i 18 | i 27 | i 25 | |||||||||||
BGE | i 3 | i 1 | i 5 | i 4 | |||||||||||
PHI | i 49 | i — | i 27 | i — | |||||||||||
Pepco | i 47 | i — | i 25 | i — | |||||||||||
DPL | i 1 | i — | i 1 | i — | |||||||||||
ACE | i 1 | i — | i 1 | i — |
Taxes
other than income | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Three
Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Utility
taxes(a) | $ | i 241 | $ | i 29 | $ | i 66 | $ | i 38 | $ | i 21 | $ | i 86 | $ | i 81 | $ | i 5 | $ | i — | |||||||||||||||||
Property | i 148 | i 66 | i 7 | i 5 | i 39 | i 31 | i 21 | i 9 | i — | ||||||||||||||||||||||||||
Payroll | i 57 | i 28 | i 7 | i 3 | i 4 | i 6 | i 2 | i 1 | i 1 | ||||||||||||||||||||||||||
Three
Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||
Utility
taxes(a) | $ | i 253 | $ | i 32 | $ | i 67 | $ | i 39 | $ | i 23 | $ | i 92 | $ | i 87 | $ | i 5 | $ | i — | |||||||||||||||||
Property | i 145 | i 70 | i 7 | i 4 | i 37 | i 26 | i 16 | i 9 | i — | ||||||||||||||||||||||||||
Payroll | i 58 | i 31 | i 6 | i 3 | i 4 | i 5 | i 1 | i 1 | i 1 | ||||||||||||||||||||||||||
Nine
Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Utility
taxes(a) | $ | i 672 | $ | i 87 | $ | i 183 | $ | i 102 | $ | i 68 | $ | i 231 | $ | i 217 | $ | i 14 | $ | i — | |||||||||||||||||
Property | i 444 | i 205 | i 22 | i 12 | i 114 | i 91 | i 64 | i 25 | i 2 | ||||||||||||||||||||||||||
Payroll | i 185 | i 92 | i 21 | i 11 | i 13 | i 20 | i 5 | i 3 | i 2 | ||||||||||||||||||||||||||
Nine
Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||
Utility
taxes(a) | $ | i 705 | $ | i 92 | $ | i 188 | $ | i 102 | $ | i 70 | $ | i 253 | $ | i 238 | $ | i 15 | $ | i — | |||||||||||||||||
Property | i 416 | i 204 | i 22 | i 12 | i 106 | i 71 | i 45 | i 24 | i 2 | ||||||||||||||||||||||||||
Payroll | i 191 | i 99 | i 20 | i 11 | i 12 | i 19 | i 5 | i 3 | i 2 |
(a) | Generation’s
utility tax represents gross receipts tax related to its retail operations, and the Utility Registrants' utility taxes represents municipal and state utility taxes and gross receipts taxes related to their operating revenues. The offsetting collection of utility taxes from customers is recorded in revenues in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. |
Other,
Net | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Three
Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Decommissioning-related
activities: | |||||||||||||||||||||||||||||||||||
Net
realized income on NDT funds(a) | |||||||||||||||||||||||||||||||||||
Regulatory
agreement units | $ | i 67 | $ | i 67 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Non-regulatory
agreement units | i 33 | i 33 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net
unrealized gains on NDT funds | |||||||||||||||||||||||||||||||||||
Regulatory
agreement units | i 89 | i 89 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Non-regulatory
agreement units | i 55 | i 55 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Regulatory
offset to NDT fund-related activities(b) | ( i 125 | ) | ( i 125 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Decommissioning-related
activities | i 119 | i 119 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
AFUDC
— Equity | i 22 | i — | i 4 | i 3 | i 6 | i 9 | i 7 | i 1 | i 1 | ||||||||||||||||||||||||||
Non-service
net periodic benefit cost | ( i 2 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Three
Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||
Decommissioning-related
activities: | |||||||||||||||||||||||||||||||||||
Net
realized income on NDT funds(a) | |||||||||||||||||||||||||||||||||||
Regulatory
agreement units | $ | i 214 | $ | i 214 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Non-regulatory
agreement units | i 58 | i 58 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net
unrealized (losses) gains on NDT funds | |||||||||||||||||||||||||||||||||||
Regulatory
agreement units | ( i 66 | ) | ( i 66 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Non-regulatory
agreement units | i 72 | i 72 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Regulatory
offset to NDT fund-related activities(b) | ( i 110 | ) | ( i 110 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Decommissioning-related
activities | i 168 | i 168 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
AFUDC
— Equity | i 16 | i — | i 4 | i 1 | i 5 | i 6 | i 6 | i — | i — | ||||||||||||||||||||||||||
Non-service
net periodic benefit cost | ( i 12 | ) | — | — | — | — | — | — | — | — |
Other,
Net | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Nine
Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Decommissioning-related
activities: | |||||||||||||||||||||||||||||||||||
Net
realized income on NDT funds(a) | |||||||||||||||||||||||||||||||||||
Regulatory
agreement units | $ | i 197 | $ | i 197 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Non-regulatory
agreement units | i 316 | i 316 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net
unrealized gains on NDT funds | |||||||||||||||||||||||||||||||||||
Regulatory
agreement units | i 565 | i 565 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Non-regulatory
agreement units | i 236 | i 236 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Regulatory
offset to NDT fund-related activities(b) | ( i 611 | ) | ( i 611 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Decommissioning-related
activities | i 703 | i 703 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
AFUDC
— Equity | i 64 | i — | i 13 | i 9 | i 16 | i 26 | i 18 | i 3 | i 4 | ||||||||||||||||||||||||||
Non-service
net periodic benefit cost | i 8 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Nine
Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||
Decommissioning-related
activities: | |||||||||||||||||||||||||||||||||||
Net
realized income on NDT funds(a) | |||||||||||||||||||||||||||||||||||
Regulatory
agreement units | $ | i 476 | $ | i 476 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Non-regulatory
agreement units | i 257 | i 257 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net
unrealized losses on NDT funds | |||||||||||||||||||||||||||||||||||
Regulatory
agreement units | ( i 335 | ) | ( i 335 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Non-regulatory
agreement units | ( i 143 | ) | ( i 143 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Regulatory
offset to NDT fund-related activities(b) | ( i 110 | ) | ( i 110 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Decommissioning-related
activities | i 145 | i 145 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
AFUDC
— Equity | i 47 | i — | i 12 | i 3 | i 13 | i 19 | i 17 | i 2 | i — | ||||||||||||||||||||||||||
Non-service
net periodic benefit cost | ( i 33 | ) | — | — | — | — | — | — | — | — |
(a) | Realized
income includes interest, dividends and realized gains and losses on sales of NDT fund investments. |
(b) | Includes the elimination of decommissioning-related activities for the Regulatory Agreement Units, including the elimination of income taxes related to all NDT fund activity for those units. See Note 15 — Asset Retirement Obligations of the Exelon 2018 Form 10-K for additional information regarding the accounting for nuclear decommissioning. |
Depreciation,
amortization and accretion | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Nine
Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Property,
plant and equipment(a) | $ | i 2,803 | $ | i 1,184 | $ | i 661 | $ | i 225 | $ | i 263 | $ | i 405 | $ | i 178 | $ | i 109 | $ | i 89 | |||||||||||||||||
Amortization
of regulatory assets(a) | i 390 | i — | i 106 | i 22 | i 105 | i 157 | i 103 | i 29 | i 25 | ||||||||||||||||||||||||||
Amortization
of intangible assets, net(a) | i 44 | i 37 | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||
Amortization
of energy contract assets and liabilities(b) | i 14 | i 14 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Nuclear
fuel(c) | i 771 | i 771 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
ARO
accretion(d) | i 371 | i 371 | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||
Total
depreciation, amortization and accretion | $ | i 4,393 | $ | i 2,377 | $ | i 767 | $ | i 247 | $ | i 368 | $ | i 562 | $ | i 281 | $ | i 138 | $ | i 114 | |||||||||||||||||
Nine
Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||
Property,
plant and equipment(a) | $ | i 2,829 | $ | i 1,347 | $ | i 613 | $ | i 204 | $ | i 249 | $ | i 355 | $ | i 161 | $ | i 97 | $ | i 70 | |||||||||||||||||
Amortization
of regulatory assets(a) | i 412 | i — | i 83 | i 20 | i 109 | i 200 | i 125 | i 38 | i 37 | ||||||||||||||||||||||||||
Amortization
of intangible assets, net(a) | i 43 | i 36 | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||
Amortization
of energy contract assets and liabilities(b) | i 8 | i 8 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Nuclear
fuel(c) | i 852 | i 852 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
ARO
accretion(d) | i 367 | i 365 | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||
Total
depreciation, amortization and accretion | $ | i 4,511 | $ | i 2,608 | $ | i 696 | $ | i 224 | $ | i 358 | $ | i 555 | $ | i 286 | $ | i 135 | $ | i 107 |
(a) | Included
in Depreciation and amortization in the Registrants' Consolidated Statements of Operations and Comprehensive Income. |
(b) | Included in Operating revenues or Purchased power and fuel expense in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. |
(c) | Included in Purchased power and fuel expense in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. |
(d) | Included
in Operating and maintenance expense in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. |
Other
non-cash operating activities | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Nine
Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Pension
and non-pension postretirement benefit costs | $ | i 324 | $ | i 98 | $ | i 70 | $ | i 9 | $ | i 45 | $ | i 71 | $ | i 19 | $ | i 11 | $ | i 12 | |||||||||||||||||
Provision
for uncollectible accounts | i 89 | i 20 | i 26 | i 22 | i 5 | i 16 | i 7 | i 2 | i 6 | ||||||||||||||||||||||||||
Other
decommissioning-related activity(a) | ( i 400 | ) | ( i 400 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Energy-related
options(b) | i 21 | i 21 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization
of rate stabilization deferral | ( i 8 | ) | i — | i — | i — | i — | ( i 8 | ) | ( i 9 | ) | i 1 | i — | |||||||||||||||||||||||
Discrete
impacts from EIMA and FEJA(c) | i 80 | — | i 80 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Long-term
incentive plan | i 33 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization
of operating ROU asset | i 193 | i 138 | i 2 | i — | i 23 | i 26 | i 6 | i 7 | i 4 | ||||||||||||||||||||||||||
Change
in environmental liabilities | i 23 | i — | i — | i — | i — | i 23 | i 23 | i — | i — | ||||||||||||||||||||||||||
Nine
Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||
Pension
and non-pension postretirement benefit costs | $ | i 435 | $ | i 151 | $ | i 133 | $ | i 14 | $ | i 43 | $ | i 51 | $ | i 10 | $ | i 5 | $ | i 10 | |||||||||||||||||
Provision
for uncollectible accounts | i 133 | i 38 | i 30 | i 25 | i 6 | i 32 | i 12 | i 6 | i 14 | ||||||||||||||||||||||||||
Other
decommissioning-related activity(a) | ( i 39 | ) | ( i 39 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Energy-related
options(b) | i 4 | i 4 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization
of rate stabilization deferral | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||
Discrete
impacts from EIMA and FEJA(c) | i 27 | — | i 27 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Long-term
incentive plan | i 84 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Asset
retirement costs | i 20 | i — | i — | i — | i — | i 20 | i 22 | ( i 1 | ) | ( i 1 | ) |
(a) | Includes
the elimination of decommissioning-related activity for the Regulatory Agreement Units, including the elimination of operating revenues, ARO accretion, ARC amortization, investment income and income taxes related to all NDT fund activity for these units. See Note 15 — Asset Retirement Obligations of the Exelon 2018 Form 10-K for additional information regarding the accounting for nuclear decommissioning. |
(b) | Includes option premiums reclassified to realized at the settlement of the underlying contracts and recorded in Operating revenues and expenses. |
(c) | Reflects
the change in ComEd's distribution and energy efficiency formula rates. See Note 6 — Regulatory Matters for additional information. |
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Cash
and cash equivalents | $ | i 1,683 | $ | i 1,019 | $ | i 76 | $ | i 224 | $ | i 130 | $ | i 99 | $ | i 18 | $ | i 11 | $ | i 13 | |||||||||||||||||
Restricted
cash | i 309 | i 126 | i 124 | i 6 | i 1 | i 38 | i 34 | i — | i 3 | ||||||||||||||||||||||||||
Restricted
cash included in other long-term assets | i 186 | i — | i 171 | i — | i — | i 15 | i — | i — | i 15 | ||||||||||||||||||||||||||
Total
cash, cash equivalents and restricted cash | $ | i 2,178 | $ | i 1,145 | $ | i 371 | $ | i 230 | $ | i 131 | $ | i 152 | $ | i 52 | $ | i 11 | $ | i 31 | |||||||||||||||||
Cash
and cash equivalents | $ | i 1,349 | $ | i 750 | $ | i 135 | $ | i 130 | $ | i 7 | $ | i 124 | $ | i 16 | $ | i 23 | $ | i 7 | |||||||||||||||||
Restricted
cash | i 247 | i 153 | i 29 | i 5 | i 6 | i 43 | i 37 | i 1 | i 4 | ||||||||||||||||||||||||||
Restricted
cash included in other long-term assets | i 185 | i — | i 166 | i — | i — | i 19 | i — | i — | i 19 | ||||||||||||||||||||||||||
Total
cash, cash equivalents and restricted cash | $ | i 1,781 | $ | i 903 | $ | i 330 | $ | i 135 | $ | i 13 | $ | i 186 | $ | i 53 | $ | i 24 | $ | i 30 | |||||||||||||||||
Cash
and cash equivalents | $ | i 1,918 | $ | i 1,187 | $ | i 124 | $ | i 102 | $ | i 113 | $ | i 153 | $ | i 12 | $ | i 110 | $ | i 11 | |||||||||||||||||
Restricted
cash | i 240 | i 152 | i 12 | i 5 | i 3 | i 42 | i 35 | i — | i 7 | ||||||||||||||||||||||||||
Restricted
cash included in other long-term assets | i 163 | i — | i 144 | i — | i — | i 19 | i — | i — | i 19 | ||||||||||||||||||||||||||
Total
cash, cash equivalents and restricted cash | $ | i 2,321 | $ | i 1,339 | $ | i 280 | $ | i 107 | $ | i 116 | $ | i 214 | $ | i 47 | $ | i 110 | $ | i 37 | |||||||||||||||||
Cash
and cash equivalents | $ | i 898 | $ | i 416 | $ | i 76 | $ | i 271 | $ | i 17 | $ | i 30 | $ | i 5 | $ | i 2 | $ | i 2 | |||||||||||||||||
Restricted
cash | i 207 | i 138 | i 5 | i 4 | i 1 | i 42 | i 35 | i — | i 6 | ||||||||||||||||||||||||||
Restricted
cash included in other long-term assets | i 85 | i — | i 63 | i — | i — | i 23 | i — | i — | i 23 | ||||||||||||||||||||||||||
Total
cash, cash equivalents and restricted cash | $ | i 1,190 | $ | i 554 | $ | i 144 | $ | i 275 | $ | i 18 | $ | i 95 | $ | i 40 | $ | i 2 | $ | i 31 |
Unbilled
customer revenues | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
$ | i 1,256 | $ | i 676 | $ | i 212 | $ | i 102 | $ | i 103 | $ | i 163 | $ | i 91 | $ | i 38 | $ | i 34 | ||||||||||||||||||
i 1,656 | i 965 | i 223 | i 114 | i 168 | i 186 | i 97 | i 59 | i 30 |
Accrued
expenses | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Compensation-related
accruals(a) | $ | i 880 | $ | i 336 | $ | i 133 | $ | i 48 | $ | i 63 | $ | i 86 | $ | i 26 | $ | i 17 | $ | i 13 | |||||||||||||||||
Taxes
accrued | i 431 | i 247 | i 56 | i 13 | i 64 | i 80 | i 61 | i 17 | i 3 | ||||||||||||||||||||||||||
Interest
accrued | i 421 | i 106 | i 62 | i 33 | i 36 | i 78 | i 37 | i 20 | i 19 | ||||||||||||||||||||||||||
Compensation-related
accruals(a) | $ | i 1,191 | $ | i 479 | $ | i 187 | $ | i 49 | $ | i 68 | $ | i 99 | $ | i 29 | $ | i 19 | $ | i 12 | |||||||||||||||||
Taxes
accrued | i 412 | i 226 | i 71 | i 28 | i 46 | i 74 | i 58 | i 4 | i 5 | ||||||||||||||||||||||||||
Interest
accrued | i 334 | i 77 | i 105 | i 33 | i 39 | i 50 | i 25 | i 8 | i 12 |
(a) | Primarily
includes accrued payroll, bonuses and other incentives, vacation and benefits. |
• | Mid-Atlantic represents operations in the eastern half of PJM, which includes New Jersey, Maryland, Virginia, West Virginia, Delaware, the District of Columbia and parts of Pennsylvania and North Carolina. |
• | Midwest represents operations in the western half of PJM and the United States footprint of MISO, excluding MISO’s Southern Region. |
• | New
York represents operations within ISO-NY. |
• | ERCOT represents operations within Electric Reliability Council of Texas. |
• | Other Power Regions: |
• | New England represents the operations within ISO-NE. |
• | South
represents operations in the FRCC, MISO’s Southern Region, and the remaining portions of the SERC not included within MISO or PJM. |
• | West represents operations in the WECC, which includes California ISO. |
• | Canada represents operations across the entire country of Canada and includes AESO, OIESO and the Canadian portion of MISO. |
Generation(a) | ComEd | PECO | BGE | PHI | Other(b) | Intersegment Eliminations | Exelon | ||||||||||||||||||||||||
Operating
revenues(c): | |||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||
Competitive
businesses electric revenues | $ | i 4,314 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | ( i 275 | ) | $ | i 4,039 | ||||||||||||||
Competitive
businesses natural gas revenues | i 265 | i — | i — | i — | i — | i — | i 1 | i 266 | |||||||||||||||||||||||
Competitive
businesses other revenues | i 195 | i — | i — | i — | i — | i — | ( i 1 | ) | i 194 | ||||||||||||||||||||||
Rate-regulated
electric revenues | i — | i 1,583 | i 716 | i 619 | i 1,357 | i — | ( i 7 | ) | i 4,268 | ||||||||||||||||||||||
Rate-regulated
natural gas revenues | i — | i — | i 62 | i 84 | i 20 | i — | ( i 3 | ) | i 163 | ||||||||||||||||||||||
Shared
service and other revenues | i — | i — | i — | i — | i 3 | i 474 | ( i 478 | ) | ( i 1 | ) | |||||||||||||||||||||
Total
operating revenues | $ | i 4,774 | $ | i 1,583 | $ | i 778 | $ | i 703 | $ | i 1,380 | $ | i 474 | $ | ( i 763 | ) | $ | i 8,929 |
Generation(a) | ComEd | PECO | BGE | PHI | Other(b) | Intersegment Eliminations | Exelon | ||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||||||||
Competitive
businesses electric revenues | $ | i 4,741 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | ( i 306 | ) | $ | i 4,435 | ||||||||||||||
Competitive
businesses natural gas revenues | i 397 | i — | i — | i — | i — | i — | i — | i 397 | |||||||||||||||||||||||
Competitive
businesses other revenues | i 140 | i — | i — | i — | i — | i — | ( i 1 | ) | i 139 | ||||||||||||||||||||||
Rate-regulated
electric revenues | i — | i 1,598 | i 700 | i 645 | i 1,334 | i — | ( i 7 | ) | i 4,270 | ||||||||||||||||||||||
Rate-regulated
natural gas revenues | i — | i — | i 57 | i 86 | i 24 | i — | ( i 5 | ) | i 162 | ||||||||||||||||||||||
Shared
service and other revenues | i — | i — | i — | i — | i 3 | i 458 | ( i 461 | ) | i — | ||||||||||||||||||||||
Total
operating revenues | $ | i 5,278 | $ | i 1,598 | $ | i 757 | $ | i 731 | $ | i 1,361 | $ | i 458 | $ | ( i 780 | ) | $ | i 9,403 | ||||||||||||||
Intersegment
revenues(d): | |||||||||||||||||||||||||||||||
2019 | $ | i 275 | $ | i 4 | $ | i 1 | $ | i 6 | $ | i 4 | $ | i 474 | $ | ( i 764 | ) | $ | i — | ||||||||||||||
2018 | i 308 | i 4 | i 2 | i 6 | i 3 | i 456 | ( i 779 | ) | i — | ||||||||||||||||||||||
Depreciation
and amortization: | |||||||||||||||||||||||||||||||
2019 | $ | i 407 | $ | i 259 | $ | i 83 | $ | i 116 | $ | i 193 | $ | i 25 | $ | i — | $ | i 1,083 | |||||||||||||||
2018 | i 468 | i 237 | i 75 | i 110 | i 192 | i 23 | i — | i 1,105 | |||||||||||||||||||||||
Operating
expenses: | |||||||||||||||||||||||||||||||
2019 | $ | i 4,274 | $ | i 1,256 | $ | i 595 | $ | i 612 | $ | i 1,124 | $ | i 457 | $ | ( i 759 | ) | $ | i 7,559 | ||||||||||||||
2018 | i 4,961 | i 1,275 | i 603 | i 628 | i 1,116 | i 459 | ( i 790 | ) | i 8,252 | ||||||||||||||||||||||
Interest
expense, net: | |||||||||||||||||||||||||||||||
2019 | $ | i 109 | $ | i 91 | $ | i 33 | $ | i 31 | $ | i 66 | $ | i 79 | $ | i — | $ | i 409 | |||||||||||||||
2018 | i 101 | i 85 | i 32 | i 27 | i 65 | i 83 | i — | i 393 | |||||||||||||||||||||||
Income
(loss) before income taxes: | |||||||||||||||||||||||||||||||
2019 | $ | i 501 | $ | i 245 | $ | i 154 | $ | i 67 | $ | i 203 | $ | ( i 68 | ) | $ | i — | $ | i 1,102 | ||||||||||||||
2018 | i 389 | i 245 | i 124 | i 81 | i 191 | ( i 83 | ) | i — | i 947 | ||||||||||||||||||||||
Income
Taxes: | |||||||||||||||||||||||||||||||
2019 | $ | i 87 | $ | i 45 | $ | i 14 | $ | i 12 | $ | i 14 | $ | i — | $ | i — | $ | i 172 | |||||||||||||||
2018 | i 78 | i 52 | ( i 2 | ) | i 18 | i 4 | ( i 13 | ) | i — | i 137 | |||||||||||||||||||||
Net
income (loss): | |||||||||||||||||||||||||||||||
2019 | $ | i 244 | $ | i 200 | $ | i 140 | $ | i 55 | $ | i 189 | $ | ( i 68 | ) | $ | i — | $ | i 760 | ||||||||||||||
2018 | i 300 | i 193 | i 126 | i 63 | i 187 | ( i 69 | ) | i — | i 800 | ||||||||||||||||||||||
Capital
Expenditures | |||||||||||||||||||||||||||||||
2019 | $ | i 392 | $ | i 452 | $ | i 228 | $ | i 300 | $ | i 308 | $ | i 7 | $ | i — | $ | i 1,687 | |||||||||||||||
2018 | i 362 | i 514 | i 204 | i 233 | i 359 | i 18 | i — | i 1,690 |
(a) | Intersegment revenues for Generation in 2019 include revenue from sales to PECO of $ i 43
million, sales to BGE of $ i 65 million, sales to Pepco of $ i 65
million, sales to DPL of $ i 14 million and sales to ACE of $ i 3
million in the Mid-Atlantic region, and sales to ComEd of $ i 83 million in the Midwest region, which eliminate upon consolidation. Intersegment revenues for Generation in 2018 include revenue from sales to PECO of $ i 35
million, sales to BGE of $ i 69 million, sales to Pepco of $ i 46
million, sales to DPL of $ i 26 million and sales to ACE of $ i 10
million in the Mid-Atlantic region, and sales to ComEd of $ i 122 million in the Midwest region, which eliminate upon consolidation. |
(b) | Other
primarily includes Exelon’s corporate operations, shared service entities and other financing and investment activities. |
(c) | Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 17 — Supplemental Financial Information for additional information on total utility taxes. |
(d) | Intersegment
revenues exclude sales to unconsolidated affiliates. The intersegment profit associated with Generation’s sale of certain products and services by and between Exelon’s segments is not eliminated in consolidation due to the recognition of intersegment profit in accordance with regulatory accounting guidance. For Exelon, these amounts are included in Operating revenues in the Consolidated Statements of Operations and Comprehensive Income. |
Pepco | DPL | ACE | Other(b) | Intersegment Eliminations | PHI | ||||||||||||||||||
Operating
revenues(a): | |||||||||||||||||||||||
2019 | |||||||||||||||||||||||
Rate-regulated
electric revenues | $ | i 642 | $ | i 299 | $ | i 419 | $ | i — | $ | ( i 3 | ) | $ | i 1,357 | ||||||||||
Rate-regulated
natural gas revenues | i — | i 20 | i — | i — | i — | i 20 | |||||||||||||||||
Shared
service and other revenues | i — | i — | i — | i 92 | ( i 89 | ) | i 3 | ||||||||||||||||
Total
operating revenues | $ | i 642 | $ | i 319 | $ | i 419 | $ | i 92 | $ | ( i 92 | ) | $ | i 1,380 | ||||||||||
2018 | |||||||||||||||||||||||
Rate-regulated
electric revenues | $ | i 628 | $ | i 304 | $ | i 406 | $ | i — | $ | ( i 4 | ) | $ | i 1,334 | ||||||||||
Rate-regulated
natural gas revenues | i — | i 24 | i — | i — | i — | i 24 | |||||||||||||||||
Shared
service and other revenues | i — | i — | i — | i 103 | ( i 100 | ) | i 3 | ||||||||||||||||
Total
operating revenues | $ | i 628 | $ | i 328 | $ | i 406 | $ | i 103 | $ | ( i 104 | ) | $ | i 1,361 | ||||||||||
Intersegment
revenues: | |||||||||||||||||||||||
2019 | $ | i 2 | $ | i 1 | $ | i 1 | $ | i 93 | $ | ( i 93 | ) | $ | i 4 | ||||||||||
2018 | i 2 | i 2 | i 1 | i 103 | ( i 105 | ) | i 3 | ||||||||||||||||
Depreciation
and amortization: | |||||||||||||||||||||||
2019 | $ | i 95 | $ | i 46 | $ | i 43 | $ | i 9 | $ | i — | $ | i 193 | |||||||||||
2018 | i 99 | i 47 | i 38 | i 8 | i — | i 192 | |||||||||||||||||
Operating
expenses: | |||||||||||||||||||||||
2019 | $ | i 515 | $ | i 268 | $ | i 340 | $ | i 95 | $ | ( i 94 | ) | $ | i 1,124 | ||||||||||
2018 | i 516 | i 277 | i 322 | i 105 | ( i 104 | ) | i 1,116 | ||||||||||||||||
Interest
expense, net: | |||||||||||||||||||||||
2019 | $ | i 33 | $ | i 15 | $ | i 15 | $ | i 3 | $ | i — | $ | i 66 | |||||||||||
2018 | i 32 | i 15 | i 16 | i 2 | i — | i 65 | |||||||||||||||||
Income
(loss) before income taxes: | |||||||||||||||||||||||
2019 | $ | i 103 | $ | i 38 | $ | i 65 | $ | i 192 | $ | ( i 195 | ) | $ | i 203 | ||||||||||
2018 | i 87 | i 38 | i 69 | i 179 | ( i 182 | ) | i 191 | ||||||||||||||||
Income
Taxes: | |||||||||||||||||||||||
2019 | $ | i 5 | $ | i 5 | $ | i 2 | $ | i 3 | $ | ( i 1 | ) | $ | i 14 | ||||||||||
2018 | ( i 2 | ) | i 5 | i 8 | ( i 8 | ) | i 1 | i 4 | |||||||||||||||
Net
income (loss): | |||||||||||||||||||||||
2019 | $ | i 98 | $ | i 33 | $ | i 63 | $ | ( i 9 | ) | $ | i 4 | $ | i 189 | ||||||||||
2018 | i 89 | i 33 | i 61 | i 1 | i 3 | i 187 | |||||||||||||||||
Capital
Expenditures | |||||||||||||||||||||||
2019 | $ | i 157 | $ | i 85 | $ | i 73 | $ | ( i 7 | ) | $ | i — | $ | i 308 | ||||||||||
2018 | i 188 | i 88 | i 77 | i 6 | i — | i 359 |
(a) | Includes
gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 17 — Supplemental Financial Information for additional information on total utility taxes. |
(b) | Other primarily includes PHI’s corporate operations, shared service entities and other financing and investment activities. |
Three
Months Ended September 30, 2019 | |||||||||||||||||||
Revenues from external customers(a) | Intersegment revenues | Total Revenues | |||||||||||||||||
Contracts with customers | Other(b) | Total | |||||||||||||||||
Mid-Atlantic | $ | i 1,351 | $ | i 10 | $ | i 1,361 | $ | i 3 | $ | i 1,364 | |||||||||
Midwest | i 1,052 | i 47 | i 1,099 | ( i 17 | ) | i 1,082 | |||||||||||||
New
York | i 414 | i 15 | i 429 | i — | i 429 | ||||||||||||||
ERCOT | i 288 | i 72 | i 360 | i 5 | i 365 | ||||||||||||||
Other
Power Regions | i 873 | i 192 | i 1,065 | ( i 25 | ) | i 1,040 | |||||||||||||
Total
Competitive Businesses Electric Revenues | i 3,978 | i 336 | i 4,314 | ( i 34 | ) | i 4,280 | |||||||||||||
Competitive
Businesses Natural Gas Revenues | i 160 | i 105 | i 265 | i 34 | i 299 | ||||||||||||||
Competitive
Businesses Other Revenues(c) | i 112 | i 83 | i 195 | i — | i 195 | ||||||||||||||
Total
Generation Consolidated Operating Revenues | $ | i 4,250 | $ | i 524 | $ | i 4,774 | $ | i — | $ | i 4,774 |
Three
Months Ended September 30, 2018 | |||||||||||||||||||
Revenues from external customers(a) | Intersegment revenues | Total Revenues | |||||||||||||||||
Contracts with customers | Other(b) | Total | |||||||||||||||||
Mid-Atlantic | $ | i 1,397 | $ | i 52 | $ | i 1,449 | $ | i 7 | $ | i 1,456 | |||||||||
Midwest | i 1,095 | i 26 | i 1,121 | ( i 4 | ) | i 1,117 | |||||||||||||
New
York | i 475 | ( i 6 | ) | i 469 | i — | i 469 | |||||||||||||
ERCOT | i 156 | i 289 | i 445 | ( i 1 | ) | i 444 | |||||||||||||
Other
Power Regions | i 959 | i 298 | i 1,257 | ( i 45 | ) | i 1,212 | |||||||||||||
Total
Competitive Businesses Electric Revenues | i 4,082 | i 659 | i 4,741 | ( i 43 | ) | i 4,698 | |||||||||||||
Competitive
Businesses Natural Gas Revenues | i 200 | i 197 | i 397 | i 43 | i 440 | ||||||||||||||
Competitive
Businesses Other Revenues(c) | i 130 | i 10 | i 140 | i — | i 140 | ||||||||||||||
Total
Generation Consolidated Operating Revenues | $ | i 4,412 | $ | i 866 | $ | i 5,278 | $ | i — | $ | i 5,278 |
(a) | Includes
all wholesale and retail electric sales to third parties and affiliated sales to the Utility Registrants. |
(b) | Includes revenues from derivatives and leases. |
(c) | Other represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market gains of $ i 77
million and $ i 6 million in 2019 and 2018, respectively, and elimination of intersegment revenues. |
Three
Months Ended September 30, 2019 | Three Months Ended September 30, 2018 | ||||||||||||||||||||||
RNF from external customers(a) | Intersegment RNF | Total RNF | RNF from external customers(a) | Intersegment
RNF | Total RNF | ||||||||||||||||||
Mid-Atlantic | $ | i 684 | $ | i 5 | $ | i 689 | $ | i 746 | $ | i 17 | $ | i 763 | |||||||||||
Midwest | i 763 | ( i 16 | ) | i 747 | i 763 | i 5 | i 768 | ||||||||||||||||
New
York | i 288 | i 3 | i 291 | i 290 | i 2 | i 292 | |||||||||||||||||
ERCOT | i 76 | ( i 4 | ) | i 72 | i 161 | ( i 63 | ) | i 98 | |||||||||||||||
Other
Power Regions | i 212 | ( i 28 | ) | i 184 | i 226 | ( i 46 | ) | i 180 | |||||||||||||||
Total
Revenues net of purchased power and fuel for Reportable Segments | i 2,023 | ( i 40 | ) | i 1,983 | i 2,186 | ( i 85 | ) | i 2,101 | |||||||||||||||
Other(b) | i 100 | i 40 | i 140 | i 112 | i 85 | i 197 | |||||||||||||||||
Total
Generation Revenues net of purchased power and fuel expense | $ | i 2,123 | $ | i — | $ | i 2,123 | $ | i 2,298 | $ | i — | $ | i 2,298 |
(a) | Includes
purchases and sales from/to third parties and affiliated sales to the Utility Registrants. |
(b) | Other represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market gains of $ i 17
million and $ i 71 million in 2019 and 2018, respectively, accelerated nuclear fuel amortization associated with announced early plant retirements as discussed in Note 8 — Early Plant Retirements
of $ i 3 million and $ i 18
million decrease to RNF in 2019 and 2018, respectively, and the elimination of intersegment RNF. |
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||
Revenues
from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||
Rate-regulated
electric revenues | |||||||||||||||||||||||||||
Residential | $ | i 865 | $ | i 479 | $ | i 352 | $ | i 741 | $ | i 311 | $ | i 178 | $ | i 252 | |||||||||||||
Small
commercial & industrial | i 393 | i 109 | i 64 | i 147 | i 41 | i 48 | i 58 | ||||||||||||||||||||
Large
commercial & industrial | i 141 | i 63 | i 116 | i 297 | i 222 | i 26 | i 49 | ||||||||||||||||||||
Public
authorities & electric railroads | i 12 | i 9 | i 7 | i 17 | i 11 | i 3 | i 3 | ||||||||||||||||||||
Other(a) | i 222 | i 63 | i 82 | i 164 | i 58 | i 50 | i 56 | ||||||||||||||||||||
Total
rate-regulated electric revenues(b) | $ | i 1,633 | $ | i 723 | $ | i 621 | $ | i 1,366 | $ | i 643 | $ | i 305 | $ | i 418 | |||||||||||||
Rate-regulated
natural gas revenues | |||||||||||||||||||||||||||
Residential | $ | i — | $ | i 38 | $ | i 49 | $ | i 9 | $ | i — | $ | i 9 | $ | i — | |||||||||||||
Small
commercial & industrial | i — | i 17 | i 9 | i 4 | i — | i 4 | i — | ||||||||||||||||||||
Large
commercial & industrial | i — | i — | i 20 | i 1 | i — | i 1 | i — | ||||||||||||||||||||
Transportation | i — | i 5 | i — | i 4 | i — | i 4 | i — | ||||||||||||||||||||
Other(c) | i — | i 2 | i 5 | i 2 | i — | i 2 | i — | ||||||||||||||||||||
Total
rate-regulated natural gas revenues(d) | $ | i — | $ | i 62 | $ | i 83 | $ | i 20 | $ | i — | $ | i 20 | $ | i — | |||||||||||||
Total
rate-regulated revenues from contracts with customers | $ | i 1,633 | $ | i 785 | $ | i 704 | $ | i 1,386 | $ | i 643 | $ | i 325 | $ | i 418 | |||||||||||||
Other
revenues | |||||||||||||||||||||||||||
Revenues
from alternative revenue programs | $ | ( i 56 | ) | $ | ( i 11 | ) | $ | ( i 5 | ) | $ | ( i 9 | ) | $ | ( i 3 | ) | $ | ( i 6 | ) | $ | i 1 | |||||||
Other
rate-regulated electric revenues(e) | i 6 | i 4 | i 3 | i 3 | i 2 | i — | i — | ||||||||||||||||||||
Other
rate-regulated natural gas revenues(e) | i — | i — | i 1 | i — | i — | i — | i — | ||||||||||||||||||||
Total
other revenues | $ | ( i 50 | ) | $ | ( i 7 | ) | $ | ( i 1 | ) | $ | ( i 6 | ) | $ | ( i 1 | ) | $ | ( i 6 | ) | $ | i 1 | |||||||
Total
rate-regulated revenues for reportable segments | $ | i 1,583 | $ | i 778 | $ | i 703 | $ | i 1,380 | $ | i 642 | $ | i 319 | $ | i 419 |
Three
Months Ended September 30, 2018 | |||||||||||||||||||||||||||
Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||
Rate-regulated
electric revenues | |||||||||||||||||||||||||||
Residential | $ | i 861 | $ | i 458 | $ | i 366 | $ | i 726 | $ | i 306 | $ | i 180 | $ | i 240 | |||||||||||||
Small
commercial & industrial | i 391 | i 108 | i 68 | i 140 | i 39 | i 48 | i 53 | ||||||||||||||||||||
Large
commercial & industrial | i 131 | i 64 | i 117 | i 303 | i 230 | i 25 | i 48 | ||||||||||||||||||||
Public
authorities & electric railroads | i 11 | i 7 | i 7 | i 14 | i 8 | i 3 | i 3 | ||||||||||||||||||||
Other(a) | i 212 | i 59 | i 91 | i 156 | i 47 | i 47 | i 63 | ||||||||||||||||||||
Total
rate-regulated electric revenues(b) | $ | i 1,606 | $ | i 696 | $ | i 649 | $ | i 1,339 | $ | i 630 | $ | i 303 | $ | i 407 | |||||||||||||
Rate-regulated
natural gas revenues | |||||||||||||||||||||||||||
Residential | $ | i — | $ | i 36 | $ | i 46 | $ | i 8 | $ | i — | $ | i 8 | $ | i — | |||||||||||||
Small
commercial & industrial | i — | i 15 | i 8 | i 5 | i — | i 5 | i — | ||||||||||||||||||||
Large
commercial & industrial | i — | i — | i 17 | i 2 | i — | i 2 | i — | ||||||||||||||||||||
Transportation | i — | i 5 | i — | i 3 | i — | i 3 | i — | ||||||||||||||||||||
Other(c) | i — | i 1 | i 12 | i 6 | i — | i 6 | i — | ||||||||||||||||||||
Total
rate-regulated natural gas revenues(d) | $ | i — | $ | i 57 | $ | i 83 | $ | i 24 | $ | i — | $ | i 24 | $ | i — | |||||||||||||
Total
rate-regulated revenues from contracts with customers | $ | i 1,606 | $ | i 753 | $ | i 732 | $ | i 1,363 | $ | i 630 | $ | i 327 | $ | i 407 | |||||||||||||
Other
revenues | |||||||||||||||||||||||||||
Revenues
from alternative revenue programs | $ | ( i 15 | ) | $ | i 1 | $ | ( i 6 | ) | $ | ( i 5 | ) | $ | ( i 4 | ) | $ | i — | $ | ( i 1 | ) | ||||||||
Other
rate-regulated electric revenues(e) | i 7 | i 3 | i 4 | i 3 | i 2 | i 1 | i — | ||||||||||||||||||||
Other
rate-regulated natural gas revenues(e) | i — | i — | i 1 | i — | i — | i — | i — | ||||||||||||||||||||
Total
other revenues | $ | ( i 8 | ) | $ | i 4 | $ | ( i 1 | ) | $ | ( i 2 | ) | $ | ( i 2 | ) | $ | i 1 | $ | ( i 1 | ) | ||||||||
Total
rate-regulated revenues for reportable segments | $ | i 1,598 | $ | i 757 | $ | i 731 | $ | i 1,361 | $ | i 628 | $ | i 328 | $ | i 406 |
(a) | Includes
revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue. |
(b) | Includes operating revenues from affiliates of $ i 4 million, $ i 1
million, $ i 2 million, $ i 4
million, $ i 2 million, $ i 1
million and $ i 1 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2019 and $ i 4
million, $ i 2 million, $ i 1
million, $ i 3 million $ i 2
million, $ i 2 million and $ i 1
million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2018. |
(c) | Includes revenues from off-system natural gas sales. |
(d) | Includes operating revenues from affiliates of less than $1 million and $ i 4
million at PECO and BGE, respectively, in 2019 and less than $1 million and $ i 5 million at PECO and BGE, respectively, in 2018. |
(e) | Includes
late payment charge revenues. |
Generation(a) | ComEd | PECO | BGE | PHI | Other(b) | Intersegment Eliminations | Exelon | ||||||||||||||||||||||||
Operating
revenues(c): | |||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||
Competitive
businesses electric revenues | $ | i 12,365 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | ( i 840 | ) | $ | i 11,525 | ||||||||||||||
Competitive
businesses natural gas revenues | i 1,479 | i — | i — | i — | i — | i — | i — | i 1,479 | |||||||||||||||||||||||
Competitive
businesses other revenues | i 436 | i — | i — | i — | i — | i — | ( i 4 | ) | i 432 | ||||||||||||||||||||||
Rate-regulated
electric revenues | i — | i 4,342 | i 1,901 | i 1,817 | i 3,574 | i — | ( i 25 | ) | i 11,609 | ||||||||||||||||||||||
Rate-regulated
natural gas revenues | i — | i — | i 432 | i 510 | i 116 | i — | ( i 12 | ) | i 1,046 | ||||||||||||||||||||||
Shared
service and other revenues | i — | i — | i — | i — | i 10 | i 1,410 | ( i 1,415 | ) | i 5 | ||||||||||||||||||||||
Total
operating revenues | $ | i 14,280 | $ | i 4,342 | $ | i 2,333 | $ | i 2,327 | $ | i 3,700 | $ | i 1,410 | $ | ( i 2,296 | ) | $ | i 26,096 | ||||||||||||||
2018 | |||||||||||||||||||||||||||||||
Competitive
businesses electric revenues | $ | i 13,190 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | ( i 969 | ) | $ | i 12,221 | ||||||||||||||
Competitive
businesses natural gas revenues | i 1,839 | i — | i — | i — | i — | i — | ( i 8 | ) | i 1,831 | ||||||||||||||||||||||
Competitive
businesses other revenues | i 339 | i — | i — | i — | i — | i — | ( i 4 | ) | i 335 | ||||||||||||||||||||||
Rate-regulated
electric revenues | i — | i 4,508 | i 1,893 | i 1,850 | i 3,549 | i — | ( i 34 | ) | i 11,766 | ||||||||||||||||||||||
Rate-regulated
natural gas revenues | i — | i — | i 382 | i 519 | i 129 | i — | ( i 13 | ) | i 1,017 | ||||||||||||||||||||||
Shared
service and other revenues | i — | i — | i — | i — | i 10 | i 1,398 | ( i 1,408 | ) | i — | ||||||||||||||||||||||
Total
operating revenues | $ | i 15,368 | $ | i 4,508 | $ | i 2,275 | $ | i 2,369 | $ | i 3,688 | $ | i 1,398 | $ | ( i 2,436 | ) | $ | i 27,170 | ||||||||||||||
Shared
service and other revenues | |||||||||||||||||||||||||||||||
Intersegment
revenues(d): | |||||||||||||||||||||||||||||||
2019 | $ | i 844 | $ | i 13 | $ | i 4 | $ | i 18 | $ | i 11 | $ | i 1,410 | $ | ( i 2,300 | ) | $ | i — | ||||||||||||||
2018 | i 981 | i 23 | i 5 | i 18 | i 11 | i 1,392 | ( i 2,430 | ) | i — | ||||||||||||||||||||||
Depreciation
and amortization: | |||||||||||||||||||||||||||||||
2019 | $ | i 1,221 | $ | i 767 | $ | i 247 | $ | i 368 | $ | i 562 | $ | i 72 | $ | i — | $ | i 3,237 | |||||||||||||||
2018 | i 1,383 | i 696 | i 224 | i 358 | i 555 | i 68 | i — | i 3,284 | |||||||||||||||||||||||
Operating
expenses: | |||||||||||||||||||||||||||||||
2019 | $ | i 13,333 | $ | i 3,431 | $ | i 1,783 | $ | i 1,936 | $ | i 3,106 | $ | i 1,405 | $ | ( i 2,291 | ) | $ | i 22,703 | ||||||||||||||
2018 | i 14,475 | i 3,610 | i 1,853 | i 2,005 | i 3,165 | i 1,395 | ( i 2,467 | ) | i 24,036 | ||||||||||||||||||||||
Interest
expense, net: | |||||||||||||||||||||||||||||||
2019 | $ | i 336 | $ | i 268 | $ | i 100 | $ | i 89 | $ | i 197 | $ | i 231 | $ | i — | $ | i 1,221 | |||||||||||||||
2018 | i 305 | i 261 | i 96 | i 78 | i 193 | i 205 | i — | i 1,138 |
Generation(a) | ComEd | PECO | BGE | PHI | Other(b) | Intersegment Eliminations | Exelon | ||||||||||||||||||||||||
Income
(loss) before income taxes: | |||||||||||||||||||||||||||||||
2019 | $ | i 1,355 | $ | i 674 | $ | i 461 | $ | i 320 | $ | i 436 | $ | ( i 218 | ) | $ | i — | $ | i 3,028 | ||||||||||||||
2018 | i 800 | i 663 | i 331 | i 301 | i 363 | ( i 195 | ) | i — | i 2,263 | ||||||||||||||||||||||
Income
Taxes: | |||||||||||||||||||||||||||||||
2019 | $ | i 388 | $ | i 130 | $ | i 51 | $ | i 59 | $ | i 25 | $ | ( i 27 | ) | $ | i — | $ | i 626 | ||||||||||||||
2018 | i 110 | i 140 | ( i 5 | ) | i 59 | i 28 | ( i 70 | ) | i — | i 262 | |||||||||||||||||||||
Net
income (loss): | |||||||||||||||||||||||||||||||
2019 | $ | i 784 | $ | i 544 | $ | i 410 | $ | i 261 | $ | i 412 | $ | ( i 191 | ) | $ | i — | $ | i 2,220 | ||||||||||||||
2018 | i 667 | i 523 | i 336 | i 242 | i 336 | ( i 125 | ) | i — | i 1,979 | ||||||||||||||||||||||
Capital
Expenditures | |||||||||||||||||||||||||||||||
2019 | $ | i 1,282 | $ | i 1,413 | $ | i 675 | $ | i 842 | $ | i 1,006 | $ | i 41 | $ | i — | $ | i 5,259 | |||||||||||||||
2018 | i 1,660 | i 1,540 | i 615 | i 667 | i 988 | i 27 | i — | i 5,497 | |||||||||||||||||||||||
Total
assets: | |||||||||||||||||||||||||||||||
$ | i 47,984 | $ | i 32,326 | $ | i 11,379 | $ | i 10,304 | $ | i 22,576 | $ | i 8,254 | $ | ( i 10,085 | ) | $ | i 122,738 | |||||||||||||||
i 47,556 | i 31,213 | i 10,642 | i 9,716 | i 21,984 | i 8,355 | ( i 9,800 | ) | i 119,666 |
(a) | Intersegment
revenues for Generation in 2019 include revenue from sales to PECO of $ i 123 million, sales to BGE of $ i 199
million, sales to Pepco of $ i 188 million, sales to DPL of $ i 50
million and sales to ACE of $ i 16 million in the Mid-Atlantic region, and sales to ComEd of $ i 266
million in the Midwest region, which eliminate upon consolidation. Intersegment revenues for Generation in 2018 include revenue from sales to PECO of $ i 97 million, sales to BGE of $ i 198
million, sales to Pepco of $ i 143 million, sales to DPL of $ i 103
million and sales to ACE of $ i 21 million in the Mid-Atlantic region, and sales to ComEd of $ i 419
million in the Midwest region, which eliminate upon consolidation. |
(b) | Other primarily includes Exelon’s corporate operations, shared service entities and other financing and investment activities. |
(c) | Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 17 — Supplemental
Financial Information for additional information on total utility taxes. |
(d) | Intersegment revenues exclude sales to unconsolidated affiliates. The intersegment profit associated with Generation’s sale of certain products and services by and between Exelon’s segments is not eliminated in consolidation due to the recognition of intersegment profit in accordance with regulatory accounting guidance. For Exelon, these amounts are included in Operating revenues in the Consolidated Statements of Operations and Comprehensive Income. |
Pepco | DPL | ACE | Other(b) | Intersegment Eliminations | PHI | ||||||||||||||||||
Operating
revenues(a): | |||||||||||||||||||||||
2019 | |||||||||||||||||||||||
Rate-regulated
electric revenues | $ | i 1,748 | $ | i 871 | $ | i 966 | $ | ( i 1 | ) | $ | ( i 10 | ) | $ | i 3,574 | |||||||||
Rate-regulated
natural gas revenues | i — | i 116 | i — | i — | i — | i 116 | |||||||||||||||||
Shared
service and other revenues | i — | i — | i — | i 298 | ( i 288 | ) | i 10 | ||||||||||||||||
Total
operating revenues | $ | i 1,748 | $ | i 987 | $ | i 966 | $ | i 297 | $ | ( i 298 | ) | $ | i 3,700 | ||||||||||
2018 | |||||||||||||||||||||||
Rate-regulated
electric revenues | $ | i 1,708 | $ | i 872 | $ | i 981 | $ | i — | $ | ( i 12 | ) | $ | i 3,549 | ||||||||||
Rate-regulated
natural gas revenues | i — | i 129 | i — | i — | i — | i 129 | |||||||||||||||||
Shared
service and other revenues | i — | i — | i — | i 326 | ( i 316 | ) | i 10 | ||||||||||||||||
Total
operating revenues | $ | i 1,708 | $ | i 1,001 | $ | i 981 | $ | i 326 | $ | ( i 328 | ) | $ | i 3,688 | ||||||||||
Intersegment
revenues: | |||||||||||||||||||||||
2019 | $ | i 5 | $ | i 5 | $ | i 2 | $ | i 297 | $ | ( i 298 | ) | $ | i 11 | ||||||||||
2018 | i 5 | i 6 | i 2 | i 325 | ( i 327 | ) | i 11 | ||||||||||||||||
Depreciation
and amortization: | |||||||||||||||||||||||
2019 | $ | i 281 | $ | i 138 | $ | i 114 | $ | i 29 | $ | i — | $ | i 562 | |||||||||||
2018 | i 286 | i 135 | i 107 | i 27 | i — | i 555 | |||||||||||||||||
Operating
expenses: | |||||||||||||||||||||||
2019 | $ | i 1,444 | $ | i 820 | $ | i 838 | $ | i 302 | $ | ( i 298 | ) | $ | i 3,106 | ||||||||||
2018 | i 1,454 | i 859 | i 847 | i 329 | ( i 324 | ) | i 3,165 | ||||||||||||||||
Interest
expense, net: | |||||||||||||||||||||||
2019 | $ | i 100 | $ | i 45 | $ | i 44 | $ | i 8 | $ | i — | $ | i 197 | |||||||||||
2018 | i 96 | i 42 | i 48 | i 7 | i — | i 193 | |||||||||||||||||
Income
(loss) before income taxes: | |||||||||||||||||||||||
2019 | $ | i 226 | $ | i 132 | $ | i 89 | $ | i 411 | $ | ( i 422 | ) | $ | i 436 | ||||||||||
2018 | i 181 | i 107 | i 88 | i 326 | ( i 339 | ) | i 363 | ||||||||||||||||
Income
Taxes: | |||||||||||||||||||||||
2019 | $ | i 9 | $ | i 16 | $ | i 2 | $ | ( i 1 | ) | $ | ( i 1 | ) | $ | i 25 | |||||||||
2018 | i 7 | i 17 | i 12 | ( i 8 | ) | i — | i 28 | ||||||||||||||||
Net
income (loss): | |||||||||||||||||||||||
2019 | $ | i 217 | $ | i 116 | $ | i 87 | $ | ( i 19 | ) | $ | i 11 | $ | i 412 | ||||||||||
2018 | i 174 | i 90 | i 76 | ( i 15 | ) | i 11 | i 336 | ||||||||||||||||
Capital
Expenditures | |||||||||||||||||||||||
2019 | $ | i 455 | $ | i 245 | $ | i 300 | $ | i 6 | $ | i — | $ | i 1,006 | |||||||||||
2018 | i 475 | i 254 | i 247 | i 12 | i — | i 988 | |||||||||||||||||
Total
assets: | |||||||||||||||||||||||
$ | i 8,603 | $ | i 4,724 | $ | i 3,916 | $ | i 11,071 | $ | ( i 5,738 | ) | $ | i 22,576 | |||||||||||
i 8,299 | i 4,588 | i 3,699 | i 10,819 | ( i 5,421 | ) | i 21,984 |
(a) | Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 17
— Supplemental Financial Information for additional information on total utility taxes. |
(b) | Other primarily includes PHI’s corporate operations, shared service entities and other financing and investment activities. |
Nine
Months Ended September 30, 2019 | |||||||||||||||||||
Revenues from external customers(a) | Intersegment Revenues | Total Revenues | |||||||||||||||||
Contracts with customers | Other(b) | Total | |||||||||||||||||
Mid-Atlantic | $ | i 3,798 | $ | i 9 | $ | i 3,807 | $ | i 2 | $ | i 3,809 | |||||||||
Midwest | i 3,083 | i 172 | i 3,255 | ( i 31 | ) | i 3,224 | |||||||||||||
New
York | i 1,195 | i 16 | i 1,211 | i — | i 1,211 | ||||||||||||||
ERCOT | i 594 | i 198 | i 792 | i 13 | i 805 | ||||||||||||||
Other
Power Regions | i 2,849 | i 451 | i 3,300 | ( i 46 | ) | i 3,254 | |||||||||||||
Total
Competitive Businesses Electric Revenues | i 11,519 | i 846 | i 12,365 | ( i 62 | ) | i 12,303 | |||||||||||||
Competitive
Businesses Natural Gas Revenues | i 1,041 | i 438 | i 1,479 | i 62 | i 1,541 | ||||||||||||||
Competitive
Businesses Other Revenues(c) | i 343 | i 93 | i 436 | i — | i 436 | ||||||||||||||
Total
Generation Consolidated Operating Revenues | $ | i 12,903 | $ | i 1,377 | $ | i 14,280 | $ | i — | $ | i 14,280 |
Nine
Months Ended September 30, 2018 | |||||||||||||||||||
Revenues from external customers(a) | Intersegment revenues | Total Revenues | |||||||||||||||||
Contracts with customers | Other(b) | Total | |||||||||||||||||
Mid-Atlantic | $ | i 3,971 | $ | i 191 | $ | i 4,162 | $ | i 17 | $ | i 4,179 | |||||||||
Midwest | i 3,432 | i 169 | i 3,601 | ( i 8 | ) | i 3,593 | |||||||||||||
New
York | i 1,305 | ( i 37 | ) | i 1,268 | i 1 | i 1,269 | |||||||||||||
ERCOT | i 470 | i 459 | i 929 | i 1 | i 930 | ||||||||||||||
Other
Power Regions | i 2,656 | i 574 | i 3,230 | ( i 116 | ) | i 3,114 | |||||||||||||
Total
Competitive Businesses Electric Revenues | i 11,834 | i 1,356 | i 13,190 | ( i 105 | ) | i 13,085 | |||||||||||||
Competitive
Businesses Natural Gas Revenues | i 1,016 | i 823 | i 1,839 | i 105 | i 1,944 | ||||||||||||||
Competitive
Businesses Other Revenues(c) | i 385 | ( i 46 | ) | i 339 | i — | i 339 | |||||||||||||
Total
Generation Consolidated Operating Revenues | $ | i 13,235 | $ | i 2,133 | $ | i 15,368 | $ | i — | $ | i 15,368 |
(a) | Includes
all wholesale and retail electric sales to third parties and affiliated sales to the Utility Registrants. |
(b) | Includes revenues from derivatives and leases. |
(c) | Other represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market gains of $ i 64
million and losses of $ i 96 million in 2019 and 2018, respectively, and elimination of intersegment revenues. |
Nine
Months Ended September 30, 2019 | Nine Months Ended September 30, 2018 | ||||||||||||||||||||||
RNF from external customers(a) | Intersegment RNF | Total RNF | RNF from external customers(a) | Intersegment RNF | Total
RNF | ||||||||||||||||||
Mid-Atlantic | $ | i 2,007 | $ | i 16 | $ | i 2,023 | $ | i 2,303 | $ | i 45 | $ | i 2,348 | |||||||||||
Midwest | i 2,269 | ( i 22 | ) | i 2,247 | i 2,381 | i 19 | i 2,400 | ||||||||||||||||
New
York | i 800 | i 10 | i 810 | i 832 | i 9 | i 841 | |||||||||||||||||
ERCOT | i 252 | ( i 27 | ) | i 225 | i 396 | ( i 180 | ) | i 216 | |||||||||||||||
Other
Power Regions | i 542 | ( i 64 | ) | i 478 | i 740 | ( i 133 | ) | i 607 | |||||||||||||||
Total
Revenues net of purchased power and fuel expense for Reportable Segments | i 5,870 | ( i 87 | ) | i 5,783 | i 6,652 | ( i 240 | ) | i 6,412 | |||||||||||||||
Other(b) | i 262 | i 87 | i 349 | i 164 | i 240 | i 404 | |||||||||||||||||
Total
Generation Revenues net of purchased power and fuel expense | $ | i 6,132 | $ | i — | $ | i 6,132 | $ | i 6,816 | $ | i — | $ | i 6,816 |
(a) | Includes
purchases and sales from/to third parties and affiliated sales to the Utility Registrants. |
(b) | Other represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market losses of $ i 84
million and $ i 104 million in 2019 and 2018, respectively, accelerated nuclear fuel amortization associated with announced early plant retirements as discussed in Note 8 — Early Plant Retirements
of $ i 13 million and $ i 53
million decrease to RNF in 2019 and 2018, respectively, and the elimination of intersegment RNF. |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||
Revenues
from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||
Rate-regulated
electric revenues | |||||||||||||||||||||||||||
Residential | $ | i 2,221 | $ | i 1,231 | $ | i 1,019 | $ | i 1,816 | $ | i 792 | $ | i 499 | $ | i 525 | |||||||||||||
Small
commercial & industrial | i 1,103 | i 304 | i 193 | i 387 | i 114 | i 141 | i 132 | ||||||||||||||||||||
Large
commercial & industrial | i 399 | i 163 | i 335 | i 843 | i 633 | i 75 | i 135 | ||||||||||||||||||||
Public
authorities & electric railroads | i 35 | i 23 | i 20 | i 47 | i 27 | i 10 | i 10 | ||||||||||||||||||||
Other(a) | i 660 | i 186 | i 242 | i 481 | i 166 | i 151 | i 164 | ||||||||||||||||||||
Total
rate-regulated electric revenues(b) | i 4,418 | i 1,907 | i 1,809 | i 3,574 | i 1,732 | i 876 | i 966 | ||||||||||||||||||||
Rate-regulated
natural gas revenues | |||||||||||||||||||||||||||
Residential | i — | i 285 | i 327 | i 64 | i — | i 64 | i — | ||||||||||||||||||||
Small
commercial & industrial | i — | i 122 | i 55 | i 30 | i — | i 30 | i — | ||||||||||||||||||||
Large
commercial & industrial | i — | i 1 | i 93 | i 4 | i — | i 4 | i — | ||||||||||||||||||||
Transportation | i — | i 18 | i — | i 11 | i — | i 11 | i — | ||||||||||||||||||||
Other(c) | i — | i 5 | i 19 | i 6 | i — | i 6 | i — | ||||||||||||||||||||
Total
rate-regulated natural gas revenues(d) | i — | i 431 | i 494 | i 115 | i — | i 115 | i — | ||||||||||||||||||||
Total
rate-regulated revenues from contracts with customers | i 4,418 | i 2,338 | i 2,303 | i 3,689 | i 1,732 | i 991 | i 966 | ||||||||||||||||||||
Other
revenues | |||||||||||||||||||||||||||
Revenues
from alternative revenue programs | ( i 98 | ) | ( i 16 | ) | i 11 | i 4 | i 10 | ( i 6 | ) | i — | |||||||||||||||||
Other
rate-regulated electric revenues(e) | i 22 | i 10 | i 10 | i 7 | i 6 | i 1 | i — | ||||||||||||||||||||
Other
rate-regulated natural gas revenues(e) | i — | i 1 | i 3 | i — | i — | i 1 | i — | ||||||||||||||||||||
Total
other revenues | ( i 76 | ) | ( i 5 | ) | i 24 | i 11 | i 16 | ( i 4 | ) | i — | |||||||||||||||||
Total
rate-regulated revenues for reportable segments | $ | i 4,342 | $ | i 2,333 | $ | i 2,327 | $ | i 3,700 | $ | i 1,748 | $ | i 987 | $ | i 966 |
Nine
Months Ended September 30, 2018 | |||||||||||||||||||||||||||
Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||
Rate-regulated
electric revenues | |||||||||||||||||||||||||||
Residential | $ | i 2,277 | $ | i 1,199 | $ | i 1,054 | $ | i 1,839 | $ | i 792 | $ | i 513 | $ | i 534 | |||||||||||||
Small
commercial & industrial | i 1,132 | i 306 | i 196 | i 370 | i 104 | i 138 | i 128 | ||||||||||||||||||||
Large
commercial & industrial | i 411 | i 174 | i 325 | i 845 | i 632 | i 74 | i 139 | ||||||||||||||||||||
Public
authorities & electric railroads | i 36 | i 21 | i 21 | i 44 | i 24 | i 10 | i 10 | ||||||||||||||||||||
Other(a) | i 656 | i 181 | i 246 | i 446 | i 145 | i 129 | i 174 | ||||||||||||||||||||
Total
rate-regulated electric revenues(b) | i 4,512 | i 1,881 | i 1,842 | i 3,544 | i 1,697 | i 864 | i 985 | ||||||||||||||||||||
Rate-regulated
natural gas revenues | |||||||||||||||||||||||||||
Residential | i — | i 259 | i 345 | i 68 | i — | i 68 | i — | ||||||||||||||||||||
Small
commercial & industrial | i — | i 102 | i 55 | i 31 | i — | i 31 | i — | ||||||||||||||||||||
Large
commercial & industrial | i — | i 1 | i 88 | i 7 | i — | i 7 | i — | ||||||||||||||||||||
Transportation | i — | i 16 | i — | i 12 | i — | i 12 | i — | ||||||||||||||||||||
Other(c) | i — | i 4 | i 49 | i 11 | i — | i 11 | i — | ||||||||||||||||||||
Total
rate-regulated natural gas revenues(d) | i — | i 382 | i 537 | i 129 | i — | i 129 | i — | ||||||||||||||||||||
Total
rate-regulated revenues from contracts with customers | i 4,512 | i 2,263 | i 2,379 | i 3,673 | i 1,697 | i 993 | i 985 | ||||||||||||||||||||
Other
revenues | |||||||||||||||||||||||||||
Revenues
from alternative revenue programs | ( i 27 | ) | i 2 | ( i 23 | ) | i 7 | i 6 | i 5 | ( i 4 | ) | |||||||||||||||||
Other
rate-regulated electric revenues(e) | i 23 | i 10 | i 10 | i 8 | i 5 | i 3 | i — | ||||||||||||||||||||
Other
rate-regulated natural gas revenues(e) | i — | i — | i 3 | i — | i — | i — | i — | ||||||||||||||||||||
Total
other revenues | ( i 4 | ) | i 12 | ( i 10 | ) | i 15 | i 11 | i 8 | ( i 4 | ) | |||||||||||||||||
Total
rate-regulated revenues for reportable segments | $ | i 4,508 | $ | i 2,275 | $ | i 2,369 | $ | i 3,688 | $ | i 1,708 | $ | i 1,001 | $ | i 981 |
(a) | Includes
revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue. |
(b) | Includes operating revenues from affiliates of $ i 13 million, $ i 4
million, $ i 5 million, $ i 11
million, $ i 5 million, $ i 5
million and $ i 2 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2019 and $ i 23
million, $ i 5 million, $ i 5
million, $ i 11 million $ i 5
million, $ i 6 million and $ i 2
million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2018. |
(c) | Includes revenues from off-system natural gas sales. |
(d) | Includes operating revenues from affiliates of less than $1 million and $ i 13
million at PECO and BGE in 2019 and 2018, respectively. |
(e) | Includes late payment charge revenues. |
Item 2. | Management’s
Discussion and Analysis of Financial Condition and Results of Operations |
Three
Months Ended September 30, | Favorable (unfavorable) variance | Nine Months Ended September 30, | Favorable (unfavorable) variance | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Exelon | 772 | 733 | $ | 39 | $ | 2,164 | $ | 1,858 | $ | 306 | |||||||||||
Generation | 257 | 234 | 23 | 728 | 547 | 181 | |||||||||||||||
ComEd | 200 | 193 | 7 | 544 | 523 | 21 | |||||||||||||||
PECO | 140 | 126 | 14 | 410 | 336 | 74 | |||||||||||||||
BGE | 55 | 63 | (8 | ) | 261 | 242 | 19 | ||||||||||||||
PHI | 189 | 187 | 2 | 412 | 336 | 76 | |||||||||||||||
Pepco | 98 | 89 | 9 | 217 | 174 | 43 | |||||||||||||||
DPL | 33 | 33 | — | 116 | 90 | 26 | |||||||||||||||
ACE | 63 | 61 | 2 | 87 | 76 | 11 | |||||||||||||||
Other(a) | (69 | ) | (70 | ) | 1 | (191 | ) | (126 | ) | (65 | ) |
(a) | Primarily
includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investing activities. |
• | Absence
of accelerated depreciation and amortization due to the early retirement of the Oyster Creek nuclear facility in September 2018 and the absence of a charge associated with the remeasurement of the Oyster Creek ARO; |
• | Decreased nuclear outage days in 2019; |
• | Increased New York ZEC prices and the approval of the New Jersey ZEC program in the second quarter of 2019; |
• | A
benefit associated with the annual nuclear ARO update; |
• | Decreased Operating and maintenance expense, which includes the impacts of previous cost management programs and lower pension and OPEB costs; and |
• | Regulatory rate increases at PECO, BGE, Pepco, DPL and ACE. |
• | Lower
capacity prices; |
• | Lower mark-to-market gains; |
• | Lower realized energy prices; and |
• | Unfavorable weather conditions and volume at PECO. |
• | Higher
net unrealized and realized gains on NDT funds; |
• | Decreased accelerated depreciation and amortization due to the early retirement of the Oyster Creek nuclear facility in September 2018 and the absence of a charge associated with the remeasurement of the Oyster Creek ARO; |
• | Decreased Operating and maintenance expense which includes the impacts of previous cost management programs and lower pension and OPEB costs; |
• | Decreased
nuclear outage days in 2019; |
• | A benefit associated with the remeasurement of the TMI ARO in the first quarter of 2019 and the annual nuclear ARO update in the third quarter of 2019; |
• | Regulatory rate increases at PECO, BGE, Pepco, DPL, and ACE; and |
• | Decreased storms costs at PECO and BGE. |
• | Lower realized energy prices; |
• | Lower capacity prices; |
• | The absence of the revenues recognized in the first quarter of 2018 related to ZECs generated in Illinois from June through December 2017, partially offset by increased New York ZEC prices and the approval of the New
Jersey ZEC Program in the second quarter of 2019; |
• | Higher mark-to-market losses; and |
• | Unfavorable weather conditions and volume at PECO. |
Three
Months Ended September 30, | |||||||||||||||
2019 | 2018 | ||||||||||||||
(All amounts in millions after tax) | Earnings per Diluted Share | Earnings per Diluted Share | |||||||||||||
Net
Income Attributable to Common Shareholders | $ | 772 | $ | 0.79 | $ | 733 | $ | 0.76 | |||||||
Mark-to-Market
Impact of Economic Hedging Activities (net of taxes of $2 and $20, respectively) | (2 | ) | — | (55 | ) | (0.06 | ) | ||||||||
Unrealized
Gains Related to NDT Fund Investments (net of taxes of $34 and $4, respectively)(a) | (39 | ) | (0.04 | ) | (53 | ) | (0.06 | ) | |||||||
Asset Impairments
(net of taxes of $53 and $2, respectively)(b) | 113 | 0.12 | 6 | 0.01 | |||||||||||
Plant Retirements and Divestitures (net
of taxes of $40 and $70, respectively)(c) | 119 | 0.12 | 202 | 0.21 | |||||||||||
Cost Management Program (net of taxes
of $3 and $4, respectively)(d) | 14 | 0.01 | 13 | 0.01 | |||||||||||
Asset Retirement Obligation(e) (net
of taxes of $9 and $6, respectively) | (84 | ) | (0.09 | ) | 16 | 0.02 | |||||||||
Change in Environmental Liabilities (net
of taxes of $5 and $3, respectively) | 18 | 0.02 | (9 | ) | (0.01 | ) | |||||||||
Income Tax-Related Adjustments (entire amount represents tax expense)(f) | 13 | 0.01 | (18 | ) | (0.02 | ) | |||||||||
Noncontrolling
Interests (net of taxes of $3 and $4, respectively)(g) | (24 | ) | (0.02 | ) | 21 | 0.02 | |||||||||
Adjusted (non-GAAP) Operating Earnings | $ | 900 | $ | 0.92 | $ | 856 | $ | 0.88 |
Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | ||||||||||||||
(All
amounts in millions after tax) | Earnings per Diluted Share | Earnings per Diluted Share | |||||||||||||
Net Income Attributable to Common Shareholders | $ | 2,164 | $ | 2.22 | $ | 1,858 | $ | 1.92 | |||||||
Mark-to-Market
Impact of Economic Hedging Activities (net of taxes of $31 and $26, respectively) | 97 | 0.10 | 74 | 0.08 | |||||||||||
Unrealized (Gains) Losses Related to NDT Fund Investments (net
of taxes of $167 and $118, respectively)(a) | (181 | ) | (0.19 | ) | 94 | 0.10 | |||||||||
PHI Merger and Integration Costs (net
of taxes of $1) | — | — | 5 | — | |||||||||||
Asset Impairments (net of taxes of $54 and $13, respectively)(b) | 119 | 0.12 | 36 | 0.04 | |||||||||||
Plant
Retirements and Divestitures (net of taxes of $9 and $148, respectively)(c) | 114 | 0.12 | 422 | 0.43 | |||||||||||
Cost
Management Program (net of taxes of $10 and $10, respectively)(d) | 31 | 0.03 | 29 | 0.03 | |||||||||||
Litigation
Settlement Gain (net of taxes of $7) | (19 | ) | (0.02 | ) | — | — | |||||||||
Asset Retirement Obligation (net of taxes of $9 and $6, respectively)(e) | (84 | ) | (0.09 | ) | 16 | 0.02 | |||||||||
Change
in Environmental Liabilities (net of taxes of $5 and $1, respectively) | 18 | 0.02 | (4 | ) | — | ||||||||||
Income
Tax-Related Adjustments (entire amount represents tax expense)(f) | 13 | 0.01 | (27 | ) | (0.03 | ) | |||||||||
Noncontrolling
Interests (net of taxes of $18 and $9, respectively)(g) | 58 | 0.06 | (36 | ) | (0.04 | ) | |||||||||
Adjusted
(non-GAAP) Operating Earnings | $ | 2,329 | $ | 2.39 | $ | 2,467 | $ | 2.55 |
(a) | Reflects
the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact. |
(b) | In 2018, primarily reflects the impairment of certain wind projects at Generation. In 2019, primarily reflects the impairment of equity method investments in certain distributed energy companies. |
(c) | In 2018, primarily reflects accelerated
depreciation and amortization expenses and one-time charges associated with Generation's decision to early retire the Oyster Creek and TMI nuclear facilities, a charge associated with a remeasurement of the Oyster Creek ARO, partially offset by a gain associated with Generation's sale of its electrical contracting business. In 2019, primarily reflects accelerated depreciation and amortization expenses associated with the early retirement of the TMI nuclear facility and certain fossil sites and the loss on the sale of Oyster Creek to Holtec, partially offset by net realized gains related to Oyster Creek's NDT fund investments, a net benefit associated with remeasurements of the TMI ARO and a gain on the sale of certain wind assets. |
(d) | Primarily
represents reorganization costs related to cost management programs. |
(e) | In 2018, reflects an increase at Pepco related primarily to asbestos identified at its Buzzard Point property. In 2019, reflects a benefit related to Generation's annual nuclear ARO update for non-regulatory units. |
(f) | In 2018, reflects an adjustment to the remeasurement of deferred income taxes as a result of the TCJA. In 2019, primarily reflects the adjustment to deferred income taxes due to changes in forecasted apportionment. |
(g) | Represents
elimination from Generation’s results of the noncontrolling interests related to certain exclusion items. In 2018, primarily related to the impact of unrealized losses on NDT fund investments for CENG units. In 2019, primarily related to |
Registrant/Jurisdiction | Filing
Date | Requested Revenue Requirement (Decrease) Increase | Approved Revenue Requirement (Decrease) Increase | Approved ROE | Approval Date | Rate Effective Date | |||||
ComEd - Illinois (Electric) | $ | (23 | ) | $ | (24 | ) | 8.69 | % | |||
PECO - Pennsylvania (Electric) | $ | 82 | $ | 25 | N/A | ||||||
BGE - Maryland (Natural Gas) | June 8, 2018 (amended October 12, 2018) | $ | 61 | $ | 43 | 9.8 | % | ||||
ACE - New Jersey (Electric) | August 21, 2018 (amended November 19, 2018) | $ | 122 | $ | 70 | 9.6 | % | ||||
Pepco - Maryland (Electric) | January 15, 2019 (amended May 16, 2019) | $ | 27 | $ | 10 | 9.6 | % |
Registrant/Jurisdiction | Filing
Date | Requested Revenue Requirement (Decrease) Increase | Requested ROE | Expected Approval Timing | |||
ComEd - Illinois (Electric) | $ | (6 | ) | 8.91 | % | December 2019 | |
BGE
- Maryland (Electric)(a) | May 24, 2019 (amended October 4, 2019) | $ | 74 | 10.3 | % | December 2019 | |
BGE - Maryland (Natural Gas)(a) | May 24, 2019 (amended October
4, 2019) | $ | 59 | 10.3 | % | December 2019 | |
Pepco - District of Columbia (Electric) | May 30, 2019 (amended September 16, 2019) | $ | 160 | 10.3 | % | Fourth
quarter of 2020 |
(a) | On October 25, 2019, BGE filed a settlement agreement with the MDPSC. The settlement provides for an increase to BGE’s annual electric and natural gas distribution rates of $18 million and $45 million, respectively. |
Registrant | Initial Revenue Requirement Increase (Decrease) | Annual Reconciliation Increase (Decrease) | Total Revenue Requirement Increase (Decrease) | Allowed Return on Rate Base | Allowed
ROE | |||||
ComEd | 21 | (16 | ) | 5 | 8.21 | % | 11.50 | % | ||
BGE | (10 | ) | (23 | ) | (19 | ) | 7.35 | % | 10.50 | % |
Pepco | 15 | 11 | 26 | 7.75 | % | 10.50 | % | |||
DPL | 17 | (1 | ) | 16 | 7.14 | % | 10.50 | % | ||
ACE | 11 | (2 | ) | 9 | 7.79 | % | 10.50 | % |
• | An expansion of the current MOPR mechanism to cover all existing generating resources, regardless of resource type, including those receiving either ZEC or REC compensation, could protect the capacity markets from unwanted price suppression. |
• | A modified version of PJM’s existing Fixed Resource Requirement (FRR) option could enable state subsidized resources and a corresponding amount of load to be removed from the capacity
market, thereby alleviating their price suppressive effects on capacity clearing prices. Under this alternative, state supported generating resources would potentially be compensated through mechanisms other than through PJM’s existing market mechanism. |
Three
Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Operating
revenues | $ | 4,774 | $ | 5,278 | $ | (504 | ) | $ | 14,280 | $ | 15,368 | $ | (1,088 | ) | |||||||||
Purchased
power and fuel expense | 2,651 | 2,980 | 329 | 8,148 | 8,552 | 404 | |||||||||||||||||
Revenues
net of purchased power and fuel expense | 2,123 | 2,298 | (175 | ) | 6,132 | 6,816 | (684 | ) | |||||||||||||||
Other
operating expenses | |||||||||||||||||||||||
Operating and maintenance | 1,087 | 1,370 | 283 | 3,570 | 4,126 | 556 | |||||||||||||||||
Depreciation
and amortization | 407 | 468 | 61 | 1,221 | 1,383 | 162 | |||||||||||||||||
Taxes
other than income | 129 | 143 | 14 | 394 | 414 | 20 | |||||||||||||||||
Total
other operating expenses | 1,623 | 1,981 | 358 | 5,185 | 5,923 | 738 | |||||||||||||||||
(Loss)
gain on sales of assets and businesses | (18 | ) | (6 | ) | (12 | ) | 15 | 48 | (33 | ) | |||||||||||||
Operating
income | 482 | 311 | 171 | 962 | 941 | 21 | |||||||||||||||||
Other
income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (109 | ) | (101 | ) | (8 | ) | (336 | ) | (305 | ) | (31 | ) | |||||||||||
Other,
net | 128 | 179 | (51 | ) | 729 | 164 | 565 | ||||||||||||||||
Total
other income and (deductions) | 19 | 78 | (59 | ) | 393 | (141 | ) | 534 | |||||||||||||||
Income
before income taxes | 501 | 389 | 112 | 1,355 | 800 | 555 | |||||||||||||||||
Income
taxes | 87 | 78 | (9 | ) | 388 | 110 | (278 | ) | |||||||||||||||
Equity
in losses of unconsolidated affiliates | (170 | ) | (11 | ) | (159 | ) | (183 | ) | (23 | ) | (160 | ) | |||||||||||
Net
income | 244 | 300 | (56 | ) | 784 | 667 | 117 | ||||||||||||||||
Net
(loss) income attributable to noncontrolling interests | (13 | ) | 66 | 79 | 56 | 120 | 64 | ||||||||||||||||
Net
income attributable to membership interest | $ | 257 | $ | 234 | $ | 23 | $ | 728 | $ | 547 | $ | 181 |
• | Absence of accelerated depreciation and amortization due to the early retirement of the Oyster Creek nuclear facility in September 2018 and the absence of a charge associated with the remeasurement of the Oyster Creek ARO; |
• | Decreased
nuclear outage days in 2019; |
• | Increased New York ZEC prices and the approval of the New Jersey ZEC program in the second quarter of 2019; |
• | A benefit associated with the annual nuclear ARO update; and |
• | Decreased Operating and maintenance expense, which includes the impacts of previous cost management
programs and lower pension and OPEB costs. |
• | Lower capacity prices; |
• | Lower
mark-to-market gains; and |
• | Lower realized energy prices. |
• | Higher
net unrealized and realized gains on NDT funds; |
• | Decreased accelerated depreciation and amortization due to the early retirement of the Oyster Creek nuclear facility in September 2018 and the absence of a charge associated with the remeasurement of the Oyster Creek ARO; |
• | Decreased Operating and maintenance expense which includes the impacts of previous cost management programs and lower pension and OPEB costs; |
• | Decreased
nuclear outage days in 2019; and |
• | A benefit associated with the remeasurement of the TMI ARO in the first quarter of 2019 and the annual nuclear ARO update in the third quarter of 2019. |
• | Lower realized energy prices; |
• | Lower
capacity prices; |
• | The absence of the revenues recognized in the first quarter of 2018 related to ZECs generated in Illinois from June through December 2017, partially offset by increased New York ZEC prices and the approval of the New Jersey ZEC Program in the second quarter of 2019; and |
• | Higher mark-to-market losses. |
Three
Months Ended September 30, | Variance | % Change | Nine Months Ended September 30, | Variance | % Change | ||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||
Mid-Atlantic(a) | $ | 689 | $ | 763 | $ | (74 | ) | (9.7 | )% | $ | 2,023 | $ | 2,348 | $ | (325 | ) | (13.8 | )% | |||||||||||
Midwest(b) | 747 | 768 | (21 | ) | (2.7 | )% | 2,247 | 2,400 | (153 | ) | (6.4 | )% | |||||||||||||||||
New
York | 291 | 292 | (1 | ) | (0.3 | )% | 810 | 841 | (31 | ) | (3.7 | )% | |||||||||||||||||
ERCOT | 72 | 98 | (26 | ) | (26.5 | )% | 225 | 216 | 9 | 4.2 | % | ||||||||||||||||||
Other
Power Regions | 184 | 180 | 4 | 2.2 | % | 478 | 607 | (129 | ) | (21.3 | )% | ||||||||||||||||||
Total
electric revenue net of purchased power and fuel expense | 1,983 | 2,101 | (118 | ) | (5.6 | )% | 5,783 | 6,412 | (629 | ) | (9.8 | )% | |||||||||||||||||
Proprietary
Trading | (1 | ) | 5 | (6 | ) | (120.0 | )% | 10 | 39 | (29 | ) | (74.4 | )% | ||||||||||||||||
Mark-to-market
gains (losses) | 17 | 71 | (54 | ) | (76.1 | )% | (84 | ) | (104 | ) | 20 | (19.2 | )% | ||||||||||||||||
Other | 124 | 121 | 3 | 2.5 | % | 423 | 469 | (46 | ) | (9.8 | )% | ||||||||||||||||||
Total
revenue net of purchased power and fuel expense | $ | 2,123 | $ | 2,298 | $ | (175 | ) | (7.6 | )% | $ | 6,132 | $ | 6,816 | $ | (684 | ) | (10.0 | )% |
(a) | Includes
results of transactions with PECO, BGE, Pepco, DPL and ACE. |
(b) | Includes results of transactions with ComEd. |
Three
Months Ended September 30, | Variance | % Change | Nine Months Ended September 30, | Variance | % Change | ||||||||||||||||||
Supply source (GWhs) | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Nuclear
Generation(a) | |||||||||||||||||||||||
Mid-Atlantic | 15,281 | 16,197 | (916 | ) | (5.7 | )% | 44,436 | 48,924 | (4,488 | ) | (9.2 | )% | |||||||||||
Midwest | 23,730 | 23,834 | (104 | ) | (0.4 | )% | 71,459 | 70,532 | 927 | 1.3 | % | ||||||||||||
New
York | 7,204 | 6,518 | 686 | 10.5 | % | 20,783 | 19,758 | 1,025 | 5.2 | % | |||||||||||||
Total
Nuclear Generation | 46,215 | 46,549 | (334 | ) | (0.7 | )% | 136,678 | 139,214 | (2,536 | ) | (1.8 | )% | |||||||||||
Fossil
and Renewables | |||||||||||||||||||||||
Mid-Atlantic | 485 | 853 | (368 | ) | (43.1 | )% | 2,351 | 2,660 | (309 | ) | (11.6 | )% | |||||||||||
Midwest | 262 | 244 | 18 | 7.4 | % | 981 | 1,020 | (39 | ) | (3.8 | )% | ||||||||||||
New
York | 3 | 1 | 2 | 200.0 | % | 4 | 3 | 1 | 33.3 | % | |||||||||||||
ERCOT | 4,500 | 3,137 | 1,363 | 43.4 | % | 10,644 | 8,389 | 2,255 | 26.9 | % | |||||||||||||
Other
Power Regions | 3,135 | 3,628 | (493 | ) | (13.6 | )% | 8,789 | 10,692 | (1,903 | ) | (17.8 | )% | |||||||||||
Total
Fossil and Renewables | 8,385 | 7,863 | 522 | 6.6 | % | 22,769 | 22,764 | 5 | — | % | |||||||||||||
Purchased
Power | |||||||||||||||||||||||
Mid-Atlantic | 5,235 | 3,504 | 1,731 | 49.4 | % | 10,359 | 4,828 | 5,531 | 114.6 | % | |||||||||||||
Midwest | 124 | 174 | (50 | ) | (28.7 | )% | 662 | 733 | (71 | ) | (9.7 | )% | |||||||||||
ERCOT | 1,329 | 1,811 | (482 | ) | (26.6 | )% | 3,585 | 5,504 | (1,919 | ) | (34.9 | )% | |||||||||||
Other
Power Regions | 13,006 | 12,705 | 301 | 2.4 | % | 36,693 | 32,731 | 3,962 | 12.1 | % | |||||||||||||
Total
Purchased Power | 19,694 | 18,194 | 1,500 | 8.2 | % | 51,299 | 43,796 | 7,503 | 17.1 | % | |||||||||||||
Total
Supply/Sales by Region | |||||||||||||||||||||||
Mid-Atlantic(b) | 21,001 | 20,554 | 447 | 2.2 | % | 57,146 | 56,412 | 734 | 1.3 | % | |||||||||||||
Midwest(b) | 24,116 | 24,252 | (136 | ) | (0.6 | )% | 73,102 | 72,285 | 817 | 1.1 | % | ||||||||||||
New
York | 7,207 | 6,519 | 688 | 10.6 | % | 20,787 | 19,761 | 1,026 | 5.2 | % | |||||||||||||
ERCOT | 5,829 | 4,948 | 881 | 17.8 | % | 14,229 | 13,893 | 336 | 2.4 | % | |||||||||||||
Other
Power Regions | 16,141 | 16,333 | (192 | ) | (1.2 | )% | 45,482 | 43,423 | 2,059 | 4.7 | % | ||||||||||||
Total
Supply/Sales by Region | 74,294 | 72,606 | 1,688 | 2.3 | % | 210,746 | 205,774 | 4,972 | 2.4 | % |
(a) | Includes
the proportionate share of output where Generation has an undivided ownership interest in jointly-owned generating plants and includes the total output of plants that are fully consolidated (e.g. CENG). |
(b) | Includes affiliate sales to PECO, BGE, Pepco, DPL and ACE in the Mid-Atlantic region and affiliate sales to ComEd in the Midwest region. |
Increase/ (Decrease) | Three Months Ended September 30, 2019 | Increase/
(Decrease) | Nine Months Ended September 30, 2019 | |||||
Mid-Atlantic | $ | (74 | ) | • decreased capacity prices • decreased revenue due to permanent cease of generation operations at Oyster Creek in Q3 2018 • lower realized energy prices, partially offset by • increased ZEC revenues due to the approval of the NJ ZEC program in Q2 2019 | $ | (325 | ) | •
lower realized energy prices • decreased revenue due to permanent cease of generation operations at Oyster Creek in Q3 2018 • increased nuclear outage days primarily at Salem • decreased capacity prices, partially offset by • increased ZEC revenues due to the approval of the NJ ZEC program in Q2 2019 |
Midwest | (21 | ) | • decreased capacity prices partially offset by • higher realized energy prices | (153 | ) | •
the absence of the revenue recognized in the first quarter 2018 related to ZECs generated in Illinois from June through December 2017, partially offset by • higher realized energy prices and • decreased nuclear outage days | ||
New York | (1 | ) | • lower realized energy prices • decreased capacity prices, partially offset by • increased ZEC revenues due to higher ZEC prices and increased output at Fitzpatrick • decreased nuclear outage days | (31 | ) | •
lower realized energy prices • decreased capacity prices, partially offset by • increased ZEC revenues due to higher ZEC prices and increased output at Fitzpatrick • decreased nuclear outage days | ||
ERCOT | (26 | ) | • decrease due to higher procurement costs for owned and contracted assets | 9 | • higher realized energy prices, partially
offset by • higher procurements costs for owned and contracted assets | |||
Other Power Regions | 4 | • higher realized energy prices, partially offset by • decreased capacity prices | (129 | ) | • lower realized energy prices • decreased capacity prices | |||
Proprietary Trading | (6 | ) | •
congestion activity | (29 | ) | • congestion activity | ||
Mark-to-market(a) | (54 | ) | • gains on economic hedging activities of $17 million in 2019 compared to gains of $71 million in 2018 | 20 | • losses on economic hedging activities of $84 million in 2019 compared to losses
of $104 million in 2018 | |||
Other | 3 | • no significant changes | (46 | ) | • the impacts of declining natural gas prices, partially offset by • decrease in accelerated nuclear fuel amortization associated with announced early plant retirements | |||
Total | $ | (175 | ) | $ | (684 | ) |
(a) | See
Note 10 — Derivative Financial Instruments for additional information on mark-to-market losses. |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Nuclear fleet capacity factor | 95.5 | % | 93.6 | % | 95.9 | % | 94.4 | % | |||
Refueling
outage days | 15 | 36 | 145 | 198 | |||||||
Non-refueling outage days | 15 | 12 | 43 | 20 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Increase
(Decrease) | Increase (Decrease) | ||||||
Labor, other benefits, contracting, materials(a) | $ | (77 | ) | $ | (135 | ) | |
Nuclear refueling outage costs, including the co-owned Salem plants | (35 | ) | (52 | ) | |||
Corporate
allocations | (12 | ) | (41 | ) | |||
Insurance(b) | — | 31 | |||||
Merger and integration costs | — | (5 | ) | ||||
Plant
retirements and divestitures(c) | (78 | ) | (164 | ) | |||
Change in environmental liabilities | 13 | 6 | |||||
ARO update(d) | (66 | ) | (66 | ) | |||
Asset
Impairments(e) | (6 | ) | (38 | ) | |||
Pension and non-pension postretirement benefits expense | (11 | ) | (44 | ) | |||
Allowance for uncollectible
accounts | (1 | ) | (18 | ) | |||
Accretion expense | (11 | ) | (28 | ) | |||
Other | 1 | (2 | ) | ||||
Decrease
in Operating and maintenance expense | $ | (283 | ) | $ | (556 | ) |
(a) | Primarily reflects decreased costs related to the permanent cease of generation operations at Oyster Creek, lower labor costs resulting from previous cost
management programs, and lower pension and OPEB costs. |
(b) | Primarily reflects the absence of a supplemental NEIL insurance distribution received in the first quarter of 2018. |
(c) | Primarily due to the benefit recorded in the first quarter of 2019 for the remeasurement of the TMI ARO and the absence of a charge associated with the remeasurement of the Oyster Creek ARO in the third quarter of 2018. |
(d) | Primarily
reflects a benefit related to Generation's annual nuclear ARO update for non-regulatory units. |
(e) | Primarily due to the impairment of certain wind projects recorded in the second quarter of 2018. |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net unrealized gains (losses) on NDT funds(a) | $ | 55 | $ | 72 | $ | 236 | $ | (143 | ) | ||||||
Net
realized gains on sale of NDT funds(a) | 9 | 29 | 231 | 164 | |||||||||||
Interest and dividend income on NDT funds(a) | 24 | 29 | 85 | 93 | |||||||||||
Contractual
elimination of income tax expense(b) | 31 | 29 | 150 | 24 | |||||||||||
Other | 9 | 20 | 27 | 26 | |||||||||||
Total
other, net | $ | 128 | $ | 179 | $ | 729 | $ | 164 |
(a) | Unrealized
gains (losses), realized gains and interest and dividend income on the NDT funds are associated with the Non-Regulatory Agreement units. |
(b) | Contractual elimination of income tax expense is associated with the income taxes on the NDT funds of the Regulatory Agreement units. |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine
Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Operating
revenues | $ | 1,583 | $ | 1,598 | $ | (15 | ) | $ | 4,342 | $ | 4,508 | $ | (166 | ) | |||||||||
Purchased
power expense | 577 | 619 | 42 | 1,469 | 1,702 | 233 | |||||||||||||||||
Revenues
net of purchased power expense | 1,006 | 979 | 27 | 2,873 | 2,806 | 67 | |||||||||||||||||
Other
operating expenses | |||||||||||||||||||||||
Operating and maintenance | 340 | 337 | (3 | ) | 967 | 974 | 7 | ||||||||||||||||
Depreciation
and amortization | 259 | 237 | (22 | ) | 767 | 696 | (71 | ) | |||||||||||||||
Taxes
other than income | 80 | 82 | 2 | 228 | 238 | 10 | |||||||||||||||||
Total
other operating expenses | 679 | 656 | (23 | ) | 1,962 | 1,908 | (54 | ) | |||||||||||||||
Gain
on sales of assets | 1 | — | 1 | 4 | 5 | (1 | ) | ||||||||||||||||
Operating
income | 328 | 323 | 5 | 915 | 903 | 12 | |||||||||||||||||
Other
income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (91 | ) | (85 | ) | (6 | ) | (268 | ) | (261 | ) | (7 | ) | |||||||||||
Other,
net | 8 | 7 | 1 | 27 | 21 | 6 | |||||||||||||||||
Total
other income and (deductions) | (83 | ) | (78 | ) | (5 | ) | (241 | ) | (240 | ) | (1 | ) | |||||||||||
Income
before income taxes | 245 | 245 | — | 674 | 663 | 11 | |||||||||||||||||
Income
taxes | 45 | 52 | 7 | 130 | 140 | 10 | |||||||||||||||||
Net
income | $ | 200 | $ | 193 | $ | 7 | $ | 544 | $ | 523 | $ | 21 |
Three
Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Electric distribution | $ | 11 | $ | 48 | |||
Transmission
| 5 | 27 | |||||
Energy efficiency | 9 | 36 | |||||
Uncollectible accounts recovery, net | (3 | ) | (5 | ) | |||
Other | 5 | (39 | ) | ||||
Total
increase | $ | 27 | $ | 67 |
Three
Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor,
other benefits, contracting and materials(a) | $ | — | $ | (4 | ) | ||
Pension and non-pension postretirement benefits expense(b) | (8 | ) | (28 | ) | |||
Storm-related
costs | 7 | 25 | |||||
Uncollectible accounts expense — recovery, net(c) | (3 | ) | (5 | ) | |||
BSC costs | 12 | 6 | |||||
Other(a) | (5 | ) | (1 | ) | |||
Total
increase (decrease) | $ | 3 | $ | (7 | ) |
(a) | Reflects absence of mutual assistance expenses. An equal and offsetting decrease has been recognized in Operating revenues for the period presented. |
(b) | Primarily
reflects an increase in discount rates and the favorable impacts of the merger of two of Exelon’s pension plans effective in January 2019, partially offset by lower than expected asset returns in 2018. |
(c) | ComEd is allowed to recover from or refund to customers the difference between the utility’s annual uncollectible accounts expense and the amounts collected in rates annually through a rider mechanism. During the three and nine months ended September 30, 2019, ComEd recorded a net decrease in Operating and maintenance expense related to uncollectible accounts due to the timing of regulatory cost recovery. An equal and offsetting increase has been
recognized in Operating revenues for the period presented. |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Increase | Increase | ||||||
Depreciation
and amortization(a) | $ | 15 | $ | 45 | |||
Regulatory asset amortization(b) | 7 | 26 | |||||
Total
increase | $ | 22 | $ | 71 |
(a) | Reflects ongoing capital expenditures and higher depreciation rates effective January 2019. |
(b) | Includes
amortization of ComEd's energy efficiency formula rate regulatory asset. |
Three
Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Operating
revenues | $ | 778 | $ | 757 | $ | 21 | $ | 2,333 | $ | 2,275 | $ | 58 | |||||||||||
Purchased
power and fuel expense | 246 | 263 | 17 | 767 | 818 | 51 | |||||||||||||||||
Revenues
net of purchased power and fuel expense | 532 | 494 | 38 | 1,566 | 1,457 | 109 | |||||||||||||||||
Other
operating expenses | |||||||||||||||||||||||
Operating and maintenance | 219 | 219 | — | 643 | 686 | 43 | |||||||||||||||||
Depreciation
and amortization | 83 | 75 | (8 | ) | 247 | 224 | (23 | ) | |||||||||||||||
Taxes
other than income | 47 | 46 | (1 | ) | 126 | 125 | (1 | ) | |||||||||||||||
Total
other operating expenses | 349 | 340 | (9 | ) | 1,016 | 1,035 | 19 | ||||||||||||||||
Gain
on sales of assets | — | — | — | — | 1 | (1 | ) | ||||||||||||||||
Operating
income | 183 | 154 | 29 | 550 | 423 | 127 | |||||||||||||||||
Other
income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (33 | ) | (32 | ) | (1 | ) | (100 | ) | (96 | ) | (4 | ) | |||||||||||
Other,
net | 4 | 2 | 2 | 11 | 4 | 7 | |||||||||||||||||
Total
other income and (deductions) | (29 | ) | (30 | ) | 1 | (89 | ) | (92 | ) | 3 | |||||||||||||
Income
before income taxes | 154 | 124 | 30 | 461 | 331 | 130 | |||||||||||||||||
Income
taxes | 14 | (2 | ) | (16 | ) | 51 | (5 | ) | (56 | ) | |||||||||||||
Net
income | $ | 140 | $ | 126 | $ | 14 | $ | 410 | $ | 336 | $ | 74 |
Three
Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||||
Electric | Gas | Total | Electric | Gas | Total | ||||||||||||||||||
Weather | $ | (3 | ) | $ | (1 | ) | $ | (4 | ) | $ | (9 | ) | $ | (6 | ) | $ | (15 | ) | |||||
Volume | (7 | ) | 1 | (6 | ) | (11 | ) | 6 | (5 | ) | |||||||||||||
Pricing | 42 | — | 42 | 91 | 14 | 105 | |||||||||||||||||
Regulatory
required programs | 13 | 1 | 14 | 35 | 6 | 41 | |||||||||||||||||
Transmission | (11 | ) | — | (11 | ) | (17 | ) | — | (17 | ) | |||||||||||||
Other | 3 | — | 3 | — | — | — | |||||||||||||||||
Total
increase | $ | 37 | $ | 1 | $ | 38 | $ | 89 | $ | 20 | $ | 109 |
Heating and Cooling Degree-Days | Normal | %
Change | ||||||||||||
Three Months Ended September 30, | 2019 | 2018 | From 2018 | 2019 vs. Normal | ||||||||||
Heating Degree-Days | 2 | 13 | 27 | (84.6 | )% | (92.6 | )% | |||||||
Cooling
Degree-Days | 1,143 | 1,124 | 1,001 | 1.7 | % | 14.2 | % | |||||||
Nine
Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 2,704 | 2,892 | 2,890 | (6.5 | )% | (6.4 | )% | |||||||
Cooling
Degree-Days | 1,570 | 1,506 | 1,386 | 4.2 | % | 13.3 | % |
Electric Retail Deliveries to Customers (in GWhs) | Three Months Ended September 30, | % Change | Weather - Normal %
Change(b) | Nine Months Ended September 30, | % Change | Weather - Normal % Change(b) | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Residential | 4,106 | 4,166 | (1.4 | )% | (0.8 | )% | 10,568 | 10,741 | (1.6 | )% | (0.5 | )% | |||||||||||
Small
commercial & industrial | 2,203 | 2,315 | (4.8 | )% | (2.0 | )% | 6,093 | 6,273 | (2.9 | )% | (1.7 | )% | |||||||||||
Large
commercial & industrial | 4,109 | 4,378 | (6.1 | )% | (6.3 | )% | 11,449 | 11,892 | (3.7 | )% | (3.9 | )% | |||||||||||
Public
authorities & electric railroads | 183 | 189 | (3.2 | )% | (3.3 | )% | 560 | 568 | (1.4 | )% | (2.0 | )% | |||||||||||
Total
electric retail deliveries(a) | 10,601 | 11,048 | (4.0 | )% | (3.3 | )% | 28,670 | 29,474 | (2.7 | )% | (2.1 | )% |
As
of September 30, | |||||
Number of Electric Customers | 2019 | 2018 | |||
Residential | 1,489,046 | 1,476,914 | |||
Small commercial & industrial | 153,400 | 152,253 | |||
Large
commercial & industrial | 3,104 | 3,124 | |||
Public authorities & electric railroads | 9,775 | 9,561 | |||
Total | 1,655,325 | 1,641,852 |
(a) | Reflects
delivery volumes from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. |
(b) | Reflects the change in delivery volumes assuming normalized weather based on the historical 30-year average. |
Natural
Gas Deliveries to Customers (in mmcf) | Three Months Ended September 30, | % Change | Weather - Normal % Change(b) | Nine Months Ended September 30, | % Change | Weather - Normal %
Change(b) | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Residential | 2,109 | 2,099 | 0.5 | % | 7.9 | % | 26,678 | 28,562 | (6.6 | )% | 1.1 | % | |||||||||||
Small
commercial & industrial | 1,901 | 1,776 | 7.0 | % | 15.1 | % | 16,585 | 15,792 | 5.0 | % | 1.2 | % | |||||||||||
Large
commercial & industrial | 10 | 6 | 66.7 | % | 12.4 | % | 46 | 58 | (20.7 | )% | 6.0 | % | |||||||||||
Transportation | 5,395 | 5,693 | (5.2 | )% | (3.4 | )% | 19,087 | 19,242 | (0.8 | )% | 1.3 | % | |||||||||||
Total
natural gas retail deliveries(a) | 9,415 | 9,574 | (1.7 | )% | 2.5 | % | 62,396 | 63,654 | (2.0 | )% | 1.2 | % |
As
of September 30, | |||||
Number of Natural Gas Customers | 2019 | 2018 | |||
Residential | 484,676 | 479,732 | |||
Small commercial & industrial | 43,869 | 43,638 | |||
Large
commercial & industrial | 2 | 1 | |||
Transportation | 735 | 761 | |||
Total | 529,282 | 524,132 |
(a) | Reflects
delivery volumes from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. |
(b) | Reflects the change in delivery volumes assuming normalized weather based on the historical 30-year average. |
Three
Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor,
other benefits, contracting and materials | $ | (5 | ) | $ | 4 | ||
Storm-related costs(a) | 8 | (42 | ) | ||||
Pension
and non-pension postretirement benefits expense | (1 | ) | (4 | ) | |||
BSC costs | 2 | 4 | |||||
Other | (5 | ) | (6 | ) | |||
(1 | ) | (44 | ) | ||||
Regulatory
Required Programs | |||||||
Energy efficiency | 1 | 1 | |||||
Total decrease | $ | — | $ | (43 | ) |
(a) | Reflects
decreased storm costs due to the March 2018 winter storms. |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Increase | Increase
| ||||||
Depreciation and amortization(a) | $ | 7 | $ | 21 | |||
Regulatory asset amortization | 1 | 2 | |||||
Total
increase | $ | 8 | $ | 23 |
(a) | Depreciation and amortization increased primarily due to ongoing capital expenditures. |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine
Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Operating
revenues | $ | 703 | $ | 731 | $ | (28 | ) | $ | 2,327 | $ | 2,369 | $ | (42 | ) | |||||||||
Purchased
power and fuel expense | 235 | 272 | 37 | 804 | 881 | 77 | |||||||||||||||||
Revenues
net of purchased power and fuel expense | 468 | 459 | 9 | 1,523 | 1,488 | 35 | |||||||||||||||||
Other
operating expenses | |||||||||||||||||||||||
Operating and maintenance | 196 | 182 | (14 | ) | 569 | 578 | 9 | ||||||||||||||||
Depreciation
and amortization | 116 | 110 | (6 | ) | 368 | 358 | (10 | ) | |||||||||||||||
Taxes
other than income | 65 | 64 | (1 | ) | 195 | 188 | (7 | ) | |||||||||||||||
Total
other operating expenses | 377 | 356 | (21 | ) | 1,132 | 1,124 | (8 | ) | |||||||||||||||
Gain
on sales of assets | — | — | — | — | 1 | (1 | ) | ||||||||||||||||
Operating
income | 91 | 103 | (12 | ) | 391 | 365 | 26 | ||||||||||||||||
Other
income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (31 | ) | (27 | ) | (4 | ) | (89 | ) | (78 | ) | (11 | ) | |||||||||||
Other,
net | 7 | 5 | 2 | 18 | 14 | 4 | |||||||||||||||||
Total
other income and (deductions) | (24 | ) | (22 | ) | (2 | ) | (71 | ) | (64 | ) | (7 | ) | |||||||||||
Income
before income taxes | 67 | 81 | (14 | ) | 320 | 301 | 19 | ||||||||||||||||
Income
taxes | 12 | 18 | 6 | 59 | 59 | — | |||||||||||||||||
Net
income | $ | 55 | $ | 63 | $ | (8 | ) | $ | 261 | $ | 242 | $ | 19 |
Three
Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||||
Electric | Gas | Total | Electric | Gas | Total | ||||||||||||||||||
Distribution | $ | 2 | $ | 7 | $ | 9 | $ | 7 | $ | 48 | $ | 55 | |||||||||||
Regulatory
required programs | (1 | ) | 1 | — | (6 | ) | (3 | ) | (9 | ) | |||||||||||||
Transmission | 2 | — | 2 | (3 | ) | — | (3 | ) | |||||||||||||||
Other,
net | — | (2 | ) | (2 | ) | (4 | ) | (4 | ) | (8 | ) | ||||||||||||
Total
increase (decrease) | $ | 3 | $ | 6 | $ | 9 | $ | (6 | ) | $ | 41 | $ | 35 |
As of September 30, | |||||
Number of Electric
Customers | 2019 | 2018 | |||
Residential | 1,174,188 | 1,165,012 | |||
Small commercial & industrial | 114,301 | 114,082 | |||
Large
commercial & industrial | 12,296 | 12,218 | |||
Public authorities & electric railroads | 264 | 263 | |||
Total | 1,301,049 | 1,291,575 |
As
of September 30, | |||||
Number of Natural Gas Customers | 2019 | 2018 | |||
Residential | 636,030 | 631,589 | |||
Small commercial & industrial | 38,129 | 38,175 | |||
Large
commercial & industrial | 6,005 | 5,920 | |||
Total | 680,164 | 675,684 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Storm-related costs(a) | $ | (3 | ) | $ | (26 | ) | |
Labor,
other benefits, contracting and materials | 12 | 16 | |||||
Pension and non-pension postretirement benefits expense | — | 1 | |||||
Uncollectible accounts expense | (1 | ) | (1 | ) | |||
BSC
costs | 1 | 2 | |||||
Other | 5 | — | |||||
14 | (8 | ) | |||||
Regulatory
Required Programs | |||||||
Other | — | (1 | ) | ||||
Total increase (decrease) | $ | 14 | $ | (9 | ) |
(a) | For
the nine months ended September 30, 2019, reflects decreased storm costs due to the March 2018 winter storms. |
Three Months Ended September 30, 2019 | Nine
Months Ended September 30, 2019 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Depreciation and amortization(a) | $ | 4 | $ | 15 | |||
Regulatory
asset amortization | 2 | 3 | |||||
Regulatory required programs | — | (8 | ) | ||||
Total increase | $ | 6 | $ | 10 |
(a) | Depreciation
and amortization increased primarily due to ongoing capital expenditures. |
Three
Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
PHI | $ | 189 | $ | 187 | $ | 2 | $ | 412 | $ | 336 | $ | 76 | |||||||||||
Pepco | 98 | 89 | 9 | 217 | 174 | 43 | |||||||||||||||||
DPL | 33 | 33 | — | 116 | 90 | 26 | |||||||||||||||||
ACE | 63 | 61 | 2 | 87 | 76 | 11 | |||||||||||||||||
Other(a) | (5 | ) | 4 | (9 | ) | (8 | ) | (4 | ) | (4 | ) |
(a) | Primarily
includes eliminating and consolidating adjustments, PHI's corporate operations, shared service entities and other financing and investing activities. |
Three Months Ended September 30, | Favorable
(Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Operating
revenues | $ | 642 | $ | 628 | $ | 14 | $ | 1,748 | $ | 1,708 | $ | 40 | |||||||||||
Purchased
power expense | 181 | 177 | (4 | ) | 513 | 497 | (16 | ) | |||||||||||||||
Revenues
net of purchased power expense | 461 | 451 | 10 | 1,235 | 1,211 | 24 | |||||||||||||||||
Other
operating expenses | |||||||||||||||||||||||
Operating and maintenance | 135 | 136 | 1 | 364 | 383 | 19 | |||||||||||||||||
Depreciation
and amortization | 95 | 99 | 4 | 281 | 286 | 5 | |||||||||||||||||
Taxes
other than income | 104 | 104 | — | 286 | 288 | 2 | |||||||||||||||||
Total
other operating expenses | 334 | 339 | 5 | 931 | 957 | 26 | |||||||||||||||||
Operating
income | 127 | 112 | 15 | 304 | 254 | 50 | |||||||||||||||||
Other
income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (33 | ) | (32 | ) | (1 | ) | (100 | ) | (96 | ) | (4 | ) | |||||||||||
Other,
net | 9 | 7 | 2 | 22 | 23 | (1 | ) | ||||||||||||||||
Total
other income and (deductions) | (24 | ) | (25 | ) | 1 | (78 | ) | (73 | ) | (5 | ) | ||||||||||||
Income
before income taxes | 103 | 87 | 16 | 226 | 181 | 45 | |||||||||||||||||
Income
taxes | 5 | (2 | ) | (7 | ) | 9 | 7 | (2 | ) | ||||||||||||||
Net
income | $ | 98 | $ | 89 | $ | 9 | $ | 217 | $ | 174 | $ | 43 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Volume | $ | 4 | $ | 11 | |||
Distribution | 9 | 19 | |||||
Regulatory
required programs | (8 | ) | (26 | ) | |||
Transmission | 2 | 22 | |||||
Other | 3 | (2 | ) | ||||
Total
increase | $ | 10 | $ | 24 |
As of September 30, | |||||
Number
of Electric Customers | 2019 | 2018 | |||
Residential | 814,412 | 802,607 | |||
Small commercial & industrial | 54,130 | 53,700 | |||
Large
commercial & industrial | 22,240 | 21,927 | |||
Public authorities & electric railroads | 158 | 147 | |||
Total | 890,940 | 878,381 |
Three Months Ended September 30, 2019 | Nine
Months Ended September 30, 2019 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor, other benefits, contracting and materials | $ | (2 | ) | $ | (14 | ) | |
Pension
and non-pension postretirement benefits expense | 2 | 5 | |||||
Uncollectible accounts expense | 1 | (4 | ) | ||||
Storm-related costs | 2 | (1 | ) | ||||
BSC
and PHISCO costs | (2 | ) | (9 | ) | |||
Other | (2 | ) | 7 | ||||
(1 | ) | (16 | ) | ||||
Regulatory
required programs | — | (3 | ) | ||||
Total decrease | $ | (1 | ) | $ | (19 | ) |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Increase
(Decrease) | Increase (Decrease) | ||||||
Depreciation and amortization(a) | $ | 6 | $ | 17 | |||
Regulatory required programs | (10 | ) | (22 | ) | |||
Total
decrease | $ | (4 | ) | $ | (5 | ) |
(a) | Depreciation and amortization increased primarily due to ongoing capital expenditures. |
Three Months Ended September 30, | Favorable
(Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Operating
revenues | $ | 319 | $ | 328 | $ | (9 | ) | $ | 987 | $ | 1,001 | $ | (14 | ) | |||||||||
Purchased
power and fuel expense | 127 | 133 | 6 | 399 | 425 | 26 | |||||||||||||||||
Revenues
net of purchased power and fuel expense | 192 | 195 | (3 | ) | 588 | 576 | 12 | ||||||||||||||||
Other
operating expenses | |||||||||||||||||||||||
Operating
and maintenance | 80 | 82 | 2 | 240 | 256 | 16 | |||||||||||||||||
Depreciation
and amortization | 46 | 47 | 1 | 138 | 135 | (3 | ) | ||||||||||||||||
Taxes
other than income | 15 | 15 | — | 43 | 43 | — | |||||||||||||||||
Total
other operating expenses | 141 | 144 | 3 | 421 | 434 | 13 | |||||||||||||||||
Operating
income | 51 | 51 | — | 167 | 142 | 25 | |||||||||||||||||
Other
income and (deductions) | |||||||||||||||||||||||
Interest
expense, net | (15 | ) | (15 | ) | — | (45 | ) | (42 | ) | (3 | ) | ||||||||||||
Other,
net | 2 | 2 | — | 10 | 7 | 3 | |||||||||||||||||
Total
other income and (deductions) | (13 | ) | (13 | ) | — | (35 | ) | (35 | ) | — | |||||||||||||
Income
before income taxes | 38 | 38 | — | 132 | 107 | 25 | |||||||||||||||||
Income
taxes | 5 | 5 | — | 16 | 17 | 1 | |||||||||||||||||
Net
income | $ | 33 | $ | 33 | $ | — | $ | 116 | $ | 90 | $ | 26 |
Three
Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||||
Electric | Gas | Total | Electric | Gas | Total | ||||||||||||||||||
Weather | $ | — | $ | — | $ | — | $ | — | $ | (2 | ) | $ | (2 | ) | |||||||||
Volume | — | (1 | ) | (1 | ) | — | 1 | 1 | |||||||||||||||
Distribution | 1 | — | 1 | 3 | — | 3 | |||||||||||||||||
Regulatory
required programs | (2 | ) | 1 | (1 | ) | (6 | ) | 1 | (5 | ) | |||||||||||||
Transmission | 1 | — | 1 | 18 | — | 18 | |||||||||||||||||
Other | (3 | ) | — | (3 | ) | (3 | ) | — | (3 | ) | |||||||||||||
Total
increase (decrease) | $ | (3 | ) | $ | — | $ | (3 | ) | $ | 12 | $ | — | $ | 12 |
Delaware Electric Service Territory | %
Change | |||||||||||||
Three Months Ended September 30, | 2019 | 2018 | Normal | 2019 vs. 2018 | 2019 vs. Normal | |||||||||
Heating Degree-Days | 6 | 11 | 33 | (45.5 | )% | (81.8 | )% | |||||||
Cooling
Degree-Days | 1,043 | 1,027 | 871 | 1.6 | % | 19.7 | % | |||||||
%
Change | ||||||||||||||
Nine Months Ended September 30, | 2019 | 2018 | Normal | 2019 vs. 2018 | 2019 vs. Normal | |||||||||
Heating Degree-Days | 2,828 | 2,995 | 3,017 | (5.6 | )% | (6.3 | )% | |||||||
Cooling
Degree-Days | 1,429 | 1,376 | 1,198 | 3.9 | % | 19.3 | % |
Delaware
Natural Gas Service Territory | % Change | |||||||||||||
Three Months Ended September 30, | 2019 | 2018 | Normal | 2019
vs. 2018 | 2019 vs. Normal | |||||||||
Heating Degree-Days | 6 | 11 | 41 | (45.5 | )% | (85.4 | )% | |||||||
%
Change | ||||||||||||||
Nine Months Ended September 30, | 2019 | 2018 | Normal | 2019 vs. 2018 | 2019 vs. Normal | |||||||||
Heating Degree-Days | 2,828 | 2,995 | 3,031 | (5.6 | )% | (6.7 | )% |
Electric
Retail Deliveries to Delaware Customers (in GWhs) | Three Months Ended September 30, | % Change | Weather - Normal % Change(b) | Nine Months Ended September 30, | % Change | Weather
- Normal % Change(b) | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Residential | 947 | 945 | 0.2 | % | 0.3 | % | 2,450 | 2,485 | (1.4 | )% | (0.6 | )% | |||||||||||
Small
commercial & industrial | 387 | 376 | 2.9 | % | 2.5 | % | 1,013 | 1,027 | (1.4 | )% | (1.3 | )% | |||||||||||
Large
commercial & industrial | 924 | 973 | (5.0 | )% | (5.2 | )% | 2,600 | 2,730 | (4.8 | )% | (4.8 | )% | |||||||||||
Public
authorities & electric railroads | 8 | 8 | — | % | (1.1 | )% | 25 | 25 | — | % | 1.1 | % | |||||||||||
Total
electric retail deliveries(a) | 2,266 | 2,302 | (1.6 | )% | (1.7 | )% | 6,088 | 6,267 | (2.9 | )% | (2.6 | )% |
As
of September 30, | |||||
Number of Total Electric Customers (Maryland and Delaware) | 2019 | 2018 | |||
Residential | 466,972 | 463,017 | |||
Small commercial & industrial | 61,657 | 61,277 | |||
Large
commercial & industrial | 1,418 | 1,400 | |||
Public authorities & electric railroads | 616 | 622 | |||
Total | 530,663 | 526,316 |
(a) | Reflects
delivery volumes from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. |
(b) | Reflects the change in delivery volumes assuming normalized weather based on the historical 20-year average. |
Natural
Gas Retail Deliveries to Delaware Customers (in mmcf) | Three Months Ended September 30, | % Change | Weather - Normal % Change(b) | Nine Months Ended September 30, | % Change | Weather
- Normal % Change(b) | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Residential | 403 | 360 | 11.9 | % | 11.8 | % | 5,751 | 5,801 | (0.9 | )% | 3.8 | % | |||||||||||
Small
commercial & industrial | 386 | 309 | 24.9 | % | 22.9 | % | 2,972 | 2,831 | 5.0 | % | 8.9 | % | |||||||||||
Large
commercial & industrial | 407 | 454 | (10.4 | )% | (10.4 | )% | 1,372 | 1,438 | (4.6 | )% | (4.5 | )% | |||||||||||
Transportation | 1,212 | 1,260 | (3.8 | )% | (3.5 | )% | 4,905 | 4,893 | 0.2 | % | 1.6 | % | |||||||||||
Total
natural gas deliveries(a) | 2,408 | 2,383 | 1.0 | % | 1.4 | % | 15,000 | 14,963 | 0.2 | % | 3.3 | % |
As
of September 30, | |||||
Number of Delaware Natural Gas Customers | 2019 | 2018 | |||
Residential | 124,944 | 123,145 | |||
Small commercial & industrial | 9,885 | 9,798 | |||
Large
commercial & industrial | 18 | 19 | |||
Transportation | 158 | 154 | |||
Total | 135,005 | 133,116 |
(a) | Reflects
delivery volumes from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. |
(b) | Reflects the change in delivery volumes assuming normalized weather based on the historical 30-year average. |
Three
Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor,
other benefits, contracting and materials | $ | (2 | ) | $ | 1 | ||
Pension and non-pension postretirement benefits expense | 1 | 3 | |||||
Uncollectible
accounts expense | (3 | ) | (4 | ) | |||
Storm-related costs | 2 | (1 | ) | ||||
BSC and PHISCO costs | (1 | ) | (6 | ) | |||
Write-offs
of construction work in progress | — | (7 | ) | ||||
Other | 1 | (1 | ) | ||||
(2 | ) | (15 | ) | ||||
Regulatory
required programs | — | (1 | ) | ||||
Total decrease | $ | (2 | ) | $ | (16 | ) |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Increase
(Decrease) | Increase (Decrease) | ||||||
Depreciation and amortization(a) | $ | 4 | $ | 11 | |||
Regulatory asset amortization | (1 | ) | (1 | ) | |||
Regulatory
required programs | (4 | ) | (7 | ) | |||
Total increase (decrease) | $ | (1 | ) | $ | 3 |
(a) | Depreciation
and amortization increased primarily due to ongoing capital expenditures. |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine
Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Operating
revenues | $ | 419 | $ | 406 | $ | 13 | $ | 966 | $ | 981 | $ | (15 | ) | ||||||||||
Purchased
power expense | 210 | 198 | (12 | ) | 479 | 486 | 7 | ||||||||||||||||
Revenues
net of purchased power expense | 209 | 208 | 1 | 487 | 495 | (8 | ) | ||||||||||||||||
Other
operating expenses | |||||||||||||||||||||||
Operating and maintenance | 86 | 85 | (1 | ) | 241 | 250 | 9 | ||||||||||||||||
Depreciation
and amortization | 43 | 38 | (5 | ) | 114 | 107 | (7 | ) | |||||||||||||||
Taxes
other than income | 1 | 1 | — | 4 | 4 | — | |||||||||||||||||
Total
other operating expenses | 130 | 124 | (6 | ) | 359 | 361 | 2 | ||||||||||||||||
Operating
income | 79 | 84 | (5 | ) | 128 | 134 | (6 | ) | |||||||||||||||
Other
income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (15 | ) | (16 | ) | 1 | (44 | ) | (48 | ) | 4 | |||||||||||||
Other,
net | 1 | 1 | — | 5 | 2 | 3 | |||||||||||||||||
Total
other income and (deductions) | (14 | ) | (15 | ) | 1 | (39 | ) | (46 | ) | 7 | |||||||||||||
Income
before income taxes | 65 | 69 | (4 | ) | 89 | 88 | 1 | ||||||||||||||||
Income
taxes | 2 | 8 | 6 | 2 | 12 | 10 | |||||||||||||||||
Net
income | $ | 63 | $ | 61 | $ | 2 | $ | 87 | $ | 76 | $ | 11 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Weather | $ | (4 | ) | $ | (4 | ) | |
Volume | (4 | ) | (10 | ) | |||
Distribution | 16 | 21 | |||||
Regulatory
required programs | (12 | ) | (28 | ) | |||
Transmission | 7 | 15 | |||||
Other | (2 | ) | (2 | ) | |||
Total
increase (decrease) | $ | 1 | $ | (8 | ) |
Heating
and Cooling Degree-Days | Normal | % Change | ||||||||||||
Three Months Ended September 30, | 2019 | 2018 | 2019
vs. 2018 | 2019 vs. Normal | ||||||||||
Heating Degree-Days | 13 | 1 | 38 | 1,200.0 | % | (65.8 | )% | |||||||
Cooling
Degree-Days | 980 | 1,093 | 831 | (10.3 | )% | 17.9 | % | |||||||
Normal | %
Change | |||||||||||||
Nine Months Ended September 30, | 2019 | 2018 | 2019 vs. 2018 | 2019 vs. Normal | ||||||||||
Heating Degree-Days | 2,899 | 2,928 | 3,080 | (1.0 | )% | (5.9 | )% | |||||||
Cooling
Degree-Days | 1,330 | 1,447 | 1,129 | (8.1 | )% | 17.8 | % |
Electric
Retail Deliveries to Customers (in GWhs) | Three Months Ended September 30, | % Change | Weather - Normal % Change(b) | Nine Months Ended September 30, | % Change | Weather
- Normal % Change(b) | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Residential | 1,470 | 1,548 | (5.0 | )% | (1.6 | )% | 3,182 | 3,363 | (5.4 | )% | (3.9 | )% | |||||||||||
Small
commercial & industrial | 431 | 442 | (2.5 | )% | (0.5 | )% | 1,055 | 1,066 | (1.0 | )% | 0.1 | % | |||||||||||
Large
commercial & industrial | 938 | 1,030 | (8.9 | )% | (7.9 | )% | 2,600 | 2,725 | (4.6 | )% | (4.2 | )% | |||||||||||
Public
authorities & electric railroads | 10 | 10 | — | % | (3.9 | )% | 34 | 36 | (5.6 | )% | (5.9 | )% | |||||||||||
Total
electric retail deliveries(a) | 2,849 | 3,030 | (6.0 | )% | (3.7 | )% | 6,871 | 7,190 | (4.4 | )% | (3.4 | )% |
As of September 30, | |||||
Number of Electric Customers | 2019 | 2018 | |||
Residential | 493,720 | 489,961 | |||
Small
commercial & industrial | 61,376 | 61,141 | |||
Large commercial & industrial | 3,418 | 3,569 | |||
Public authorities & electric railroads | 676 | 656 | |||
Total | 559,190 | 555,327 |
(a) | Reflects
delivery volumes from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. |
(b) | Reflects the change in delivery volumes assuming normalized weather based on the historical 20-year average. |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor, other benefits, contracting and materials | $ | 2 | $ | (4 | ) | ||
Uncollectible
accounts expense(a) | (3 | ) | (9 | ) | |||
Storm-related costs | 1 | 1 | |||||
BSC and PHISCO costs | (1 | ) | (4 | ) | |||
Other | 3 | (4 | ) | ||||
2 | (20 | ) | |||||
Regulatory
required programs | (1 | ) | 11 | ||||
Total Increase (Decrease) | $ | 1 | $ | (9 | ) |
(a) | ACE
is allowed to recover from or refund to customers the difference between its annual uncollectible accounts expense and the amounts collected in rates annually through a rider mechanism. An equal and offsetting amount has been recognized in Operating revenues. |
Three
Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Depreciation and amortization(a) | $ | 8 | $ | 19 | |||
Regulatory
asset amortization(b) | 3 | 5 | |||||
Regulatory required programs | (6 | ) | (17 | ) | |||
Total increase | $ | 5 | $ | 7 |
(a) | Depreciation
and amortization increased primarily due to ongoing capital expenditures. |
(b) | Regulatory asset amortization increased primarily due to additional regulatory assets related to rate case activity. |
Increase
(Decrease) in cash flows from operating activities | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||
Net
income | $ | 241 | $ | 117 | $ | 21 | $ | 74 | $ | 19 | $ | 76 | $ | 43 | $ | 26 | $ | 11 | |||||||||||||||||
Adjustments
to reconcile net income to cash: | |||||||||||||||||||||||||||||||||||
Non-cash
operating activities | (399 | ) | (293 | ) | (35 | ) | 12 | 15 | (22 | ) | 13 | (18 | ) | (18 | ) | ||||||||||||||||||||
Pension
and non-pension postretirement benefit contributions | (15 | ) | (31 | ) | (30 | ) | (1 | ) | 5 | 51 | 1 | (1 | ) | 6 | |||||||||||||||||||||
Income
taxes | (23 | ) | 107 | 90 | 1 | 5 | 20 | (5 | ) | 11 | 8 | ||||||||||||||||||||||||
Changes
in working capital and other noncurrent assets and liabilities | (653 | ) | (367 | ) | (72 | ) | (40 | ) | (50 | ) | (93 | ) | (63 | ) | (31 | ) | 19 | ||||||||||||||||||
Option
premiums received, net | 49 | 49 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Collateral
posted, net | (476 | ) | (520 | ) | 53 | — | (6 | ) | — | — | — | — | |||||||||||||||||||||||
(Decrease)
Increase in cash flows from operating activities | $ | (1,276 | ) | $ | (938 | ) | $ | 27 | $ | 46 | $ | (12 | ) | $ | 32 | $ | (11 | ) | $ | (13 | ) | $ | 26 |
• | See Note 17 — Supplemental Financial Information of the Combined Notes to Consolidated Financial
Statements and the Registrants’ Consolidated Statement of Cash Flows for additional information on non-cash operating activity. |
• | Depending upon whether Generation is in a net mark-to-market liability or asset position, collateral may be required to be posted with or collected from its counterparties. In addition, the collateral posting and collection requirements differ depending on whether the transactions are on an exchange or in the OTC markets. |
Increase
(Decrease) in cash flows from investing activities | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||
Capital
expenditures | $ | 238 | $ | 378 | $ | 127 | $ | (60 | ) | $ | (175 | ) | $ | (18 | ) | $ | 20 | $ | 9 | $ | (53 | ) | |||||||||||||
Proceeds
from NDT fund sales, net | 180 | 180 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Acquisitions
of assets and businesses, net | 57 | 57 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Proceeds
from sales of assets and businesses | (73 | ) | (73 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other
investing activities | (8 | ) | (1 | ) | 3 | 1 | (4 | ) | 1 | (1 | ) | — | 1 | ||||||||||||||||||||||
Increase
(Decrease) in cash flows from investing activities | $ | 394 | $ | 541 | $ | 130 | $ | (59 | ) | $ | (179 | ) | $ | (17 | ) | $ | 19 | $ | 9 | $ | (52 | ) |
• | Variances in capital expenditures are primarily due to the timing of cash expenditures for capital projects. Refer to Liquidity and Capital Resources of the Exelon 2018 Form 10-K for additional information on projected capital expenditure spending. |
• | During
the nine months ended September 30, 2018, Exelon and Generation had proceeds of $79 million relating to the sale of its interest in an electrical contracting business. |
Increase
(Decrease) in cash flows from financing activities | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||
Changes
in short-term borrowings, net | $ | 398 | $ | — | $ | 387 | $ | — | $ | 42 | $ | (31 | ) | $ | (66 | ) | $ | 273 | $ | 37 | |||||||||||||||
Long-term
debt, net | (252 | ) | (69 | ) | (410 | ) | 125 | 100 | 13 | 50 | (196 | ) | (116 | ) | |||||||||||||||||||||
Changes
in intercompany money pool | — | (46 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Dividends
paid on common stock | (56 | ) | — | (35 | ) | 32 | (12 | ) | — | (45 | ) | (47 | ) | (54 | ) | ||||||||||||||||||||
Distributions
to member | — | 14 | — | — | — | (197 | ) | — | — | — | |||||||||||||||||||||||||
Contributions
from parent/member | — | (54 | ) | (200 | ) | 103 | 86 | 46 | 44 | (150 | ) | 155 | |||||||||||||||||||||||
Other
financing activities | 58 | 9 | 6 | 16 | (5 | ) | 1 | 1 | 3 | (1 | ) | ||||||||||||||||||||||||
Increase
(Decrease) in cash flows from financing activities | $ | 148 | $ | (146 | ) | $ | (252 | ) | $ | 276 | $ | 211 | $ | (168 | ) | $ | (16 | ) | $ | (117 | ) | $ | 21 |
• | Changes in short-term borrowings, net, is driven by repayments on and issuances of notes due in less than 90 days. Refer to 11 — Debt and Credit Agreements of the Consolidated Financial Statements for additional information on short-term borrowings. |
• | Long-term
debt, net, varies due to debt issuances and redemptions each year. Refer to 11 — Debt and Credit Agreements of the Consolidated Financial Statements for additional information on debt issuances. Refer to debt redemptions tables below for more information. |
• | Changes in intercompany money pool are driven by short-term borrowing needs. Refer to more information regarding the intercompany money pool below. |
• | Exelon’s
ability to pay dividends on its common stock depends on the receipt of dividends paid by its operating subsidiaries. The payments of dividends to Exelon by its subsidiaries in turn depend on their results of operations and cash flows and other items affecting retained earnings. See Note 16 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements of the Exelon 2018 Form 10-K for additional information on dividend restrictions. See below for quarterly dividends declared. |
Company
(a) | Type | Interest Rate | Maturity | Amount | |||||||
Exelon | Oracle Annual Lease Payment | 3.95 | % | $ | 18 | ||||||
Generation | Antelope Valley DOE Nonrecourse Debt | 2.33% - 3.56% | 12 | ||||||||
Generation | Kennett
Square Capital Lease | 7.83 | % | 3 | |||||||
Generation | Continental Wind Nonrecourse Debt | 6.00 | % | 32 | |||||||
Generation | Pollution control notes | 2.50 | % | 23 | |||||||
Generation | Renewable
Power Generation Nonrecourse Debt | 4.11 | % | 10 | |||||||
Generation | Energy Efficiency Project Financing | 3.46 | % | 39 | |||||||
Generation | ExGen Renewables IV Nonrecourse debt | 3mL +3% | 38 | ||||||||
Generation | Hannie
Mae, LLC Defense Financing | 4.12 | % | 1 | |||||||
Generation | Energy Efficiency Project Financing | 3.72 | % | 25 | |||||||
Generation | Nuclear fuel procurement contracts | 3.15 | % | 36 | |||||||
Generation | SolGen
Nonrecourse Debt | 3.93 | % | 2 | |||||||
Generation | Energy Efficiency Project Financing | 4.17 | % | 1 | |||||||
Generation | Energy Efficiency Project Financing | 3.53 | % | 1 | |||||||
Generation | Energy
Efficiency Project Financing | 4.26 | % | 1 | |||||||
ComEd | First Mortgage Bonds | 2.15 | % | 300 | |||||||
Pepco | Unsecured Tax-Exempt Bonds | 6.20 | % | 110 | |||||||
ACE | Transition
Bonds | 5.55 | % | 13 |
(a) |
Period | Declaration
Date | Shareholder of Record Date | Dividend Payable Date | Cash per Share(a) | ||||||
First Quarter 2019 | $ | 0.3625 | ||||||||
Second Quarter 2019 | $ | 0.3625 | ||||||||
Third Quarter 2019 | $ | 0.3625 |
(a) | Exelon's
Board of Directors approved an updated dividend policy providing an increase of 5% each year for the period covering 2018 through 2020. |
PJM Credit Policy Collateral | Other Incremental Collateral Required(a) | Available
Credit Facility Capacity Prior to Any Incremental Collateral | |||||||||
ComEd | $ | 10 | $ | — | $ | 995 | |||||
PECO | — | 28 | 600 | ||||||||
BGE | 12 | 26 | 594 | ||||||||
Pepco | 10 | — | 290 | ||||||||
DPL | 6 | 11 | 300 | ||||||||
ACE | — | — | 300 |
(a) | Represents
incremental collateral related to natural gas procurement contracts. |
Exelon Intercompany Money Pool | During the Three Months Ended September 30, 2019 | As
of September 30, 2019 | ||||||||||
Contributed (Borrowed) | Maximum Contributed | Maximum Borrowed | Contributed (Borrowed) | |||||||||
Exelon Corporate | $ | 260 | $ | — | $ | 206 | ||||||
Generation | 212 | — | — | |||||||||
PECO | 7 | (85 | ) | — | ||||||||
BSC | — | (338 | ) | (251 | ) | |||||||
PHI
Corporate | — | (10 | ) | (10 | ) | |||||||
PCI | 55 | — | 55 |
PHI
Intercompany Money Pool | During the Three Months Ended September 30, 2019 | As of September 30, 2019 | |||||||
Contributed (Borrowed) | Maximum Contributed | Maximum Borrowed | Contributed (Borrowed) | ||||||
Pepco | 63 | — | — | ||||||
DPL | — | (46 | ) | — | |||||
ACE | — | (29 | ) | — | |||||
PHISCO | 2 | — | 2 |
As of September 30, 2019 | ||||||||||||||||
Short-term
Financing Authority(a)(b) | Remaining Long-term Financing Authority(a) | |||||||||||||||
Commission | Expiration Date | Amount | Commission | Expiration Date | Amount | |||||||||||
ComEd(c) | FERC | $ | 2,500 | ICC | $ | 693 | ||||||||||
PECO | FERC | 1,500 | PAPUC | 1,575 | ||||||||||||
BGE | FERC | 700 | MDPSC | N/A | — | |||||||||||
Pepco | FERC | 500 | MDPSC / DCPSC | 141 | ||||||||||||
DPL | FERC | 500 | MDPSC / DPSC | 150 | ||||||||||||
ACE | NJBPU | 350 | NJBPU | 200 |
(a) | Generation
currently has blanket financing authority it received from FERC in connection with its market-based rate authority. |
(b) | On October 15, 2019, ComEd, PECO, BGE, Pepco and DPL filed applications with FERC and on September 12, 2019, ACE filed an application with NJBPU for renewal of their short-term financing authority through December 31, 2021. ComEd, PECO, BGE, Pepco, DPL and ACE expect approval of the applications before the end of the year. |
(c) | ComEd
had $693 million available in new money long-term debt financing authority from the ICC as of September 30, 2019 and has an expiration date of August 1, 2021. |
Exelon | Generation | ComEd | |||||||||
Total
mark-to-market energy contract net assets (liabilities) at December 31, 2018(a) | $ | 299 | $ | 548 | $ | (249 | ) | ||||
Total
change in fair value during 2019 of contracts recorded in results of operations | (273 | ) | (273 | ) | — | ||||||
Reclassification to realized of contracts recorded in results of operations | 215 | 215 | — | ||||||||
Changes
in fair value — recorded through regulatory assets and liabilities(b) | (31 | ) | — | (31 | ) | ||||||
Changes in allocated collateral | 364 | 364 | — | ||||||||
Net
option premium paid/(received) | (13 | ) | (13 | ) | — | ||||||
Option premium amortization | (21 | ) | (21 | ) | — | ||||||
Upfront
payments and amortizations(c) | (73 | ) | (73 | ) | — | ||||||
Total mark-to-market energy contract net assets (liabilities) at September 30, 2019(a) | $ | 467 | $ | 747 | $ | (280 | ) |
(a) | Amounts
are shown net of collateral paid to and received from counterparties. |
(b) | For ComEd, the changes in fair value are recorded as a change in regulatory assets or liabilities. As of September 30, 2019, ComEd recorded a regulatory liability of $280 million related to its mark-to-market derivative liabilities with Generation and unaffiliated suppliers. For the nine months ended September 30, 2019, ComEd recorded $31 million of decreases in fair value and an increase
for realized losses due to settlements of $17 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers. |
(c) | Includes derivative contracts acquired or sold by Generation through upfront payments or receipts of cash, excluding option premiums, and the associated amortizations |
Maturities
Within | Total Fair Value | ||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024
and Beyond | ||||||||||||||||||||||
Normal Operations, Commodity derivative contracts(a)(b): | |||||||||||||||||||||||||||
Actively
quoted prices (Level 1) | $ | (22 | ) | $ | (105 | ) | $ | (25 | ) | $ | (13 | ) | $ | 9 | $ | 9 | $ | (147 | ) | ||||||||
Prices
provided by external sources (Level 2) | 76 | (1 | ) | 47 | (10 | ) | — | — | 112 | ||||||||||||||||||
Prices
based on model or other valuation methods (Level 3)(c) | 65 | 442 | 116 | 33 | (6 | ) | (148 | ) | 502 | ||||||||||||||||||
Total | $ | 119 | $ | 336 | $ | 138 | $ | 10 | $ | 3 | $ | (139 | ) | $ | 467 |
(a) | Mark-to-market
gains and losses on other economic hedge and trading derivative contracts that are recorded in results of operations. |
(b) | Amounts are shown net of collateral paid to and received from counterparties (and offset against mark-to-market assets and liabilities) of $721 million at September 30, 2019. |
(c) | Includes ComEd’s net assets (liabilities) associated with the floating-to-fixed
energy swap contracts with unaffiliated suppliers. |
Maturities Within | Total Fair Value | ||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024
and Beyond | ||||||||||||||||||||||
Normal Operations, Commodity derivative contracts(a)(b): | |||||||||||||||||||||||||||
Actively
quoted prices (Level 1) | $ | (22 | ) | $ | (105 | ) | $ | (25 | ) | $ | (13 | ) | $ | 9 | $ | 9 | $ | (147 | ) | ||||||||
Prices
provided by external sources (Level 2) | 76 | (1 | ) | 47 | (10 | ) | — | — | 112 | ||||||||||||||||||
Prices
based on model or other valuation methods (Level 3) | 75 | 469 | 143 | 60 | 21 | 14 | 782 | ||||||||||||||||||||
Total | $ | 129 | $ | 363 | $ | 165 | $ | 37 | $ | 30 | $ | 23 | $ | 747 |
(a) | Mark-to-market
gains and losses on other economic hedge and trading derivative contracts that are recorded in the results of operations. |
(b) | Amounts are shown net of collateral paid to and received from counterparties (and offset against mark-to-market assets and liabilities) of $721 million at September 30, 2019. |
Maturities
Within | Total Fair Value | ||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024
and Beyond | ||||||||||||||||||||||
Commodity derivative contracts(a): | |||||||||||||||||||||||||||
Prices
based on model or other valuation methods (Level 3) | $ | (10 | ) | $ | (27 | ) | $ | (27 | ) | $ | (27 | ) | $ | (27 | ) | $ | (162 | ) | $ | (280 | ) |
(a) | Represents
ComEd’s net liabilities associated with the floating-to-fixed energy swap contracts with unaffiliated suppliers. |
Rating
as of September 30, 2019 | Total Exposure Before Credit Collateral | Credit Collateral(a) | Net Exposure | Number of Counterparties Greater than 10% of
Net Exposure | Net Exposure of Counterparties Greater than 10% of Net Exposure | |||||||||||||||
Investment grade | $ | 693 | $ | 10 | $ | 683 | $ | — | $ | — | ||||||||||
Non-investment
grade | 74 | 38 | 36 | |||||||||||||||||
No
external ratings | ||||||||||||||||||||
Internally rated — investment grade | 297 | 1 | 296 | |||||||||||||||||
Internally
rated — non-investment grade | 175 | 24 | 151 | |||||||||||||||||
Total | $ | 1,239 | $ | 73 | $ | 1,166 | $ | — | $ | — |
Maturity
of Credit Risk Exposure | ||||||||||||||||
Rating as of September 30, 2019 | Less than 2 Years | 2-5 Years | Exposure Greater than 5 Years | Total Exposure Before
Credit Collateral | ||||||||||||
Investment grade | $ | 649 | $ | 38 | $ | 6 | $ | 693 | ||||||||
Non-investment
grade | 76 | (2 | ) | — | 74 | |||||||||||
No external ratings | ||||||||||||||||
Internally
rated — investment grade | 234 | 35 | 28 | 297 | ||||||||||||
Internally rated — non-investment grade | 148 | 16 | 11 | 175 | ||||||||||||
Total | $ | 1,107 | $ | 87 | $ | 45 | $ | 1,239 |
Net
Credit Exposure by Type of Counterparty | As of September 30, 2019 | |||
Financial institutions | $ | 1 | ||
Investor-owned utilities, marketers, power producers | 875 | |||
Energy
cooperatives and municipalities | 255 | |||
Other | 35 | |||
Total | $ | 1,166 |
(a) | As
of September 30, 2019, credit collateral held from counterparties where Generation had credit exposure included $18 million of cash and $55 million of letters of credit. |
Exhibit No. | Description |
3.1* | |
10.1* | |
10.2* | |
10.3* | |
10.4* | |
10.5* | |
101.INS | XBRL
Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
101.SCH | XBRL Taxonomy Extension Schema Document. |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | XBRL
Taxonomy Extension Definition Linkbase Document. |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
/s/ JOSEPH
NIGRO | ||
President and Chief Executive Officer (Principal Executive Officer) and Director | Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |
/s/ FABIAN
E. SOUZA | ||
Senior Vice President and Corporate Controller (Principal Accounting Officer) |
/s/ BRYAN P. WRIGHT | ||
President and Chief Executive Officer (Principal Executive Officer) | Senior Vice President and Chief Financial Officer (Principal Financial Officer) | |
/s/ MATTHEW
N. BAUER | ||
Vice President and Controller (Principal Accounting Officer) |
/s/ JOSEPH DOMINGUEZ | /s/ JEANNE M. JONES | |
Chief Executive Officer (Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |
/s/ GERALD
J. KOZEL | ||
Vice President and Controller (Principal Accounting Officer) |
President and Chief Executive Officer (Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |
/s/ SCOTT
A. BAILEY | ||
Vice President and Controller (Principal Accounting Officer) |
/s/ DAVID M.
VAHOS | ||
Chief Executive Officer (Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |
/s/
ANDREW W. HOLMES | ||
Vice President and Controller (Principal Accounting Officer) |
President and Chief Executive Officer (Principal Executive Officer) | Senior
Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |
/s/ ROBERT M. AIKEN | ||
Vice
President and Controller (Principal Accounting Officer) |
President and Chief Executive Officer (Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |
/s/ ROBERT
M. AIKEN | ||
Vice President and Controller (Principal Accounting Officer) |
President and Chief Executive Officer (Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |
/s/ ROBERT
M. AIKEN | ||
Vice President and Controller (Principal Accounting Officer) |
President and Chief Executive Officer (Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |
/s/ ROBERT
M. AIKEN | ||
Vice President and Controller (Principal Accounting Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
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1/5/37 | ||||
9/30/36 | ||||
3/31/35 | ||||
2/28/33 | ||||
6/13/29 | ||||
5/21/29 | ||||
11/30/24 | ||||
11/28/24 | ||||
5/31/24 | ||||
5/1/24 | ||||
10/20/23 | ||||
6/30/23 | ||||
9/1/22 | ||||
6/1/22 | ||||
12/31/21 | ||||
9/16/21 | ||||
8/1/21 | ||||
1/1/21 | ||||
12/31/20 | ||||
9/30/20 | ||||
9/20/20 | ||||
8/31/20 | ||||
5/1/20 | 8-K | |||
4/15/20 | ||||
3/31/20 | 10-Q, 4, 424B2, FWP | |||
3/19/20 | CORRESP | |||
3/3/20 | ||||
1/30/20 | ||||
1/1/20 | ||||
12/31/19 | 10-K, 11-K, 4, 5 | |||
12/20/19 | ||||
11/30/19 | ||||
11/11/19 | ||||
11/3/19 | ||||
Filed on: | 10/31/19 | 8-K | ||
10/30/19 | ||||
10/29/19 | ||||
10/25/19 | ||||
10/22/19 | ||||
10/16/19 | ||||
10/15/19 | 8-K | |||
10/10/19 | ||||
10/8/19 | ||||
10/4/19 | 8-K | |||
10/1/19 | 4 | |||
For Period end: | 9/30/19 | 4 | ||
9/20/19 | ||||
9/16/19 | ||||
9/12/19 | 8-K | |||
9/10/19 | 424B5, 8-K | |||
8/31/19 | ||||
8/30/19 | 8-K, S-3ASR | |||
8/15/19 | ||||
8/13/19 | ||||
8/12/19 | ||||
8/9/19 | ||||
8/5/19 | ||||
7/31/19 | ||||
7/30/19 | ||||
7/25/19 | ||||
7/22/19 | ||||
7/18/19 | ||||
7/12/19 | 8-K | |||
7/1/19 | 4 | |||
6/30/19 | 10-Q, 4 | |||
6/10/19 | ||||
6/6/19 | ||||
6/5/19 | ||||
6/1/19 | ||||
5/30/19 | ||||
5/24/19 | ||||
5/23/19 | ||||
5/16/19 | ||||
5/15/19 | ||||
5/8/19 | 8-K | |||
4/30/19 | 8-K, DEF 14A | |||
4/26/19 | DEF 14C | |||
4/19/19 | ||||
4/18/19 | ||||
4/17/19 | ||||
4/15/19 | ||||
4/14/19 | ||||
4/12/19 | ||||
4/10/19 | ||||
4/8/19 | ||||
4/5/19 | ||||
4/1/19 | 4 | |||
3/31/19 | 10-Q, 4 | |||
3/25/19 | ||||
3/21/19 | ||||
3/20/19 | DEF 14A, DEFA14A | |||
3/14/19 | 4 | |||
3/13/19 | 4 | |||
3/11/19 | ||||
3/8/19 | ||||
3/1/19 | ||||
2/28/19 | ||||
2/21/19 | ||||
2/20/19 | ||||
2/5/19 | ||||
1/29/19 | 5 | |||
1/22/19 | 8-K | |||
1/15/19 | 8-K | |||
1/7/19 | ||||
1/4/19 | ||||
1/1/19 | ||||
12/31/18 | 10-K, 11-K, 4, 5 | |||
12/20/18 | ||||
12/19/18 | 11-K | |||
12/4/18 | 8-K/A | |||
11/19/18 | ||||
11/2/18 | ||||
10/12/18 | ||||
10/9/18 | 424B2, FWP | |||
10/2/18 | ||||
10/1/18 | 3, 4 | |||
9/30/18 | 10-Q, 4 | |||
9/27/18 | ||||
9/17/18 | 424B2, FWP | |||
9/13/18 | ||||
9/7/18 | ||||
8/21/18 | ||||
7/31/18 | ||||
7/18/18 | ||||
7/9/18 | 3, 8-K | |||
7/1/18 | 11-K | |||
6/30/18 | 10-Q, 4 | |||
6/8/18 | ||||
6/1/18 | 4, 8-K | |||
5/31/18 | ||||
5/25/18 | 8-K | |||
5/23/18 | 8-K | |||
5/16/18 | ||||
4/27/18 | DEF 14C | |||
4/16/18 | ||||
4/4/18 | ||||
3/31/18 | 10-Q, 4 | |||
3/29/18 | 8-K | |||
3/22/18 | ||||
2/28/18 | ||||
2/23/18 | 8-K | |||
2/2/18 | 8-K | |||
1/26/18 | ||||
1/25/18 | ||||
1/22/18 | ||||
1/16/18 | ||||
1/12/18 | ||||
1/1/18 | ||||
12/31/17 | 10-K, 11-K, 4, 5 | |||
12/18/17 | 8-K | |||
12/13/17 | 8-K | |||
12/1/17 | ||||
11/30/17 | 8-K | |||
11/16/17 | 8-K | |||
11/7/17 | 8-K | |||
10/31/17 | ||||
7/25/17 | ||||
7/14/17 | ||||
6/27/17 | ||||
6/1/17 | 25-NSE | |||
5/30/17 | 8-K | |||
5/1/17 | ||||
4/28/17 | DEF 14C, POSASR | |||
4/10/17 | DEFA14A | |||
3/23/17 | ||||
3/13/17 | ||||
2/14/17 | SC 13G/A | |||
1/13/17 | ||||
1/9/17 | ||||
12/13/16 | 4, 8-K | |||
11/30/16 | ||||
10/19/16 | ||||
8/1/16 | ||||
4/21/16 | ||||
3/21/16 | ||||
4/1/14 | 4, 8-K | |||
8/29/12 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/21/24 Exelon Corp. 10-K 12/31/23 322:89M 2/14/23 Exelon Corp. 10-K 12/31/22 279:68M 2/25/22 Exelon Corp. 10-K 12/31/21 313:198M 2/24/21 Exelon Corp. 10-K 12/31/20 310:85M |