Price Graph
Price
Yield
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Commission
File Number
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Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number
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IRS Employer Identification Number
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1-16169
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EXELON CORPORATION
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23-2990190
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(a Pennsylvania corporation)
10 South Dearborn Street
P.O. Box 805379
Chicago, Illinois 60680-5379
(800) 483-3220
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333-85496
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EXELON GENERATION COMPANY, LLC
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23-3064219
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(a Pennsylvania limited liability company)
300 Exelon Way
Kennett Square, Pennsylvania 19348-2473
(610) 765-5959
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1-1839
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COMMONWEALTH EDISON COMPANY
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36-0938600
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(an Illinois corporation)
440 South LaSalle Street
Chicago, Illinois 60605-1028
(312) 394-4321
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000-16844
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PECO ENERGY COMPANY
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23-0970240
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(a Pennsylvania corporation)
P.O. Box 8699
2301 Market Street
Philadelphia, Pennsylvania 19101-8699
(215) 841-4000
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1-1910
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BALTIMORE GAS AND ELECTRIC COMPANY
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52-0280210
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(a Maryland corporation)
2 Center Plaza
110 West Fayette Street
Baltimore, Maryland 21201-3708
(410) 234-5000
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001-31403
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PEPCO HOLDINGS LLC
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52-2297449
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(a Delaware limited liability company)
701 Ninth Street, N.W.
Washington, District of Columbia 20068
(202) 872-2000
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001-01072
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POTOMAC ELECTRIC POWER COMPANY
|
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53-0127880
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(a District of Columbia and Virginia corporation)
701 Ninth Street, N.W.
Washington, District of Columbia 20068
(202) 872-2000
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001-01405
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DELMARVA POWER & LIGHT COMPANY
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51-0084283
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(a Delaware and Virginia corporation)
500 North Wakefield Drive
Newark, Delaware 19702
(202) 872-2000
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001-03559
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ATLANTIC CITY ELECTRIC COMPANY
|
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21-0398280
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|
|
(a New Jersey corporation)
500 North Wakefield Drive
Newark, Delaware 19702
(202) 872-2000
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|
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Large Accelerated Filer
|
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Accelerated Filer
|
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Non-accelerated Filer
|
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Smaller Reporting Company
|
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Emerging Growth Company
|
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Exelon Corporation
|
x
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Exelon Generation Company, LLC
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x
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Commonwealth Edison Company
|
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x
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PECO Energy Company
|
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x
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Baltimore Gas and Electric Company
|
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x
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Pepco Holdings LLC
|
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x
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|
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Potomac Electric Power Company
|
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x
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Delmarva Power & Light Company
|
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x
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Atlantic City Electric Company
|
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|
|
x
|
|
|
|
|
|
Exelon Corporation Common Stock, without par value
|
967,009,746
|
|
Exelon Generation Company, LLC
|
not applicable
|
|
Commonwealth Edison Company Common Stock, $12.50 par value
|
127,021,324
|
|
PECO Energy Company Common Stock, without par value
|
170,478,507
|
|
Baltimore Gas and Electric Company Common Stock, without par value
|
1,000
|
|
Pepco Holdings LLC
|
not applicable
|
|
Potomac Electric Power Company Common Stock, $0.01 par value
|
100
|
|
Delmarva Power & Light Company Common Stock, $2.25 par value
|
1,000
|
|
Atlantic City Electric Company Common Stock, $3.00 par value
|
8,546,017
|
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Page No.
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Page No.
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GLOSSARY OF TERMS AND ABBREVIATIONS
|
||
|
Exelon Corporation and Related Entities
|
||
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Exelon
|
|
Exelon Corporation
|
|
Generation
|
|
Exelon Generation Company, LLC
|
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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
|
|
Legacy PHI
|
|
PHI, 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
|
|
Conectiv
|
|
Conectiv, LLC, a wholly owned subsidiary of PHI and the parent of DPL and ACE
|
|
ConEdison Solutions
|
|
The competitive retail electricity and natural gas business of Consolidated Edison Solutions, Inc., a subsidiary of Consolidated Edison, Inc.
|
|
Constellation
|
|
Constellation Energy Group, Inc.
|
|
EEDC
|
|
Exelon Energy Delivery Company, LLC
|
|
EGR IV
|
|
ExGen Renewables IV, LLC
|
|
EGTP
|
|
ExGen Texas Power, LLC
|
|
Entergy
|
|
Entergy Nuclear FitzPatrick, LLC
|
|
Exelon Corporate
|
|
Exelon in its corporate capacity as a holding company
|
|
Exelon Transmission Company
|
|
Exelon Transmission Company, LLC
|
|
Exelon Wind
|
|
Exelon Wind, LLC and Exelon Generation Acquisition Company, LLC
|
|
FitzPatrick
|
|
James A. FitzPatrick nuclear generating station
|
|
PCI
|
|
Potomac Capital Investment Corporation and its subsidiaries
|
|
PEC L.P.
|
|
PECO Energy Capital, L.P.
|
|
PECO Trust III
|
|
PECO Capital Trust III
|
|
PECO Trust IV
|
|
PECO Energy Capital Trust IV
|
|
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
|
|
RPG
|
|
Renewable Power Generation
|
|
SolGen
|
|
SolGen, LLC
|
|
GLOSSARY OF TERMS AND ABBREVIATIONS
|
||
|
Other Terms and Abbreviations
|
|
|
|
TMI
|
|
Three Mile Island nuclear facility
|
|
UII
|
|
Unicom Investments, Inc.
|
|
Note “—” of the Exelon 2017 Form 10-K
|
|
Reference to specific Combined Note to Consolidated Financial Statements within Exelon’s 2017 Annual Report on Form 10-K
|
|
AEC
|
|
Alternative Energy Credit that is issued for each megawatt hour of generation from a qualified alternative energy source
|
|
AESO
|
|
Alberta Electric Systems Operator
|
|
AFUDC
|
|
Allowance for Funds Used During Construction
|
|
AGE
|
|
Albany Green Energy Project
|
|
AMI
|
|
Advanced Metering Infrastructure
|
|
AMP
|
|
Advanced Metering Program
|
|
AOCI
|
|
Accumulated Other Comprehensive Income
|
|
ARC
|
|
Asset Retirement Cost
|
|
ARO
|
|
Asset Retirement Obligation
|
|
ARP
|
|
Alternative Revenue Program
|
|
BGS
|
|
Basic Generation Service
|
|
CAISO
|
|
California Independent System Operator
|
|
CAP
|
|
Customer Assistance Program
|
|
CCGTs
|
|
Combined-Cycle Gas Turbines
|
|
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
|
|
Conectiv Energy
|
|
Conectiv Energy Holdings, Inc. and substantially all of its subsidiaries, which were sold to Calpine in July 2010
|
|
CSAPR
|
|
Cross-State Air Pollution Rule
|
|
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
|
|
District of Columbia Public Service Commission
|
|
Default Electricity Supply
|
|
The supply of electricity by PHI’s electric utility subsidiaries at regulated rates to retail customers who do not elect to purchase electricity from a competitive supplier, and which, depending on the jurisdiction, is also known as Standard Offer Service or Basic Generation Service
|
|
DOE
|
|
United States Department of Energy
|
|
DOEE
|
|
Department of Energy & Environment
|
|
DOJ
|
|
United States Department of Justice
|
|
DPSC
|
|
Delaware Public Service Commission
|
|
DRP
|
|
Direct Stock Purchase and Dividend Reinvestment Plan
|
|
DSP
|
|
Default Service Provider
|
|
EDF
|
|
Electricite de France SA and its subsidiaries
|
|
GLOSSARY OF TERMS AND ABBREVIATIONS
|
||
|
Other Terms and Abbreviations
|
|
|
|
EE&C
|
|
Energy Efficiency and Conservation/Demand Response
|
|
EIMA
|
|
Energy Infrastructure Modernization Act (Illinois Senate Bill 1652 and Illinois House Bill 3036)
|
|
EmPower
|
|
A Maryland demand-side management program for Pepco and DPL
|
|
EPA
|
|
United States Environmental Protection Agency
|
|
EPSA
|
|
Electric Power Supply Association
|
|
ERCOT
|
|
Electric Reliability Council of Texas
|
|
ERISA
|
|
Employee Retirement Income Security Act of 1974, as amended
|
|
EROA
|
|
Expected Rate of Return on Assets
|
|
ESPP
|
|
Employee Stock Purchase Plan
|
|
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
|
|
GHG
|
|
Greenhouse Gas
|
|
GSA
|
|
Generation Supply Adjustment
|
|
GWh
|
|
Gigawatt hour
|
|
IBEW
|
|
International Brotherhood of Electrical Workers
|
|
ICC
|
|
Illinois Commerce Commission
|
|
ICE
|
|
Intercontinental Exchange
|
|
Illinois EPA
|
|
Illinois Environmental Protection Agency
|
|
Illinois Settlement Legislation
|
|
Legislation enacted in 2007 affecting electric utilities in Illinois
|
|
IPA
|
|
Illinois Power Agency
|
|
IRC
|
|
Internal Revenue Code
|
|
IRS
|
|
Internal Revenue Service
|
|
ISO
|
|
Independent System Operator
|
|
ISO-NE
|
|
Independent System Operator New England Inc.
|
|
ISO-NY
|
|
Independent System Operator New York
|
|
kV
|
|
Kilovolt
|
|
kW
|
|
Kilowatt
|
|
kWh
|
|
Kilowatt-hour
|
|
LIBOR
|
|
London Interbank Offered Rate
|
|
LLRW
|
|
Low-Level Radioactive Waste
|
|
LT Plan
|
|
Long-term renewable resources procurement plan
|
|
LTIP
|
|
Long-Term Incentive Plan
|
|
MAPP
|
|
Mid-Atlantic Power Pathway
|
|
MATS
|
|
U.S. EPA Mercury and Air Toxics Rule
|
|
MBR
|
|
Market Based Rates Incentive
|
|
GLOSSARY OF TERMS AND ABBREVIATIONS
|
||
|
Other Terms and Abbreviations
|
|
|
|
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
|
|
Moody’s
|
|
Moody’s Investor Service
|
|
MOPR
|
|
Minimum Offer Price Rule
|
|
MRV
|
|
Market-Related Value
|
|
MW
|
|
Megawatt
|
|
MWh
|
|
Megawatt hour
|
|
n.m.
|
|
not meaningful
|
|
NAAQS
|
|
National Ambient Air Quality Standards
|
|
NAV
|
|
Net Asset Value
|
|
NDT
|
|
Nuclear Decommissioning Trust
|
|
NEIL
|
|
Nuclear Electric Insurance Limited
|
|
NERC
|
|
North American Electric Reliability Corporation
|
|
NGS
|
|
Natural Gas Supplier
|
|
NJBPU
|
|
New Jersey Board of Public Utilities
|
|
NJDEP
|
|
New Jersey Department of Environmental Protection
|
|
NLRB
|
|
National Labor Relations Board
|
|
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
|
|
NPDES
|
|
National Pollutant Discharge Elimination System
|
|
NRC
|
|
Nuclear Regulatory Commission
|
|
NSPS
|
|
New Source Performance Standards
|
|
NUGs
|
|
Non-utility generators
|
|
NWPA
|
|
Nuclear Waste Policy Act of 1982
|
|
NYMEX
|
|
New York Mercantile Exchange
|
|
NYPSC
|
|
New York Public Service Commission
|
|
OCI
|
|
Other Comprehensive Income
|
|
OIESO
|
|
Ontario Independent Electricity System Operator
|
|
OPC
|
|
Office of People’s Counsel
|
|
OPEB
|
|
Other Postretirement Employee Benefits
|
|
PA DEP
|
|
Pennsylvania Department of Environmental Protection
|
|
PAPUC
|
|
Pennsylvania Public Utility Commission
|
|
PCB
|
|
Polychlorinated Biphenyl
|
|
PGC
|
|
Purchased Gas Cost Clause
|
|
PJM
|
|
PJM Interconnection, LLC
|
|
POLR
|
|
Provider of Last Resort
|
|
POR
|
|
Purchase of Receivables
|
|
PPA
|
|
Power Purchase Agreement
|
|
GLOSSARY OF TERMS AND ABBREVIATIONS
|
||
|
Other Terms and Abbreviations
|
|
|
|
Price-Anderson Act
|
|
Price-Anderson Nuclear Industries Indemnity Act of 1957
|
|
PRP
|
|
Potentially Responsible Parties
|
|
PSEG
|
|
Public Service Enterprise Group Incorporated
|
|
PV
|
|
Photovoltaic
|
|
RCRA
|
|
Resource Conservation and Recovery Act of 1976, as amended
|
|
REC
|
|
Renewable Energy Credit which is issued for each megawatt hour of generation from a qualified renewable energy source
|
|
Regulatory Agreement Units
|
|
Nuclear generating units or portions thereof whose decommissioning-related activities are subject to contractual elimination under regulatory accounting
|
|
RES
|
|
Retail Electric Suppliers
|
|
RFP
|
|
Request for Proposal
|
|
Rider
|
|
Reconcilable Surcharge Recovery Mechanism
|
|
RMC
|
|
Risk Management Committee
|
|
ROE
|
|
Return on equity
|
|
RPM
|
|
PJM Reliability Pricing Model
|
|
RPS
|
|
Renewable Energy Portfolio Standards
|
|
RSSA
|
|
Reliability Support Services Agreement
|
|
RTEP
|
|
Regional Transmission Expansion Plan
|
|
RTO
|
|
Regional Transmission Organization
|
|
S&P
|
|
Standard & Poor’s Ratings Services
|
|
SEC
|
|
United States Securities and Exchange Commission
|
|
SERC
|
|
SERC Reliability Corporation (formerly Southeast Electric Reliability Council)
|
|
SILO
|
|
Sale-In, Lease-Out
|
|
SNF
|
|
Spent Nuclear Fuel
|
|
SOS
|
|
Standard Offer Service
|
|
SPFPA
|
|
Security, Police and Fire Professionals of America
|
|
SPP
|
|
Southwest Power Pool
|
|
TCJA
|
|
Tax Cuts and Jobs Act
|
|
Transition Bond Charge
|
|
Revenue ACE receives, and pays to ACE Funding, to fund the principal and interest payments on Transition Bonds and related taxes, expenses and fees
|
|
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)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Operating revenues
|
|
|
|
|
|
|
|
||||||||
|
Competitive businesses revenues
|
$
|
4,971
|
|
|
$
|
4,455
|
|
|
$
|
14,387
|
|
|
$
|
12,955
|
|
|
Rate-regulated utility revenues
|
4,457
|
|
|
4,259
|
|
|
12,824
|
|
|
12,034
|
|
||||
|
Revenues from alternative revenue programs
|
(25
|
)
|
|
54
|
|
|
(41
|
)
|
|
191
|
|
||||
|
Total operating revenues
|
9,403
|
|
|
8,768
|
|
|
27,170
|
|
|
25,180
|
|
||||
|
Operating expenses
|
|
|
|
|
|
|
|
||||||||
|
Competitive businesses purchased power and fuel
|
2,977
|
|
|
2,316
|
|
|
8,542
|
|
|
7,268
|
|
||||
|
Rate-regulated utility purchased power and fuel
|
1,355
|
|
|
1,226
|
|
|
3,832
|
|
|
3,259
|
|
||||
|
Operating and maintenance
|
2,346
|
|
|
2,275
|
|
|
7,036
|
|
|
7,658
|
|
||||
|
Depreciation and amortization
|
1,105
|
|
|
1,002
|
|
|
3,284
|
|
|
2,814
|
|
||||
|
Taxes other than income
|
469
|
|
|
456
|
|
|
1,342
|
|
|
1,313
|
|
||||
|
Total operating expenses
|
8,252
|
|
|
7,275
|
|
|
24,036
|
|
|
22,312
|
|
||||
|
(Loss) gain on sales of assets and businesses
|
(5
|
)
|
|
(1
|
)
|
|
55
|
|
|
4
|
|
||||
|
Bargain purchase gain
|
—
|
|
|
7
|
|
|
—
|
|
|
233
|
|
||||
|
Operating income
|
1,146
|
|
|
1,499
|
|
|
3,189
|
|
|
3,105
|
|
||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
||||||||
|
Interest expense, net
|
(387
|
)
|
|
(377
|
)
|
|
(1,119
|
)
|
|
(1,165
|
)
|
||||
|
Interest expense to affiliates
|
(6
|
)
|
|
(9
|
)
|
|
(19
|
)
|
|
(29
|
)
|
||||
|
Other, net
|
194
|
|
|
210
|
|
|
212
|
|
|
643
|
|
||||
|
Total other income and (deductions)
|
(199
|
)
|
|
(176
|
)
|
|
(926
|
)
|
|
(551
|
)
|
||||
|
Income before income taxes
|
947
|
|
|
1,323
|
|
|
2,263
|
|
|
2,554
|
|
||||
|
Income taxes
|
137
|
|
|
451
|
|
|
262
|
|
|
601
|
|
||||
|
Equity in losses of unconsolidated affiliates
|
(10
|
)
|
|
(7
|
)
|
|
(22
|
)
|
|
(25
|
)
|
||||
|
Net income
|
800
|
|
|
865
|
|
|
1,979
|
|
|
1,928
|
|
||||
|
Net income attributable to noncontrolling interests
|
67
|
|
|
42
|
|
|
121
|
|
|
21
|
|
||||
|
Net income attributable to common shareholders
|
$
|
733
|
|
|
$
|
823
|
|
|
$
|
1,858
|
|
|
$
|
1,907
|
|
|
Comprehensive income, net of income taxes
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
$
|
800
|
|
|
$
|
865
|
|
|
$
|
1,979
|
|
|
$
|
1,928
|
|
|
Other comprehensive income (loss), net of income taxes
|
|
|
|
|
|
|
|
||||||||
|
Pension and non-pension postretirement benefit plans:
|
|
|
|
|
|
|
|
||||||||
|
Prior service benefit reclassified to periodic benefit cost
|
(17
|
)
|
|
(14
|
)
|
|
(50
|
)
|
|
(42
|
)
|
||||
|
Actuarial loss reclassified to periodic benefit cost
|
62
|
|
|
49
|
|
|
186
|
|
|
147
|
|
||||
|
Pension and non-pension postretirement benefit plan valuation adjustment
|
5
|
|
|
3
|
|
|
22
|
|
|
(55
|
)
|
||||
|
Unrealized gain on cash flow hedges
|
—
|
|
|
—
|
|
|
12
|
|
|
5
|
|
||||
|
Unrealized gain on investments in unconsolidated affiliates
|
—
|
|
|
1
|
|
|
3
|
|
|
5
|
|
||||
|
Unrealized gain (loss) on foreign currency translation
|
2
|
|
|
4
|
|
|
(4
|
)
|
|
7
|
|
||||
|
Unrealized gain on marketable securities
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
||||
|
Other comprehensive income
|
52
|
|
|
44
|
|
|
169
|
|
|
69
|
|
||||
|
Comprehensive income
|
852
|
|
|
909
|
|
|
2,148
|
|
|
1,997
|
|
||||
|
Comprehensive income attributable to noncontrolling interests
|
67
|
|
|
42
|
|
|
123
|
|
|
19
|
|
||||
|
Comprehensive income attributable to common shareholders
|
$
|
785
|
|
|
$
|
867
|
|
|
$
|
2,025
|
|
|
$
|
1,978
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Average shares of common stock outstanding:
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
968
|
|
|
962
|
|
|
967
|
|
|
941
|
|
||||
|
Diluted
|
970
|
|
|
965
|
|
|
969
|
|
|
943
|
|
||||
|
Earnings per average common share:
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
$
|
0.76
|
|
|
$
|
0.86
|
|
|
$
|
1.92
|
|
|
$
|
2.03
|
|
|
Diluted
|
$
|
0.76
|
|
|
$
|
0.85
|
|
|
$
|
1.92
|
|
|
$
|
2.02
|
|
|
Dividends declared per common share
|
$
|
0.35
|
|
|
$
|
0.33
|
|
|
$
|
1.04
|
|
|
$
|
0.98
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
(In millions)
|
2018
|
|
2017
|
||||
|
Cash flows from operating activities
|
|
|
|
||||
|
Net income
|
$
|
1,979
|
|
|
$
|
1,928
|
|
|
Adjustments to reconcile net income to net cash flows provided by operating activities:
|
|
|
|
||||
|
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization
|
4,511
|
|
|
3,999
|
|
||
|
Impairment of long-lived assets and losses on regulatory assets
|
49
|
|
|
488
|
|
||
|
Gain on sales of assets and businesses
|
(55
|
)
|
|
(5
|
)
|
||
|
Bargain purchase gain
|
—
|
|
|
(233
|
)
|
||
|
Deferred income taxes and amortization of investment tax credits
|
97
|
|
|
444
|
|
||
|
Net fair value changes related to derivatives
|
67
|
|
|
149
|
|
||
|
Net realized and unrealized gains on nuclear decommissioning trust fund investments
|
(21
|
)
|
|
(429
|
)
|
||
|
Other non-cash operating activities
|
804
|
|
|
603
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
||||
|
Accounts receivable
|
(167
|
)
|
|
184
|
|
||
|
Inventories
|
(24
|
)
|
|
(87
|
)
|
||
|
Accounts payable and accrued expenses
|
84
|
|
|
(591
|
)
|
||
|
Option premiums (paid) received, net
|
(36
|
)
|
|
35
|
|
||
|
Collateral received (posted), net
|
222
|
|
|
(100
|
)
|
||
|
Income taxes
|
166
|
|
|
167
|
|
||
|
Pension and non-pension postretirement benefit contributions
|
(362
|
)
|
|
(344
|
)
|
||
|
Other assets and liabilities
|
(639
|
)
|
|
(535
|
)
|
||
|
Net cash flows provided by operating activities
|
6,675
|
|
|
5,673
|
|
||
|
Cash flows from investing activities
|
|
|
|
||||
|
Capital expenditures
|
(5,497
|
)
|
|
(5,556
|
)
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
6,379
|
|
|
6,848
|
|
||
|
Investment in nuclear decommissioning trust funds
|
(6,553
|
)
|
|
(7,044
|
)
|
||
|
Acquisition of assets and businesses, net
|
(57
|
)
|
|
(208
|
)
|
||
|
Proceeds from sales of assets and businesses
|
90
|
|
|
219
|
|
||
|
Other investing activities
|
29
|
|
|
(2
|
)
|
||
|
Net cash flows used in investing activities
|
(5,609
|
)
|
|
(5,743
|
)
|
||
|
Cash flows from financing activities
|
|
|
|
||||
|
Changes in short-term borrowings
|
(218
|
)
|
|
(570
|
)
|
||
|
Proceeds from short-term borrowings with maturities greater than 90 days
|
126
|
|
|
621
|
|
||
|
Repayments on short-term borrowings with maturities greater than 90 days
|
(1
|
)
|
|
(610
|
)
|
||
|
Issuance of long-term debt
|
2,664
|
|
|
2,616
|
|
||
|
Retirement of long-term debt
|
(1,480
|
)
|
|
(1,728
|
)
|
||
|
Retirement of long-term debt to financing trust
|
—
|
|
|
(250
|
)
|
||
|
Sale of noncontrolling interest
|
—
|
|
|
396
|
|
||
|
Dividends paid on common stock
|
(999
|
)
|
|
(921
|
)
|
||
|
Common stock issued from treasury stock
|
—
|
|
|
1,150
|
|
||
|
Proceeds from employee stock plans
|
67
|
|
|
61
|
|
||
|
Other financing activities
|
(94
|
)
|
|
(64
|
)
|
||
|
Net cash flows provided by financing activities
|
65
|
|
|
701
|
|
||
|
Increase in cash, cash equivalents and restricted cash
|
1,131
|
|
|
631
|
|
||
|
Cash, cash equivalents and restricted cash at beginning of period
|
1,190
|
|
|
914
|
|
||
|
Cash, cash equivalents and restricted cash at end of period
|
$
|
2,321
|
|
|
$
|
1,545
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
ASSETS
|
|
|
|
||||
|
Current assets
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
1,918
|
|
|
$
|
898
|
|
|
Restricted cash and cash equivalents
|
240
|
|
|
207
|
|
||
|
Accounts receivable, net
|
|
|
|
||||
|
Customer
|
4,239
|
|
|
4,445
|
|
||
|
Other
|
1,246
|
|
|
1,132
|
|
||
|
Mark-to-market derivative assets
|
696
|
|
|
976
|
|
||
|
Unamortized energy contract assets
|
42
|
|
|
60
|
|
||
|
Inventories, net
|
|
|
|
||||
|
Fossil fuel and emission allowances
|
349
|
|
|
340
|
|
||
|
Materials and supplies
|
1,316
|
|
|
1,311
|
|
||
|
Regulatory assets
|
1,340
|
|
|
1,267
|
|
||
|
Assets held for sale
|
910
|
|
|
—
|
|
||
|
Other
|
1,177
|
|
|
1,260
|
|
||
|
Total current assets
|
13,473
|
|
|
11,896
|
|
||
|
Property, plant and equipment, net
|
75,840
|
|
|
74,202
|
|
||
|
Deferred debits and other assets
|
|
|
|
||||
|
Regulatory assets
|
8,002
|
|
|
8,021
|
|
||
|
Nuclear decommissioning trust funds
|
12,464
|
|
|
13,272
|
|
||
|
Investments
|
649
|
|
|
640
|
|
||
|
Goodwill
|
6,677
|
|
|
6,677
|
|
||
|
Mark-to-market derivative assets
|
449
|
|
|
337
|
|
||
|
Unamortized energy contract assets
|
371
|
|
|
395
|
|
||
|
Other
|
1,560
|
|
|
1,330
|
|
||
|
Total deferred debits and other assets
|
30,172
|
|
|
30,672
|
|
||
|
Total assets
(a)
|
$
|
119,485
|
|
|
$
|
116,770
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
|
Current liabilities
|
|
|
|
||||
|
Short-term borrowings
|
$
|
834
|
|
|
$
|
929
|
|
|
Long-term debt due within one year
|
771
|
|
|
2,088
|
|
||
|
Accounts payable
|
3,348
|
|
|
3,532
|
|
||
|
Accrued expenses
|
1,964
|
|
|
1,837
|
|
||
|
Payables to affiliates
|
5
|
|
|
5
|
|
||
|
Regulatory liabilities
|
689
|
|
|
523
|
|
||
|
Mark-to-market derivative liabilities
|
329
|
|
|
232
|
|
||
|
Unamortized energy contract liabilities
|
158
|
|
|
231
|
|
||
|
Renewable energy credit obligation
|
256
|
|
|
352
|
|
||
|
PHI merger related obligation
|
63
|
|
|
87
|
|
||
|
Liabilities held for sale
|
788
|
|
|
—
|
|
||
|
Other
|
935
|
|
|
982
|
|
||
|
Total current liabilities
|
10,140
|
|
|
10,798
|
|
||
|
Long-term debt
|
34,519
|
|
|
32,176
|
|
||
|
Long-term debt to financing trusts
|
390
|
|
|
389
|
|
||
|
Deferred credits and other liabilities
|
|
|
|
||||
|
Deferred income taxes and unamortized investment tax credits
|
11,702
|
|
|
11,235
|
|
||
|
Asset retirement obligations
|
9,747
|
|
|
10,029
|
|
||
|
Pension obligations
|
3,385
|
|
|
3,736
|
|
||
|
Non-pension postretirement benefit obligations
|
2,155
|
|
|
2,093
|
|
||
|
Spent nuclear fuel obligation
|
1,164
|
|
|
1,147
|
|
||
|
Regulatory liabilities
|
9,756
|
|
|
9,865
|
|
||
|
Mark-to-market derivative liabilities
|
482
|
|
|
409
|
|
||
|
Unamortized energy contract liabilities
|
497
|
|
|
609
|
|
||
|
Other
|
2,160
|
|
|
2,097
|
|
||
|
Total deferred credits and other liabilities
|
41,048
|
|
|
41,220
|
|
||
|
Total liabilities
(a)
|
86,097
|
|
|
84,583
|
|
||
|
Commitments and contingencies
|
|
|
|
||||
|
Shareholders’ equity
|
|
|
|
||||
|
Common stock (No par value, 2,000 shares authorized, 967 shares and 963 shares outstanding at September 30, 2018 and December 31, 2017, respectively)
|
19,063
|
|
|
18,964
|
|
||
|
Treasury stock, at cost (2 shares at September 30, 2018 and December 31, 2017)
|
(123
|
)
|
|
(123
|
)
|
||
|
Retained earnings
|
14,949
|
|
|
14,081
|
|
||
|
Accumulated other comprehensive loss, net
|
(2,869
|
)
|
|
(3,026
|
)
|
||
|
Total shareholders’ equity
|
31,020
|
|
|
29,896
|
|
||
|
Noncontrolling interests
|
2,368
|
|
|
2,291
|
|
||
|
Total equity
|
33,388
|
|
|
32,187
|
|
||
|
Total liabilities and shareholders’ equity
|
$
|
119,485
|
|
|
$
|
116,770
|
|
|
(a)
|
Exelon’s consolidated assets include
$9,804 million
and
$9,597 million
at
September 30, 2018
and
December 31, 2017
, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Exelon’s consolidated liabilities include
$3,606 million
and
$3,618 million
at
September 30, 2018
and
December 31, 2017
, respectively, of certain VIEs for which the VIE creditors do not have recourse to Exelon. See Note
3
—
Variable Interest Entities
for additional information.
|
|
(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
|
965,168
|
|
|
$
|
18,964
|
|
|
$
|
(123
|
)
|
|
$
|
14,081
|
|
|
$
|
(3,026
|
)
|
|
$
|
2,291
|
|
|
$
|
32,187
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,858
|
|
|
—
|
|
|
121
|
|
|
1,979
|
|
||||||
|
Long-term incentive plan activity
|
2,677
|
|
|
32
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
||||||
|
Employee stock purchase plan issuances
|
997
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
|
||||||
|
Changes in equity of noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(46
|
)
|
|
(46
|
)
|
||||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,004
|
)
|
|
—
|
|
|
—
|
|
|
(1,004
|
)
|
||||||
|
Other comprehensive income, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
167
|
|
|
2
|
|
|
169
|
|
||||||
|
Impact of adoption of Recognition and Measurement of Financial Assets and Liabilities standard
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
(10
|
)
|
|
—
|
|
|
4
|
|
||||||
|
Balance, September 30, 2018
|
968,842
|
|
|
$
|
19,063
|
|
|
$
|
(123
|
)
|
|
$
|
14,949
|
|
|
$
|
(2,869
|
)
|
|
$
|
2,368
|
|
|
$
|
33,388
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
(In millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Operating revenues
|
|
|
|
|
|
|
|
||||||||
|
Operating revenues
|
$
|
4,970
|
|
|
$
|
4,454
|
|
|
$
|
14,389
|
|
|
$
|
12,949
|
|
|
Operating revenues from affiliates
|
308
|
|
|
296
|
|
|
979
|
|
|
894
|
|
||||
|
Total operating revenues
|
5,278
|
|
|
4,750
|
|
|
15,368
|
|
|
13,843
|
|
||||
|
Operating expenses
|
|
|
|
|
|
|
|
||||||||
|
Purchased power and fuel
|
2,977
|
|
|
2,315
|
|
|
8,542
|
|
|
7,267
|
|
||||
|
Purchased power and fuel from affiliates
|
3
|
|
|
16
|
|
|
10
|
|
|
19
|
|
||||
|
Operating and maintenance
|
1,218
|
|
|
1,205
|
|
|
3,643
|
|
|
4,343
|
|
||||
|
Operating and maintenance from affiliates
|
152
|
|
|
171
|
|
|
483
|
|
|
536
|
|
||||
|
Depreciation and amortization
|
468
|
|
|
410
|
|
|
1,383
|
|
|
1,046
|
|
||||
|
Taxes other than income
|
143
|
|
|
141
|
|
|
414
|
|
|
425
|
|
||||
|
Total operating expenses
|
4,961
|
|
|
4,258
|
|
|
14,475
|
|
|
13,636
|
|
||||
|
(Loss) gain on sales of assets and businesses
|
(6
|
)
|
|
(2
|
)
|
|
48
|
|
|
3
|
|
||||
|
Bargain purchase gain
|
—
|
|
|
7
|
|
|
—
|
|
|
233
|
|
||||
|
Operating income
|
311
|
|
|
497
|
|
|
941
|
|
|
443
|
|
||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
||||||||
|
Interest expense, net
|
(93
|
)
|
|
(103
|
)
|
|
(278
|
)
|
|
(313
|
)
|
||||
|
Interest expense to affiliates
|
(8
|
)
|
|
(10
|
)
|
|
(27
|
)
|
|
(29
|
)
|
||||
|
Other, net
|
179
|
|
|
209
|
|
|
164
|
|
|
648
|
|
||||
|
Total other income and (deductions)
|
78
|
|
|
96
|
|
|
(141
|
)
|
|
306
|
|
||||
|
Income before income taxes
|
389
|
|
|
593
|
|
|
800
|
|
|
749
|
|
||||
|
Income taxes
|
78
|
|
|
239
|
|
|
110
|
|
|
215
|
|
||||
|
Equity in losses of unconsolidated affiliates
|
(11
|
)
|
|
(8
|
)
|
|
(23
|
)
|
|
(26
|
)
|
||||
|
Net income
|
300
|
|
|
346
|
|
|
667
|
|
|
508
|
|
||||
|
Net income attributable to noncontrolling interests
|
66
|
|
|
42
|
|
|
120
|
|
|
21
|
|
||||
|
Net income attributable to membership interest
|
$
|
234
|
|
|
$
|
304
|
|
|
$
|
547
|
|
|
$
|
487
|
|
|
Comprehensive income, net of income taxes
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
$
|
300
|
|
|
$
|
346
|
|
|
$
|
667
|
|
|
$
|
508
|
|
|
Other comprehensive income (loss), net of income taxes
|
|
|
|
|
|
|
|
||||||||
|
Unrealized gain on cash flow hedges
|
—
|
|
|
—
|
|
|
12
|
|
|
5
|
|
||||
|
Unrealized gain on investments in unconsolidated affiliates
|
—
|
|
|
—
|
|
|
3
|
|
|
4
|
|
||||
|
Unrealized gain (loss) on foreign currency translation
|
2
|
|
|
4
|
|
|
(4
|
)
|
|
7
|
|
||||
|
Other comprehensive income
|
2
|
|
|
4
|
|
|
11
|
|
|
16
|
|
||||
|
Comprehensive income
|
302
|
|
|
350
|
|
|
678
|
|
|
524
|
|
||||
|
Comprehensive income attributable to noncontrolling interests
|
66
|
|
|
42
|
|
|
122
|
|
|
19
|
|
||||
|
Comprehensive income attributable to membership interest
|
$
|
236
|
|
|
$
|
308
|
|
|
$
|
556
|
|
|
$
|
505
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
(In millions)
|
2018
|
|
2017
|
||||
|
Cash flows from operating activities
|
|
|
|
||||
|
Net income
|
$
|
667
|
|
|
$
|
508
|
|
|
Adjustments to reconcile net income to net cash flows provided by operating activities:
|
|
|
|
||||
|
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization
|
2,608
|
|
|
2,231
|
|
||
|
Impairment of long-lived assets
|
49
|
|
|
485
|
|
||
|
Gain on sales of assets and businesses
|
(48
|
)
|
|
(3
|
)
|
||
|
Bargain purchase gain
|
—
|
|
|
(233
|
)
|
||
|
Deferred income taxes and amortization of investment tax credits
|
(278
|
)
|
|
(179
|
)
|
||
|
Net fair value changes related to derivatives
|
73
|
|
|
160
|
|
||
|
Net realized and unrealized gains on nuclear decommissioning trust fund investments
|
(21
|
)
|
|
(429
|
)
|
||
|
Other non-cash operating activities
|
187
|
|
|
132
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
||||
|
Accounts receivable
|
126
|
|
|
66
|
|
||
|
Receivables from and payables to affiliates, net
|
(7
|
)
|
|
27
|
|
||
|
Inventories
|
(10
|
)
|
|
(43
|
)
|
||
|
Accounts payable and accrued expenses
|
(59
|
)
|
|
(255
|
)
|
||
|
Option premiums (paid) received, net
|
(36
|
)
|
|
35
|
|
||
|
Collateral received (posted), net
|
228
|
|
|
(77
|
)
|
||
|
Income taxes
|
220
|
|
|
154
|
|
||
|
Pension and non-pension postretirement benefit contributions
|
(134
|
)
|
|
(122
|
)
|
||
|
Other assets and liabilities
|
(154
|
)
|
|
(187
|
)
|
||
|
Net cash flows provided by operating activities
|
3,411
|
|
|
2,270
|
|
||
|
Cash flows from investing activities
|
|
|
|
||||
|
Capital expenditures
|
(1,660
|
)
|
|
(1,654
|
)
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
6,379
|
|
|
6,848
|
|
||
|
Investment in nuclear decommissioning trust funds
|
(6,553
|
)
|
|
(7,044
|
)
|
||
|
Acquisition of assets and businesses, net
|
(57
|
)
|
|
(208
|
)
|
||
|
Proceeds from sales of assets and businesses
|
90
|
|
|
218
|
|
||
|
Other investing activities
|
(5
|
)
|
|
(35
|
)
|
||
|
Net cash flows used in investing activities
|
(1,806
|
)
|
|
(1,875
|
)
|
||
|
Cash flows from financing activities
|
|
|
|
||||
|
Changes in short-term borrowings
|
—
|
|
|
(620
|
)
|
||
|
Proceeds from short-term borrowings with maturities greater than 90 days
|
1
|
|
|
121
|
|
||
|
Repayments of short-term borrowings with maturities greater than 90 days
|
(1
|
)
|
|
(110
|
)
|
||
|
Issuance of long-term debt
|
14
|
|
|
789
|
|
||
|
Retirement of long-term debt
|
(100
|
)
|
|
(541
|
)
|
||
|
Changes in Exelon intercompany money pool
|
(54
|
)
|
|
91
|
|
||
|
Distributions to member
|
(688
|
)
|
|
(494
|
)
|
||
|
Contributions from member
|
54
|
|
|
102
|
|
||
|
Sale of noncontrolling interest
|
—
|
|
|
396
|
|
||
|
Other financing activities
|
(46
|
)
|
|
(31
|
)
|
||
|
Net cash flows used in financing activities
|
(820
|
)
|
|
(297
|
)
|
||
|
Increase in cash, cash equivalents and restricted cash
|
785
|
|
|
98
|
|
||
|
Cash, cash equivalents and restricted cash at beginning of period
|
554
|
|
|
448
|
|
||
|
Cash, cash equivalents and restricted cash at end of period
|
$
|
1,339
|
|
|
$
|
546
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
ASSETS
|
|
|
|
||||
|
Current assets
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
1,187
|
|
|
$
|
416
|
|
|
Restricted cash and cash equivalents
|
152
|
|
|
138
|
|
||
|
Accounts receivable, net
|
|
|
|
||||
|
Customer
|
2,545
|
|
|
2,697
|
|
||
|
Other
|
278
|
|
|
321
|
|
||
|
Mark-to-market derivative assets
|
696
|
|
|
976
|
|
||
|
Receivables from affiliates
|
182
|
|
|
140
|
|
||
|
Unamortized energy contract assets
|
42
|
|
|
60
|
|
||
|
Inventories, net
|
|
|
|
||||
|
Fossil fuel and emission allowances
|
255
|
|
|
264
|
|
||
|
Materials and supplies
|
948
|
|
|
937
|
|
||
|
Assets held for sale
|
910
|
|
|
—
|
|
||
|
Other
|
854
|
|
|
933
|
|
||
|
Total current assets
|
8,049
|
|
|
6,882
|
|
||
|
Property, plant and equipment, net
|
24,168
|
|
|
24,906
|
|
||
|
Deferred debits and other assets
|
|
|
|
||||
|
Nuclear decommissioning trust funds
|
12,464
|
|
|
13,272
|
|
||
|
Investments
|
433
|
|
|
433
|
|
||
|
Goodwill
|
47
|
|
|
47
|
|
||
|
Mark-to-market derivative assets
|
449
|
|
|
334
|
|
||
|
Prepaid pension asset
|
1,472
|
|
|
1,502
|
|
||
|
Unamortized energy contract assets
|
370
|
|
|
395
|
|
||
|
Deferred income taxes
|
25
|
|
|
16
|
|
||
|
Other
|
730
|
|
|
670
|
|
||
|
Total deferred debits and other assets
|
15,990
|
|
|
16,669
|
|
||
|
Total assets
(a)
|
$
|
48,207
|
|
|
$
|
48,457
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
LIABILITIES AND EQUITY
|
|
|
|
||||
|
Current liabilities
|
|
|
|
||||
|
Short-term borrowings
|
$
|
—
|
|
|
$
|
2
|
|
|
Long-term debt due within one year
|
336
|
|
|
346
|
|
||
|
Accounts payable
|
1,450
|
|
|
1,773
|
|
||
|
Accrued expenses
|
1,200
|
|
|
1,022
|
|
||
|
Payables to affiliates
|
144
|
|
|
123
|
|
||
|
Borrowings from Exelon intercompany money pool
|
—
|
|
|
54
|
|
||
|
Mark-to-market derivative liabilities
|
305
|
|
|
211
|
|
||
|
Unamortized energy contract liabilities
|
33
|
|
|
43
|
|
||
|
Renewable energy credit obligation
|
256
|
|
|
352
|
|
||
|
Liabilities held for sale
|
788
|
|
|
—
|
|
||
|
Other
|
255
|
|
|
265
|
|
||
|
Total current liabilities
|
4,767
|
|
|
4,191
|
|
||
|
Long-term debt
|
7,605
|
|
|
7,734
|
|
||
|
Long-term debt to affiliate
|
901
|
|
|
910
|
|
||
|
Deferred credits and other liabilities
|
|
|
|
||||
|
Deferred income taxes and unamortized investment tax credits
|
3,532
|
|
|
3,811
|
|
||
|
Asset retirement obligations
|
9,521
|
|
|
9,844
|
|
||
|
Non-pension postretirement benefit obligations
|
903
|
|
|
916
|
|
||
|
Spent nuclear fuel obligation
|
1,164
|
|
|
1,147
|
|
||
|
Payables to affiliates
|
2,959
|
|
|
3,065
|
|
||
|
Mark-to-market derivative liabilities
|
237
|
|
|
174
|
|
||
|
Unamortized energy contract liabilities
|
23
|
|
|
48
|
|
||
|
Other
|
635
|
|
|
658
|
|
||
|
Total deferred credits and other liabilities
|
18,974
|
|
|
19,663
|
|
||
|
Total liabilities
(a)
|
32,247
|
|
|
32,498
|
|
||
|
Commitments and contingencies
|
|
|
|
||||
|
Equity
|
|
|
|
||||
|
Member’s equity
|
|
|
|
||||
|
Membership interest
|
9,411
|
|
|
9,357
|
|
||
|
Undistributed earnings
|
4,214
|
|
|
4,349
|
|
||
|
Accumulated other comprehensive loss, net
|
(31
|
)
|
|
(37
|
)
|
||
|
Total member’s equity
|
13,594
|
|
|
13,669
|
|
||
|
Noncontrolling interests
|
2,366
|
|
|
2,290
|
|
||
|
Total equity
|
15,960
|
|
|
15,959
|
|
||
|
Total liabilities and equity
|
$
|
48,207
|
|
|
$
|
48,457
|
|
|
(a)
|
Generation’s consolidated assets include
$9,768 million
and
$9,556 million
at
September 30, 2018
and
December 31, 2017
, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Generation’s consolidated liabilities include
$3,528 million
and
$3,516 million
at
September 30, 2018
and
December 31, 2017
, respectively, of certain VIEs for which the VIE creditors do not have recourse to Generation. See Note
3
—
Variable Interest Entities
for additional information.
|
|
|
Member’s Equity
|
|
|
|
|
||||||||||||||
|
(In millions)
|
Membership
Interest
|
|
Undistributed
Earnings
|
|
Accumulated
Other
Comprehensive
Loss, net
|
|
Noncontrolling
Interests
|
|
Total Equity
|
||||||||||
|
Balance, December 31, 2017
|
$
|
9,357
|
|
|
$
|
4,349
|
|
|
$
|
(37
|
)
|
|
$
|
2,290
|
|
|
$
|
15,959
|
|
|
Net income
|
—
|
|
|
547
|
|
|
—
|
|
|
120
|
|
|
667
|
|
|||||
|
Changes in equity of noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(46
|
)
|
|
(46
|
)
|
|||||
|
Contribution from member
|
54
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|||||
|
Distributions to member
|
—
|
|
|
(688
|
)
|
|
—
|
|
|
—
|
|
|
(688
|
)
|
|||||
|
Other comprehensive income, net of income taxes
|
—
|
|
|
—
|
|
|
9
|
|
|
2
|
|
|
11
|
|
|||||
|
Impact of adoption of Recognition and Measurement of Financial Assets and Liabilities standard
|
—
|
|
|
6
|
|
|
(3
|
)
|
|
—
|
|
|
3
|
|
|||||
|
Balance, September 30, 2018
|
$
|
9,411
|
|
|
$
|
4,214
|
|
|
$
|
(31
|
)
|
|
$
|
2,366
|
|
|
$
|
15,960
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
(In millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Operating revenues
|
|
|
|
|
|
|
|
||||||||
|
Electric operating revenues
|
$
|
1,609
|
|
|
$
|
1,552
|
|
|
$
|
4,512
|
|
|
$
|
4,167
|
|
|
Revenues from alternative revenue programs
|
(15
|
)
|
|
16
|
|
|
(27
|
)
|
|
48
|
|
||||
|
Operating revenues from affiliates
|
4
|
|
|
3
|
|
|
23
|
|
|
12
|
|
||||
|
Total operating revenues
|
1,598
|
|
|
1,571
|
|
|
4,508
|
|
|
4,227
|
|
||||
|
Operating expenses
|
|
|
|
|
|
|
|
||||||||
|
Purchased power
|
496
|
|
|
489
|
|
|
1,281
|
|
|
1,178
|
|
||||
|
Purchased power from affiliate
|
123
|
|
|
40
|
|
|
421
|
|
|
63
|
|
||||
|
Operating and maintenance
|
276
|
|
|
277
|
|
|
785
|
|
|
897
|
|
||||
|
Operating and maintenance from affiliate
|
61
|
|
|
69
|
|
|
189
|
|
|
199
|
|
||||
|
Depreciation and amortization
|
237
|
|
|
212
|
|
|
696
|
|
|
631
|
|
||||
|
Taxes other than income
|
82
|
|
|
80
|
|
|
238
|
|
|
223
|
|
||||
|
Total operating expenses
|
1,275
|
|
|
1,167
|
|
|
3,610
|
|
|
3,191
|
|
||||
|
Gain on sales of assets
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||
|
Operating income
|
323
|
|
|
404
|
|
|
903
|
|
|
1,036
|
|
||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
||||||||
|
Interest expense, net
|
(82
|
)
|
|
(86
|
)
|
|
(251
|
)
|
|
(265
|
)
|
||||
|
Interest expense to affiliates
|
(3
|
)
|
|
(3
|
)
|
|
(10
|
)
|
|
(10
|
)
|
||||
|
Other, net
|
7
|
|
|
5
|
|
|
21
|
|
|
14
|
|
||||
|
Total other income and (deductions)
|
(78
|
)
|
|
(84
|
)
|
|
(240
|
)
|
|
(261
|
)
|
||||
|
Income before income taxes
|
245
|
|
|
320
|
|
|
663
|
|
|
775
|
|
||||
|
Income taxes
|
52
|
|
|
131
|
|
|
140
|
|
|
328
|
|
||||
|
Net income
|
$
|
193
|
|
|
$
|
189
|
|
|
$
|
523
|
|
|
$
|
447
|
|
|
Comprehensive income
|
$
|
193
|
|
|
$
|
189
|
|
|
$
|
523
|
|
|
$
|
447
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
(In millions)
|
2018
|
|
2017
|
||||
|
Cash flows from operating activities
|
|
|
|
||||
|
Net income
|
$
|
523
|
|
|
$
|
447
|
|
|
Adjustments to reconcile net income to net cash flows provided by operating activities:
|
|
|
|
||||
|
Depreciation and amortization
|
696
|
|
|
631
|
|
||
|
Deferred income taxes and amortization of investment tax credits
|
214
|
|
|
455
|
|
||
|
Other non-cash operating activities
|
187
|
|
|
112
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
||||
|
Accounts receivable
|
(190
|
)
|
|
31
|
|
||
|
Receivables from and payables to affiliates, net
|
8
|
|
|
346
|
|
||
|
Inventories
|
4
|
|
|
6
|
|
||
|
Accounts payable and accrued expenses
|
(38
|
)
|
|
(706
|
)
|
||
|
Collateral posted, net
|
(10
|
)
|
|
(22
|
)
|
||
|
Income taxes
|
(65
|
)
|
|
(205
|
)
|
||
|
Pension and non-pension postretirement benefit contributions
|
(41
|
)
|
|
(38
|
)
|
||
|
Other assets and liabilities
|
(170
|
)
|
|
63
|
|
||
|
Net cash flows provided by operating activities
|
1,118
|
|
|
1,120
|
|
||
|
Cash flows from investing activities
|
|
|
|
||||
|
Capital expenditures
|
(1,540
|
)
|
|
(1,698
|
)
|
||
|
Other investing activities
|
22
|
|
|
17
|
|
||
|
Net cash flows used in investing activities
|
(1,518
|
)
|
|
(1,681
|
)
|
||
|
Cash flows from financing activities
|
|
|
|
||||
|
Issuance of long-term debt
|
1,350
|
|
|
1,000
|
|
||
|
Retirement of long-term debt
|
(840
|
)
|
|
(425
|
)
|
||
|
Contributions from parent
|
387
|
|
|
567
|
|
||
|
Dividends paid on common stock
|
(345
|
)
|
|
(316
|
)
|
||
|
Other financing activities
|
(16
|
)
|
|
(14
|
)
|
||
|
Net cash flows provided by financing activities
|
536
|
|
|
812
|
|
||
|
Increase in cash, cash equivalents and restricted cash
|
136
|
|
|
251
|
|
||
|
Cash, cash equivalents and restricted cash at beginning of period
|
144
|
|
|
58
|
|
||
|
Cash, cash equivalents and restricted cash at end of period
|
$
|
280
|
|
|
$
|
309
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
ASSETS
|
|
|
|
||||
|
Current assets
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
124
|
|
|
$
|
76
|
|
|
Restricted cash
|
12
|
|
|
5
|
|
||
|
Accounts receivable, net
|
|
|
|
||||
|
Customer
|
590
|
|
|
559
|
|
||
|
Other
|
450
|
|
|
266
|
|
||
|
Receivables from affiliates
|
13
|
|
|
13
|
|
||
|
Inventories, net
|
146
|
|
|
152
|
|
||
|
Regulatory assets
|
256
|
|
|
225
|
|
||
|
Other
|
94
|
|
|
68
|
|
||
|
Total current assets
|
1,685
|
|
|
1,364
|
|
||
|
Property, plant and equipment, net
|
21,642
|
|
|
20,723
|
|
||
|
Deferred debits and other assets
|
|
|
|
||||
|
Regulatory assets
|
1,229
|
|
|
1,054
|
|
||
|
Investments
|
6
|
|
|
6
|
|
||
|
Goodwill
|
2,625
|
|
|
2,625
|
|
||
|
Receivables from affiliates
|
2,469
|
|
|
2,528
|
|
||
|
Prepaid pension asset
|
1,083
|
|
|
1,188
|
|
||
|
Other
|
380
|
|
|
238
|
|
||
|
Total deferred debits and other assets
|
7,792
|
|
|
7,639
|
|
||
|
Total assets
|
$
|
31,119
|
|
|
$
|
29,726
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
|
Current liabilities
|
|
|
|
||||
|
Long-term debt due within one year
|
$
|
300
|
|
|
$
|
840
|
|
|
Accounts payable
|
576
|
|
|
568
|
|
||
|
Accrued expenses
|
253
|
|
|
327
|
|
||
|
Payables to affiliates
|
82
|
|
|
74
|
|
||
|
Customer deposits
|
111
|
|
|
112
|
|
||
|
Regulatory liabilities
|
320
|
|
|
249
|
|
||
|
Mark-to-market derivative liability
|
24
|
|
|
21
|
|
||
|
Other
|
90
|
|
|
103
|
|
||
|
Total current liabilities
|
1,756
|
|
|
2,294
|
|
||
|
Long-term debt
|
7,800
|
|
|
6,761
|
|
||
|
Long-term debt to financing trust
|
205
|
|
|
205
|
|
||
|
Deferred credits and other liabilities
|
|
|
|
||||
|
Deferred income taxes and unamortized investment tax credits
|
3,744
|
|
|
3,469
|
|
||
|
Asset retirement obligations
|
115
|
|
|
111
|
|
||
|
Non-pension postretirement benefits obligations
|
206
|
|
|
219
|
|
||
|
Regulatory liabilities
|
6,318
|
|
|
6,328
|
|
||
|
Mark-to-market derivative liability
|
235
|
|
|
235
|
|
||
|
Other
|
633
|
|
|
562
|
|
||
|
Total deferred credits and other liabilities
|
11,251
|
|
|
10,924
|
|
||
|
Total liabilities
|
21,012
|
|
|
20,184
|
|
||
|
Commitments and contingencies
|
|
|
|
||||
|
Shareholders’ equity
|
|
|
|
||||
|
Common stock
|
1,588
|
|
|
1,588
|
|
||
|
Other paid-in capital
|
7,209
|
|
|
6,822
|
|
||
|
Retained deficit unappropriated
|
(1,639
|
)
|
|
(1,639
|
)
|
||
|
Retained earnings appropriated
|
2,949
|
|
|
2,771
|
|
||
|
Total shareholders’ equity
|
10,107
|
|
|
9,542
|
|
||
|
Total liabilities and shareholders’ equity
|
$
|
31,119
|
|
|
$
|
29,726
|
|
|
(In millions)
|
Common
Stock
|
|
Other
Paid-In
Capital
|
|
Retained Deficit
Unappropriated
|
|
Retained
Earnings
Appropriated
|
|
Total
Shareholders’
Equity
|
||||||||||
|
Balance, December 31, 2017
|
$
|
1,588
|
|
|
$
|
6,822
|
|
|
$
|
(1,639
|
)
|
|
$
|
2,771
|
|
|
$
|
9,542
|
|
|
Net income
|
—
|
|
|
—
|
|
|
523
|
|
|
—
|
|
|
523
|
|
|||||
|
Appropriation of retained earnings for future dividends
|
—
|
|
|
—
|
|
|
(523
|
)
|
|
523
|
|
|
—
|
|
|||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
(345
|
)
|
|
(345
|
)
|
|||||
|
Contributions from parent
|
—
|
|
|
387
|
|
|
—
|
|
|
—
|
|
|
387
|
|
|||||
|
Balance, September 30, 2018
|
$
|
1,588
|
|
|
$
|
7,209
|
|
|
$
|
(1,639
|
)
|
|
$
|
2,949
|
|
|
$
|
10,107
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
(In millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Operating revenues
|
|
|
|
|
|
|
|
||||||||
|
Electric operating revenues
|
$
|
697
|
|
|
$
|
660
|
|
|
$
|
1,886
|
|
|
$
|
1,798
|
|
|
Natural gas operating revenues
|
57
|
|
|
53
|
|
|
382
|
|
|
338
|
|
||||
|
Revenues from alternative revenue programs
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
|
Operating revenues from affiliates
|
2
|
|
|
2
|
|
|
5
|
|
|
5
|
|
||||
|
Total operating revenues
|
757
|
|
|
715
|
|
|
2,275
|
|
|
2,141
|
|
||||
|
Operating expenses
|
|
|
|
|
|
|
|
||||||||
|
Purchased power
|
215
|
|
|
190
|
|
|
576
|
|
|
483
|
|
||||
|
Purchased fuel
|
14
|
|
|
14
|
|
|
148
|
|
|
126
|
|
||||
|
Purchased power from affiliate
|
34
|
|
|
31
|
|
|
94
|
|
|
110
|
|
||||
|
Operating and maintenance
|
184
|
|
|
161
|
|
|
572
|
|
|
488
|
|
||||
|
Operating and maintenance from affiliates
|
35
|
|
|
36
|
|
|
114
|
|
|
107
|
|
||||
|
Depreciation and amortization
|
75
|
|
|
72
|
|
|
224
|
|
|
213
|
|
||||
|
Taxes other than income
|
46
|
|
|
42
|
|
|
125
|
|
|
116
|
|
||||
|
Total operating expenses
|
603
|
|
|
546
|
|
|
1,853
|
|
|
1,643
|
|
||||
|
Gain on sales of assets
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
|
Operating income
|
154
|
|
|
169
|
|
|
423
|
|
|
498
|
|
||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
||||||||
|
Interest expense, net
|
(28
|
)
|
|
(28
|
)
|
|
(85
|
)
|
|
(84
|
)
|
||||
|
Interest expense to affiliates
|
(4
|
)
|
|
(3
|
)
|
|
(11
|
)
|
|
(9
|
)
|
||||
|
Other, net
|
2
|
|
|
2
|
|
|
4
|
|
|
6
|
|
||||
|
Total other income and (deductions)
|
(30
|
)
|
|
(29
|
)
|
|
(92
|
)
|
|
(87
|
)
|
||||
|
Income before income taxes
|
124
|
|
|
140
|
|
|
331
|
|
|
411
|
|
||||
|
Income taxes
|
(2
|
)
|
|
28
|
|
|
(5
|
)
|
|
84
|
|
||||
|
Net income
|
$
|
126
|
|
|
$
|
112
|
|
|
$
|
336
|
|
|
$
|
327
|
|
|
Comprehensive income
|
$
|
126
|
|
|
$
|
112
|
|
|
$
|
336
|
|
|
$
|
327
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
(In millions)
|
2018
|
|
2017
|
||||
|
Cash flows from operating activities
|
|
|
|
||||
|
Net income
|
$
|
336
|
|
|
$
|
327
|
|
|
Adjustments to reconcile net income to net cash flows provided by operating activities:
|
|
|
|
||||
|
Depreciation and amortization
|
224
|
|
|
213
|
|
||
|
Gain on sales of assets
|
(1
|
)
|
|
—
|
|
||
|
Deferred income taxes and amortization of investment tax credits
|
5
|
|
|
37
|
|
||
|
Other non-cash operating activities
|
41
|
|
|
38
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
||||
|
Accounts receivable
|
(85
|
)
|
|
45
|
|
||
|
Receivables from and payables to affiliates, net
|
1
|
|
|
(10
|
)
|
||
|
Inventories
|
(13
|
)
|
|
(5
|
)
|
||
|
Accounts payable and accrued expenses
|
(1
|
)
|
|
(41
|
)
|
||
|
Income taxes
|
(16
|
)
|
|
51
|
|
||
|
Pension and non-pension postretirement benefit contributions
|
(25
|
)
|
|
(23
|
)
|
||
|
Other assets and liabilities
|
26
|
|
|
(29
|
)
|
||
|
Net cash flows provided by operating activities
|
492
|
|
|
603
|
|
||
|
Cash flows from investing activities
|
|
|
|
||||
|
Capital expenditures
|
(615
|
)
|
|
(537
|
)
|
||
|
Changes in Exelon intercompany money pool
|
—
|
|
|
74
|
|
||
|
Other investing activities
|
6
|
|
|
6
|
|
||
|
Net cash flows used in investing activities
|
(609
|
)
|
|
(457
|
)
|
||
|
Cash flows from financing activities
|
|
|
|
||||
|
Issuance of long-term debt
|
700
|
|
|
325
|
|
||
|
Retirement of long-term debt
|
(500
|
)
|
|
—
|
|
||
|
Contributions from parent
|
71
|
|
|
16
|
|
||
|
Dividends paid on common stock
|
(300
|
)
|
|
(216
|
)
|
||
|
Other financing activities
|
(22
|
)
|
|
(4
|
)
|
||
|
Net cash flows (used in) provided by financing activities
|
(51
|
)
|
|
121
|
|
||
|
(Decrease) increase in cash, cash equivalents and restricted cash
|
(168
|
)
|
|
267
|
|
||
|
Cash, cash equivalents and restricted cash at beginning of period
|
275
|
|
|
67
|
|
||
|
Cash, cash equivalents and restricted cash at end of period
|
$
|
107
|
|
|
$
|
334
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
ASSETS
|
|
|
|
||||
|
Current assets
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
102
|
|
|
$
|
271
|
|
|
Restricted cash and cash equivalents
|
5
|
|
|
4
|
|
||
|
Accounts receivable, net
|
|
|
|
||||
|
Customer
|
307
|
|
|
327
|
|
||
|
Other
|
190
|
|
|
105
|
|
||
|
Inventories, net
|
|
|
|
||||
|
Fossil fuel
|
39
|
|
|
31
|
|
||
|
Materials and supplies
|
35
|
|
|
30
|
|
||
|
Prepaid utility taxes
|
32
|
|
|
8
|
|
||
|
Regulatory assets
|
84
|
|
|
29
|
|
||
|
Other
|
19
|
|
|
17
|
|
||
|
Total current assets
|
813
|
|
|
822
|
|
||
|
Property, plant and equipment, net
|
8,461
|
|
|
8,053
|
|
||
|
Deferred debits and other assets
|
|
|
|
||||
|
Regulatory assets
|
448
|
|
|
381
|
|
||
|
Investments
|
26
|
|
|
25
|
|
||
|
Receivable from affiliates
|
489
|
|
|
537
|
|
||
|
Prepaid pension asset
|
350
|
|
|
340
|
|
||
|
Other
|
34
|
|
|
12
|
|
||
|
Total deferred debits and other assets
|
1,347
|
|
|
1,295
|
|
||
|
Total assets
|
$
|
10,621
|
|
|
$
|
10,170
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
LIABILITIES AND SHAREHOLDER'S EQUITY
|
|
|
|
||||
|
Current liabilities
|
|
|
|
||||
|
Long-term debt due within one year
|
$
|
—
|
|
|
$
|
500
|
|
|
Accounts payable
|
387
|
|
|
370
|
|
||
|
Accrued expenses
|
89
|
|
|
114
|
|
||
|
Payables to affiliates
|
53
|
|
|
53
|
|
||
|
Customer deposits
|
67
|
|
|
66
|
|
||
|
Regulatory liabilities
|
159
|
|
|
141
|
|
||
|
Other
|
31
|
|
|
23
|
|
||
|
Total current liabilities
|
786
|
|
|
1,267
|
|
||
|
Long-term debt
|
3,083
|
|
|
2,403
|
|
||
|
Long-term debt to financing trusts
|
184
|
|
|
184
|
|
||
|
Deferred credits and other liabilities
|
|
|
|
||||
|
Deferred income taxes and unamortized investment tax credits
|
1,909
|
|
|
1,789
|
|
||
|
Asset retirement obligations
|
27
|
|
|
27
|
|
||
|
Non-pension postretirement benefits obligations
|
288
|
|
|
288
|
|
||
|
Regulatory liabilities
|
581
|
|
|
549
|
|
||
|
Other
|
79
|
|
|
86
|
|
||
|
Total deferred credits and other liabilities
|
2,884
|
|
|
2,739
|
|
||
|
Total liabilities
|
6,937
|
|
|
6,593
|
|
||
|
Commitments and contingencies
|
|
|
|
||||
|
Shareholder’s equity
|
|
|
|
||||
|
Common stock
|
2,560
|
|
|
2,489
|
|
||
|
Retained earnings
|
1,124
|
|
|
1,087
|
|
||
|
Accumulated other comprehensive income, net
|
—
|
|
|
1
|
|
||
|
Total shareholder’s equity
|
3,684
|
|
|
3,577
|
|
||
|
Total liabilities and shareholder's equity
|
$
|
10,621
|
|
|
$
|
10,170
|
|
|
(In millions)
|
Common
Stock
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income, net
|
|
Total
Shareholder's
Equity
|
||||||||
|
Balance, December 31, 2017
|
$
|
2,489
|
|
|
$
|
1,087
|
|
|
$
|
1
|
|
|
$
|
3,577
|
|
|
Net income
|
—
|
|
|
336
|
|
|
—
|
|
|
336
|
|
||||
|
Common stock dividends
|
—
|
|
|
(300
|
)
|
|
—
|
|
|
(300
|
)
|
||||
|
Contributions from parent
|
71
|
|
|
—
|
|
|
—
|
|
|
71
|
|
||||
|
Impact of adoption of Recognition and Measurement of Financial Assets and Liabilities standard
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
||||
|
Balance, September 30, 2018
|
$
|
2,560
|
|
|
$
|
1,124
|
|
|
$
|
—
|
|
|
$
|
3,684
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
(In millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Operating revenues
|
|
|
|
|
|
|
|
||||||||
|
Electric operating revenues
|
$
|
652
|
|
|
$
|
626
|
|
|
$
|
1,847
|
|
|
$
|
1,811
|
|
|
Natural gas operating revenues
|
79
|
|
|
73
|
|
|
527
|
|
|
438
|
|
||||
|
Revenues from alternative revenue programs
|
(6
|
)
|
|
36
|
|
|
(23
|
)
|
|
102
|
|
||||
|
Operating revenues from affiliates
|
6
|
|
|
3
|
|
|
18
|
|
|
12
|
|
||||
|
Total operating revenues
|
731
|
|
|
738
|
|
|
2,369
|
|
|
2,363
|
|
||||
|
Operating expenses
|
|
|
|
|
|
|
|
||||||||
|
Purchased power
|
183
|
|
|
159
|
|
|
510
|
|
|
407
|
|
||||
|
Purchased fuel
|
21
|
|
|
13
|
|
|
176
|
|
|
118
|
|
||||
|
Purchased power from affiliate
|
68
|
|
|
97
|
|
|
195
|
|
|
328
|
|
||||
|
Operating and maintenance
|
144
|
|
|
138
|
|
|
462
|
|
|
421
|
|
||||
|
Operating and maintenance from affiliates
|
38
|
|
|
37
|
|
|
116
|
|
|
111
|
|
||||
|
Depreciation and amortization
|
110
|
|
|
109
|
|
|
358
|
|
|
348
|
|
||||
|
Taxes other than income
|
64
|
|
|
61
|
|
|
188
|
|
|
180
|
|
||||
|
Total operating expenses
|
628
|
|
|
614
|
|
|
2,005
|
|
|
1,913
|
|
||||
|
Gain on sales of assets
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
|
Operating income
|
103
|
|
|
124
|
|
|
365
|
|
|
450
|
|
||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
||||||||
|
Interest expense, net
|
(27
|
)
|
|
(24
|
)
|
|
(78
|
)
|
|
(69
|
)
|
||||
|
Interest expense to affiliates
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(11
|
)
|
||||
|
Other, net
|
5
|
|
|
4
|
|
|
14
|
|
|
12
|
|
||||
|
Total other income and (deductions)
|
(22
|
)
|
|
(22
|
)
|
|
(64
|
)
|
|
(68
|
)
|
||||
|
Income before income taxes
|
81
|
|
|
102
|
|
|
301
|
|
|
382
|
|
||||
|
Income taxes
|
18
|
|
|
40
|
|
|
59
|
|
|
151
|
|
||||
|
Net income
|
$
|
63
|
|
|
$
|
62
|
|
|
$
|
242
|
|
|
$
|
231
|
|
|
Comprehensive income
|
$
|
63
|
|
|
$
|
62
|
|
|
$
|
242
|
|
|
$
|
231
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
(In millions)
|
2018
|
|
2017
|
||||
|
Cash flows from operating activities
|
|
|
|
||||
|
Net income
|
$
|
242
|
|
|
$
|
231
|
|
|
Adjustments to reconcile net income to net cash flows provided by operating activities:
|
|
|
|
||||
|
Depreciation and amortization
|
358
|
|
|
348
|
|
||
|
Deferred income taxes and amortization of investment tax credits
|
82
|
|
|
141
|
|
||
|
Other non-cash operating activities
|
42
|
|
|
52
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
||||
|
Accounts receivable
|
72
|
|
|
95
|
|
||
|
Receivables from and payables to affiliates, net
|
(4
|
)
|
|
(13
|
)
|
||
|
Inventories
|
(8
|
)
|
|
(18
|
)
|
||
|
Accounts payable and accrued expenses
|
(3
|
)
|
|
(25
|
)
|
||
|
Collateral received, net
|
1
|
|
|
—
|
|
||
|
Income taxes
|
(48
|
)
|
|
12
|
|
||
|
Pension and non-pension postretirement benefit contributions
|
(50
|
)
|
|
(50
|
)
|
||
|
Other assets and liabilities
|
(9
|
)
|
|
(72
|
)
|
||
|
Net cash flows provided by operating activities
|
675
|
|
|
701
|
|
||
|
Cash flows from investing activities
|
|
|
|
||||
|
Capital expenditures
|
(667
|
)
|
|
(615
|
)
|
||
|
Other investing activities
|
8
|
|
|
6
|
|
||
|
Net cash flows used in investing activities
|
(659
|
)
|
|
(609
|
)
|
||
|
Cash flows from financing activities
|
|
|
|
||||
|
Changes in short-term borrowings
|
(77
|
)
|
|
(45
|
)
|
||
|
Issuance of long-term debt
|
300
|
|
|
300
|
|
||
|
Retirement of long-term debt
|
—
|
|
|
(41
|
)
|
||
|
Retirement of long-term debt to financing trust
|
—
|
|
|
(250
|
)
|
||
|
Dividends paid on common stock
|
(157
|
)
|
|
(148
|
)
|
||
|
Contributions from parent
|
18
|
|
|
77
|
|
||
|
Other financing activities
|
(2
|
)
|
|
(5
|
)
|
||
|
Net cash flows provided by (used in) financing activities
|
82
|
|
|
(112
|
)
|
||
|
Increase (decrease) in cash, cash equivalents and restricted cash
|
98
|
|
|
(20
|
)
|
||
|
Cash, cash equivalents and restricted cash at beginning of period
|
18
|
|
|
50
|
|
||
|
Cash, cash equivalents and restricted cash at end of period
|
$
|
116
|
|
|
$
|
30
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
ASSETS
|
|
|
|
||||
|
Current assets
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
113
|
|
|
$
|
17
|
|
|
Restricted cash and cash equivalents
|
3
|
|
|
1
|
|
||
|
Accounts receivable, net
|
|
|
|
||||
|
Customer
|
296
|
|
|
375
|
|
||
|
Other
|
96
|
|
|
94
|
|
||
|
Receivables from affiliates
|
—
|
|
|
1
|
|
||
|
Inventories, net
|
|
|
|
||||
|
Gas held in storage
|
46
|
|
|
37
|
|
||
|
Materials and supplies
|
39
|
|
|
40
|
|
||
|
Prepaid utility taxes
|
—
|
|
|
69
|
|
||
|
Regulatory assets
|
195
|
|
|
174
|
|
||
|
Other
|
10
|
|
|
3
|
|
||
|
Total current assets
|
798
|
|
|
811
|
|
||
|
Property, plant and equipment, net
|
8,039
|
|
|
7,602
|
|
||
|
Deferred debits and other assets
|
|
|
|
||||
|
Regulatory assets
|
402
|
|
|
397
|
|
||
|
Investments
|
5
|
|
|
5
|
|
||
|
Prepaid pension asset
|
290
|
|
|
285
|
|
||
|
Other
|
7
|
|
|
4
|
|
||
|
Total deferred debits and other assets
|
704
|
|
|
691
|
|
||
|
Total assets
|
$
|
9,541
|
|
|
$
|
9,104
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
|
Current liabilities
|
|
|
|
||||
|
Short-term borrowings
|
$
|
—
|
|
|
$
|
77
|
|
|
Accounts payable
|
277
|
|
|
265
|
|
||
|
Accrued expenses
|
146
|
|
|
164
|
|
||
|
Payables to affiliates
|
47
|
|
|
52
|
|
||
|
Customer deposits
|
119
|
|
|
116
|
|
||
|
Regulatory liabilities
|
95
|
|
|
62
|
|
||
|
Other
|
23
|
|
|
24
|
|
||
|
Total current liabilities
|
707
|
|
|
760
|
|
||
|
Long-term debt
|
2,876
|
|
|
2,577
|
|
||
|
Deferred credits and other liabilities
|
|
|
|
||||
|
Deferred income taxes and unamortized investment tax credits
|
1,345
|
|
|
1,244
|
|
||
|
Asset retirement obligations
|
24
|
|
|
23
|
|
||
|
Non-pension postretirement benefits obligations
|
200
|
|
|
202
|
|
||
|
Regulatory liabilities
|
1,070
|
|
|
1,101
|
|
||
|
Other
|
75
|
|
|
56
|
|
||
|
Total deferred credits and other liabilities
|
2,714
|
|
|
2,626
|
|
||
|
Total liabilities
|
6,297
|
|
|
5,963
|
|
||
|
Commitments and contingencies
|
|
|
|
||||
|
Shareholders’ equity
|
|
|
|
||||
|
Common stock
|
1,623
|
|
|
1,605
|
|
||
|
Retained earnings
|
1,621
|
|
|
1,536
|
|
||
|
Total shareholders' equity
|
3,244
|
|
|
3,141
|
|
||
|
Total liabilities and shareholders’ equity
|
$
|
9,541
|
|
|
$
|
9,104
|
|
|
(In millions)
|
Common
Stock
|
|
Retained
Earnings
|
|
Total
Shareholders’
Equity
|
||||||
|
Balance, December 31, 2017
|
$
|
1,605
|
|
|
$
|
1,536
|
|
|
$
|
3,141
|
|
|
Net income
|
—
|
|
|
242
|
|
|
242
|
|
|||
|
Common stock dividends
|
—
|
|
|
(157
|
)
|
|
(157
|
)
|
|||
|
Contributions from parent
|
18
|
|
|
—
|
|
|
18
|
|
|||
|
Balance, September 30, 2018
|
$
|
1,623
|
|
|
$
|
1,621
|
|
|
$
|
3,244
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
(In millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Operating revenues
|
|
|
|
|
|
|
|
||||||||
|
Electric operating revenues
|
$
|
1,340
|
|
|
$
|
1,278
|
|
|
$
|
3,541
|
|
|
$
|
3,376
|
|
|
Natural gas operating revenues
|
23
|
|
|
18
|
|
|
129
|
|
|
105
|
|
||||
|
Revenues from alternative revenue programs
|
(5
|
)
|
|
2
|
|
|
7
|
|
|
41
|
|
||||
|
Operating revenues from affiliates
|
3
|
|
|
12
|
|
|
11
|
|
|
35
|
|
||||
|
Total operating revenues
|
1,361
|
|
|
1,310
|
|
|
3,688
|
|
|
3,557
|
|
||||
|
Operating expenses
|
|
|
|
|
|
|
|
||||||||
|
Purchased power
|
415
|
|
|
354
|
|
|
1,077
|
|
|
901
|
|
||||
|
Purchased fuel
|
12
|
|
|
7
|
|
|
65
|
|
|
46
|
|
||||
|
Purchased power and fuel from affiliates
|
82
|
|
|
112
|
|
|
268
|
|
|
371
|
|
||||
|
Operating and maintenance
|
261
|
|
|
214
|
|
|
751
|
|
|
666
|
|
||||
|
Operating and maintenance from affiliates
|
31
|
|
|
37
|
|
|
106
|
|
|
108
|
|
||||
|
Depreciation, amortization and accretion
|
192
|
|
|
179
|
|
|
555
|
|
|
511
|
|
||||
|
Taxes other than income
|
123
|
|
|
122
|
|
|
343
|
|
|
344
|
|
||||
|
Total operating expenses
|
1,116
|
|
|
1,025
|
|
|
3,165
|
|
|
2,947
|
|
||||
|
Gain on sales of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
|
Operating income
|
245
|
|
|
285
|
|
|
523
|
|
|
611
|
|
||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
||||||||
|
Interest expense, net
|
(65
|
)
|
|
(62
|
)
|
|
(193
|
)
|
|
(183
|
)
|
||||
|
Other, net
|
11
|
|
|
13
|
|
|
33
|
|
|
40
|
|
||||
|
Total other income and (deductions)
|
(54
|
)
|
|
(49
|
)
|
|
(160
|
)
|
|
(143
|
)
|
||||
|
Income before income taxes
|
191
|
|
|
236
|
|
|
363
|
|
|
468
|
|
||||
|
Income taxes
|
4
|
|
|
83
|
|
|
28
|
|
|
109
|
|
||||
|
Equity in earnings of unconsolidated affiliate
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
|
Net income
|
$
|
187
|
|
|
$
|
153
|
|
|
$
|
336
|
|
|
$
|
359
|
|
|
Comprehensive income
|
$
|
187
|
|
|
$
|
153
|
|
|
$
|
336
|
|
|
$
|
359
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
(In millions)
|
2018
|
|
2017
|
||||
|
Cash flows from operating activities
|
|
|
|
||||
|
Net income
|
$
|
336
|
|
|
$
|
359
|
|
|
Adjustments to reconcile net income to net cash flows provided by operating activities:
|
|
|
|
||||
|
Depreciation and amortization
|
555
|
|
|
511
|
|
||
|
Deferred income taxes and amortization of investment tax credits
|
50
|
|
|
190
|
|
||
|
Other non-cash operating activities
|
109
|
|
|
66
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
||||
|
Accounts receivable
|
(89
|
)
|
|
(42
|
)
|
||
|
Receivables from and payables to affiliates, net
|
10
|
|
|
(13
|
)
|
||
|
Inventories
|
—
|
|
|
(29
|
)
|
||
|
Accounts payable and accrued expenses
|
115
|
|
|
(49
|
)
|
||
|
Income taxes
|
(31
|
)
|
|
82
|
|
||
|
Pension and non-pension postretirement benefit contributions
|
(66
|
)
|
|
(74
|
)
|
||
|
Other assets and liabilities
|
(144
|
)
|
|
(206
|
)
|
||
|
Net cash flows provided by operating activities
|
845
|
|
|
795
|
|
||
|
Cash flows from investing activities
|
|
|
|
||||
|
Capital expenditures
|
(988
|
)
|
|
(995
|
)
|
||
|
Proceeds from sales of long-lived assets
|
—
|
|
|
1
|
|
||
|
Other investing activities
|
2
|
|
|
4
|
|
||
|
Net cash flows used in investing activities
|
(986
|
)
|
|
(990
|
)
|
||
|
Cash flows from financing activities
|
|
|
|
||||
|
Changes in short-term borrowings
|
(141
|
)
|
|
96
|
|
||
|
Proceeds from short-term borrowings with maturities greater than 90 days
|
125
|
|
|
—
|
|
||
|
Repayments of short-term borrowings with maturities greater than 90 days
|
—
|
|
|
(500
|
)
|
||
|
Issuance of long-term debt
|
300
|
|
|
202
|
|
||
|
Retirement of long-term debt
|
(33
|
)
|
|
(127
|
)
|
||
|
Distributions to member
|
(232
|
)
|
|
(267
|
)
|
||
|
Contributions from parent
|
237
|
|
|
758
|
|
||
|
Change in Exelon intercompany money pool
|
10
|
|
|
1
|
|
||
|
Other financing activities
|
(6
|
)
|
|
(2
|
)
|
||
|
Net cash flows provided by financing activities
|
260
|
|
|
161
|
|
||
|
Increase (decrease) in cash, cash equivalents and restricted cash
|
119
|
|
|
(34
|
)
|
||
|
Cash, cash equivalents and restricted cash at beginning of period
|
95
|
|
|
236
|
|
||
|
Cash, cash equivalents and restricted cash at end of period
|
$
|
214
|
|
|
$
|
202
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
ASSETS
|
|
|
|
||||
|
Current assets
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
153
|
|
|
$
|
30
|
|
|
Restricted cash and cash equivalents
|
42
|
|
|
42
|
|
||
|
Accounts receivable, net
|
|
|
|
||||
|
Customer
|
500
|
|
|
486
|
|
||
|
Other
|
266
|
|
|
206
|
|
||
|
Inventories, net
|
|
|
|
||||
|
Gas held in storage
|
9
|
|
|
7
|
|
||
|
Materials and supplies
|
149
|
|
|
151
|
|
||
|
Regulatory assets
|
521
|
|
|
554
|
|
||
|
Other
|
60
|
|
|
75
|
|
||
|
Total current assets
|
1,700
|
|
|
1,551
|
|
||
|
Property, plant and equipment, net
|
13,167
|
|
|
12,498
|
|
||
|
Deferred debits and other assets
|
|
|
|
||||
|
Regulatory assets
|
2,374
|
|
|
2,493
|
|
||
|
Investments
|
133
|
|
|
132
|
|
||
|
Goodwill
|
4,005
|
|
|
4,005
|
|
||
|
Long-term note receivable
|
—
|
|
|
4
|
|
||
|
Prepaid pension asset
|
499
|
|
|
490
|
|
||
|
Deferred income taxes
|
12
|
|
|
4
|
|
||
|
Other
|
67
|
|
|
70
|
|
||
|
Total deferred debits and other assets
|
7,090
|
|
|
7,198
|
|
||
|
Total assets
(a)
|
$
|
21,957
|
|
|
$
|
21,247
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
LIABILITIES AND MEMBER'S EQUITY
|
|
|
|
||||
|
Current liabilities
|
|
|
|
||||
|
Short-term borrowings
|
$
|
334
|
|
|
$
|
350
|
|
|
Long-term debt due within one year
|
117
|
|
|
396
|
|
||
|
Accounts payable
|
505
|
|
|
348
|
|
||
|
Accrued expenses
|
269
|
|
|
261
|
|
||
|
Payables to affiliates
|
102
|
|
|
90
|
|
||
|
Borrowings from Exelon intercompany money pool
|
10
|
|
|
—
|
|
||
|
Unamortized energy contract liabilities
|
125
|
|
|
188
|
|
||
|
Customer deposits
|
113
|
|
|
119
|
|
||
|
Merger related obligation
|
38
|
|
|
42
|
|
||
|
Regulatory liabilities
|
99
|
|
|
56
|
|
||
|
Other
|
57
|
|
|
81
|
|
||
|
Total current liabilities
|
1,769
|
|
|
1,931
|
|
||
|
Long-term debt
|
5,972
|
|
|
5,478
|
|
||
|
Deferred credits and other liabilities
|
|
|
|
||||
|
Deferred income taxes and unamortized investment tax credits
|
2,243
|
|
|
2,070
|
|
||
|
Asset retirement obligations
|
53
|
|
|
16
|
|
||
|
Non-pension postretirement benefit obligations
|
102
|
|
|
105
|
|
||
|
Regulatory liabilities
|
1,783
|
|
|
1,872
|
|
||
|
Unamortized energy contract liabilities
|
474
|
|
|
561
|
|
||
|
Other
|
395
|
|
|
389
|
|
||
|
Total deferred credits and other liabilities
|
5,050
|
|
|
5,013
|
|
||
|
Total liabilities
(a)
|
12,791
|
|
|
12,422
|
|
||
|
Commitments and contingencies
|
|
|
|
||||
|
Member's equity
|
|
|
|
||||
|
Membership interest
|
9,072
|
|
|
8,835
|
|
||
|
Undistributed earnings (losses)
|
94
|
|
|
(10
|
)
|
||
|
Total member's equity
|
9,166
|
|
|
8,825
|
|
||
|
Total liabilities and member's equity
|
$
|
21,957
|
|
|
$
|
21,247
|
|
|
(a)
|
PHI’s consolidated total assets include
$36 million
and
$41 million
at
September 30, 2018
and
December 31, 2017
, respectively, of PHI's consolidated VIE that can only be used to settle the liabilities of the VIE. PHI’s consolidated total liabilities include
$78 million
and
$102 million
at
September 30, 2018
and
December 31, 2017
, respectively, of PHI's consolidated VIE for which the VIE creditors do not have recourse to PHI. See Note
3
—
Variable Interest Entities
for additional information.
|
|
(In millions)
|
Membership Interest
|
|
Undistributed Earnings (Losses)
|
|
Member's Equity
|
||||||
|
Balance, December 31, 2017
|
$
|
8,835
|
|
|
$
|
(10
|
)
|
|
$
|
8,825
|
|
|
Net income
|
—
|
|
|
336
|
|
|
336
|
|
|||
|
Distributions to member
|
—
|
|
|
(232
|
)
|
|
(232
|
)
|
|||
|
Contributions from parent
|
237
|
|
|
—
|
|
|
237
|
|
|||
|
Balance, September 30, 2018
|
$
|
9,072
|
|
|
$
|
94
|
|
|
$
|
9,166
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
(In millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Operating revenues
|
|
|
|
|
|
|
|
||||||||
|
Electric operating revenues
|
$
|
630
|
|
|
$
|
600
|
|
|
$
|
1,697
|
|
|
$
|
1,622
|
|
|
Revenues from alternative revenue programs
|
(4
|
)
|
|
3
|
|
|
6
|
|
|
23
|
|
||||
|
Operating revenues from affiliates
|
2
|
|
|
1
|
|
|
5
|
|
|
4
|
|
||||
|
Total operating revenues
|
628
|
|
|
604
|
|
|
1,708
|
|
|
1,649
|
|
||||
|
Operating expenses
|
|
|
|
|
|
|
|
||||||||
|
Purchased power
|
131
|
|
|
111
|
|
|
354
|
|
|
268
|
|
||||
|
Purchased power from affiliates
|
46
|
|
|
57
|
|
|
143
|
|
|
210
|
|
||||
|
Operating and maintenance
|
84
|
|
|
89
|
|
|
216
|
|
|
296
|
|
||||
|
Operating and maintenance from affiliates
|
52
|
|
|
14
|
|
|
167
|
|
|
40
|
|
||||
|
Depreciation and amortization
|
99
|
|
|
82
|
|
|
286
|
|
|
242
|
|
||||
|
Taxes other than income
|
104
|
|
|
102
|
|
|
288
|
|
|
282
|
|
||||
|
Total operating expenses
|
516
|
|
|
455
|
|
|
1,454
|
|
|
1,338
|
|
||||
|
Gain on sales of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
|
Operating income
|
112
|
|
|
149
|
|
|
254
|
|
|
312
|
|
||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
||||||||
|
Interest expense, net
|
(32
|
)
|
|
(31
|
)
|
|
(96
|
)
|
|
(89
|
)
|
||||
|
Other, net
|
7
|
|
|
7
|
|
|
23
|
|
|
22
|
|
||||
|
Total other income and (deductions)
|
(25
|
)
|
|
(24
|
)
|
|
(73
|
)
|
|
(67
|
)
|
||||
|
Income before income taxes
|
87
|
|
|
125
|
|
|
181
|
|
|
245
|
|
||||
|
Income taxes
|
(2
|
)
|
|
38
|
|
|
7
|
|
|
57
|
|
||||
|
Net income
|
$
|
89
|
|
|
$
|
87
|
|
|
$
|
174
|
|
|
$
|
188
|
|
|
Comprehensive income
|
$
|
89
|
|
|
$
|
87
|
|
|
$
|
174
|
|
|
$
|
188
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
(In millions)
|
2018
|
|
2017
|
||||
|
Cash flows from operating activities
|
|
|
|
||||
|
Net income
|
$
|
174
|
|
|
$
|
188
|
|
|
Adjustments to reconcile net income to net cash flows provided by operating activities:
|
|
|
|
||||
|
Depreciation and amortization
|
286
|
|
|
242
|
|
||
|
Deferred income taxes and amortization of investment tax credits
|
(5
|
)
|
|
90
|
|
||
|
Other non-cash operating activities
|
42
|
|
|
8
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
||||
|
Accounts receivable
|
(36
|
)
|
|
(43
|
)
|
||
|
Receivables from and payables to affiliates, net
|
(9
|
)
|
|
(10
|
)
|
||
|
Inventories
|
6
|
|
|
(15
|
)
|
||
|
Accounts payable and accrued expenses
|
104
|
|
|
(24
|
)
|
||
|
Income taxes
|
(18
|
)
|
|
80
|
|
||
|
Pension and non-pension postretirement benefit contributions
|
(11
|
)
|
|
(69
|
)
|
||
|
Other assets and liabilities
|
(137
|
)
|
|
(99
|
)
|
||
|
Net cash flows provided by operating activities
|
396
|
|
|
348
|
|
||
|
Cash flows from investing activities
|
|
|
|
||||
|
Capital expenditures
|
(475
|
)
|
|
(439
|
)
|
||
|
Proceeds from sales of long-lived assets
|
—
|
|
|
1
|
|
||
|
Other investing activities
|
3
|
|
|
—
|
|
||
|
Net cash flows used in investing activities
|
(472
|
)
|
|
(438
|
)
|
||
|
Cash flows from financing activities
|
|
|
|
||||
|
Changes in short-term borrowings
|
38
|
|
|
(23
|
)
|
||
|
Issuance of long-term debt
|
100
|
|
|
202
|
|
||
|
Retirement of long-term debt
|
(8
|
)
|
|
(7
|
)
|
||
|
Dividends paid on common stock
|
(128
|
)
|
|
(133
|
)
|
||
|
Contributions from parent
|
85
|
|
|
161
|
|
||
|
Other financing activities
|
(4
|
)
|
|
(1
|
)
|
||
|
Net cash flows provided by financing activities
|
83
|
|
|
199
|
|
||
|
Increase in cash, cash equivalents and restricted cash
|
7
|
|
|
109
|
|
||
|
Cash, cash equivalents and restricted cash at beginning of period
|
40
|
|
|
42
|
|
||
|
Cash, cash equivalents and restricted cash at end of period
|
$
|
47
|
|
|
$
|
151
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
ASSETS
|
|
|
|
||||
|
Current assets
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
12
|
|
|
$
|
5
|
|
|
Restricted cash and cash equivalents
|
35
|
|
|
35
|
|
||
|
Accounts receivable, net
|
|
|
|
||||
|
Customer
|
235
|
|
|
250
|
|
||
|
Other
|
102
|
|
|
87
|
|
||
|
Inventories, net
|
81
|
|
|
87
|
|
||
|
Regulatory assets
|
284
|
|
|
213
|
|
||
|
Other
|
9
|
|
|
33
|
|
||
|
Total current assets
|
758
|
|
|
710
|
|
||
|
Property, plant and equipment, net
|
6,337
|
|
|
6,001
|
|
||
|
Deferred debits and other assets
|
|
|
|
||||
|
Regulatory assets
|
662
|
|
|
678
|
|
||
|
Investments
|
105
|
|
|
102
|
|
||
|
Prepaid pension asset
|
318
|
|
|
322
|
|
||
|
Other
|
19
|
|
|
19
|
|
||
|
Total deferred debits and other assets
|
1,104
|
|
|
1,121
|
|
||
|
Total assets
|
$
|
8,199
|
|
|
$
|
7,832
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
LIABILITIES AND SHAREHOLDER'S EQUITY
|
|
|
|
||||
|
Current liabilities
|
|
|
|
||||
|
Short-term borrowings
|
$
|
64
|
|
|
$
|
26
|
|
|
Long-term debt due within one year
|
14
|
|
|
19
|
|
||
|
Accounts payable
|
234
|
|
|
139
|
|
||
|
Accrued expenses
|
141
|
|
|
137
|
|
||
|
Payables to affiliates
|
70
|
|
|
74
|
|
||
|
Customer deposits
|
53
|
|
|
54
|
|
||
|
Regulatory liabilities
|
5
|
|
|
3
|
|
||
|
Merger related obligation
|
38
|
|
|
42
|
|
||
|
Current portion of DC PLUG obligation
|
30
|
|
|
28
|
|
||
|
Other
|
9
|
|
|
28
|
|
||
|
Total current liabilities
|
658
|
|
|
550
|
|
||
|
Long-term debt
|
2,611
|
|
|
2,521
|
|
||
|
Deferred credits and other liabilities
|
|
|
|
||||
|
Deferred income taxes and unamortized investment tax credits
|
1,139
|
|
|
1,063
|
|
||
|
Non-pension postretirement benefit obligations
|
31
|
|
|
36
|
|
||
|
Regulatory liabilities
|
759
|
|
|
829
|
|
||
|
Other
|
337
|
|
|
300
|
|
||
|
Total deferred credits and other liabilities
|
2,266
|
|
|
2,228
|
|
||
|
Total liabilities
|
5,535
|
|
|
5,299
|
|
||
|
Commitments and contingencies
|
|
|
|
||||
|
Shareholder's equity
|
|
|
|
||||
|
Common stock
|
1,555
|
|
|
1,470
|
|
||
|
Retained earnings
|
1,109
|
|
|
1,063
|
|
||
|
Total shareholder's equity
|
2,664
|
|
|
2,533
|
|
||
|
Total liabilities and shareholder's equity
|
$
|
8,199
|
|
|
$
|
7,832
|
|
|
(In millions)
|
Common Stock
|
|
Retained Earnings
|
|
Total Shareholder's Equity
|
||||||
|
Balance, December 31, 2017
|
$
|
1,470
|
|
|
$
|
1,063
|
|
|
$
|
2,533
|
|
|
Net income
|
—
|
|
|
174
|
|
|
174
|
|
|||
|
Common stock dividends
|
—
|
|
|
(128
|
)
|
|
(128
|
)
|
|||
|
Contributions from parent
|
85
|
|
|
—
|
|
|
85
|
|
|||
|
Balance, September 30, 2018
|
$
|
1,555
|
|
|
$
|
1,109
|
|
|
$
|
2,664
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
(In millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Operating revenues
|
|
|
|
|
|
|
|
||||||||
|
Electric operating revenues
|
$
|
302
|
|
|
$
|
308
|
|
|
$
|
861
|
|
|
$
|
851
|
|
|
Natural gas operating revenues
|
24
|
|
|
18
|
|
|
129
|
|
|
105
|
|
||||
|
Revenues from alternative revenue programs
|
—
|
|
|
(1
|
)
|
|
5
|
|
|
9
|
|
||||
|
Operating revenues from affiliates
|
2
|
|
|
2
|
|
|
6
|
|
|
6
|
|
||||
|
Total operating revenues
|
328
|
|
|
327
|
|
|
1,001
|
|
|
971
|
|
||||
|
Operating expenses
|
|
|
|
|
|
|
|
||||||||
|
Purchased power
|
96
|
|
|
75
|
|
|
258
|
|
|
215
|
|
||||
|
Purchased fuel
|
11
|
|
|
7
|
|
|
64
|
|
|
46
|
|
||||
|
Purchased power from affiliate
|
26
|
|
|
47
|
|
|
103
|
|
|
138
|
|
||||
|
Operating and maintenance
|
44
|
|
|
71
|
|
|
137
|
|
|
204
|
|
||||
|
Operating and maintenance from affiliates
|
38
|
|
|
8
|
|
|
119
|
|
|
23
|
|
||||
|
Depreciation and amortization
|
47
|
|
|
45
|
|
|
135
|
|
|
124
|
|
||||
|
Taxes other than income
|
15
|
|
|
15
|
|
|
43
|
|
|
43
|
|
||||
|
Total operating expenses
|
277
|
|
|
268
|
|
|
859
|
|
|
793
|
|
||||
|
Operating income
|
51
|
|
|
59
|
|
|
142
|
|
|
178
|
|
||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
||||||||
|
Interest expense, net
|
(15
|
)
|
|
(13
|
)
|
|
(42
|
)
|
|
(38
|
)
|
||||
|
Other, net
|
2
|
|
|
4
|
|
|
7
|
|
|
10
|
|
||||
|
Total other income and (deductions)
|
(13
|
)
|
|
(9
|
)
|
|
(35
|
)
|
|
(28
|
)
|
||||
|
Income before income taxes
|
38
|
|
|
50
|
|
|
107
|
|
|
150
|
|
||||
|
Income taxes
|
5
|
|
|
19
|
|
|
17
|
|
|
43
|
|
||||
|
Net income
|
$
|
33
|
|
|
$
|
31
|
|
|
$
|
90
|
|
|
$
|
107
|
|
|
Comprehensive income
|
$
|
33
|
|
|
$
|
31
|
|
|
$
|
90
|
|
|
$
|
107
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
(In millions)
|
2018
|
|
2017
|
||||
|
Cash flows from operating activities
|
|
|
|
||||
|
Net income
|
$
|
90
|
|
|
$
|
107
|
|
|
Adjustments to reconcile net income to net cash flows provided by operating activities:
|
|
|
|
||||
|
Depreciation and amortization
|
135
|
|
|
124
|
|
||
|
Deferred income taxes and amortization of investment tax credits
|
24
|
|
|
61
|
|
||
|
Other non-cash operating activities
|
16
|
|
|
6
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
||||
|
Accounts receivable
|
13
|
|
|
7
|
|
||
|
Receivables from and payables to affiliates, net
|
(14
|
)
|
|
—
|
|
||
|
Inventories
|
(3
|
)
|
|
(6
|
)
|
||
|
Accounts payable and accrued expenses
|
18
|
|
|
—
|
|
||
|
Income taxes
|
—
|
|
|
33
|
|
||
|
Other assets and liabilities
|
13
|
|
|
(40
|
)
|
||
|
Net cash flows provided by operating activities
|
292
|
|
|
292
|
|
||
|
Cash flows from investing activities
|
|
|
|
||||
|
Capital expenditures
|
(254
|
)
|
|
(294
|
)
|
||
|
Other investing activities
|
1
|
|
|
1
|
|
||
|
Net cash flows used in investing activities
|
(253
|
)
|
|
(293
|
)
|
||
|
Cash flows from financing activities
|
|
|
|
||||
|
Changes in short-term borrowings
|
(216
|
)
|
|
54
|
|
||
|
Issuance of long-term debt
|
200
|
|
|
—
|
|
||
|
Retirement of long-term debt
|
(4
|
)
|
|
(14
|
)
|
||
|
Dividends paid on common stock
|
(58
|
)
|
|
(82
|
)
|
||
|
Contributions from parent
|
150
|
|
|
—
|
|
||
|
Other financing activities
|
(3
|
)
|
|
—
|
|
||
|
Net cash flows provided by (used in) financing activities
|
69
|
|
|
(42
|
)
|
||
|
Increase (decrease) in cash, cash equivalents and restricted cash
|
108
|
|
|
(43
|
)
|
||
|
Cash, cash equivalents and restricted cash at beginning of period
|
2
|
|
|
46
|
|
||
|
Cash, cash equivalents and restricted cash at end of period
|
$
|
110
|
|
|
$
|
3
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
ASSETS
|
|
|
|
||||
|
Current assets
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
110
|
|
|
$
|
2
|
|
|
Accounts receivable, net
|
|
|
|
||||
|
Customer
|
121
|
|
|
146
|
|
||
|
Other
|
53
|
|
|
38
|
|
||
|
Inventories, net
|
|
|
|
||||
|
Gas held in storage
|
9
|
|
|
7
|
|
||
|
Materials and supplies
|
37
|
|
|
36
|
|
||
|
Regulatory assets
|
66
|
|
|
69
|
|
||
|
Other
|
18
|
|
|
27
|
|
||
|
Total current assets
|
414
|
|
|
325
|
|
||
|
Property, plant and equipment, net
|
3,748
|
|
|
3,579
|
|
||
|
Deferred debits and other assets
|
|
|
|
||||
|
Regulatory assets
|
235
|
|
|
245
|
|
||
|
Goodwill
|
8
|
|
|
8
|
|
||
|
Prepaid pension asset
|
188
|
|
|
193
|
|
||
|
Other
|
8
|
|
|
7
|
|
||
|
Total deferred debits and other assets
|
439
|
|
|
453
|
|
||
|
Total assets
|
$
|
4,601
|
|
|
$
|
4,357
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
LIABILITIES AND SHAREHOLDER'S EQUITY
|
|
|
|
||||
|
Current liabilities
|
|
|
|
||||
|
Short-term borrowings
|
$
|
—
|
|
|
$
|
216
|
|
|
Long-term debt due within one year
|
79
|
|
|
83
|
|
||
|
Accounts payable
|
104
|
|
|
82
|
|
||
|
Accrued expenses
|
52
|
|
|
35
|
|
||
|
Payables to affiliates
|
30
|
|
|
46
|
|
||
|
Customer deposits
|
35
|
|
|
35
|
|
||
|
Regulatory liabilities
|
67
|
|
|
42
|
|
||
|
Other
|
6
|
|
|
8
|
|
||
|
Total current liabilities
|
373
|
|
|
547
|
|
||
|
Long-term debt
|
1,415
|
|
|
1,217
|
|
||
|
Deferred credits and other liabilities
|
|
|
|
||||
|
Regulatory liabilities
|
587
|
|
|
593
|
|
||
|
Deferred income taxes and unamortized investment tax credits
|
645
|
|
|
603
|
|
||
|
Non-pension postretirement benefit obligations
|
15
|
|
|
14
|
|
||
|
Other
|
49
|
|
|
48
|
|
||
|
Total deferred credits and other liabilities
|
1,296
|
|
|
1,258
|
|
||
|
Total liabilities
|
3,084
|
|
|
3,022
|
|
||
|
Commitments and contingencies
|
|
|
|
||||
|
Shareholder's equity
|
|
|
|
||||
|
Common stock
|
914
|
|
|
764
|
|
||
|
Retained earnings
|
603
|
|
|
571
|
|
||
|
Total shareholder's equity
|
1,517
|
|
|
1,335
|
|
||
|
Total liabilities and shareholder's equity
|
$
|
4,601
|
|
|
$
|
4,357
|
|
|
(In millions)
|
Common Stock
|
|
Retained Earnings
|
|
Total Shareholder's Equity
|
||||||
|
Balance, December 31, 2017
|
$
|
764
|
|
|
$
|
571
|
|
|
$
|
1,335
|
|
|
Net income
|
—
|
|
|
90
|
|
|
90
|
|
|||
|
Common stock dividends
|
—
|
|
|
(58
|
)
|
|
(58
|
)
|
|||
|
Contributions from parent
|
150
|
|
|
—
|
|
|
150
|
|
|||
|
Balance, September 30, 2018
|
$
|
914
|
|
|
$
|
603
|
|
|
$
|
1,517
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended
September 30, |
||||||||||||
|
(In millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Operating revenues
|
|
|
|
|
|
|
|
||||||||
|
Electric operating revenues
|
$
|
406
|
|
|
$
|
370
|
|
|
$
|
983
|
|
|
$
|
904
|
|
|
Revenues from alternative revenue programs
|
(1
|
)
|
|
—
|
|
|
(4
|
)
|
|
9
|
|
||||
|
Operating revenues from affiliates
|
1
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||
|
Total operating revenues
|
406
|
|
|
370
|
|
|
981
|
|
|
915
|
|
||||
|
Operating expenses
|
|
|
|
|
|
|
|
||||||||
|
Purchased power
|
188
|
|
|
169
|
|
|
465
|
|
|
418
|
|
||||
|
Purchased power from affiliates
|
10
|
|
|
7
|
|
|
21
|
|
|
24
|
|
||||
|
Operating and maintenance
|
52
|
|
|
66
|
|
|
146
|
|
|
205
|
|
||||
|
Operating and maintenance from affiliates
|
33
|
|
|
6
|
|
|
104
|
|
|
20
|
|
||||
|
Depreciation and amortization
|
38
|
|
|
41
|
|
|
107
|
|
|
113
|
|
||||
|
Taxes other than income
|
1
|
|
|
2
|
|
|
4
|
|
|
6
|
|
||||
|
Total operating expenses
|
322
|
|
|
291
|
|
|
847
|
|
|
786
|
|
||||
|
Operating income
|
84
|
|
|
79
|
|
|
134
|
|
|
129
|
|
||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
||||||||
|
Interest expense, net
|
(16
|
)
|
|
(15
|
)
|
|
(48
|
)
|
|
(46
|
)
|
||||
|
Other, net
|
1
|
|
|
1
|
|
|
2
|
|
|
6
|
|
||||
|
Total other income and (deductions)
|
(15
|
)
|
|
(14
|
)
|
|
(46
|
)
|
|
(40
|
)
|
||||
|
Income before income taxes
|
69
|
|
|
65
|
|
|
88
|
|
|
89
|
|
||||
|
Income taxes
|
8
|
|
|
24
|
|
|
12
|
|
|
12
|
|
||||
|
Net income
|
$
|
61
|
|
|
$
|
41
|
|
|
$
|
76
|
|
|
$
|
77
|
|
|
Comprehensive income
|
$
|
61
|
|
|
$
|
41
|
|
|
$
|
76
|
|
|
$
|
77
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
(In millions)
|
2018
|
|
2017
|
||||
|
Cash flows from operating activities
|
|
|
|
||||
|
Net income
|
$
|
76
|
|
|
$
|
77
|
|
|
Adjustments to reconcile net income to net cash flows provided by operating activities:
|
|
|
|
||||
|
Depreciation and amortization
|
107
|
|
|
113
|
|
||
|
Deferred income taxes and amortization of investment tax credits
|
24
|
|
|
28
|
|
||
|
Other non-cash operating activities
|
24
|
|
|
21
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
||||
|
Accounts receivable
|
(66
|
)
|
|
(7
|
)
|
||
|
Receivables from and payables to affiliates, net
|
(3
|
)
|
|
(5
|
)
|
||
|
Inventories
|
(2
|
)
|
|
(7
|
)
|
||
|
Accounts payable and accrued expenses
|
21
|
|
|
9
|
|
||
|
Income taxes
|
(3
|
)
|
|
(9
|
)
|
||
|
Pension and non-pension postretirement benefit contributions
|
(6
|
)
|
|
—
|
|
||
|
Other assets and liabilities
|
(12
|
)
|
|
(62
|
)
|
||
|
Net cash flows provided by operating activities
|
160
|
|
|
158
|
|
||
|
Cash flows from investing activities
|
|
|
|
||||
|
Capital expenditures
|
(247
|
)
|
|
(242
|
)
|
||
|
Other investing activities
|
(1
|
)
|
|
—
|
|
||
|
Net cash flows used in investing activities
|
(248
|
)
|
|
(242
|
)
|
||
|
Cash flows from financing activities
|
|
|
|
||||
|
Changes in short-term borrowings
|
37
|
|
|
65
|
|
||
|
Proceeds from short-term borrowings with maturities greater than 90 days
|
125
|
|
|
—
|
|
||
|
Retirement of long-term debt
|
(22
|
)
|
|
(25
|
)
|
||
|
Dividends paid on common stock
|
(46
|
)
|
|
(53
|
)
|
||
|
Net cash flows provided by (used in) financing activities
|
94
|
|
|
(13
|
)
|
||
|
Increase (decrease) in cash, cash equivalents and restricted cash
|
6
|
|
|
(97
|
)
|
||
|
Cash, cash equivalents and restricted cash at beginning of period
|
31
|
|
|
133
|
|
||
|
Cash, cash equivalents and restricted cash at end of period
|
$
|
37
|
|
|
$
|
36
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
ASSETS
|
|
|
|
||||
|
Current assets
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
11
|
|
|
$
|
2
|
|
|
Restricted cash and cash equivalents
|
7
|
|
|
6
|
|
||
|
Accounts receivable, net
|
|
|
|
||||
|
Customer
|
144
|
|
|
92
|
|
||
|
Other
|
59
|
|
|
56
|
|
||
|
Inventories, net
|
31
|
|
|
29
|
|
||
|
Regulatory assets
|
44
|
|
|
71
|
|
||
|
Other
|
21
|
|
|
2
|
|
||
|
Total current assets
|
317
|
|
|
258
|
|
||
|
Property, plant and equipment, net
|
2,883
|
|
|
2,706
|
|
||
|
Deferred debits and other assets
|
|
|
|
||||
|
Regulatory assets
|
383
|
|
|
359
|
|
||
|
Long-term note receivable
|
—
|
|
|
4
|
|
||
|
Prepaid pension asset
|
70
|
|
|
73
|
|
||
|
Other
|
41
|
|
|
45
|
|
||
|
Total deferred debits and other assets
|
494
|
|
|
481
|
|
||
|
Total assets
(a)
|
$
|
3,694
|
|
|
$
|
3,445
|
|
|
(In millions)
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
LIABILITIES AND SHAREHOLDER'S EQUITY
|
|
|
|
||||
|
Current liabilities
|
|
|
|
||||
|
Short-term borrowings
|
$
|
270
|
|
|
$
|
108
|
|
|
Long-term debt due within one year
|
22
|
|
|
281
|
|
||
|
Accounts payable
|
149
|
|
|
118
|
|
||
|
Accrued expenses
|
38
|
|
|
33
|
|
||
|
Payables to affiliates
|
25
|
|
|
29
|
|
||
|
Customer deposits
|
26
|
|
|
31
|
|
||
|
Regulatory liabilities
|
27
|
|
|
11
|
|
||
|
Other
|
9
|
|
|
8
|
|
||
|
Total current liabilities
|
566
|
|
|
619
|
|
||
|
Long-term debt
|
1,078
|
|
|
840
|
|
||
|
Deferred credits and other liabilities
|
|
|
|
||||
|
Deferred income taxes and unamortized investment tax credits
|
534
|
|
|
493
|
|
||
|
Non-pension postretirement benefit obligations
|
16
|
|
|
14
|
|
||
|
Regulatory liabilities
|
401
|
|
|
411
|
|
||
|
Other
|
26
|
|
|
25
|
|
||
|
Total deferred credits and other liabilities
|
977
|
|
|
943
|
|
||
|
Total liabilities
(a)
|
2,621
|
|
|
2,402
|
|
||
|
Commitments and contingencies
|
|
|
|
||||
|
Shareholder's equity
|
|
|
|
||||
|
Common stock
|
912
|
|
|
912
|
|
||
|
Retained earnings
|
161
|
|
|
131
|
|
||
|
Total shareholder's equity
|
1,073
|
|
|
1,043
|
|
||
|
Total liabilities and shareholder's equity
|
$
|
3,694
|
|
|
$
|
3,445
|
|
|
(a)
|
ACE’s consolidated total assets include
$26 million
and
$29 million
at
September 30, 2018
and
December 31, 2017
, respectively, of ACE's consolidated VIE that can only be used to settle the liabilities of the VIE. ACE’s consolidated total liabilities include
$68 million
and
$90 million
at
September 30, 2018
and
December 31, 2017
, respectively, of ACE's consolidated VIE for which the VIE creditors do not have recourse to ACE. See Note
3
—
Variable Interest Entities
for additional information.
|
|
(In millions)
|
Common Stock
|
|
Retained Earnings
|
|
Total Shareholder's Equity
|
||||||
|
Balance, December 31, 2017
|
$
|
912
|
|
|
$
|
131
|
|
|
$
|
1,043
|
|
|
Net income
|
—
|
|
|
76
|
|
|
76
|
|
|||
|
Common stock dividends
|
—
|
|
|
(46
|
)
|
|
(46
|
)
|
|||
|
Balance, September 30, 2018
|
$
|
912
|
|
|
$
|
161
|
|
|
$
|
1,073
|
|
|
Registrant
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
10
|
11
|
12
|
13
|
14
|
15
|
16
|
17
|
18
|
19
|
|
Exelon Corporation
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
|
Exelon Generation Company, LLC
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
.
|
|
.
|
.
|
.
|
|
Commonwealth Edison Company
|
.
|
.
|
.
|
|
.
|
.
|
|
|
.
|
.
|
.
|
.
|
|
.
|
|
|
.
|
.
|
.
|
|
PECO Energy Company
|
.
|
.
|
.
|
|
.
|
.
|
|
|
.
|
.
|
.
|
.
|
|
.
|
.
|
|
.
|
.
|
.
|
|
Baltimore Gas and Electric Company
|
.
|
.
|
.
|
|
.
|
.
|
|
|
.
|
.
|
.
|
.
|
|
.
|
|
|
.
|
.
|
.
|
|
Pepco Holdings LLC
|
.
|
.
|
.
|
|
.
|
.
|
|
|
.
|
.
|
.
|
.
|
.
|
.
|
|
|
.
|
.
|
.
|
|
Potomac Electric Power Company
|
.
|
.
|
.
|
|
.
|
.
|
|
|
.
|
.
|
.
|
.
|
|
.
|
|
|
.
|
.
|
.
|
|
Delmarva Power & Light Company
|
.
|
.
|
.
|
|
.
|
.
|
|
|
.
|
.
|
.
|
.
|
|
.
|
|
|
.
|
.
|
.
|
|
Atlantic City Electric Company
|
.
|
.
|
.
|
|
.
|
.
|
|
|
.
|
.
|
.
|
.
|
|
.
|
|
|
.
|
.
|
.
|
|
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.
|
|
Six reportable segments: Mid-Atlantic, Midwest, New England, 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
|
|
|
|
•
|
Statement of Cash Flows: Classification of Restricted Cash.
The Registrants applied the new guidance using the full retrospective method and, accordingly, have recasted the presentation of restricted cash in their Consolidated Statements of Cash Flows in the prior periods presented. See Note
18
—
Supplemental Financial Information
for additional information.
|
|
•
|
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.
Exelon early adopted and retrospectively applied the new guidance to when the effects of the TCJA were recognized and, accordingly, recasted its December 31, 2017 AOCI and retained earnings in its Consolidated Balance Sheet and Consolidated Statement of Changes in Shareholders' Equity. Exelon's accounting policy is to release the stranded tax effects from AOCI related to its pension and OPEB plans under a portfolio (or aggregate) approach as an entire pension or OPEB plan is liquidated or terminated. See Note
2
—
New Accounting Standards
for additional information.
|
|
•
|
Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.
Exelon applied this guidance retrospectively for the presentation of the service and other non-service costs components of net benefit cost and, accordingly, have recasted those amounts, which were not material, in its Consolidated Statement of Operations and Comprehensive Income in prior periods presented. As part of the adoption, Exelon elected the practical expedient that permits an employer to use the amounts disclosed in its pension and other postretirement benefit plan note for the comparative periods as the estimation basis for applying the retrospective presentation requirements. See Note
14
—
Retirement Benefits
for additional information.
|
|
•
|
Revenue from Contracts with Customers.
The Registrants applied the new guidance using the full retrospective method and, accordingly, have recasted certain amounts in their Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Cash Flows, Consolidated Balance Sheets, Consolidated Statements of Changes in Shareholders' Equity and Combined Notes to Consolidated Financial Statements in the prior periods presented. The amounts recasted in the Registrants' Consolidated Statements of Operations and Comprehensive Income are shown in the table below. The amounts recasted in the Registrants’ Consolidated Statements of Cash Flows, Consolidated Balance Sheets, Consolidated Statements of Changes in Shareholders' Equity and Combined Notes to Consolidated Financial Statements were not material. See Note
5
—
Revenue from Contracts with Customers
for additional information.
|
|
Three Months Ended September 30, 2017
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Operating Revenues - As reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Competitive business revenues
|
$
|
4,456
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Rate-regulated utility revenues
|
4,313
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Operating revenues
|
—
|
|
|
4,455
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Electric operating revenues
|
—
|
|
|
—
|
|
|
1,568
|
|
|
660
|
|
|
657
|
|
|
1,280
|
|
|
603
|
|
|
307
|
|
|
370
|
|
|||||||||
|
Natural gas operating revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
78
|
|
|
18
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|||||||||
|
Operating revenues from affiliates
|
—
|
|
|
296
|
|
|
3
|
|
|
2
|
|
|
3
|
|
|
12
|
|
|
1
|
|
|
2
|
|
|
—
|
|
|||||||||
|
Total operating revenues
|
$
|
8,769
|
|
|
$
|
4,751
|
|
|
$
|
1,571
|
|
|
$
|
715
|
|
|
$
|
738
|
|
|
$
|
1,310
|
|
|
$
|
604
|
|
|
$
|
327
|
|
|
$
|
370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Operating Revenues - Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Competitive business revenues
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Rate-regulated utility revenues
|
(54
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Operating revenues
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Electric operating revenues
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
—
|
|
|
(31
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
1
|
|
|
—
|
|
|||||||||
|
Natural gas operating revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Revenues from alternative revenue programs
|
54
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
36
|
|
|
2
|
|
|
3
|
|
|
(1
|
)
|
|
—
|
|
|||||||||
|
Operating revenues from affiliates
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Total operating revenues
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Operating Revenues - Retrospective application
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Competitive business revenues
|
$
|
4,455
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Rate-regulated utility revenues
|
4,259
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Operating revenues
|
—
|
|
|
4,454
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Electric operating revenues
|
—
|
|
|
—
|
|
|
1,552
|
|
|
660
|
|
|
626
|
|
|
1,278
|
|
|
600
|
|
|
308
|
|
|
370
|
|
|||||||||
|
Natural gas operating revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
73
|
|
|
18
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|||||||||
|
Revenues from alternative revenue programs
|
54
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
36
|
|
|
2
|
|
|
3
|
|
|
(1
|
)
|
|
—
|
|
|||||||||
|
Operating revenues from affiliates
|
—
|
|
|
296
|
|
|
3
|
|
|
2
|
|
|
3
|
|
|
12
|
|
|
1
|
|
|
2
|
|
|
—
|
|
|||||||||
|
Total operating revenues
|
$
|
8,768
|
|
|
$
|
4,750
|
|
|
$
|
1,571
|
|
|
$
|
715
|
|
|
$
|
738
|
|
|
$
|
1,310
|
|
|
$
|
604
|
|
|
$
|
327
|
|
|
$
|
370
|
|
|
Nine Months Ended September 30, 2017
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Operating Revenues - As reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Competitive business revenues
|
$
|
12,924
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Rate-regulated utility revenues
|
12,225
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Operating revenues
|
—
|
|
|
12,918
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Electric operating revenues
|
—
|
|
|
—
|
|
|
4,215
|
|
|
1,798
|
|
|
1,890
|
|
|
3,417
|
|
|
1,645
|
|
|
860
|
|
|
913
|
|
|||||||||
|
Natural gas operating revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
338
|
|
|
461
|
|
|
105
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|||||||||
|
Operating revenues from affiliates
|
—
|
|
|
894
|
|
|
12
|
|
|
5
|
|
|
12
|
|
|
35
|
|
|
4
|
|
|
6
|
|
|
2
|
|
|||||||||
|
Total operating revenues
|
$
|
25,149
|
|
|
$
|
13,812
|
|
|
$
|
4,227
|
|
|
$
|
2,141
|
|
|
$
|
2,363
|
|
|
$
|
3,557
|
|
|
$
|
1,649
|
|
|
$
|
971
|
|
|
$
|
915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Operating Revenues - Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Competitive business revenues
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Rate-regulated utility revenues
|
(191
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Operating revenues
|
—
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Electric operating revenues
|
—
|
|
|
—
|
|
|
(48
|
)
|
|
—
|
|
|
(79
|
)
|
|
(41
|
)
|
|
(23
|
)
|
|
(9
|
)
|
|
(9
|
)
|
|||||||||
|
Natural gas operating revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Revenues from alternative revenue programs
|
191
|
|
|
—
|
|
|
48
|
|
|
—
|
|
|
102
|
|
|
41
|
|
|
23
|
|
|
9
|
|
|
9
|
|
|||||||||
|
Operating revenues from affiliates
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Total operating revenues
|
$
|
31
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Operating Revenues - Retrospective application
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Competitive business revenues
|
$
|
12,955
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Rate-regulated utility revenues
|
12,034
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Operating revenues
|
—
|
|
|
12,949
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Electric operating revenues
|
—
|
|
|
—
|
|
|
4,167
|
|
|
1,798
|
|
|
1,811
|
|
|
3,376
|
|
|
1,622
|
|
|
851
|
|
|
904
|
|
|||||||||
|
Natural gas operating revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
338
|
|
|
438
|
|
|
105
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|||||||||
|
Revenues from alternative revenue programs
|
191
|
|
|
—
|
|
|
48
|
|
|
—
|
|
|
102
|
|
|
41
|
|
|
23
|
|
|
9
|
|
|
9
|
|
|||||||||
|
Operating revenues from affiliates
|
—
|
|
|
894
|
|
|
12
|
|
|
5
|
|
|
12
|
|
|
35
|
|
|
4
|
|
|
6
|
|
|
2
|
|
|||||||||
|
Total operating revenues
|
$
|
25,180
|
|
|
$
|
13,843
|
|
|
$
|
4,227
|
|
|
$
|
2,141
|
|
|
$
|
2,363
|
|
|
$
|
3,557
|
|
|
$
|
1,649
|
|
|
$
|
971
|
|
|
$
|
915
|
|
|
•
|
Developing a complete lease inventory and abstracting the required data attributes into a lease accounting system that supports the Registrants' lease portfolios and integrates with existing systems.
|
|
•
|
Evaluating the transition practical expedients available under the guidance.
|
|
•
|
Identifying, assessing and documenting technical accounting issues, policy considerations and financial reporting implications.
|
|
•
|
Identifying and implementing changes to processes and controls to ensure all impacts of the new guidance are effectively addressed.
|
|
•
|
energy related companies involved in distributed generation, backup generation and energy development
|
|
•
|
renewable energy project companies formed by Generation to build, own and operate renewable power facilities
|
|
•
|
certain retail power and gas companies for which Generation is the sole supplier of energy, and
|
|
•
|
CENG.
|
|
•
|
ATF, 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.
|
|
•
|
Generation provides operating and capital funding to the renewable energy project companies and there is limited recourse to Generation related to certain renewable energy project companies.
|
|
•
|
Generation provides operating and capital funding to one of the energy related companies involved in backup generation.
|
|
•
|
Generation provides approximately
$34 million
in credit support for the retail power and gas companies for which Generation is the sole supplier of energy.
|
|
•
|
Exelon and Generation, where indicated, provide the following support to CENG:
|
|
•
|
under power purchase agreements with CENG, Generation purchased or will purchase
50.01%
of the available output generated by the CENG nuclear plants not subject to other contractual agreements from January 2015 through the end of the operating life of each respective plant. However, pursuant to amendments dated March 31, 2015, the energy obligations under the Ginna Nuclear Power Plant (Ginna) PPAs were suspended during the term of the RSSA, through the end of March 31, 2017. With the expiration of the RSSA, the PPA was reinstated beginning April 1, 2017,
|
|
•
|
Generation provided a
$400 million
loan to CENG. As of
September 30, 2018
, the remaining obligation is
$194 million
,
|
|
•
|
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
17
—
Commitments and Contingencies
for additional information),
|
|
•
|
Generation and EDF share in the
$637 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
$245 million
to support the operations of CENG as well as a
$165 million
guarantee of CENG’s cash pooling agreement with its subsidiaries.
|
|
•
|
In the case of ATF, 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. During the
three and nine months ended September 30, 2018
, ACE transferred
$9 million
and
$23 million
to ATF, respectively. During the
three and nine months ended September 30, 2017
, ACE transferred
$11 million
and
$39 million
to ATF, respectively.
|
|
•
|
the assets of the VIEs are restricted and can only be used to settle obligations of the respective VIE;
|
|
•
|
Exelon, Generation, PHI and ACE did not provide any additional material financial support to the VIEs;
|
|
•
|
Exelon, Generation, PHI and ACE did not have any material contractual commitments or obligations to provide financial support to the VIEs; and
|
|
•
|
the creditors of the VIEs did not have recourse to Exelon’s, Generation’s, PHI's or ACE's general credit.
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
|
Exelon
(a)
|
|
Generation
|
|
PHI
(a)
|
|
ACE
|
|
Exelon
(a)
|
|
Generation
|
|
PHI
(a)
|
|
ACE
|
||||||||||||||||
|
Current assets
|
$
|
891
|
|
|
$
|
881
|
|
|
$
|
10
|
|
|
$
|
7
|
|
|
$
|
662
|
|
|
$
|
652
|
|
|
$
|
10
|
|
|
$
|
6
|
|
|
Noncurrent assets
|
9,259
|
|
|
9,233
|
|
|
26
|
|
|
19
|
|
|
9,317
|
|
|
9,286
|
|
|
31
|
|
|
23
|
|
||||||||
|
Total assets
|
$
|
10,150
|
|
|
$
|
10,114
|
|
|
$
|
36
|
|
|
$
|
26
|
|
|
$
|
9,979
|
|
|
$
|
9,938
|
|
|
$
|
41
|
|
|
$
|
29
|
|
|
Current liabilities
|
$
|
329
|
|
|
$
|
303
|
|
|
$
|
26
|
|
|
$
|
23
|
|
|
$
|
308
|
|
|
$
|
272
|
|
|
$
|
36
|
|
|
$
|
32
|
|
|
Noncurrent liabilities
|
3,284
|
|
|
3,232
|
|
|
52
|
|
|
45
|
|
|
3,316
|
|
|
3,250
|
|
|
66
|
|
|
58
|
|
||||||||
|
Total liabilities
|
$
|
3,613
|
|
|
$
|
3,535
|
|
|
$
|
78
|
|
|
$
|
68
|
|
|
$
|
3,624
|
|
|
$
|
3,522
|
|
|
$
|
102
|
|
|
$
|
90
|
|
|
(a)
|
Includes certain purchase accounting adjustments not pushed down to the ACE standalone entity.
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
|
Exelon
(a)
|
|
Generation
|
|
PHI
(a)
|
|
ACE
|
|
Exelon
(a)
|
|
Generation
|
|
PHI
(a)
|
|
ACE
|
||||||||||||||||
|
Cash and cash equivalents
|
$
|
316
|
|
|
$
|
316
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
126
|
|
|
$
|
126
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Restricted cash
|
77
|
|
|
70
|
|
|
7
|
|
|
7
|
|
|
64
|
|
|
58
|
|
|
6
|
|
|
6
|
|
||||||||
|
Accounts receivable, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Customer
|
165
|
|
|
165
|
|
|
—
|
|
|
—
|
|
|
170
|
|
|
170
|
|
|
—
|
|
|
—
|
|
||||||||
|
Other
|
30
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
|
—
|
|
|
—
|
|
||||||||
|
Inventory, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Materials and supplies
|
214
|
|
|
214
|
|
|
—
|
|
|
—
|
|
|
205
|
|
|
205
|
|
|
—
|
|
|
—
|
|
||||||||
|
Other current assets
|
65
|
|
|
62
|
|
|
3
|
|
|
—
|
|
|
45
|
|
|
41
|
|
|
4
|
|
|
—
|
|
||||||||
|
Total current assets
|
867
|
|
|
857
|
|
|
10
|
|
|
7
|
|
|
635
|
|
|
625
|
|
|
10
|
|
|
6
|
|
||||||||
|
Property, plant and equipment, net
|
6,158
|
|
|
6,158
|
|
|
—
|
|
|
—
|
|
|
6,186
|
|
|
6,186
|
|
|
—
|
|
|
—
|
|
||||||||
|
Nuclear decommissioning trust funds
|
2,523
|
|
|
2,523
|
|
|
—
|
|
|
—
|
|
|
2,502
|
|
|
2,502
|
|
|
—
|
|
|
—
|
|
||||||||
|
Other noncurrent assets
|
256
|
|
|
230
|
|
|
26
|
|
|
19
|
|
|
274
|
|
|
243
|
|
|
31
|
|
|
23
|
|
||||||||
|
Total noncurrent assets
|
8,937
|
|
|
8,911
|
|
|
26
|
|
|
19
|
|
|
8,962
|
|
|
8,931
|
|
|
31
|
|
|
23
|
|
||||||||
|
Total assets
|
$
|
9,804
|
|
|
$
|
9,768
|
|
|
$
|
36
|
|
|
$
|
26
|
|
|
$
|
9,597
|
|
|
$
|
9,556
|
|
|
$
|
41
|
|
|
$
|
29
|
|
|
Long-term debt due within one year
|
$
|
97
|
|
|
$
|
72
|
|
|
$
|
25
|
|
|
$
|
22
|
|
|
$
|
102
|
|
|
$
|
67
|
|
|
$
|
35
|
|
|
$
|
31
|
|
|
Accounts payable
|
128
|
|
|
128
|
|
|
—
|
|
|
—
|
|
|
114
|
|
|
114
|
|
|
—
|
|
|
—
|
|
||||||||
|
Accrued expenses
|
73
|
|
|
72
|
|
|
1
|
|
|
1
|
|
|
67
|
|
|
66
|
|
|
1
|
|
|
1
|
|
||||||||
|
Unamortized energy contract liabilities
|
16
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
18
|
|
|
—
|
|
|
—
|
|
||||||||
|
Other current liabilities
|
14
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
—
|
|
|
—
|
|
||||||||
|
Total current liabilities
|
328
|
|
|
302
|
|
|
26
|
|
|
23
|
|
|
308
|
|
|
272
|
|
|
36
|
|
|
32
|
|
||||||||
|
Long-term debt
|
1,087
|
|
|
1,035
|
|
|
52
|
|
|
45
|
|
|
1,154
|
|
|
1,088
|
|
|
66
|
|
|
58
|
|
||||||||
|
Asset retirement obligations
|
2,116
|
|
|
2,116
|
|
|
—
|
|
|
—
|
|
|
2,035
|
|
|
2,035
|
|
|
—
|
|
|
—
|
|
||||||||
|
Other noncurrent liabilities
|
75
|
|
|
75
|
|
|
—
|
|
|
—
|
|
|
121
|
|
|
121
|
|
|
—
|
|
|
—
|
|
||||||||
|
Total noncurrent liabilities
|
3,278
|
|
|
3,226
|
|
|
52
|
|
|
45
|
|
|
3,310
|
|
|
3,244
|
|
|
66
|
|
|
58
|
|
||||||||
|
Total liabilities
|
$
|
3,606
|
|
|
$
|
3,528
|
|
|
$
|
78
|
|
|
$
|
68
|
|
|
$
|
3,618
|
|
|
$
|
3,516
|
|
|
$
|
102
|
|
|
$
|
90
|
|
|
(a)
|
Includes certain purchase accounting adjustments not pushed down to the ACE standalone entity.
|
|
•
|
Energy purchase and sale agreements with VIEs for which Generation has concluded that consolidation is not required.
|
|
•
|
Asset sale agreement with ZionSolutions, LLC and EnergySolutions, Inc. in which Generation has a variable interest but has concluded that consolidation is not required.
|
|
•
|
Equity investments in distributed energy companies for which Generation has concluded that consolidation is not required.
|
|
September 30, 2018
|
Commercial
Agreement
VIEs
|
|
Equity
Investment
VIEs
|
|
Total
|
||||||
|
Total assets
(a)
|
$
|
606
|
|
|
$
|
481
|
|
|
$
|
1,087
|
|
|
Total liabilities
(a)
|
36
|
|
|
221
|
|
|
257
|
|
|||
|
Exelon's ownership interest in VIE
(a)
|
—
|
|
|
232
|
|
|
232
|
|
|||
|
Other ownership interests in VIE
(a)
|
570
|
|
|
28
|
|
|
598
|
|
|||
|
Registrants’ maximum exposure to loss:
|
|
|
|
|
|
||||||
|
Carrying amount of equity method investments
|
—
|
|
|
232
|
|
|
232
|
|
|||
|
Contract intangible asset
|
8
|
|
|
—
|
|
|
8
|
|
|||
|
Net assets pledged for Zion Station decommissioning
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
December 31, 2017
|
Commercial
Agreement
VIEs
|
|
Equity
Investment
VIEs
|
|
Total
|
||||||
|
Total assets
(a)
|
$
|
625
|
|
|
$
|
509
|
|
|
$
|
1,134
|
|
|
Total liabilities
(a)
|
37
|
|
|
228
|
|
|
265
|
|
|||
|
Exelon's ownership interest in VIE
(a)
|
—
|
|
|
251
|
|
|
251
|
|
|||
|
Other ownership interests in VIE
(a)
|
588
|
|
|
30
|
|
|
618
|
|
|||
|
Registrants’ maximum exposure to loss:
|
|
|
|
|
|
||||||
|
Carrying amount of equity method investments
|
—
|
|
|
251
|
|
|
251
|
|
|||
|
Contract intangible asset
|
8
|
|
|
—
|
|
|
8
|
|
|||
|
Net assets pledged for Zion Station decommissioning
(b)
|
2
|
|
|
—
|
|
|
2
|
|
|||
|
(a)
|
These items represent amounts on the unconsolidated VIE balance sheets, not on Exelon’s or Generation’s Consolidated Balance Sheets. These items are included to provide information regarding the relative size of the unconsolidated VIEs.
|
|
(b)
|
These items represent amounts on Exelon’s and Generation’s Consolidated Balance Sheets related to the asset sale agreement with ZionSolutions, LLC. The net assets pledged for Zion Station decommissioning includes gross pledged assets of
$9 million
and
$39 million
as of
September 30, 2018
and
December 31, 2017
, respectively; offset by payables to ZionSolutions, LLC of
$9 million
and
$37 million
as of
September 30, 2018
and
December 31, 2017
, respectively. These items are included to provide information regarding the relative size of the ZionSolutions, LLC unconsolidated VIE. See Note
13
—
Asset Retirement Obligations
for additional information.
|
|
Cash paid for purchase price
|
|
$
|
110
|
|
|
Cash paid for net cost reimbursement
|
|
125
|
|
|
|
Nuclear fuel transfer
|
|
54
|
|
|
|
Total consideration transferred
|
|
$
|
289
|
|
|
|
|
|
||
|
Identifiable assets acquired and liabilities assumed
|
|
|
||
|
Current assets
|
|
$
|
60
|
|
|
Property, plant and equipment
|
|
298
|
|
|
|
Nuclear decommissioning trust funds
|
|
807
|
|
|
|
Other assets
(a)
|
|
114
|
|
|
|
Total assets
|
|
$
|
1,279
|
|
|
|
|
|
||
|
Current liabilities
|
|
$
|
6
|
|
|
Nuclear decommissioning ARO
|
|
444
|
|
|
|
Pension and OPEB obligations
|
|
33
|
|
|
|
Deferred income taxes
|
|
149
|
|
|
|
Spent nuclear fuel obligation
|
|
110
|
|
|
|
Other liabilities
|
|
15
|
|
|
|
Total liabilities
|
|
$
|
757
|
|
|
Total net identifiable assets, at fair value
|
|
$
|
522
|
|
|
|
|
|
||
|
Bargain purchase gain (after-tax)
|
|
$
|
233
|
|
|
(a)
|
Includes a
$110 million
asset associated with a contractual right to reimbursement from the New York Power Authority (NYPA), a prior owner of FitzPatrick, associated with the DOE one-time fee obligation. See Note
23
-
Commitments and Contingencies
of the Exelon
2017
Form 10-K for additional information regarding SNF obligations to the DOE.
|
|
Contract Assets
|
|
Exelon and Generation
|
||
|
Balance as of January 1, 2018
|
|
$
|
283
|
|
|
Increases as a result of changes in the estimate of the stage of completion
|
|
34
|
|
|
|
Amounts reclassified to receivables
|
|
(120
|
)
|
|
|
Balance at September 30, 2018
|
|
$
|
197
|
|
|
Contract Liabilities
|
|
Exelon and Generation
|
||
|
Balance as of January 1, 2018
|
|
$
|
35
|
|
|
Increases as a result of additional cash received or due
|
|
389
|
|
|
|
Amounts recognized into revenues
|
|
(387
|
)
|
|
|
Balance at September 30, 2018
|
|
$
|
37
|
|
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023 and thereafter
|
|
Total
|
||||||||||||
|
Exelon
|
$
|
647
|
|
|
$
|
302
|
|
|
$
|
119
|
|
|
$
|
47
|
|
|
$
|
137
|
|
|
$
|
1,252
|
|
|
Generation
|
647
|
|
|
302
|
|
|
119
|
|
|
47
|
|
|
137
|
|
|
1,252
|
|
||||||
|
|
2018
|
||||||||||||||||||
|
Annual Transmission Updates
(a)(b)
|
ComEd
|
|
BGE
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||
|
Initial revenue requirement (decrease) increase
|
$
|
(44
|
)
|
|
$
|
10
|
|
|
$
|
6
|
|
|
$
|
14
|
|
|
$
|
4
|
|
|
Annual reconciliation increase (decrease)
|
18
|
|
|
4
|
|
|
2
|
|
|
13
|
|
|
(4
|
)
|
|||||
|
Dedicated facilities increase
(c)
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total revenue requirement (decrease) increase
|
$
|
(26
|
)
|
|
$
|
26
|
|
|
$
|
8
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Allowed return on rate base
(d)
|
8.32
|
%
|
|
7.61
|
%
|
|
7.82
|
%
|
|
7.29
|
%
|
|
8.02
|
%
|
|||||
|
Allowed ROE
(e)
|
11.50
|
%
|
|
10.50
|
%
|
|
10.50
|
%
|
|
10.50
|
%
|
|
10.50
|
%
|
|||||
|
(a)
|
All rates are effective June
2018
, subject to review by the FERC and other parties, which is due by fourth quarter
2018
.
|
|
(b)
|
The initial revenue requirement changes reflect the annual benefit of lower income tax rates effective January 1, 2018 resulting from the enactment of the TCJA of
$69 million
,
$18 million
,
$13 million
,
$12 million
and
$11 million
for ComEd, BGE, Pepco, DPL and ACE, respectively. They do not reflect the pass back or recovery of income tax-related regulatory liabilities or assets, including those established upon enactment of the TCJA. See further discussion above.
|
|
(c)
|
BGE's transmission revenues include a FERC-approved dedicated facilities charge to recover the costs of providing transmission service to a specifically designated load by BGE.
|
|
(d)
|
Represents the weighted average debt and equity return on transmission rate bases.
|
|
(e)
|
As part of the FERC-approved settlement of ComEd’s 2007 transmission rate case, the rate of return on common equity is
11.50%
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 at
55%
. As part of the FERC-approved settlement of the ROE complaint against BGE, Pepco, DPL and ACE, the rate of return on common equity is
10.50%
, inclusive of a 50 basis point incentive adder for being a member of a regional transmission organization.
|
|
|
PJM Receivable
|
|
PJM Payable
|
|
Regulatory Asset
|
|
Regulatory Liability
|
||||||||
|
Exelon
|
$
|
220
|
|
|
$
|
176
|
|
|
$
|
136
|
|
|
$
|
221
|
|
|
Generation
|
—
|
|
|
41
|
|
|
—
|
|
|
—
|
|
||||
|
ComEd
|
122
|
|
|
—
|
|
|
—
|
|
|
122
|
|
||||
|
PECO
|
85
|
|
|
—
|
|
|
—
|
|
|
85
|
|
||||
|
BGE
|
—
|
|
|
51
|
|
|
51
|
|
|
—
|
|
||||
|
PHI
(a)
|
13
|
|
|
84
|
|
|
85
|
|
|
14
|
|
||||
|
Pepco
|
—
|
|
|
84
|
|
|
84
|
|
|
—
|
|
||||
|
DPL
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||
|
ACE
|
3
|
|
|
—
|
|
|
1
|
|
|
4
|
|
||||
|
(a)
|
PHI reflects the consolidated impacts of Pepco, DPL, and ACE.
|
|
September 30, 2018
|
Exelon
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||
|
Regulatory assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Pension and other postretirement benefits
(a)
|
$
|
3,710
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Deferred income taxes
|
391
|
|
|
—
|
|
|
381
|
|
|
—
|
|
|
10
|
|
|
10
|
|
|
—
|
|
|
—
|
|
||||||||
|
AMI programs
(c)
|
583
|
|
|
142
|
|
|
27
|
|
|
198
|
|
|
216
|
|
|
144
|
|
|
72
|
|
|
—
|
|
||||||||
|
Electric distribution formula rate
(d)
|
228
|
|
|
228
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Energy efficiency costs
|
357
|
|
|
357
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Debt costs
|
102
|
|
|
34
|
|
|
1
|
|
|
11
|
|
|
68
|
|
|
15
|
|
|
7
|
|
|
6
|
|
||||||||
|
Fair value of long-term debt
|
716
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
581
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Fair value of PHI's unamortized energy contracts
|
600
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
600
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Asset retirement obligations
|
114
|
|
|
76
|
|
|
22
|
|
|
15
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||||||
|
MGP remediation costs
|
318
|
|
|
299
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Under-recovered uncollectible accounts
|
71
|
|
|
71
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Renewable energy
|
260
|
|
|
259
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||
|
Energy and transmission programs
(e)(f)(g)(h)(i)(j)
|
251
|
|
|
7
|
|
|
50
|
|
|
72
|
|
|
122
|
|
|
93
|
|
|
15
|
|
|
14
|
|
||||||||
|
Deferred storm costs
|
45
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
11
|
|
|
5
|
|
|
29
|
|
||||||||
|
Energy efficiency and demand response programs
|
561
|
|
|
—
|
|
|
2
|
|
|
291
|
|
|
268
|
|
|
194
|
|
|
74
|
|
|
—
|
|
||||||||
|
Merger integration costs
(k)(l)(m)
|
44
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
40
|
|
|
18
|
|
|
12
|
|
|
10
|
|
||||||||
|
Under-recovered revenue decoupling
(n)
|
64
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64
|
|
|
64
|
|
|
—
|
|
|
—
|
|
||||||||
|
COPCO acquisition adjustment
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||||||
|
Workers compensation and long-term disability costs
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
36
|
|
|
—
|
|
|
—
|
|
||||||||
|
Vacation accrual
|
24
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
8
|
|
|
5
|
|
||||||||
|
Securitized stranded costs
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
57
|
|
||||||||
|
CAP arrearage
|
10
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Removal costs
|
555
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
555
|
|
|
156
|
|
|
97
|
|
|
302
|
|
||||||||
|
DC PLUG charge
|
168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
168
|
|
|
168
|
|
|
—
|
|
|
—
|
|
||||||||
|
Other
|
74
|
|
|
12
|
|
|
9
|
|
|
6
|
|
|
47
|
|
|
36
|
|
|
8
|
|
|
3
|
|
||||||||
|
Total regulatory assets
|
9,342
|
|
|
1,485
|
|
|
532
|
|
|
597
|
|
|
2,895
|
|
|
946
|
|
|
301
|
|
|
427
|
|
||||||||
|
Less: current portion
|
1,340
|
|
|
256
|
|
|
84
|
|
|
195
|
|
|
521
|
|
|
284
|
|
|
66
|
|
|
44
|
|
||||||||
|
Total noncurrent regulatory assets
|
$
|
8,002
|
|
|
$
|
1,229
|
|
|
$
|
448
|
|
|
$
|
402
|
|
|
$
|
2,374
|
|
|
$
|
662
|
|
|
$
|
235
|
|
|
$
|
383
|
|
|
September 30, 2018
|
Exelon
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||
|
Regulatory liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Other postretirement benefits
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Deferred income taxes
(b)
|
5,054
|
|
|
2,418
|
|
|
—
|
|
|
1,015
|
|
|
1,621
|
|
|
734
|
|
|
493
|
|
|
394
|
|
||||||||
|
Nuclear decommissioning
|
2,958
|
|
|
2,469
|
|
|
489
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Removal costs
|
1,566
|
|
|
1,370
|
|
|
—
|
|
|
67
|
|
|
129
|
|
|
20
|
|
|
109
|
|
|
—
|
|
||||||||
|
Deferred rent
|
34
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Energy efficiency and demand response programs
|
10
|
|
|
3
|
|
|
5
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||||
|
DLC program costs
|
7
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Electric distribution tax repairs
|
10
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Gas distribution tax repairs
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Energy and transmission programs
(e)(f)(g)(h)(i)(j)
|
372
|
|
|
204
|
|
|
143
|
|
|
7
|
|
|
18
|
|
|
—
|
|
|
14
|
|
|
4
|
|
||||||||
|
Over-recovered revenue decoupling
(n)
|
21
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||||||
|
Renewable portfolio standards costs
|
140
|
|
|
140
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Zero emission credit costs
|
18
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Over-recovered uncollectible accounts
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||||
|
Merger integration costs
(l)
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||||||
|
TCJA income tax benefit over-recoveries
(o)
|
108
|
|
|
—
|
|
|
61
|
|
|
19
|
|
|
28
|
|
|
6
|
|
|
8
|
|
|
14
|
|
||||||||
|
Other
|
118
|
|
|
16
|
|
|
21
|
|
|
40
|
|
|
41
|
|
|
4
|
|
|
23
|
|
|
12
|
|
||||||||
|
Total regulatory liabilities
|
10,445
|
|
|
6,638
|
|
|
740
|
|
|
1,165
|
|
|
1,882
|
|
|
764
|
|
|
654
|
|
|
428
|
|
||||||||
|
Less: current portion
|
689
|
|
|
320
|
|
|
159
|
|
|
95
|
|
|
99
|
|
|
5
|
|
|
67
|
|
|
27
|
|
||||||||
|
Total noncurrent regulatory liabilities
|
$
|
9,756
|
|
|
$
|
6,318
|
|
|
$
|
581
|
|
|
$
|
1,070
|
|
|
$
|
1,783
|
|
|
$
|
759
|
|
|
$
|
587
|
|
|
$
|
401
|
|
|
December 31, 2017
|
Exelon
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||
|
Regulatory assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Pension and other postretirement benefits
(a)
|
$
|
3,848
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Deferred income taxes
|
306
|
|
|
—
|
|
|
297
|
|
|
—
|
|
|
9
|
|
|
9
|
|
|
—
|
|
|
—
|
|
||||||||
|
AMI programs
(c)
|
640
|
|
|
155
|
|
|
36
|
|
|
214
|
|
|
235
|
|
|
158
|
|
|
77
|
|
|
—
|
|
||||||||
|
Electric distribution formula rate
(d)
|
244
|
|
|
244
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Energy efficiency costs
|
166
|
|
|
166
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Debt costs
|
116
|
|
|
37
|
|
|
1
|
|
|
11
|
|
|
73
|
|
|
15
|
|
|
8
|
|
|
5
|
|
||||||||
|
Fair value of long-term debt
|
758
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
619
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Fair value of PHI's unamortized energy contracts
|
750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Asset retirement obligations
|
109
|
|
|
73
|
|
|
22
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
MGP remediation costs
|
295
|
|
|
273
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Under-recovered uncollectible accounts
|
61
|
|
|
61
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Renewable energy
|
258
|
|
|
256
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||||||
|
Energy and transmission programs
(e)(g)(h)(i)(j)
|
82
|
|
|
6
|
|
|
1
|
|
|
23
|
|
|
52
|
|
|
11
|
|
|
15
|
|
|
26
|
|
||||||||
|
Deferred storm costs
|
27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
7
|
|
|
5
|
|
|
15
|
|
||||||||
|
Energy efficiency and demand response programs
|
596
|
|
|
—
|
|
|
1
|
|
|
285
|
|
|
310
|
|
|
229
|
|
|
81
|
|
|
—
|
|
||||||||
|
Merger integration costs
(k)(l)(m)
|
45
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
39
|
|
|
20
|
|
|
10
|
|
|
9
|
|
||||||||
|
Under-recovered revenue decoupling
(n)
|
55
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
41
|
|
|
38
|
|
|
3
|
|
|
—
|
|
||||||||
|
COPCO acquisition adjustment
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||||||
|
Workers compensation and long-term disability costs
|
35
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
35
|
|
|
—
|
|
|
—
|
|
||||||||
|
Vacation accrual
|
19
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
8
|
|
|
5
|
|
||||||||
|
Securitized stranded costs
|
79
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79
|
|
|
—
|
|
|
—
|
|
|
79
|
|
||||||||
|
CAP arrearage
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Removal costs
|
529
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
529
|
|
|
150
|
|
|
93
|
|
|
286
|
|
||||||||
|
DC PLUG charge
|
190
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
190
|
|
|
190
|
|
|
—
|
|
|
—
|
|
||||||||
|
Other
|
67
|
|
|
8
|
|
|
16
|
|
|
4
|
|
|
39
|
|
|
29
|
|
|
8
|
|
|
4
|
|
||||||||
|
Total regulatory assets
|
9,288
|
|
|
1,279
|
|
|
410
|
|
|
571
|
|
|
3,047
|
|
|
891
|
|
|
314
|
|
|
430
|
|
||||||||
|
Less: current portion
|
1,267
|
|
|
225
|
|
|
29
|
|
|
174
|
|
|
554
|
|
|
213
|
|
|
69
|
|
|
71
|
|
||||||||
|
Total noncurrent regulatory assets
|
$
|
8,021
|
|
|
$
|
1,054
|
|
|
$
|
381
|
|
|
$
|
397
|
|
|
$
|
2,493
|
|
|
$
|
678
|
|
|
$
|
245
|
|
|
$
|
359
|
|
|
December 31, 2017
|
Exelon
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||
|
Regulatory liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Other postretirement benefits
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Deferred income taxes
(b)
|
5,241
|
|
|
2,479
|
|
|
—
|
|
|
1,032
|
|
|
1,730
|
|
|
809
|
|
|
510
|
|
|
411
|
|
||||||||
|
Nuclear decommissioning
|
3,064
|
|
|
2,528
|
|
|
536
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Removal costs
|
1,573
|
|
|
1,338
|
|
|
—
|
|
|
105
|
|
|
130
|
|
|
20
|
|
|
110
|
|
|
—
|
|
||||||||
|
Deferred rent
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Energy efficiency and demand response programs
|
23
|
|
|
4
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
DLC program costs
|
7
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Electric distribution tax repairs
|
35
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Gas distribution tax repairs
|
9
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Energy and transmission programs
(e)(f)(i)(j)
|
111
|
|
|
47
|
|
|
60
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
1
|
|
|
3
|
|
||||||||
|
Renewable portfolio standard costs
|
63
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Zero emission credit costs
|
112
|
|
|
112
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Over-recovered uncollectible accounts
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||||
|
Other
|
82
|
|
|
6
|
|
|
24
|
|
|
26
|
|
|
26
|
|
|
3
|
|
|
14
|
|
|
6
|
|
||||||||
|
Total regulatory liabilities
|
10,388
|
|
|
6,577
|
|
|
690
|
|
|
1,163
|
|
|
1,928
|
|
|
832
|
|
|
635
|
|
|
422
|
|
||||||||
|
Less: current portion
|
523
|
|
|
249
|
|
|
141
|
|
|
62
|
|
|
56
|
|
|
3
|
|
|
42
|
|
|
11
|
|
||||||||
|
Total noncurrent regulatory liabilities
|
$
|
9,865
|
|
|
$
|
6,328
|
|
|
$
|
549
|
|
|
$
|
1,101
|
|
|
$
|
1,872
|
|
|
$
|
829
|
|
|
$
|
593
|
|
|
$
|
411
|
|
|
(a)
|
Includes regulatory assets established at the Constellation and PHI merger dates of
$401 million
and
$897 million
, respectively, as of
September 30, 2018
and
$440 million
and
$953 million
, respectively, as of
December 31, 2017
related to the rate regulated portions of the deferred costs associated with legacy Constellation’s and PHI’s pension and other postretirement benefit plans that are being amortized and recovered over approximately 12 years and 3 to 15 years, respectively (as established at the respective acquisition dates). The Utility Registrants are not earning or paying a return on these amounts.
|
|
(b)
|
As of
September 30, 2018
, includes transmission-related income tax regulatory liabilities that require FERC approval separate from the transmission formula rate of
$464 million
,
$135 million
,
$136 million
,
$145 million
and
$141 million
for ComEd, BGE, Pepco, DPL and ACE, respectively. As of
December 31, 2017
, includes transmission-related income tax regulatory liabilities that require FERC approval separate from the transmission formula rate of
$484 million
, $
137 million
,
$147 million
,
$148 million
and
$147 million
for ComEd, BGE, Pepco, DPL and ACE, respectively.
|
|
(c)
|
As of
September 30, 2018
, BGE's regulatory asset of
$198 million
includes
$117 million
of unamortized incremental deployment costs under the program,
$48 million
of unamortized costs of the non-AMI meters replaced under the AMI program, and
$33 million
related to post-test year incremental program deployment costs incurred prior to approval became effective June 2016. As of
December 31, 2017
, BGE's regulatory asset of
$214 million
includes
$129 million
of unamortized incremental deployment costs under the program,
$53 million
of unamortized costs of the non-AMI meters replaced under the AMI program, and
$32 million
related to post-test year incremental program deployment costs incurred prior to approval became effective June 2016. Recovery of the post-test year incremental deployment costs will be addressed in a future base rate proceeding.
|
|
(d)
|
As of
September 30, 2018
, ComEd’s regulatory asset of
$228 million
was comprised of
$165 million
for the 2016, 2017 and 2018 annual reconciliations and
$63 million
related to significant one-time events. As of
December 31, 2017
, ComEd’s regulatory asset of
$244 million
was comprised of
$186 million
for the 2016 and 2017 annual reconciliations and
$58 million
related to significant one-time events.
|
|
(e)
|
As of
September 30, 2018
, ComEd’s regulatory asset of
$7 million
represents transmission costs recoverable through its FERC approved formula rate. As of
September 30, 2018
, ComEd’s regulatory liability of
$204 million
included
$101 million
related to the PJM Transmission Rate Design Settlement,
$72 million
related to over-recovered energy costs and
$31 million
associated with revenues received for renewable energy requirements. As of
December 31, 2017
, ComEd’s regulatory asset of
$6 million
represents transmission costs recoverable through its FERC approved formula rate. As of
December 31, 2017
, ComEd’s regulatory liability of
$47 million
included
$14 million
related to over-recovered energy costs and
$33 million
associated with revenues received for renewable energy requirements.
|
|
(f)
|
As of
September 30, 2018
, PECO’s regulatory asset of
$50 million
represents the under-recovered natural gas costs under the PGC. As of
December 31, 2017
, PECO’s regulatory asset of
$1 million
is related to under-recovered costs under the TSC program. As of
September 30, 2018
, PECO's regulatory liability of
$143 million
included
$85 million
related to the PJM Transmission Rate Design Settlement,
$43 million
related to over-recovered costs under the DSP program,
$3 million
related to the over-recovered transmission service charges and
$12 million
related to over-recovered non-bypassable transmission service charges. As of
December 31, 2017
, PECO's regulatory liability of
$60 million
included
$36 million
related to over-recovered costs under the DSP program,
$12 million
related to over-recovered non-bypassable transmission service charges and
$12 million
related to the over-recovered natural gas costs under the PGC.
|
|
(g)
|
As of
September 30, 2018
, BGE's regulatory asset of
$72 million
included
$48 million
related to the PJM Transmission Rate Design Settlement,
$14 million
of costs associated with transmission costs recoverable through its FERC approved formula rate,
$7 million
related to under-recovered electric energy costs and
$3 million
of abandonment costs to be recovered upon FERC approval. As of
September 30, 2018
, BGE's regulatory liability of
$7 million
related to over-recovered natural gas costs. As of
December 31, 2017
, BGE’s regulatory asset of
$23 million
included
$7 million
of costs associated with transmission costs recoverable through its FERC approved formula rate,
$5 million
related to under-recovered electric energy costs,
$3 million
of abandonment costs to be recovered upon FERC approval and
$8 million
of under-recovered natural gas costs.
|
|
(h)
|
As of
September 30, 2018
, Pepco's regulatory asset of
$93 million
included
$74 million
related to the PJM Transmission Rate Design Settlement,
$7 million
of transmission costs recoverable through its FERC approved formula rate and
$12 million
related to under-recovered electric energy costs. As of
December 31, 2017
, Pepco's regulatory asset of
$11 million
included
$3 million
of transmission costs recoverable through its FERC approved formula rate and
$8 million
of under-recovered electric energy costs.
|
|
(i)
|
As of
September 30, 2018
, DPL's regulatory asset of
$15 million
included
$14 million
of transmission costs recoverable through its FERC approved formula rate and
$1 million
related to under-recovered electric energy costs. As of
September 30, 2018
, DPL's regulatory liability of
$14 million
included
$10 million
related to the PJM Transmission Rate Design Settlement and
$4 million
related to over-recovered electric energy and gas fuel costs. As of
December 31, 2017
, DPL's regulatory asset of
$15 million
included
$8 million
of transmission costs recoverable through its FERC approved formula rate and
$7 million
related to under-recovered electric energy costs. As of
December 31, 2017
, DPL's regulatory liability of
$1 million
related to over-recovered electric energy costs.
|
|
(j)
|
As of
September 30, 2018
, ACE's regulatory asset of
$14 million
included
$7 million
of transmission costs recoverable through its FERC approved formula rate and
$7 million
of under-recovered electric energy costs. As of
September 30, 2018
, ACE's regulatory liability of
$4 million
included
$3 million
related to the PJM Transmission Rate Design Settlement and
$1 million
related to over-recovered electric energy costs. As of
December 31, 2017
, ACE's regulatory asset of
$26 million
included
$11 million
of transmission costs recoverable through its FERC approved formula rate and
$15 million
of under-recovered electric energy costs. As of
December 31, 2017
, ACE's regulatory liability of
$3 million
related to over-recovered electric energy costs.
|
|
(k)
|
As of
September 30, 2018
, Pepco’s regulatory asset of
$18 million
represents previously incurred PHI integration costs, including
$9 million
authorized for recovery in Maryland and
$9 million
expected to be recovered in the District of Columbia service territory. As of
December 31, 2017
, Pepco’s regulatory asset of
$20 million
represents previously incurred PHI integration costs, including
$11 million
authorized for recovery in Maryland and
$9 million
expected to be recovered in the District of Columbia service territory.
|
|
(l)
|
As of
September 30, 2018
, DPL’s regulatory asset of
$12 million
represents previously incurred PHI integration costs, including
$4 million
authorized for recovery in Maryland,
$5 million
authorized for recovery in Delaware electric rates,
$2 million
authorized for recovery in Delaware gas rates and
$1 million
expected to be recovered in electric rates in the Delaware and Maryland service territories. As of
September 30, 2018
, DPL’s regulatory liability of
$3 million
represents net synergy savings incurred related to PHI integration costs that are expected to be returned in electric and gas rates in the Delaware service territory. As of
December 31, 2017
, DPL’s regulatory asset of
$10 million
represents previously incurred PHI integration costs, including
$4 million
authorized for recovery in Maryland,
$5 million
authorized for recovery in Delaware electric rates, and
$1 million
expected to be recovered in electric and gas rates in the Maryland and Delaware service territories.
|
|
(m)
|
As of
September 30, 2018
and
December 31, 2017
, ACE’s regulatory asset of
$10 million
and
$9 million
, respectively, represents previously incurred PHI integration costs expected to be recovered in the New Jersey service territory.
|
|
(n)
|
Represents the electric and natural gas distribution costs recoverable from customers under BGE’s decoupling mechanism. As of
September 30, 2018
, BGE had a regulatory asset of less than
$1 million
related to under-recovered electric revenue decoupling and a regulatory liability of
$17 million
related to over-recovered natural gas revenue decoupling. As of
December 31, 2017
, BGE had a regulatory asset of
$10 million
related to under-recovered electric revenue decoupling and
$4 million
related to under-recovered natural gas revenue decoupling.
|
|
(o)
|
Represents over-recoveries related to the change in the federal income tax rate with the enactment of the TCJA. These regulatory liabilities will be amortized as the TCJA income tax benefits are passed back to customers. See Tax Cuts and Jobs Act disclosures above for additional information on the regulatory proceedings.
|
|
|
Exelon
|
|
ComEd
(a)
|
|
PECO
|
|
BGE
(b)
|
|
PHI
|
|
Pepco
(c)
|
|
DPL
(c)
|
|
ACE
|
||||||||||||||||
|
September 30, 2018
|
$
|
67
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
50
|
|
|
$
|
9
|
|
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Exelon
|
|
ComEd
(a)
|
|
PECO
|
|
BGE
(b)
|
|
PHI
|
|
Pepco
(c)
|
|
DPL
(c)
|
|
ACE
|
||||||||||||||||
|
December 31, 2017
|
$
|
69
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
53
|
|
|
$
|
10
|
|
|
$
|
6
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
(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.
|
|
As of September 30, 2018
|
Exelon
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||
|
Purchased receivables
|
$
|
379
|
|
|
$
|
120
|
|
|
$
|
91
|
|
|
$
|
60
|
|
|
$
|
108
|
|
|
$
|
69
|
|
|
$
|
11
|
|
|
$
|
28
|
|
|
Allowance for uncollectible accounts
(a)
|
(37
|
)
|
|
(19
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|
(10
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(4
|
)
|
||||||||
|
Purchased receivables, net
|
$
|
342
|
|
|
$
|
101
|
|
|
$
|
86
|
|
|
$
|
57
|
|
|
$
|
98
|
|
|
$
|
64
|
|
|
$
|
10
|
|
|
$
|
24
|
|
|
As of December 31, 2017
|
Exelon
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||
|
Purchased receivables
|
$
|
298
|
|
|
$
|
87
|
|
|
$
|
70
|
|
|
$
|
58
|
|
|
$
|
83
|
|
|
$
|
56
|
|
|
$
|
9
|
|
|
$
|
18
|
|
|
Allowance for uncollectible accounts
(a)
|
(31
|
)
|
|
(14
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|
(9
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(3
|
)
|
||||||||
|
Purchased receivables, net
|
$
|
267
|
|
|
$
|
73
|
|
|
$
|
65
|
|
|
$
|
55
|
|
|
$
|
74
|
|
|
$
|
51
|
|
|
$
|
8
|
|
|
$
|
15
|
|
|
(a)
|
For ComEd, BGE, Pepco and DPL, reflects the incremental allowance for uncollectible accounts recorded, which is in addition to the purchase discount. For ComEd, the incremental uncollectible accounts expense is recovered through its Purchase of Receivables with Consolidated Billing tariff.
|
|
Income statement expense (pre-tax)
|
|
Q3 2018
|
|
YTD 2018
|
||||
|
Depreciation and amortization
(a)
|
|
|
|
|
||||
|
Accelerated depreciation
(b)
|
|
$
|
152
|
|
|
$
|
441
|
|
|
Accelerated nuclear fuel amortization
|
|
18
|
|
|
52
|
|
||
|
Operating and maintenance
(c)
|
|
4
|
|
|
32
|
|
||
|
Total
|
|
$
|
174
|
|
|
$
|
525
|
|
|
(a)
|
Reflects incremental accelerated depreciation and amortization for TMI and Oyster Creek for the
three and nine months ended September 30, 2018
. The Oyster Creek year-to-date amounts are from February 2, 2018 through September 17, 2018.
|
|
(b)
|
Reflects incremental accelerated depreciation of plant assets, including any ARC.
|
|
(c)
|
Primarily includes materials and supplies inventory reserve adjustments, employee related costs and CWIP impairments. It does not include remeasurement of the Oyster Creek ARO. Refer to Note 13 - Asset Retirement Obligations for additional detail.
|
|
Income statement expense (pre-tax)
|
|
Q2 2017
|
|
Q3 2017
|
|
Q4 2017
|
|
YTD 2017
|
||||||||
|
Depreciation and amortization
(a)
|
|
|
|
|
|
|
|
|
||||||||
|
Accelerated depreciation
(b)
|
|
$
|
35
|
|
|
$
|
106
|
|
|
$
|
109
|
|
|
$
|
250
|
|
|
Accelerated nuclear fuel amortization
|
|
2
|
|
|
6
|
|
|
4
|
|
|
12
|
|
||||
|
Operating and maintenance
(c)
|
|
71
|
|
|
5
|
|
|
1
|
|
|
77
|
|
||||
|
Total
|
|
$
|
108
|
|
|
$
|
117
|
|
|
$
|
114
|
|
|
$
|
339
|
|
|
(a)
|
Reflects incremental charges for TMI including incremental accelerated depreciation and amortization from May 30, 2017 through December 31, 2017.
|
|
(b)
|
Reflects incremental accelerated depreciation of plant assets, including any ARC.
|
|
(c)
|
Primarily includes materials and supplies inventory reserve adjustments, employee related costs and CWIP impairments.
|
|
|
|
September 30, 2018
|
||
|
Asset Balances
|
|
|
||
|
Materials and supplies inventory
|
|
$
|
45
|
|
|
Nuclear fuel inventory, net
|
|
114
|
|
|
|
Completed plant, net
|
|
605
|
|
|
|
Construction work in progress
|
|
34
|
|
|
|
Liability Balances
|
|
|
||
|
Asset retirement obligation
|
|
(455
|
)
|
|
|
|
|
|
||
|
NRC License Renewal Term
|
|
2036 (unit 1)
|
|
|
|
|
|
2040 (unit 2)
|
|
|
|
|
|
September 30, 2018
|
||
|
Asset Balances
|
|
|
||
|
Materials and supplies inventory
|
|
$
|
21
|
|
|
Fuel inventory
|
|
18
|
|
|
|
Completed plant, net
|
|
877
|
|
|
|
Construction work in progress
|
|
5
|
|
|
|
Prepaid expenses
(a)
|
|
15
|
|
|
|
Liability Balances
|
|
|
||
|
Asset retirement obligation
|
|
(5
|
)
|
|
|
Accrued expenses
(a)
|
|
(2
|
)
|
|
|
(a)
|
Reflects ending balances only as they relate to Mystic's Long-term Service Agreement.
|
|
|
September 30, 2018
|
||||||||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||
|
Short-term liabilities
(a)
|
$
|
834
|
|
|
$
|
—
|
|
|
$
|
834
|
|
|
$
|
—
|
|
|
$
|
834
|
|
|
Long-term debt (including amounts due within one year)
(b)(c)
|
35,290
|
|
|
—
|
|
|
33,608
|
|
|
2,079
|
|
|
35,687
|
|
|||||
|
Long-term debt to financing trusts
(d)
|
390
|
|
|
—
|
|
|
—
|
|
|
411
|
|
|
411
|
|
|||||
|
SNF obligation
|
1,164
|
|
|
—
|
|
|
993
|
|
|
—
|
|
|
993
|
|
|||||
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||
|
Short-term liabilities
(a)
|
$
|
929
|
|
|
$
|
—
|
|
|
$
|
929
|
|
|
$
|
—
|
|
|
$
|
929
|
|
|
Long-term debt (including amounts due within one year)
(b)(c)
|
34,264
|
|
|
—
|
|
|
34,735
|
|
|
1,970
|
|
|
36,705
|
|
|||||
|
Long-term debt to financing trusts
(d)
|
389
|
|
|
—
|
|
|
—
|
|
|
431
|
|
|
431
|
|
|||||
|
SNF obligation
|
1,147
|
|
|
—
|
|
|
936
|
|
|
—
|
|
|
936
|
|
|||||
|
|
September 30, 2018
|
||||||||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||
|
Long-term debt (including amounts due within one year)
(b)(c)
|
$
|
8,842
|
|
|
$
|
—
|
|
|
$
|
7,563
|
|
|
$
|
1,461
|
|
|
$
|
9,024
|
|
|
SNF obligation
|
1,164
|
|
|
—
|
|
|
993
|
|
|
—
|
|
|
993
|
|
|||||
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||
|
Short-term liabilities
(a)
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
Long-term debt (including amounts due within one year)
(b)(c)
|
8,990
|
|
|
—
|
|
|
7,839
|
|
|
1,673
|
|
|
9,512
|
|
|||||
|
SNF obligation
|
1,147
|
|
|
—
|
|
|
936
|
|
|
—
|
|
|
936
|
|
|||||
|
|
September 30, 2018
|
|||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
|||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||
|
Long-term debt (including amounts due within one year)
(b)(c)
|
8,100
|
|
|
—
|
|
|
8,317
|
|
|
—
|
|
|
8,317
|
|
|
Long-term debt to financing trusts
(d)
|
205
|
|
|
—
|
|
|
—
|
|
|
214
|
|
|
214
|
|
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||
|
Long-term debt (including amounts due within one year)
(b)(c)
|
$
|
7,601
|
|
|
$
|
—
|
|
|
$
|
8,418
|
|
|
$
|
—
|
|
|
$
|
8,418
|
|
|
Long-term debt to financing trusts
(d)
|
205
|
|
|
—
|
|
|
—
|
|
|
227
|
|
|
227
|
|
|||||
|
|
September 30, 2018
|
|||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
|||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||
|
Long-term debt (including amounts due within one year)
(b)(c)
|
3,083
|
|
|
—
|
|
|
3,130
|
|
|
50
|
|
|
3,180
|
|
|
Long-term debt to financing trusts
|
184
|
|
|
—
|
|
|
—
|
|
|
196
|
|
|
196
|
|
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||
|
Long-term debt (including amounts due within one year)
(b)(c)
|
$
|
2,903
|
|
|
$
|
—
|
|
|
$
|
3,194
|
|
|
$
|
—
|
|
|
$
|
3,194
|
|
|
Long-term debt to financing trusts
|
184
|
|
|
—
|
|
|
—
|
|
|
204
|
|
|
204
|
|
|||||
|
|
September 30, 2018
|
|||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
|||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||
|
Long-term debt (including amounts due within one year)
(b)(c)
|
2,876
|
|
|
—
|
|
|
2,933
|
|
|
—
|
|
|
2,933
|
|
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||
|
Short-term liabilities
(a)
|
$
|
77
|
|
|
$
|
—
|
|
|
$
|
77
|
|
|
$
|
—
|
|
|
$
|
77
|
|
|
Long-term debt (including amounts due within one year)
(b)(c)
|
2,577
|
|
|
—
|
|
|
2,825
|
|
|
—
|
|
|
2,825
|
|
|||||
|
|
September 30, 2018
|
||||||||||||||||||
|
|
Carrying Amount
|
|
Fair Value
|
||||||||||||||||
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
|
Short-term liabilities
(a)
|
$
|
334
|
|
|
$
|
—
|
|
|
$
|
334
|
|
|
$
|
—
|
|
|
$
|
334
|
|
|
Long-term debt (including amounts due within one year)
(b)(c)
|
6,089
|
|
|
—
|
|
|
5,323
|
|
|
568
|
|
|
5,891
|
|
|||||
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Carrying Amount
|
|
Fair Value
|
||||||||||||||||
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
|
Short-term liabilities
(a)
|
$
|
350
|
|
|
$
|
—
|
|
|
$
|
350
|
|
|
$
|
—
|
|
|
$
|
350
|
|
|
Long-term debt (including amounts due within one year)
(b)(c)
|
5,874
|
|
|
—
|
|
|
5,722
|
|
|
297
|
|
|
6,019
|
|
|||||
|
|
September 30, 2018
|
||||||||||||||||||
|
|
Carrying Amount
|
|
Fair Value
|
||||||||||||||||
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
|
Short-term liabilities
(a)
|
$
|
64
|
|
|
$
|
—
|
|
|
$
|
64
|
|
|
$
|
—
|
|
|
$
|
64
|
|
|
Long-term debt (including amounts due within one year)
(b)(c)
|
$
|
2,625
|
|
|
$
|
—
|
|
|
$
|
2,890
|
|
|
$
|
101
|
|
|
$
|
2,991
|
|
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Carrying Amount
|
|
Fair Value
|
||||||||||||||||
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
|
Short-term liabilities
(a)
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
26
|
|
|
Long-term debt (including amounts due within one year)
(b)(c)
|
2,540
|
|
|
—
|
|
|
3,114
|
|
|
9
|
|
|
3,123
|
|
|||||
|
|
September 30, 2018
|
||||||||||||||||||
|
|
Carrying Amount
|
|
Fair Value
|
||||||||||||||||
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
|
Long-term debt (including amounts due within one year)
(b)(c)
|
$
|
1,494
|
|
|
$
|
—
|
|
|
$
|
1,299
|
|
|
$
|
196
|
|
|
$
|
1,495
|
|
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Carrying Amount
|
|
Fair Value
|
||||||||||||||||
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
|
Short-term liabilities
(a)
|
$
|
216
|
|
|
$
|
—
|
|
|
$
|
216
|
|
|
$
|
—
|
|
|
$
|
216
|
|
|
Long-term debt (including amounts due within one year)
(b)(c)
|
1,300
|
|
|
—
|
|
|
1,393
|
|
|
—
|
|
|
1,393
|
|
|||||
|
|
September 30, 2018
|
||||||||||||||||||
|
|
Carrying Amount
|
|
Fair Value
|
||||||||||||||||
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
|
Short-term liabilities
(a)
|
$
|
270
|
|
|
$
|
—
|
|
|
$
|
270
|
|
|
$
|
—
|
|
|
$
|
270
|
|
|
Long-term debt (including amounts due within one year)
(b)(c)
|
1,100
|
|
|
—
|
|
|
887
|
|
|
271
|
|
|
1,158
|
|
|||||
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Carrying Amount
|
|
Fair Value
|
||||||||||||||||
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
|
Short-term liabilities
(a)
|
$
|
108
|
|
|
$
|
—
|
|
|
$
|
108
|
|
|
$
|
—
|
|
|
$
|
108
|
|
|
Long-term debt (including amounts due within one year)
(b)(c)
|
1,121
|
|
|
—
|
|
|
949
|
|
|
288
|
|
|
1,237
|
|
|||||
|
(a)
|
Level 1 securities consist of dividends payable (included in other current liabilities). Level 2 securities consist of short term borrowings.
|
|
(b)
|
Includes unamortized debt issuance costs which are not fair valued of
$219 million
,
$53 million
,
$64 million
,
$23 million
,
$19 million
,
$11 million
,
$34 million
,
$12 million
and
$4 million
for Exelon, Generation, ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, as of
September 30, 2018
. Includes unamortized debt issuance costs which are not fair valued of
$201 million
,
$60 million
,
$52 million
,
$17 million
,
$17 million
,
$6 million
,
$32 million
,
$11 million
and
$5 million
for Exelon, Generation, ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, as of
December 31, 2017
.
|
|
(c)
|
Level 2 securities consist of fixed-rate taxable debt securities, fixed-rate tax-exempt debt, variable rate tax-exempt debt and variable rate non-recourse debt. Level 3 securities consist of fixed-rate private placement taxable debt securities, fixed rate nonrecourse debt, government-backed fixed rate non-recourse debt and loan agreements.
|
|
(d)
|
Includes unamortized debt issuance costs which are not fair valued of
$1 million
and
$1 million
for Exelon and ComEd, respectively, as of
September 30, 2018
and
December 31, 2017
.
|
|
•
|
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.
|
|
|
Generation
|
|
Exelon
|
||||||||||||||||||||||||||||||||||||
|
As of September 30, 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)
|
$
|
1,099
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,099
|
|
|
$
|
1,906
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,906
|
|
|
NDT fund investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Cash equivalents
(b)
|
278
|
|
|
92
|
|
|
—
|
|
|
—
|
|
|
370
|
|
|
278
|
|
|
92
|
|
|
—
|
|
|
—
|
|
|
370
|
|
||||||||||
|
Equities
|
3,206
|
|
|
1,608
|
|
|
1
|
|
|
1,942
|
|
|
6,757
|
|
|
3,206
|
|
|
1,608
|
|
|
1
|
|
|
1,942
|
|
|
6,757
|
|
||||||||||
|
Fixed income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Corporate debt
|
—
|
|
|
1,629
|
|
|
231
|
|
|
—
|
|
|
1,860
|
|
|
—
|
|
|
1,629
|
|
|
231
|
|
|
—
|
|
|
1,860
|
|
||||||||||
|
U.S. Treasury and agencies
|
2,031
|
|
|
99
|
|
|
—
|
|
|
—
|
|
|
2,130
|
|
|
2,031
|
|
|
99
|
|
|
—
|
|
|
—
|
|
|
2,130
|
|
||||||||||
|
Foreign governments
|
—
|
|
|
49
|
|
|
—
|
|
|
—
|
|
|
49
|
|
|
—
|
|
|
49
|
|
|
—
|
|
|
—
|
|
|
49
|
|
||||||||||
|
State and municipal debt
|
—
|
|
|
165
|
|
|
—
|
|
|
—
|
|
|
165
|
|
|
—
|
|
|
165
|
|
|
—
|
|
|
—
|
|
|
165
|
|
||||||||||
|
Other
(c)
|
—
|
|
|
29
|
|
|
—
|
|
|
854
|
|
|
883
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
854
|
|
|
883
|
|
||||||||||
|
Fixed income subtotal
|
2,031
|
|
|
1,971
|
|
|
231
|
|
|
854
|
|
|
5,087
|
|
|
2,031
|
|
|
1,971
|
|
|
231
|
|
|
854
|
|
|
5,087
|
|
||||||||||
|
Middle market lending
|
—
|
|
|
—
|
|
|
334
|
|
|
235
|
|
|
569
|
|
|
—
|
|
|
—
|
|
|
334
|
|
|
235
|
|
|
569
|
|
||||||||||
|
Private equity
|
—
|
|
|
—
|
|
|
—
|
|
|
303
|
|
|
303
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
303
|
|
|
303
|
|
||||||||||
|
Real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
490
|
|
|
490
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
490
|
|
|
490
|
|
||||||||||
|
NDT fund investments subtotal
(d)
|
5,515
|
|
|
3,671
|
|
|
566
|
|
|
3,824
|
|
|
13,576
|
|
|
5,515
|
|
|
3,671
|
|
|
566
|
|
|
3,824
|
|
|
13,576
|
|
||||||||||
|
Pledged assets for Zion Station decommissioning
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Cash equivalents
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||||||||
|
Pledged assets for Zion Station
decommissioning subtotal (e) |
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||||||||
|
Rabbi trust investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Cash equivalents
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48
|
|
||||||||||
|
Mutual funds
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
||||||||||
|
Fixed income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
16
|
|
||||||||||
|
Life insurance contracts
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
73
|
|
|
37
|
|
|
—
|
|
|
110
|
|
||||||||||
|
Rabbi trust investments subtotal
(f)
|
30
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
124
|
|
|
89
|
|
|
37
|
|
|
—
|
|
|
250
|
|
||||||||||
|
|
Generation
|
|
Exelon
|
||||||||||||||||||||||||||||||||||||
|
As of September 30, 2018
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Not subject to leveling
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Not subject to leveling
|
|
Total
|
||||||||||||||||||||
|
Commodity derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Economic hedges
|
234
|
|
|
2,117
|
|
|
2,019
|
|
|
—
|
|
|
4,370
|
|
|
234
|
|
|
2,117
|
|
|
2,019
|
|
|
—
|
|
|
4,370
|
|
||||||||||
|
Proprietary trading
|
—
|
|
|
84
|
|
|
90
|
|
|
—
|
|
|
174
|
|
|
—
|
|
|
84
|
|
|
90
|
|
|
—
|
|
|
174
|
|
||||||||||
|
Effect of netting and allocation of collateral
(g) (h)
|
(230
|
)
|
|
(1,887
|
)
|
|
(1,302
|
)
|
|
—
|
|
|
(3,419
|
)
|
|
(230
|
)
|
|
(1,887
|
)
|
|
(1,302
|
)
|
|
—
|
|
|
(3,419
|
)
|
||||||||||
|
Commodity derivative assets subtotal
|
4
|
|
|
314
|
|
|
807
|
|
|
—
|
|
|
1,125
|
|
|
4
|
|
|
314
|
|
|
807
|
|
|
—
|
|
|
1,125
|
|
||||||||||
|
Interest rate and foreign currency derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Derivatives designated as hedging instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
|
Economic hedges
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
21
|
|
||||||||||
|
Effect of netting and allocation of collateral
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||||||
|
Interest rate and foreign currency derivative assets subtotal
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
||||||||||
|
Other investments
|
—
|
|
|
—
|
|
|
52
|
|
|
—
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|
—
|
|
|
52
|
|
||||||||||
|
Total assets
|
6,657
|
|
|
4,028
|
|
|
1,425
|
|
|
3,824
|
|
|
15,934
|
|
|
7,558
|
|
|
4,094
|
|
|
1,462
|
|
|
3,824
|
|
|
16,938
|
|
||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Commodity derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Economic hedges
|
(329
|
)
|
|
(2,056
|
)
|
|
(1,660
|
)
|
|
—
|
|
|
(4,045
|
)
|
|
(329
|
)
|
|
(2,056
|
)
|
|
(1,919
|
)
|
|
—
|
|
|
(4,304
|
)
|
||||||||||
|
Proprietary trading
|
—
|
|
|
(95
|
)
|
|
(32
|
)
|
|
—
|
|
|
(127
|
)
|
|
—
|
|
|
(95
|
)
|
|
(32
|
)
|
|
—
|
|
|
(127
|
)
|
||||||||||
|
Effect of netting and allocation of collateral
(g) (h)
|
247
|
|
|
1,987
|
|
|
1,397
|
|
|
—
|
|
|
3,631
|
|
|
247
|
|
|
1,987
|
|
|
1,397
|
|
|
—
|
|
|
3,631
|
|
||||||||||
|
Commodity derivative liabilities subtotal
|
(82
|
)
|
|
(164
|
)
|
|
(295
|
)
|
|
—
|
|
|
(541
|
)
|
|
(82
|
)
|
|
(164
|
)
|
|
(554
|
)
|
|
—
|
|
|
(800
|
)
|
||||||||||
|
Interest rate and foreign currency derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Derivatives designated as hedging instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
||||||||||
|
Economic hedges
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||||||||
|
Effect of netting and allocation of collateral
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||||
|
Interest rate and foreign currency derivative liabilities subtotal
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
||||||||||
|
Deferred compensation obligation
|
—
|
|
|
(36
|
)
|
|
—
|
|
|
—
|
|
|
(36
|
)
|
|
—
|
|
|
(142
|
)
|
|
—
|
|
|
—
|
|
|
(142
|
)
|
||||||||||
|
Total liabilities
|
(82
|
)
|
|
(201
|
)
|
|
(295
|
)
|
|
—
|
|
|
(578
|
)
|
|
(82
|
)
|
|
(317
|
)
|
|
(554
|
)
|
|
—
|
|
|
(953
|
)
|
||||||||||
|
Total net assets
|
$
|
6,575
|
|
|
$
|
3,827
|
|
|
$
|
1,130
|
|
|
$
|
3,824
|
|
|
$
|
15,356
|
|
|
$
|
7,476
|
|
|
$
|
3,777
|
|
|
$
|
908
|
|
|
$
|
3,824
|
|
|
$
|
15,985
|
|
|
|
Generation
|
|
Exelon
|
||||||||||||||||||||||||||||||||||||
|
As of December 31, 2017
|
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)
|
$
|
168
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
168
|
|
|
$
|
656
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
656
|
|
|
NDT fund investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Cash equivalents
(b)
|
135
|
|
|
85
|
|
|
—
|
|
|
—
|
|
|
220
|
|
|
135
|
|
|
85
|
|
|
—
|
|
|
—
|
|
|
220
|
|
||||||||||
|
Equities
|
4,163
|
|
|
915
|
|
|
—
|
|
|
2,176
|
|
|
7,254
|
|
|
4,163
|
|
|
915
|
|
|
—
|
|
|
2,176
|
|
|
7,254
|
|
||||||||||
|
Fixed income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Corporate debt
|
—
|
|
|
1,614
|
|
|
251
|
|
|
—
|
|
|
1,865
|
|
|
—
|
|
|
1,614
|
|
|
251
|
|
|
—
|
|
|
1,865
|
|
||||||||||
|
U.S. Treasury and agencies
|
1,917
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
1,969
|
|
|
1,917
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
1,969
|
|
||||||||||
|
Foreign governments
|
—
|
|
|
82
|
|
|
—
|
|
|
—
|
|
|
82
|
|
|
—
|
|
|
82
|
|
|
—
|
|
|
—
|
|
|
82
|
|
||||||||||
|
State and municipal debt
|
—
|
|
|
263
|
|
|
—
|
|
|
—
|
|
|
263
|
|
|
—
|
|
|
263
|
|
|
—
|
|
|
—
|
|
|
263
|
|
||||||||||
|
Other
(c)
|
—
|
|
|
47
|
|
|
—
|
|
|
510
|
|
|
557
|
|
|
—
|
|
|
47
|
|
|
—
|
|
|
510
|
|
|
557
|
|
||||||||||
|
Fixed income subtotal
|
1,917
|
|
|
2,058
|
|
|
251
|
|
|
510
|
|
|
4,736
|
|
|
1,917
|
|
|
2,058
|
|
|
251
|
|
|
510
|
|
|
4,736
|
|
||||||||||
|
Middle market lending
|
—
|
|
|
—
|
|
|
397
|
|
|
131
|
|
|
528
|
|
|
—
|
|
|
—
|
|
|
397
|
|
|
131
|
|
|
528
|
|
||||||||||
|
Private equity
|
—
|
|
|
—
|
|
|
—
|
|
|
222
|
|
|
222
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
222
|
|
|
222
|
|
||||||||||
|
Real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
471
|
|
|
471
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
471
|
|
|
471
|
|
||||||||||
|
NDT fund investments subtotal
(d)
|
6,215
|
|
|
3,058
|
|
|
648
|
|
|
3,510
|
|
|
13,431
|
|
|
6,215
|
|
|
3,058
|
|
|
648
|
|
|
3,510
|
|
|
13,431
|
|
||||||||||
|
Pledged assets for Zion Station decommissioning
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Cash equivalents
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||||||
|
Equities
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||||
|
Middle market lending
|
—
|
|
|
—
|
|
|
12
|
|
|
24
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
24
|
|
|
36
|
|
||||||||||
|
Pledged assets for Zion Station decommissioning subtotal
(e)
|
2
|
|
|
1
|
|
|
12
|
|
|
24
|
|
|
39
|
|
|
2
|
|
|
1
|
|
|
12
|
|
|
24
|
|
|
39
|
|
||||||||||
|
Rabbi trust investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Cash equivalents
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
77
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
77
|
|
||||||||||
|
Mutual funds
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58
|
|
||||||||||
|
Fixed income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
12
|
|
||||||||||
|
Life insurance contracts
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
71
|
|
|
22
|
|
|
—
|
|
|
93
|
|
||||||||||
|
Rabbi trust investments subtotal
(f)
|
28
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
135
|
|
|
83
|
|
|
22
|
|
|
—
|
|
|
240
|
|
||||||||||
|
Commodity derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Economic hedges
|
557
|
|
|
2,378
|
|
|
1,290
|
|
|
—
|
|
|
4,225
|
|
|
557
|
|
|
2,378
|
|
|
1,290
|
|
|
—
|
|
|
4,225
|
|
||||||||||
|
Proprietary trading
|
2
|
|
|
31
|
|
|
35
|
|
|
—
|
|
|
68
|
|
|
2
|
|
|
31
|
|
|
35
|
|
|
—
|
|
|
68
|
|
||||||||||
|
Effect of netting and allocation of collateral
(g) (h)
|
(585
|
)
|
|
(1,769
|
)
|
|
(635
|
)
|
|
—
|
|
|
(2,989
|
)
|
|
(585
|
)
|
|
(1,769
|
)
|
|
(635
|
)
|
|
—
|
|
|
(2,989
|
)
|
||||||||||
|
Commodity derivative assets subtotal
|
(26
|
)
|
|
640
|
|
|
690
|
|
|
—
|
|
|
1,304
|
|
|
(26
|
)
|
|
640
|
|
|
690
|
|
|
—
|
|
|
1,304
|
|
||||||||||
|
|
Generation
|
|
Exelon
|
||||||||||||||||||||||||||||||||||||
|
As of December 31, 2017
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Not subject to leveling
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Not subject to leveling
|
|
Total
|
||||||||||||||||||||
|
Interest rate and foreign currency derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Derivatives designated as hedging instruments
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||||||
|
Economic hedges
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||||||||
|
Effect of netting and allocation of collateral
|
(2
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
||||||||||
|
Interest rate and foreign currency derivative assets subtotal
|
(2
|
)
|
|
8
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
(2
|
)
|
|
11
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||||||||
|
Other investments
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
37
|
|
||||||||||
|
Total assets
|
6,385
|
|
|
3,729
|
|
|
1,387
|
|
|
3,534
|
|
|
15,035
|
|
|
6,980
|
|
|
3,793
|
|
|
1,409
|
|
|
3,534
|
|
|
15,716
|
|
||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Commodity derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Economic hedges
|
(712
|
)
|
|
(2,226
|
)
|
|
(845
|
)
|
|
—
|
|
|
(3,783
|
)
|
|
(713
|
)
|
|
(2,226
|
)
|
|
(1,101
|
)
|
|
—
|
|
|
(4,040
|
)
|
||||||||||
|
Proprietary trading
|
(2
|
)
|
|
(42
|
)
|
|
(9
|
)
|
|
—
|
|
|
(53
|
)
|
|
(2
|
)
|
|
(42
|
)
|
|
(9
|
)
|
|
—
|
|
|
(53
|
)
|
||||||||||
|
Effect of netting and allocation of collateral
(g) (h)
|
650
|
|
|
2,089
|
|
|
716
|
|
|
—
|
|
|
3,455
|
|
|
651
|
|
|
2,089
|
|
|
716
|
|
|
—
|
|
|
3,456
|
|
||||||||||
|
Commodity derivative liabilities subtotal
|
(64
|
)
|
|
(179
|
)
|
|
(138
|
)
|
|
—
|
|
|
(381
|
)
|
|
(64
|
)
|
|
(179
|
)
|
|
(394
|
)
|
|
—
|
|
|
(637
|
)
|
||||||||||
|
Interest rate and foreign currency derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Derivatives designated as hedging instruments
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||||||||
|
Economic hedges
|
(1
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
(1
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
||||||||||
|
Effect of netting and allocation of collateral
|
2
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
2
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||||||||
|
Interest rate and foreign currency derivative liabilities subtotal
|
1
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
1
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||||||||
|
Deferred compensation obligation
|
—
|
|
|
(38
|
)
|
|
—
|
|
|
—
|
|
|
(38
|
)
|
|
—
|
|
|
(145
|
)
|
|
—
|
|
|
—
|
|
|
(145
|
)
|
||||||||||
|
Total liabilities
|
(63
|
)
|
|
(222
|
)
|
|
(138
|
)
|
|
—
|
|
|
(423
|
)
|
|
(63
|
)
|
|
(329
|
)
|
|
(394
|
)
|
|
—
|
|
|
(786
|
)
|
||||||||||
|
Total net assets
|
$
|
6,322
|
|
|
$
|
3,507
|
|
|
$
|
1,249
|
|
|
$
|
3,534
|
|
|
$
|
14,612
|
|
|
$
|
6,917
|
|
|
$
|
3,464
|
|
|
$
|
1,015
|
|
|
$
|
3,534
|
|
|
$
|
14,930
|
|
|
(a)
|
Generation excludes cash of
$183 million
and
$259 million
at
September 30, 2018
and
December 31, 2017
and restricted cash of
$57 million
and
$127 million
at
September 30, 2018
and
December 31, 2017
. Exelon excludes cash of
$330 million
and
$389 million
at
September 30, 2018
and
December 31, 2017
and restricted cash of
$85 million
and
$145 million
at
September 30, 2018
and
December 31, 2017
and includes long-term restricted cash of
$163 million
and
$85 million
at
September 30, 2018
and
December 31, 2017
, which is reported in Other deferred debits on the Consolidated Balance Sheets.
|
|
(b)
|
Includes
$37 million
and
$77 million
of cash received from outstanding repurchase agreements at
September 30, 2018
and
December 31, 2017
, respectively, and is offset by an obligation to repay upon settlement of the agreement as discussed in (d) below.
|
|
(c)
|
Includes derivative instruments of $
(4) million
and less than $1 million, which have a total notional amount of
$915 million
and
$811 million
at
September 30, 2018
and
December 31, 2017
, 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
$89 million
and
$82 million
at
September 30, 2018
and
December 31, 2017
, 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)
|
Excludes net assets of less than $1 million at
September 30, 2018
. These items consist of receivables related to pending securities sales, interest and dividend receivables, and payables related to pending securities purchases.
|
|
(f)
|
The amount of unrealized gains/(losses) at Generation totaled less than $1 million for the
three months ended September 30, 2018
and
September 30, 2017
. The amount of unrealized gains/(losses) at Generation totaled less than $1 million and
$1 million
for the
nine months ended September 30, 2018
and
September 30, 2017
, respectively. The amount of unrealized gains/(losses) at Exelon totaled
$1 million
for the
three months ended September 30, 2018
and
September 30, 2017
. The amount of unrealized gains/(losses) at Exelon totaled
$2 million
and
$3 million
for the
nine months ended September 30, 2018
and
September 30, 2017
, respectively.
|
|
(g)
|
Collateral posted/(received) from counterparties totaled
$18 million
,
$100 million
and
$94 million
allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of
September 30, 2018
. Collateral posted/(received) from counterparties, net of collateral paid to counterparties, totaled
$65 million
,
$320 million
and
$81 million
allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of
December 31, 2017
.
|
|
(h)
|
Of the collateral posted/(received),
$(166) million
represents variation margin on the exchanges as of
September 30, 2018
. Of the collateral posted/(received),
$(117) million
represents variation margin on the exchanges as of
December 31, 2017
.
|
|
|
ComEd
|
|
PECO
|
|
BGE
|
||||||||||||||||||||||||||||||||||||||||||
|
As of September 30, 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)
|
$
|
211
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
211
|
|
|
$
|
84
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
84
|
|
|
$
|
100
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
100
|
|
|
Rabbi trust investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Mutual funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||||||||
|
Life insurance contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Rabbi trust investments subtotal
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
11
|
|
|
—
|
|
|
18
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||||||||
|
Total assets
|
211
|
|
|
—
|
|
|
—
|
|
|
211
|
|
|
91
|
|
|
11
|
|
|
—
|
|
|
102
|
|
|
106
|
|
|
—
|
|
|
—
|
|
|
106
|
|
||||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Deferred compensation obligation
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
||||||||||||
|
Mark-to-market derivative liabilities
(c)
|
—
|
|
|
—
|
|
|
(259
|
)
|
|
(259
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Total liabilities
|
—
|
|
|
(7
|
)
|
|
(259
|
)
|
|
(266
|
)
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
||||||||||||
|
Total net assets (liabilities)
|
$
|
211
|
|
|
$
|
(7
|
)
|
|
$
|
(259
|
)
|
|
$
|
(55
|
)
|
|
$
|
91
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
92
|
|
|
$
|
106
|
|
|
$
|
(5
|
)
|
|
$
|
—
|
|
|
$
|
101
|
|
|
|
ComEd
|
|
PECO
|
|
BGE
|
||||||||||||||||||||||||||||||||||||||||||
|
As of December 31, 2017
|
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)
|
$
|
98
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
98
|
|
|
$
|
228
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
228
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Rabbi trust investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Mutual funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||||||||
|
Life insurance contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Rabbi trust investments subtotal
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
10
|
|
|
—
|
|
|
17
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||||||||
|
Total assets
|
98
|
|
|
—
|
|
|
—
|
|
|
98
|
|
|
235
|
|
|
10
|
|
|
—
|
|
|
245
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Deferred compensation obligation
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
||||||||||||
|
Mark-to-market derivative liabilities
(c)
|
—
|
|
|
—
|
|
|
(256
|
)
|
|
(256
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Total liabilities
|
—
|
|
|
(8
|
)
|
|
(256
|
)
|
|
(264
|
)
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
||||||||||||
|
Total net assets (liabilities)
|
$
|
98
|
|
|
$
|
(8
|
)
|
|
$
|
(256
|
)
|
|
$
|
(166
|
)
|
|
$
|
235
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
234
|
|
|
$
|
6
|
|
|
$
|
(5
|
)
|
|
$
|
—
|
|
|
$
|
1
|
|
|
(a)
|
ComEd excludes cash of
$69 million
and
$45 million
at
September 30, 2018
and
December 31, 2017
and includes long-term restricted cash of
$144 million
and
$62 million
at
September 30, 2018
and
December 31, 2017
, which is reported in Other deferred debits on the Consolidated Balance Sheets. PECO excludes cash of
$23 million
and
$47 million
at
September 30, 2018
and
December 31, 2017
. BGE excludes cash of
$13 million
and
$17 million
at
September 30, 2018
and
December 31, 2017
and restricted cash of
$3 million
and
$1 million
at
September 30, 2018
and
December 31, 2017
.
|
|
(b)
|
The amount of unrealized gains/(losses) at ComEd, PECO and BGE totaled less than $1 million for the
three and nine months ended September 30, 2018
and
September 30, 2017
, respectively.
|
|
(c)
|
The Level 3 balance consists of the current and noncurrent liability of
$24 million
and
$235 million
, respectively, at
September 30, 2018
, and
$21 million
and
$235 million
, respectively, at
December 31, 2017
, related to floating-to-fixed energy swap contracts with unaffiliated suppliers.
|
|
|
|
||||||||||||||||||||||||||||||
|
|
As of September 30, 2018
|
|
As of December 31, 2017
|
||||||||||||||||||||||||||||
|
PHI
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Cash equivalents
(a)
|
$
|
182
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
182
|
|
|
$
|
83
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
83
|
|
|
Rabbi trust investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Cash equivalents
|
42
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
72
|
|
|
—
|
|
|
—
|
|
|
72
|
|
||||||||
|
Mutual funds
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Fixed income
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
||||||||
|
Life insurance contracts
|
—
|
|
|
22
|
|
|
37
|
|
|
59
|
|
|
—
|
|
|
23
|
|
|
22
|
|
|
45
|
|
||||||||
|
Rabbi trust investments subtotal
(b)
|
57
|
|
|
38
|
|
|
37
|
|
|
132
|
|
|
72
|
|
|
35
|
|
|
22
|
|
|
129
|
|
||||||||
|
Total assets
|
239
|
|
|
38
|
|
|
37
|
|
|
314
|
|
|
155
|
|
|
35
|
|
|
22
|
|
|
212
|
|
||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Deferred compensation obligation
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(25
|
)
|
|
—
|
|
|
(25
|
)
|
||||||||
|
Mark-to-market derivative liabilities
(c)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||||
|
Effect of netting and allocation of collateral
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||
|
Mark-to-market derivative liabilities subtotal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Total liabilities
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(25
|
)
|
|
—
|
|
|
(25
|
)
|
||||||||
|
Total net assets
|
$
|
239
|
|
|
$
|
16
|
|
|
$
|
37
|
|
|
$
|
292
|
|
|
$
|
155
|
|
|
$
|
10
|
|
|
$
|
22
|
|
|
$
|
187
|
|
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||||||||||||||||||||||||||
|
As of September 30, 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)
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35
|
|
|
$
|
102
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
102
|
|
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
26
|
|
|
Rabbi trust investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Cash equivalents
|
41
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Fixed income
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Life insurance contracts
|
—
|
|
|
22
|
|
|
36
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Rabbi trust investments subtotal
(b)
|
41
|
|
|
28
|
|
|
36
|
|
|
105
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Total assets
|
76
|
|
|
28
|
|
|
36
|
|
|
140
|
|
|
102
|
|
|
—
|
|
|
—
|
|
|
102
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
26
|
|
||||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
Deferred compensation obligation
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Total liabilities
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Total net assets (liabilities)
|
$
|
76
|
|
|
$
|
25
|
|
|
$
|
36
|
|
|
$
|
137
|
|
|
$
|
102
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
101
|
|
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
26
|
|
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||||||||||||||||||||||||||
|
As of December 31, 2017
|
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)
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
Rabbi trust investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Cash equivalents
|
44
|
|
|
—
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Fixed income
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Life insurance contracts
|
—
|
|
|
23
|
|
|
22
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Rabbi trust investments subtotal
(b)
|
44
|
|
|
35
|
|
|
22
|
|
|
101
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Total assets
|
80
|
|
|
35
|
|
|
22
|
|
|
137
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
29
|
|
||||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Deferred compensation obligation
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Mark-to-market derivative liabilities
(c)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Effect of netting and allocation of collateral
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Mark-to-market derivative liabilities subtotal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Total liabilities
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
|
Total net assets (liabilities)
|
$
|
80
|
|
|
$
|
31
|
|
|
$
|
22
|
|
|
$
|
133
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
(a)
|
PHI excludes cash of
$33 million
and
$12 million
at
September 30, 2018
and
December 31, 2017
, respectively, and includes long-term restricted cash of
$19 million
and
$23 million
at
September 30, 2018
and
December 31, 2017
, respectively, which is reported in Other deferred debits on the Consolidated Balance Sheets. Pepco excludes cash of
$12 million
and
$4 million
at
September 30, 2018
and
December 31, 2017
, respectively. DPL excludes cash of
$8 million
and
$2 million
at
September 30, 2018
and
December 31, 2017
, respectively. ACE excludes cash of
$11 million
and
$2 million
at
September 30, 2018
and
December 31, 2017
, respectively, and includes long-term restricted cash of
$19 million
and
$23 million
at
September 30, 2018
and
December 31, 2017
, respectively, which is reported in Other deferred debits on the Consolidated Balance Sheets.
|
|
(b)
|
The amount of unrealized gains/(losses) at PHI totaled less than $1 million for the
three months ended September 30, 2018 and 2017
, respectively. The amount of unrealized gains/(losses) at Pepco totaled $1 million and less than $1 million for the
three months ended September 30, 2018 and 2017
, respectively. The amount of unrealized gains/(losses) at PHI totaled $1 million and less than $1 million for the
nine months ended September 30, 2018 and 2017
, respectively. The amount of unrealized gains/(losses) at Pepco totaled less than $1 million for the
nine months ended September 30, 2018 and 2017
, respectively.
|
|
(c)
|
Represents natural gas futures purchased by DPL as part of a natural gas hedging program approved by the DPSC.
|
|
|
Generation
|
|
ComEd
|
|
PHI
|
|
|
|
Exelon
|
||||||||||||||||||||||||||
|
Three Months Ended September 30, 2018
|
NDT Fund
Investments
|
|
Pledged Assets
for Zion Station
Decommissioning
|
|
Mark-to-Market
Derivatives
|
|
Other
Investments
|
|
Total Generation
|
|
Mark-to-Market
Derivatives
|
|
Life Insurance Contracts
(c)
|
|
Eliminated in Consolidation
|
|
Total
|
||||||||||||||||||
|
Balance as of June 30, 2018
|
$
|
585
|
|
|
$
|
18
|
|
|
$
|
737
|
|
|
$
|
36
|
|
|
$
|
1,376
|
|
|
$
|
(252
|
)
|
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
1,160
|
|
|
Total realized / unrealized gains (losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Included in net income
|
(1
|
)
|
|
—
|
|
|
(259
|
)
|
(a)
|
13
|
|
|
(247
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(246
|
)
|
|||||||||
|
Included in noncurrent payables to affiliates
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|||||||||
|
Included in payable for Zion Station decommissioning
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||||
|
Included in regulatory assets/liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
(b)
|
—
|
|
|
(4
|
)
|
|
(11
|
)
|
|||||||||
|
Change in collateral
|
—
|
|
|
—
|
|
|
(44
|
)
|
|
—
|
|
|
(44
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|||||||||
|
Purchases, sales, issuances and settlements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Purchases
|
15
|
|
|
—
|
|
|
81
|
|
|
3
|
|
|
99
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|||||||||
|
Sales
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|||||||||
|
Settlements
|
(29
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|||||||||
|
Transfers into Level 3
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||||||
|
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|||||||||
|
Balance at September 30, 2018
|
$
|
566
|
|
|
$
|
—
|
|
|
$
|
512
|
|
|
$
|
52
|
|
|
$
|
1,130
|
|
|
$
|
(259
|
)
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
908
|
|
|
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
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(104
|
)
|
|
$
|
13
|
|
|
$
|
(92
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(92
|
)
|
|
|
Generation
|
|
ComEd
|
|
PHI
|
|
|
|
Exelon
|
||||||||||||||||||||||||||
|
Nine Months Ended September 30, 2018
|
NDT Fund
Investments
|
|
Pledged Assets
for Zion Station
Decommissioning
|
|
Mark-to-Market
Derivatives
|
|
Other Investments
|
|
Total Generation
|
|
Mark-to-Market
Derivatives
|
|
Life Insurance Contracts
(c)
|
|
Eliminated in Consolidation
|
|
Total
|
||||||||||||||||||
|
Balance as of December 31, 2017
|
$
|
648
|
|
|
$
|
12
|
|
|
$
|
552
|
|
|
$
|
37
|
|
|
$
|
1,249
|
|
|
$
|
(256
|
)
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
1,015
|
|
|
Total realized / unrealized gains (losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Included in net income
|
(1
|
)
|
|
—
|
|
|
(188
|
)
|
(a)
|
14
|
|
|
(175
|
)
|
|
—
|
|
|
3
|
|
|
—
|
|
|
(172
|
)
|
|||||||||
|
Included in noncurrent payables to affiliates
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Included in payable for Zion Station decommissioning
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||||||
|
Included in regulatory assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
(b)
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||||||
|
Change in collateral
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|||||||||
|
Purchases, sales, issuances and settlements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Purchases
|
34
|
|
|
1
|
|
|
181
|
|
|
3
|
|
|
219
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
219
|
|
|||||||||
|
Sales
|
—
|
|
|
(20
|
)
|
|
(3
|
)
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|||||||||
|
Settlements
|
(115
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(115
|
)
|
|
—
|
|
|
12
|
|
|
—
|
|
|
(103
|
)
|
|||||||||
|
Transfers into Level 3
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|||||||||
|
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
(2
|
)
|
|
(25
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|||||||||
|
Balance as of September 30, 2018
|
$
|
566
|
|
|
$
|
—
|
|
|
$
|
512
|
|
|
$
|
52
|
|
|
$
|
1,130
|
|
|
$
|
(259
|
)
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
908
|
|
|
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
|
$
|
(5
|
)
|
|
$
|
—
|
|
|
$
|
159
|
|
|
$
|
14
|
|
|
$
|
168
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
168
|
|
|
(a)
|
Includes a reduction for the reclassification of
$155 million
and
$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
$4 million
of increases in fair value and an increase for realized losses due to settlements of
$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
$9 million
of decreases in fair value and an increase for realized losses due to settlements of
$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)
|
The amounts represented are life insurance contracts at Pepco.
|
|
|
Generation
|
|
ComEd
|
|
PHI
|
|
Exelon
|
||||||||||||||||||||||||
|
Three Months Ended September 30, 2017
|
NDT Fund
Investments
|
|
Pledged Assets
for Zion Station
Decommissioning
|
|
Mark-to-Market
Derivatives
|
|
Other
Investments
|
|
Total Generation
|
|
Mark-to-Market
Derivatives
|
|
Life Insurance Contracts
(c)
|
|
Total
|
||||||||||||||||
|
Balance as of June 30, 2017
|
$
|
683
|
|
|
$
|
21
|
|
|
$
|
589
|
|
|
$
|
41
|
|
|
$
|
1,334
|
|
|
$
|
(256
|
)
|
|
$
|
20
|
|
|
$
|
1,098
|
|
|
Total realized / unrealized gains (losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Included in net income
|
—
|
|
|
—
|
|
|
(82
|
)
|
(a)
|
1
|
|
|
(81
|
)
|
|
—
|
|
|
1
|
|
|
(80
|
)
|
||||||||
|
Included in noncurrent payables to affiliates
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Included in payable for Zion Station decommissioning
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||||||
|
Included in regulatory assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
(b)
|
—
|
|
|
(21
|
)
|
||||||||
|
Change in collateral
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
11
|
|
||||||||
|
Purchases, sales, issuances and settlements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Purchases
|
19
|
|
|
—
|
|
|
57
|
|
|
1
|
|
|
77
|
|
|
—
|
|
|
—
|
|
|
77
|
|
||||||||
|
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Settlements
|
(31
|
)
|
|
—
|
|
|
10
|
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
||||||||
|
Transfers into Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||||||
|
Balance as of September 30, 2017
|
$
|
671
|
|
|
$
|
17
|
|
|
$
|
595
|
|
|
$
|
43
|
|
|
$
|
1,326
|
|
|
$
|
(277
|
)
|
|
$
|
21
|
|
|
$
|
1,070
|
|
|
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, 2017
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
24
|
|
|
$
|
1
|
|
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
26
|
|
|
|
Generation
|
|
ComEd
|
|
PHI
|
|
|
|
Exelon
|
||||||||||||||||||||||||||
|
Nine Months Ended September 30, 2017
|
NDT Fund
Investments
|
|
Pledged Assets
for Zion Station
Decommissioning
|
|
Mark-to-Market
Derivatives
|
|
Other
Investments
|
|
Total Generation
|
|
Mark-to-Market
Derivatives
|
|
Life Insurance Contracts
(c)
|
|
Eliminated in Consolidation
|
|
Total
|
||||||||||||||||||
|
Balance as of December 31, 2016
|
$
|
677
|
|
|
$
|
19
|
|
|
$
|
493
|
|
|
$
|
42
|
|
|
$
|
1,231
|
|
|
$
|
(258
|
)
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
993
|
|
|
Total realized / unrealized gains (losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Included in net income
|
4
|
|
|
—
|
|
|
(110
|
)
|
(a)
|
2
|
|
|
(104
|
)
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(102
|
)
|
|||||||||
|
Included in noncurrent payables to affiliates
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|||||||||
|
Included in payable for Zion Station decommissioning
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||||||
|
Included in regulatory assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
(b)
|
—
|
|
|
13
|
|
|
(6
|
)
|
|||||||||
|
Change in collateral
|
—
|
|
|
—
|
|
|
81
|
|
|
—
|
|
|
81
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81
|
|
|||||||||
|
Purchases, sales, issuances and settlements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Purchases
|
54
|
|
|
1
|
|
|
146
|
|
|
4
|
|
|
205
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
205
|
|
|||||||||
|
Sales
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|||||||||
|
Issuances
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||||||
|
Settlements
|
(77
|
)
|
|
|
|
|
(8
|
)
|
|
|
|
|
(85
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(85
|
)
|
|||||||||
|
Transfers into Level 3
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|||||||||
|
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
17
|
|
|
(5
|
)
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|||||||||
|
Balance as of September 30, 2017
|
$
|
671
|
|
|
$
|
17
|
|
|
$
|
595
|
|
|
$
|
43
|
|
|
$
|
1,326
|
|
|
$
|
(277
|
)
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
1,070
|
|
|
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, 2017
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
161
|
|
|
$
|
2
|
|
|
$
|
165
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
167
|
|
|
(a)
|
Includes a reduction for the reclassification of
$96 million
and
$279 million
of realized gains due to the settlement of derivative contracts for the
three and nine months ended September 30, 2017
, respectively.
|
|
(b)
|
Includes
$24 million
of increases in fair value and an increase for realized losses due to settlements of
$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, 2017
. Includes
$32 million
of decreases in fair value and an increase for realized losses due to settlements of
$13 million
recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the
nine months ended September 30, 2017
.
|
|
(c)
|
The amounts represented are life insurance contracts at Pepco.
|
|
|
Generation
|
|
PHI
|
|
Exelon
|
||||||||||||||||||||||||||
|
|
Operating
Revenues |
|
Purchased
Power and Fuel |
|
Other, net
|
|
Operating and Maintenance
|
|
Operating
Revenues |
|
Purchased
Power and Fuel |
|
Operating and Maintenance
|
|
Other, net
|
||||||||||||||||
|
Total gains (losses) included in net income for the three months ended September 30, 2018
|
$
|
(176
|
)
|
|
$
|
(83
|
)
|
|
$
|
12
|
|
|
$
|
1
|
|
|
$
|
(176
|
)
|
|
$
|
(83
|
)
|
|
$
|
1
|
|
|
$
|
12
|
|
|
Total gains (losses) included in net income for the nine months ended September 30, 2018
|
(32
|
)
|
|
(156
|
)
|
|
13
|
|
|
3
|
|
|
(32
|
)
|
|
(156
|
)
|
|
3
|
|
|
13
|
|
||||||||
|
Change in the unrealized gains (losses) relating to assets and liabilities held for the three months ended September 30, 2018
|
(64
|
)
|
|
(40
|
)
|
|
12
|
|
|
—
|
|
|
(64
|
)
|
|
(40
|
)
|
|
—
|
|
|
12
|
|
||||||||
|
Change in the unrealized gains (losses) relating to assets and liabilities held for the nine months ended September 30, 2018
|
174
|
|
|
(15
|
)
|
|
9
|
|
|
—
|
|
|
174
|
|
|
(15
|
)
|
|
—
|
|
|
9
|
|
||||||||
|
|
Generation
|
|
PHI
|
|
Exelon
|
||||||||||||||||||||||
|
|
Operating
Revenues
|
|
Purchased
Power and
Fuel
|
|
Other, net
|
|
Other, net
(a)
|
|
Operating
Revenues
|
|
Purchased
Power and
Fuel
|
|
Other, net
|
||||||||||||||
|
Total gains (losses) included in net income for the three months ended September 30, 2017
|
$
|
(3
|
)
|
|
$
|
(69
|
)
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
(3
|
)
|
|
$
|
(69
|
)
|
|
$
|
2
|
|
|
Total gains (losses) included in net income for the nine months ended September 30, 2017
|
34
|
|
|
(152
|
)
|
|
6
|
|
|
2
|
|
|
34
|
|
|
(152
|
)
|
|
8
|
|
|||||||
|
Change in the unrealized gains (losses) relating to assets and liabilities held for the three months ended September 30, 2017
|
47
|
|
|
(23
|
)
|
|
1
|
|
|
1
|
|
|
47
|
|
|
(23
|
)
|
|
2
|
|
|||||||
|
Change in the unrealized gains (losses) relating to assets and liabilities held for the nine months ended September 30, 2017
|
222
|
|
|
(61
|
)
|
|
4
|
|
|
2
|
|
|
222
|
|
|
(61
|
)
|
|
6
|
|
|||||||
|
Type of trade
|
|
Fair Value at September 30, 2018
|
|
Valuation
Technique
|
|
Unobservable
Input
|
|
Range
|
||||
|
Mark-to-market derivatives — Economic Hedges (Exelon and Generation)
(a)(b)
|
|
$
|
359
|
|
|
Discounted
Cash Flow |
|
Forward power
price |
|
$9
|
-
|
$158
|
|
|
|
|
|
|
|
|
Forward gas
price |
|
$1.10
|
-
|
$12.57
|
|
|
|
|
|
|
|
Option Model
|
|
Volatility
percentage |
|
8%
|
-
|
211%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Mark-to-market derivatives — Proprietary trading (Exelon and Generation)
(a)(b)
|
|
$
|
58
|
|
|
Discounted
Cash Flow |
|
Forward power
price |
|
$17
|
-
|
$158
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Mark-to-market derivatives (Exelon and ComEd)
|
|
$
|
(259
|
)
|
|
Discounted
Cash Flow |
|
Forward heat
rate (c) |
|
10x
|
-
|
11x
|
|
|
|
|
|
|
|
Marketability
reserve |
|
4%
|
-
|
8%
|
||
|
|
|
|
|
|
|
Renewable
factor |
|
86%
|
-
|
121%
|
||
|
Type of trade
|
|
Fair Value at December 31, 2017
|
|
Valuation
Technique
|
|
Unobservable
Input
|
|
Range
|
||||
|
Mark-to-market derivatives — Economic Hedges (Exelon and Generation)
(a)(b)
|
|
$
|
445
|
|
|
Discounted
Cash Flow |
|
Forward power price
|
|
$3
|
-
|
$124
|
|
|
|
|
|
|
|
|
Forward gas price
|
|
$1.27
|
-
|
$12.80
|
|
|
|
|
|
|
|
Option Model
|
|
Volatility percentage
|
|
11%
|
-
|
139%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Mark-to-market derivatives — Proprietary trading (Exelon and Generation)
(a)(b)
|
|
$
|
26
|
|
|
Discounted
Cash Flow |
|
Forward power price
|
|
$14
|
-
|
$94
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Mark-to-market derivatives (Exelon and ComEd)
|
|
$
|
(256
|
)
|
|
Discounted Cash Flow
|
|
Forward heat
rate (c) |
|
9x
|
-
|
10x
|
|
|
|
|
|
|
|
Marketability reserve
|
|
4%
|
-
|
8%
|
||
|
|
|
|
|
|
|
Renewable factor
|
|
88%
|
-
|
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
$94 million
and
$81 million
as of
September 30, 2018
and
December 31, 2017
, 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.
|
|
|
|
Generation
|
|
ComEd
|
|
DPL
|
|
Exelon
|
||||||||||||||||||||||||||||
|
Derivatives
|
|
Economic
Hedges
|
|
Proprietary
Trading
|
|
Collateral
and
Netting
(a)(e)
|
|
Subtotal
(b)
|
|
Economic
Hedges
(c)
|
|
Economic
Hedges
(d)
|
|
Collateral
and
Netting
(a)
|
|
Subtotal
|
|
Total
Derivatives
|
||||||||||||||||||
|
Mark-to-market derivative assets (current assets)
|
|
$
|
2,987
|
|
|
$
|
113
|
|
|
$
|
(2,406
|
)
|
|
$
|
694
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
694
|
|
|
Mark-to-market derivative assets (noncurrent assets)
|
|
1,383
|
|
|
61
|
|
|
(1,013
|
)
|
|
431
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
431
|
|
|||||||||
|
Total mark-to-market derivative assets
|
|
4,370
|
|
|
174
|
|
|
(3,419
|
)
|
|
1,125
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,125
|
|
|||||||||
|
Mark-to-market derivative liabilities (current liabilities)
|
|
(2,761
|
)
|
|
(86
|
)
|
|
2,543
|
|
|
(304
|
)
|
|
(24
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(328
|
)
|
|||||||||
|
Mark-to-market derivative liabilities (noncurrent liabilities)
|
|
(1,284
|
)
|
|
(41
|
)
|
|
1,088
|
|
|
(237
|
)
|
|
(235
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(472
|
)
|
|||||||||
|
Total mark-to-market derivative liabilities
|
|
(4,045
|
)
|
|
(127
|
)
|
|
3,631
|
|
|
(541
|
)
|
|
(259
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(800
|
)
|
|||||||||
|
Total mark-to-market derivative net assets (liabilities)
|
|
$
|
325
|
|
|
$
|
47
|
|
|
$
|
212
|
|
|
$
|
584
|
|
|
$
|
(259
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
325
|
|
|
(a)
|
Exelon, G
eneration and DPL net all available amounts allowed under the derivative authoritative guidance on 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 are not reflected in the table above.
|
|
(b)
|
Current and noncurrent assets are shown net of collateral of
$71 million
and
$28 million
, respectively, and current and noncurrent liabilities are shown net of collateral of
$66 million
and
$47 million
, respectively. The total cash collateral posted, net of cash collateral received and offset against mark-to-market assets and liabilities was
$212 million
at
September 30, 2018
.
|
|
(c)
|
Includes current and noncurrent liabilities relating to floating-to-fixed energy swap contracts with unaffiliated suppliers.
|
|
(d)
|
Represents natural gas futures purchased by DPL as part of a natural gas hedging program approved by the DPSC.
|
|
(e)
|
Of the collateral p
osted/(received),
$(166) million
represents variation margin on the exchanges.
|
|
|
|
Generation
|
|
ComEd
|
|
DPL
|
|
Exelon
|
||||||||||||||||||||||||||||
|
Description
|
|
Economic
Hedges |
|
Proprietary
Trading |
|
Collateral
and Netting (a)(e) |
|
Subtotal
(b)
|
|
Economic
Hedges (c) |
|
Economic
Hedges (d) |
|
Collateral and
Netting (a) |
|
Subtotal
|
|
Total
Derivatives |
||||||||||||||||||
|
Mark-to-market derivative assets (current assets)
|
|
$
|
3,061
|
|
|
$
|
56
|
|
|
$
|
(2,144
|
)
|
|
$
|
973
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
973
|
|
|
Mark-to-market derivative assets (noncurrent assets)
|
|
1,164
|
|
|
12
|
|
|
(845
|
)
|
|
331
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
331
|
|
|||||||||
|
Total mark-to-market derivative assets
|
|
4,225
|
|
|
68
|
|
|
(2,989
|
)
|
|
1,304
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,304
|
|
|||||||||
|
Mark-to-market derivative liabilities (current liabilities)
|
|
(2,646
|
)
|
|
(43
|
)
|
|
2,480
|
|
|
(209
|
)
|
|
(21
|
)
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
(230
|
)
|
|||||||||
|
Mark-to-market derivative liabilities (noncurrent liabilities)
|
|
(1,137
|
)
|
|
(10
|
)
|
|
975
|
|
|
(172
|
)
|
|
(235
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(407
|
)
|
|||||||||
|
Total mark-to-market derivative liabilities
|
|
(3,783
|
)
|
|
(53
|
)
|
|
3,455
|
|
|
(381
|
)
|
|
(256
|
)
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
(637
|
)
|
|||||||||
|
Total mark-to-market derivative net assets (liabilities)
|
|
$
|
442
|
|
|
$
|
15
|
|
|
$
|
466
|
|
|
$
|
923
|
|
|
$
|
(256
|
)
|
|
$
|
(1
|
)
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
667
|
|
|
(a)
|
Exelon, Generation and DPL net al
l available amounts allowed under the derivative authoritative guidance on 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, and letters of credit and other forms of non-cash collateral. These are not reflected in the table above.
|
|
(b)
|
Current and noncurrent assets are shown net of collateral of
$169 million
and
$53 million
, respectively, and current and noncurrent liabilities are shown net of collateral of
$167 million
and
$77 million
, respectively. The total cash collateral posted, net of cash collateral received and offset against mark-to-market assets and liabilities was
$466 million
at
December 31, 2017
.
|
|
(c)
|
Includes current and noncurrent liabilities relating to floating-to-fixed energy swap contracts with unaffiliated suppliers.
|
|
(d)
|
Represents natural gas futures purchased by DPL as part of a natural gas hedging program approved by the DPSC.
|
|
(e)
|
Of the collateral posted/(rece
ived),
$(117) million
represents variation margin on the exchanges.
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Income Statement Location
|
|
Gain (Loss)
|
||||||||||||||
|
Operating revenues
|
|
$
|
8
|
|
|
$
|
55
|
|
|
$
|
(99
|
)
|
|
$
|
(41
|
)
|
|
Purchased power and fuel
|
|
66
|
|
|
21
|
|
|
(4
|
)
|
|
(114
|
)
|
||||
|
Total Exelon and Generation
|
|
$
|
74
|
|
|
$
|
76
|
|
|
$
|
(103
|
)
|
|
$
|
(155
|
)
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Income Statement Location
|
|
Gain (Loss)
|
||||||||||||||
|
Operating revenues
|
|
$
|
(3
|
)
|
|
$
|
5
|
|
|
$
|
14
|
|
|
$
|
4
|
|
|
|
|
Generation
|
|
Exelon Corporate
|
|
Exelon
|
||||||||||||||
|
Description
|
|
Economic
Hedges
|
|
Collateral
and
Netting
(a)
|
|
Subtotal
|
|
Economic Hedges
|
|
Total
|
||||||||||
|
Mark-to-market derivative assets (current assets)
|
|
$
|
3
|
|
|
$
|
(1
|
)
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
Mark-to-market derivative assets (noncurrent assets)
|
|
18
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
18
|
|
|||||
|
Total mark-to-market derivative assets
|
|
21
|
|
|
(1
|
)
|
|
20
|
|
|
—
|
|
|
20
|
|
|||||
|
Mark-to-market derivative liabilities (current liabilities)
|
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||
|
Mark-to-market derivative liabilities (noncurrent liabilities)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|||||
|
Total mark-to-market derivative liabilities
|
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
|
(10
|
)
|
|
(11
|
)
|
|||||
|
Total mark-to-market derivative net assets (liabilities)
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
(10
|
)
|
|
$
|
9
|
|
|
(a)
|
Exelon and Generation net all available amounts allowed under the derivative authoritative guidance on 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 counterparty exposures subject to a master netting or similar agreement, such as accrued interest, transactions that do not qualify as derivatives, letters of credit and other forms of non-cash collateral, which are not reflected in the table above.
|
|
|
|
Generation
|
|
Exelon Corporate
|
|
Exelon
|
||||||||||||||||||
|
Description
|
|
Derivatives
Designated
as Hedging
Instruments
|
|
Economic
Hedges
|
|
Collateral
and
Netting
(a)
|
|
Subtotal
|
|
Derivatives
Designated
as Hedging
Instruments
|
|
Total
|
||||||||||||
|
Mark-to-market derivative assets (current assets)
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
(7
|
)
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
Mark-to-market derivative assets (noncurrent assets)
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
6
|
|
||||||
|
Total mark-to-market derivative assets
|
|
3
|
|
|
10
|
|
|
(7
|
)
|
|
6
|
|
|
3
|
|
|
9
|
|
||||||
|
Mark-to-market derivative liabilities (current liabilities)
|
|
(2
|
)
|
|
(7
|
)
|
|
7
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||||
|
Mark-to-market derivative liabilities (noncurrent liabilities)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||||
|
Total mark-to-market derivative liabilities
|
|
(2
|
)
|
|
(9
|
)
|
|
7
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||||
|
Total mark-to-market derivative net assets
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
5
|
|
|
(a)
|
Exelon and Generation net all available amounts allowed under the derivative authoritative guidance on 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 counterparty exposures subject to a master netting or similar agreement, such as accrued interest, transactions that do not qualify as derivatives, letters of credit and other forms of non-cash collateral, which are not reflected in the table above.
|
|
|
|
Generation
|
|
Exelon Corporate
|
|
Exelon
|
||||||
|
Foreign currency exchange rate swaps
|
|
$
|
88
|
|
|
$
|
—
|
|
|
$
|
88
|
|
|
Interest rate swaps
|
|
625
|
|
|
800
|
|
|
1,425
|
|
|||
|
Total
|
|
$
|
713
|
|
|
$
|
800
|
|
|
$
|
1,513
|
|
|
|
|
Generation
|
|
Exelon Corporate
|
|
Exelon
|
||||||
|
Foreign currency exchange rate swaps
|
|
$
|
94
|
|
|
$
|
—
|
|
|
$
|
94
|
|
|
Interest rate swaps
(a)
|
|
1
|
|
|
—
|
|
|
1
|
|
|||
|
Total
|
|
$
|
95
|
|
|
$
|
—
|
|
|
$
|
95
|
|
|
(a)
|
On July 1, 2018, Exelon and Generation de-designated its fair value and cash flow hedges. The table excludes amounts of
$800 million
of fixed-to-floating hedges that were previously designated as fair value hedges by Exelon and
$636 million
of floating-to-fixed hedges that were previously designated as cash flow hedges by Exelon and Generation as of December 31, 2017.
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
Income Statement Location
|
|
Gain (Loss)
|
||||||||||||||
|
Generation
|
Operating Revenues
|
|
$
|
(2
|
)
|
|
$
|
(3
|
)
|
|
$
|
3
|
|
|
$
|
(6
|
)
|
|
Generation
|
Purchased Power and Fuel
|
|
(1
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
||||
|
Generation
|
Interest Expense
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||
|
Total Generation
|
|
|
$
|
1
|
|
|
$
|
(3
|
)
|
|
$
|
3
|
|
|
$
|
(6
|
)
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
Income Statement Location
|
|
Gain (Loss)
|
||||||||||||||
|
Exelon
|
Operating Revenues
|
|
$
|
(2
|
)
|
|
$
|
(3
|
)
|
|
$
|
3
|
|
|
$
|
(6
|
)
|
|
Exelon
|
Purchased Power and Fuel
|
|
(1
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
||||
|
Exelon
|
Interest Expense
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
|
Total Exelon
|
|
|
$
|
(1
|
)
|
|
$
|
(3
|
)
|
|
$
|
1
|
|
|
$
|
(6
|
)
|
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||
|
|
Income Statement
Location
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
Loss on Swaps
|
|
Gain on Borrowings
|
|||||||||||||
|
Exelon
|
Interest expense
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
|
Income Statement
Location
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
Loss on Swaps
|
|
Gain on Borrowings
|
|||||||||||||
|
Exelon
|
Interest expense
|
|
$
|
(11
|
)
|
|
$
|
(6
|
)
|
|
$
|
20
|
|
|
$
|
17
|
|
|
|
Total Cash Flow Hedge OCI Activity, Net of Income Tax
|
||||||||||
|
Generation
|
|
Exelon
|
|
||||||||
|
Three Months Ended September 30, 2018
|
|
Income Statement
Location
|
|
Total Cash
Flow Hedges |
|
Total Cash
Flow Hedges
|
|
||||
|
AOCI derivative loss at June 30, 2018
|
|
|
|
$
|
(4
|
)
|
|
$
|
(2
|
)
|
|
|
Reclassifications from AOCI to net income
|
|
Interest Expense
|
|
—
|
|
|
—
|
|
|
||
|
AOCI derivative loss at September 30, 2018
|
|
|
|
$
|
(4
|
)
|
|
$
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Total Cash Flow Hedge OCI Activity, Net of Income Tax
|
||||||||||
|
Generation
|
|
Exelon
|
|
||||||||
|
Nine Months Ended September 30, 2018
|
|
Income Statement
Location
|
|
Total Cash
Flow Hedges |
|
Total Cash
Flow Hedges |
|
||||
|
AOCI derivative loss at December 31, 2017
|
|
|
|
$
|
(16
|
)
|
|
$
|
(14
|
)
|
|
|
Effective portion of changes in fair value
|
|
|
|
11
|
|
|
11
|
|
|
||
|
Reclassifications from AOCI to net income
|
|
Interest Expense
|
|
1
|
|
|
1
|
|
|
||
|
AOCI derivative loss at September 30, 2018
|
|
|
|
$
|
(4
|
)
|
|
$
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Total Cash Flow Hedge OCI Activity, Net of Income Tax
|
|||||||||
|
|
Generation
|
|
Exelon
|
|
|||||||
|
Three Months Ended September 30, 2017
|
|
Income Statement
Location
|
|
Total Cash
Flow Hedges |
|
Total Cash
Flow Hedges
|
|
||||
|
AOCI derivative loss at June 30, 2017
|
|
|
|
$
|
(14
|
)
|
|
$
|
(12
|
)
|
|
|
Effective portion of changes in fair value
|
|
|
|
1
|
|
|
1
|
|
|
||
|
Reclassifications from AOCI to net income
|
|
Interest Expense
|
|
(1
|
)
|
(a)
|
(1
|
)
|
(a)
|
||
|
AOCI derivative loss at September 30, 2017
|
|
|
|
$
|
(14
|
)
|
|
$
|
(12
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Total Cash Flow Hedge OCI Activity, Net of Income Tax
|
|||||||||
|
|
Generation
|
|
Exelon
|
|
|||||||
|
Nine Months Ended September 30, 2017
|
|
Income Statement
Location
|
|
Total Cash
Flow Hedges |
|
Total Cash
Flow Hedges
|
|
||||
|
AOCI derivative loss at December 31, 2016
|
|
|
|
$
|
(19
|
)
|
|
$
|
(17
|
)
|
|
|
Effective portion of changes in fair value
|
|
|
|
2
|
|
|
2
|
|
|
||
|
Reclassifications from AOCI to net income
|
|
Interest Expense
|
|
3
|
|
(b)
|
3
|
|
(b)
|
||
|
AOCI derivative loss at September 30, 2017
|
|
|
|
$
|
(14
|
)
|
|
$
|
(12
|
)
|
|
|
(a)
|
Amount is net of related income tax benefit of
$1 million
for the
three months ended September 30, 2017
.
|
|
(b)
|
Amount is net of related income tax expense of
$2 million
for the
nine months ended September 30, 2017
.
|
|
Rating as of September 30, 2018
|
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
|
$
|
647
|
|
|
$
|
—
|
|
|
$
|
647
|
|
|
1
|
|
|
$
|
176
|
|
|
Non-investment grade
|
101
|
|
|
20
|
|
|
81
|
|
|
|
|
|
|
|
||||
|
No external ratings
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Internally rated — investment grade
|
179
|
|
|
1
|
|
|
178
|
|
|
|
|
|
|
|
||||
|
Internally rated — non-investment grade
|
139
|
|
|
17
|
|
|
122
|
|
|
|
|
|
|
|
||||
|
Total
|
$
|
1,066
|
|
|
$
|
38
|
|
|
$
|
1,028
|
|
|
1
|
|
|
$
|
176
|
|
|
Net Credit Exposure by Type of Counterparty
|
|
As of
September 30, 2018 |
||
|
Financial institutions
|
|
$
|
19
|
|
|
Investor-owned utilities, marketers, power producers
|
|
572
|
|
|
|
Energy cooperatives and municipalities
|
|
357
|
|
|
|
Other
|
|
80
|
|
|
|
Total
|
|
$
|
1,028
|
|
|
(a)
|
As of
September 30, 2018
, credit collateral held from counterparties where Generation had credit exposure included
$4 million
of cash and
$34 million
of letters of credit. The credit collateral does not include non-liquid collateral.
|
|
Credit-Risk Related Contingent Features
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
Gross fair value of derivative contracts containing this feature
(a)
|
|
$
|
(1,704
|
)
|
|
$
|
(926
|
)
|
|
Offsetting fair value of in-the-money contracts under master netting arrangements
(b)
|
|
1,249
|
|
|
577
|
|
||
|
Net fair value of derivative contracts containing this feature
(c)
|
|
$
|
(455
|
)
|
|
$
|
(349
|
)
|
|
(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.
|
|
Commercial Paper Borrowings
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
Exelon
|
|
$
|
209
|
|
|
$
|
427
|
|
|
BGE
|
|
—
|
|
|
77
|
|
||
|
PHI
(a)
|
|
209
|
|
|
350
|
|
||
|
Pepco
|
|
64
|
|
|
26
|
|
||
|
DPL
|
|
—
|
|
|
216
|
|
||
|
ACE
|
|
145
|
|
|
108
|
|
||
|
(a)
|
PHI reflects the commercial paper borrowings outstanding of Pepco, DPL and ACE.
|
|
Company
|
|
Type
|
|
Interest Rate
|
|
Maturity
|
|
Amount
|
|
Use of Proceeds
|
|||
|
Generation
|
|
Energy Efficiency Project Financing
|
|
3.72
|
%
|
|
November 30, 2018
|
|
$
|
4
|
|
|
Funding to install energy conservation measures for the Smithsonian Zoo project.
|
|
Generation
|
|
Energy Efficiency Project Financing
|
|
3.17
|
%
|
|
October 31, 2018
|
|
$
|
1
|
|
|
Funding to install energy conservation measures in Brooklyn, NY.
|
|
Generation
|
|
Energy Efficiency Project Financing
|
|
2.61
|
%
|
|
September 30, 2018
|
|
$
|
5
|
|
|
Funding to install energy conservation measures for the Pensacola project.
|
|
Generation
|
|
Energy Efficiency Project Financing
|
|
4.17
|
%
|
|
January 1, 2019
|
|
$
|
1
|
|
|
Funding to install energy conservation measures for the General Services Administration Philadelphia project.
|
|
Generation
|
|
Energy Efficiency Project Financing
|
|
4.26
|
%
|
|
May 1, 2019
|
|
$
|
3
|
|
|
Funding to install energy conservation measures for the National Institutes of Health Multi-Buildings Phase II project.
|
|
ComEd
|
|
First Mortgage Bonds, Series 124
|
|
4.00
|
%
|
|
March 1, 2048
|
|
$
|
800
|
|
|
Refinance one series of maturing first mortgage bonds, to repay a portion of ComEd’s outstanding commercial paper obligations and to fund general corporate purposes.
|
|
ComEd
|
|
First Mortgage Bonds, Series 125
|
|
3.70
|
%
|
|
August 15, 2028
|
|
$
|
550
|
|
|
Repay a portion of ComEd’s outstanding commercial paper obligations and to fund general corporate purposes.
|
|
PECO
|
|
First and Refunding Mortgage Bonds
|
|
3.90
|
%
|
|
March 1, 2048
|
|
$
|
325
|
|
|
Refinance a portion of maturing mortgage bonds.
|
|
PECO
|
|
Loan Agreement
|
|
2.00
|
%
|
|
June 20, 2023
|
|
$
|
50
|
|
|
Funding to implement Electric Long-term Infrastructure Improvement Plan.
|
|
PECO
|
|
First and Refunding Mortgage Bonds
|
|
3.90
|
%
|
|
March 1, 2048
|
|
$
|
325
|
|
|
Satisfy short-term borrowings from the Exelon intercompany money pool and for general corporate purposes.
|
|
BGE
|
|
Senior Notes
|
|
4.25
|
%
|
|
September 15, 2048
|
|
$
|
300
|
|
|
Repay commercial paper obligations and for general corporate purposes.
|
|
Pepco
|
|
First Mortgage Bonds
|
|
4.27
|
%
|
|
June 15, 2048
|
|
$
|
100
|
|
|
Repay existing indebtedness and for general corporate purposes.
|
|
DPL
|
|
First Mortgage Bonds
|
|
4.27
|
%
|
|
June 15, 2048
|
|
$
|
200
|
|
|
Repay existing indebtedness and for general corporate purposes.
|
|
|
Exelon
(b)
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Net Decrease to Deferred Income Tax Liability Balances
|
$
|
8,624
|
|
|
$
|
1,895
|
|
|
$
|
2,819
|
|
|
$
|
1,407
|
|
|
$
|
1,120
|
|
|
$
|
1,944
|
|
|
$
|
968
|
|
|
$
|
540
|
|
|
$
|
456
|
|
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
(c)
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||
|
Net Regulatory Liability Recorded
(a)
|
$
|
7,315
|
|
|
N/A
|
|
$
|
2,818
|
|
|
$
|
1,394
|
|
|
$
|
1,124
|
|
|
$
|
1,979
|
|
|
$
|
976
|
|
|
$
|
545
|
|
|
$
|
458
|
|
|
|
Exelon
(b)
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Net Deferred Income Tax Benefit/(Expense) Recorded
|
$
|
1,309
|
|
|
$
|
1,895
|
|
|
$
|
1
|
|
|
$
|
13
|
|
|
$
|
(4
|
)
|
|
$
|
(35
|
)
|
|
$
|
(8
|
)
|
|
$
|
(5
|
)
|
|
$
|
(2
|
)
|
|
(a)
|
Reflects the net regulatory liabilities recorded on a pre-tax basis before taking into consideration the income tax benefits associated with the ultimate settlement with customers.
|
|
(b)
|
Amounts do not sum across due to deferred tax adjustments recorded at the Exelon Corporation parent company, primarily related to certain employee compensation plans.
|
|
(c)
|
Given the regulatory treatment of income tax benefits related to electric and gas distribution repairs, PECO was in an overall net regulatory asset position as of
December 31, 2017
after recording the impacts related to the TCJA. See Note
6
-
Regulatory Matters
for additional information.
|
|
|
Exelon
|
|
ComEd
|
|
PECO
(a)
|
|
BGE
|
|
PHI
|
|
PEPCO
|
|
DPL
|
|
ACE
|
||||||||||||||||
|
Subject to IRS Normalization Rules
|
$
|
3,040
|
|
|
$
|
1,400
|
|
|
$
|
533
|
|
|
$
|
459
|
|
|
$
|
648
|
|
|
$
|
299
|
|
|
$
|
195
|
|
|
$
|
153
|
|
|
Subject to Rate Regulator Determination
|
1,694
|
|
|
573
|
|
|
43
|
|
|
324
|
|
|
754
|
|
|
391
|
|
|
194
|
|
|
170
|
|
||||||||
|
Net Regulatory Liabilities
|
$
|
4,734
|
|
|
$
|
1,973
|
|
|
$
|
576
|
|
|
$
|
783
|
|
|
$
|
1,402
|
|
|
$
|
690
|
|
|
$
|
389
|
|
|
$
|
323
|
|
|
(a)
|
Given the regulatory treatment of income tax benefits related to electric and gas distribution repairs, PECO remains in an overall net regulatory asset position as of December 31, 2017 after recording the impacts related to the TCJA. As a result, the amount of customer benefits resulting from the TCJA subject to the discretion of PECO's rate regulators are lower relative to the other Utility Registrants. See Note
6
-
Regulatory Matters
for additional information.
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
|
U.S. Federal statutory rate
|
21.0%
|
|
21.0%
|
|
21.0%
|
|
21.0%
|
|
21.0%
|
|
21.0%
|
|
21.0%
|
|
21.0%
|
|
21.0%
|
|
Increase (decrease) due to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State income taxes, net of Federal income tax benefit
|
(1.2)
|
|
(9.0)
|
|
8.3
|
|
(3.6)
|
|
7.3
|
|
0.2
|
|
1.0
|
|
6.6
|
|
7.3
|
|
Qualified nuclear decommissioning trust fund income
|
2.4
|
|
5.8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Amortization of investment tax credit, including deferred taxes on basis difference
|
(0.6)
|
|
(1.1)
|
|
(0.2)
|
|
(0.1)
|
|
—
|
|
(0.2)
|
|
(0.1)
|
|
(0.3)
|
|
(0.3)
|
|
Plant basis differences
|
(2.5)
|
|
—
|
|
(0.3)
|
|
(15.2)
|
|
(0.8)
|
|
(2.0)
|
|
(3.4)
|
|
(0.7)
|
|
(1.3)
|
|
Production tax credits and other credits
|
(1.2)
|
|
(2.9)
|
|
(0.1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Noncontrolling interests
|
(1.1)
|
|
(2.8)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Excess deferred tax amortization
|
(6.8)
|
|
—
|
|
(7.8)
|
|
(4.6)
|
|
(7.9)
|
|
(17.7)
|
|
(21.2)
|
|
(14.0)
|
|
(15.4)
|
|
Tax Cuts and Jobs Act of 2017
|
1.3
|
|
3.5
|
|
—
|
|
—
|
|
—
|
|
0.2
|
|
0.1
|
|
—
|
|
—
|
|
Other
|
3.2
|
|
5.6
|
|
0.3
|
|
0.9
|
|
2.6
|
|
0.6
|
|
0.3
|
|
0.6
|
|
0.3
|
|
Effective income tax rate
|
14.5%
|
|
20.1%
|
|
21.2%
|
|
(1.6)%
|
|
22.2%
|
|
2.1%
|
|
(2.3)%
|
|
13.2%
|
|
11.6%
|
|
|
Three Months Ended September 30, 2017
(a)
|
||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
|
U.S. Federal statutory rate
|
35.0%
|
|
35.0%
|
|
35.0%
|
|
35.0%
|
|
35.0%
|
|
35.0%
|
|
35.0%
|
|
35.0%
|
|
35.0%
|
|
Increase (decrease) due to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State income taxes, net of Federal income tax benefit
|
2.2
|
|
5.6
|
|
6.6
|
|
(0.1)
|
|
5.3
|
|
5.1
|
|
2.2
|
|
5.3
|
|
5.6
|
|
Qualified nuclear decommissioning trust fund income
|
2.6
|
|
5.8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Amortization of investment tax credit, including deferred taxes on basis difference
|
(1.1)
|
|
(2.2)
|
|
(0.2)
|
|
(0.1)
|
|
(0.1)
|
|
(0.2)
|
|
(0.1)
|
|
(0.2)
|
|
(0.4)
|
|
Plant basis differences
|
(2.6)
|
|
—
|
|
(0.3)
|
|
(14.6)
|
|
(0.8)
|
|
(4.9)
|
|
(6.7)
|
|
(1.9)
|
|
(3.4)
|
|
Production tax credits and other credits
|
(2.2)
|
|
(4.9)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Noncontrolling interests
|
0.5
|
|
1.1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Fitzpatrick bargain purchase gain
|
(0.2)
|
|
(0.4)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Other
|
(0.1)
|
|
0.3
|
|
(0.2)
|
|
(0.2)
|
|
(0.2)
|
|
0.2
|
|
—
|
|
(0.2)
|
|
0.1
|
|
Effective income tax rate
|
34.1%
|
|
40.3%
|
|
40.9%
|
|
20.0%
|
|
39.2%
|
|
35.2%
|
|
30.4%
|
|
38.0%
|
|
36.9%
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
|
U.S. Federal statutory rate
|
21.0%
|
|
21.0%
|
|
21.0%
|
|
21.0%
|
|
21.0%
|
|
21.0%
|
|
21.0%
|
|
21.0%
|
|
21.0%
|
|
Increase (decrease) due to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State income taxes, net of Federal income tax benefit
|
1.7
|
|
(2.6)
|
|
8.2
|
|
(3.6)
|
|
6.6
|
|
2.7
|
|
2.4
|
|
6.5
|
|
7.3
|
|
Qualified nuclear decommissioning trust fund income
|
0.9
|
|
2.6
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Amortization of investment tax credit, including deferred taxes on basis difference
|
(0.9)
|
|
(2.2)
|
|
(0.2)
|
|
(0.1)
|
|
(0.1)
|
|
(0.2)
|
|
(0.1)
|
|
(0.3)
|
|
(0.3)
|
|
Plant basis differences
|
(2.7)
|
|
—
|
|
(0.1)
|
|
(15.4)
|
|
(0.7)
|
|
(1.9)
|
|
(2.9)
|
|
(0.7)
|
|
(1.3)
|
|
Production tax credits and other credits
|
(1.8)
|
|
(5.1)
|
|
(0.1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Noncontrolling interests
|
(1.1)
|
|
(3.2)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Excess deferred tax amortization
|
(6.1)
|
|
—
|
|
(7.6)
|
|
(3.4)
|
|
(8.1)
|
|
(14.5)
|
|
(16.5)
|
|
(11.0)
|
|
(14.0)
|
|
Tax Cuts and Jobs Act of 2017
|
0.2
|
|
1.3
|
|
(0.2)
|
|
—
|
|
—
|
|
0.3
|
|
—
|
|
—
|
|
—
|
|
Other
|
0.4
|
|
2.0
|
|
0.1
|
|
—
|
|
0.9
|
|
0.3
|
|
—
|
|
0.4
|
|
0.9
|
|
Effective income tax rate
|
11.6%
|
|
13.8%
|
|
21.1%
|
|
(1.5)%
|
|
19.6%
|
|
7.7%
|
|
3.9%
|
|
15.9%
|
|
13.6%
|
|
|
Nine Months Ended September 30, 2017
(a)
|
||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
|
U.S. Federal statutory rate
|
35.0%
|
|
35.0%
|
|
35.0%
|
|
35.0%
|
|
35.0%
|
|
35.0%
|
|
35.0%
|
|
35.0%
|
|
35.0%
|
|
Increase (decrease) due to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State income taxes, net of Federal income tax benefit
|
0.7
|
|
2.2
|
|
5.9
|
|
(0.1)
|
|
5.2
|
|
4.9
|
|
3.0
|
|
5.1
|
|
5.6
|
|
Qualified nuclear decommissioning trust fund income
|
4.0
|
|
13.6
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Amortization of investment tax credit, including deferred taxes on basis difference
|
(0.9)
|
|
(2.7)
|
|
(0.2)
|
|
(0.1)
|
|
(0.1)
|
|
(0.2)
|
|
(0.1)
|
|
(0.2)
|
|
(0.4)
|
|
Plant basis differences
|
(3.4)
|
|
—
|
|
(0.3)
|
|
(14.4)
|
|
(0.8)
|
|
(4.6)
|
|
(6.3)
|
|
(1.8)
|
|
(3.4)
|
|
Production tax credits and other credits
|
(1.8)
|
|
(6.0)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Noncontrolling interests
|
0.1
|
|
0.3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Merger expenses
(c)
|
(5.4)
|
|
(2.4)
|
|
—
|
|
—
|
|
—
|
|
(11.8)
|
|
(8.0)
|
|
(10.0)
|
|
(23.0)
|
|
FitzPatrick bargain purchase gain
|
(3.2)
|
|
(10.9)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Like-Kind Exchange
(b)
|
(1.7)
|
|
—
|
|
1.7
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Other
|
0.1
|
|
(0.4)
|
|
0.2
|
|
—
|
|
0.2
|
|
—
|
|
(0.3)
|
|
0.6
|
|
(0.3)
|
|
Effective income tax rate
|
23.5%
|
|
28.7%
|
|
42.3%
|
|
20.4%
|
|
39.5%
|
|
23.3%
|
|
23.3%
|
|
28.7%
|
|
13.5%
|
|
(a)
|
Exelon retrospectively adopted the new standard Revenue from Contracts with Customers. The standard was adopted as of January 1, 2018. The effective income tax rates are recast to reflect the impact of the new standard.
|
|
(b)
|
Exelon and ComEd recorded the impact of the IRS's finalization of the LKE computation in the second quarter of 2017.
|
|
(c)
|
Includes a remeasurement of uncertain federal and state income tax positions.
|
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
September 30, 2018
|
$
|
804
|
|
|
$
|
527
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
120
|
|
|
$
|
134
|
|
|
$
|
67
|
|
|
$
|
21
|
|
|
$
|
14
|
|
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
December 31, 2017
|
$
|
743
|
|
|
$
|
468
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
120
|
|
|
$
|
125
|
|
|
$
|
59
|
|
|
$
|
21
|
|
|
$
|
14
|
|
|
Nuclear decommissioning ARO at December 31, 2017
(a)
|
$
|
9,662
|
|
|
Oyster Creek transferred to Liabilities held for sale
|
(783
|
)
|
|
|
Accretion expense
|
357
|
|
|
|
Net increase due to changes in, and timing of, estimated future cash flows
|
116
|
|
|
|
Costs incurred related to decommissioning plants
|
(35
|
)
|
|
|
Nuclear decommissioning ARO at September 30, 2018
(a)
|
$
|
9,317
|
|
|
(a)
|
Includes
$12 million
and
$13 million
for the current portion of the ARO at
September 30, 2018
and
December 31, 2017
, respectively, which is included in Other current liabilities on Exelon’s and Generation’s Consolidated Balance Sheets.
|
|
|
Exelon and Generation
|
|
Exelon and Generation
|
||||||||||||
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Net unrealized gains (losses) on decommissioning trust funds — Regulatory Agreement Units
(a)
|
$
|
(66
|
)
|
|
$
|
44
|
|
|
$
|
(335
|
)
|
|
$
|
253
|
|
|
Net unrealized gains (losses) on decommissioning trust funds — Non-Regulatory Agreement Units
(b)(c)
|
72
|
|
|
111
|
|
|
(143
|
)
|
|
347
|
|
||||
|
(a)
|
Net unrealized gains (losses) related to Generation’s NDT funds associated with Regulatory Agreement Units are included in Regulatory liabilities on Exelon’s Consolidated Balance Sheets and Noncurrent payables to affiliates on Generation’s Consolidated Balance Sheets.
|
|
(b)
|
Excludes
$9 million
and
$4 million
of net unrealized losses related to the Zion Station pledged assets for the
three months ended September 30, 2018
and
2017
, respectively. Excludes
$7 million
and
$5 million
of net unrealized losses related to the Zion Station pledged assets for the
nine months ended
September 30, 2018
and
2017
, respectively. Net unrealized losses related to Zion Station pledged assets are included in Other current liabilities on Exelon’s and Generation’s Consolidated Balance Sheets.
|
|
(c)
|
Net unrealized gains (losses) related to Generation’s NDT funds with Non-Regulatory Agreement Units are included in Other, net on Exelon’s and Generation’s Consolidated Statements of Operations and Comprehensive Income.
|
|
|
Exelon and Generation
|
||||||
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
Carrying value of Zion Station pledged assets
(a)
|
$
|
9
|
|
|
$
|
39
|
|
|
Payable to Zion Solutions
(b)(c)
|
9
|
|
|
37
|
|
||
|
Cumulative withdrawals by Zion Solutions to pay decommissioning costs
(d)
|
965
|
|
|
942
|
|
||
|
(a)
|
Included in Other current assets within Exelon's and Generation's Consolidated Balance sheets.
|
|
(b)
|
Excludes a liability recorded within Exelon’s and Generation’s Consolidated Balance Sheets related to the tax obligation on the unrealized activity associated with the Zion Station NDT funds. The NDT funds will be utilized to satisfy the tax obligations as gains and losses are realized.
|
|
(c)
|
Included in Other current liabilities within Exelon’s and Generation’s Consolidated Balance Sheets.
|
|
(d)
|
Includes project expenses to decommission Zion Station and estimated tax payments on Zion Station NDT fund earnings.
|
|
|
Pension Benefits
Three Months Ended September 30, |
|
Other Postretirement Benefits
Three Months Ended September 30, |
||||||||||||
|
|
2018
|
|
2017
(a)
|
|
2018
|
|
2017
(a)
|
||||||||
|
Components of net periodic benefit cost:
|
|
|
|
|
|
|
|
||||||||
|
Service cost
|
$
|
100
|
|
|
$
|
98
|
|
|
$
|
28
|
|
|
$
|
26
|
|
|
Interest cost
|
201
|
|
|
211
|
|
|
43
|
|
|
45
|
|
||||
|
Expected return on assets
|
(312
|
)
|
|
(300
|
)
|
|
(43
|
)
|
|
(39
|
)
|
||||
|
Amortization of:
|
|
|
|
|
|
|
|
||||||||
|
Prior service cost (benefit)
|
—
|
|
|
(1
|
)
|
|
(47
|
)
|
|
(47
|
)
|
||||
|
Actuarial loss
|
158
|
|
|
152
|
|
|
18
|
|
|
15
|
|
||||
|
Settlement charges
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
|
Net periodic benefit cost
|
$
|
147
|
|
|
$
|
161
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
|
Pension Benefits
Nine Months Ended September 30, |
|
Other Postretirement Benefits
Nine Months Ended September 30, |
||||||||||||
|
|
2018
|
|
2017
(a)
|
|
2018
|
|
2017
(a)
|
||||||||
|
Components of net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Service cost
|
$
|
303
|
|
|
$
|
290
|
|
|
$
|
84
|
|
|
$
|
79
|
|
|
Interest cost
|
602
|
|
|
632
|
|
|
131
|
|
|
136
|
|
||||
|
Expected return on assets
|
(939
|
)
|
|
(898
|
)
|
|
(130
|
)
|
|
(121
|
)
|
||||
|
Amortization of:
|
|
|
|
|
|
|
|
||||||||
|
Prior service cost (benefit)
|
1
|
|
|
—
|
|
|
(140
|
)
|
|
(140
|
)
|
||||
|
Actuarial loss
|
472
|
|
|
455
|
|
|
50
|
|
|
46
|
|
||||
|
Settlement charges
|
1
|
|
|
3
|
|
|
—
|
|
|
—
|
|
||||
|
Net periodic benefit cost
|
$
|
440
|
|
|
$
|
482
|
|
|
$
|
(5
|
)
|
|
$
|
—
|
|
|
(a)
|
FitzPatrick net benefit costs are included for the period after the acquisition date of March 31, 2017.
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
Pension and Other Postretirement Benefit Costs
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Exelon
(a)(b)
|
|
$
|
145
|
|
|
$
|
161
|
|
|
$
|
435
|
|
|
$
|
482
|
|
|
Generation
(b)
|
|
50
|
|
|
57
|
|
|
151
|
|
|
170
|
|
||||
|
ComEd
|
|
45
|
|
|
44
|
|
|
133
|
|
|
131
|
|
||||
|
PECO
|
|
5
|
|
|
7
|
|
|
14
|
|
|
21
|
|
||||
|
BGE
|
|
15
|
|
|
16
|
|
|
44
|
|
|
48
|
|
||||
|
BSC
(c)
|
|
13
|
|
|
13
|
|
|
42
|
|
|
40
|
|
||||
|
PHI
(a)
|
|
17
|
|
|
24
|
|
|
51
|
|
|
72
|
|
||||
|
Pepco
|
|
3
|
|
|
6
|
|
|
10
|
|
|
19
|
|
||||
|
DPL
|
|
2
|
|
|
3
|
|
|
5
|
|
|
10
|
|
||||
|
ACE
|
|
3
|
|
|
3
|
|
|
10
|
|
|
10
|
|
||||
|
PHISCO
(d)
|
|
9
|
|
|
12
|
|
|
26
|
|
|
33
|
|
||||
|
(a)
|
Exelon reflects the consolidated pension and other postretirement benefit costs of Generation, ComEd, PECO, BGE, BSC, and PHI. PHI reflects the consolidated pension and other postretirement benefit costs of Pepco, DPL, ACE, and PHISCO.
|
|
(b)
|
FitzPatrick net benefit costs are included for the period after the acquisition date of March 31, 2017.
|
|
(c)
|
These amounts primarily represent amounts billed to Exelon’s subsidiaries through intercompany allocations. These amounts are not included in the Generation, ComEd, PECO, BGE, PHI, Pepco, DPL, ACE or PHISCO amounts above.
|
|
(d)
|
These amounts represent amounts billed to Pepco, DPL and ACE through intercompany allocations. These amounts are not included in Pepco, DPL or ACE amounts above.
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended
September 30, |
||||||||||||
|
Savings Plan Matching Contributions
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Exelon
(a)(b)
|
|
$
|
44
|
|
|
$
|
34
|
|
|
$
|
126
|
|
|
$
|
97
|
|
|
Generation
(b)
|
|
23
|
|
|
14
|
|
|
65
|
|
|
42
|
|
||||
|
ComEd
|
|
8
|
|
|
9
|
|
|
23
|
|
|
24
|
|
||||
|
PECO
|
|
2
|
|
|
3
|
|
|
7
|
|
|
7
|
|
||||
|
BGE
|
|
2
|
|
|
3
|
|
|
5
|
|
|
7
|
|
||||
|
BSC
(c)
|
|
5
|
|
|
2
|
|
|
16
|
|
|
7
|
|
||||
|
PHI
(a)
|
|
4
|
|
|
3
|
|
|
10
|
|
|
10
|
|
||||
|
Pepco
|
|
1
|
|
|
1
|
|
|
2
|
|
|
3
|
|
||||
|
DPL
|
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
|
ACE
|
|
1
|
|
|
—
|
|
|
2
|
|
|
1
|
|
||||
|
PHISCO
(d)
|
|
1
|
|
|
1
|
|
|
4
|
|
|
4
|
|
||||
|
(a)
|
Exelon reflects the consolidated savings plan matching contributions of Generation, ComEd, PECO, BGE, BSC, and PHI. PHI reflects the consolidated savings plan matching contributions of Pepco, DPL, ACE, and PHISCO.
|
|
(b)
|
FitzPatrick net benefit costs are included for the period after the acquisition date of March 31, 2017.
|
|
(c)
|
These amounts primarily represent amounts billed to Exelon’s subsidiaries through intercompany allocations. These amounts are not included in the Generation, ComEd, PECO, BGE, PHI, Pepco, DPL, ACE or PHISCO amounts above.
|
|
(d)
|
These amounts represent amounts billed to Pepco and DPL through intercompany allocations. These amounts are not included in Pepco or DPL amounts above.
|
|
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
|
|
Foreign
Currency
Items
|
|
AOCI of
Investments in Unconsolidated Affiliates
|
|
Total
|
||||||||||||
|
Exelon
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Beginning balance
|
$
|
(14
|
)
|
|
$
|
10
|
|
|
$
|
(2,998
|
)
|
(d)
|
$
|
(23
|
)
|
|
$
|
(1
|
)
|
|
$
|
(3,026
|
)
|
|
OCI before reclassifications
|
11
|
|
|
—
|
|
|
22
|
|
|
(4
|
)
|
|
1
|
|
|
30
|
|
||||||
|
Amounts reclassified from AOCI
(b)
|
1
|
|
|
—
|
|
|
136
|
|
|
—
|
|
|
—
|
|
|
137
|
|
||||||
|
Net current-period OCI
|
12
|
|
|
—
|
|
|
158
|
|
|
(4
|
)
|
|
1
|
|
|
167
|
|
||||||
|
Impact of adoption of Recognition and Measurement of Financial Assets and Liabilities standard
|
—
|
|
|
(10
|
)
|
(c)
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
||||||
|
Ending balance
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
(2,840
|
)
|
|
$
|
(27
|
)
|
|
$
|
—
|
|
|
$
|
(2,869
|
)
|
|
Generation
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Beginning balance
|
$
|
(16
|
)
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
(23
|
)
|
|
$
|
(1
|
)
|
|
$
|
(37
|
)
|
|
OCI before reclassifications
|
11
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
1
|
|
|
8
|
|
||||||
|
Amounts reclassified from AOCI
(b)
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
|
Net current-period OCI
|
12
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
1
|
|
|
9
|
|
||||||
|
Impact of adoption of Recognition and Measurement of Financial Assets and Liabilities standard
|
—
|
|
|
(3
|
)
|
(c)
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||||
|
Ending balance
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(27
|
)
|
|
$
|
—
|
|
|
$
|
(31
|
)
|
|
PECO
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Beginning balance
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
OCI before reclassifications
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Amounts reclassified from AOCI
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Net current-period OCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Impact of adoption of Recognition and Measurement of Financial Assets and Liabilities standard
|
—
|
|
|
(1
|
)
|
(c)
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
|
Ending balance
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Nine Months Ended September 30, 2017
|
Gains (Losses) on Cash Flow Hedges
|
|
Unrealized gains (losses) on Marketable Securities
|
|
Pension and
Non-Pension
Postretirement
Benefit Plan
Items
|
|
Foreign
Currency
Items
|
|
AOCI of
Investments in Unconsolidated Affiliates
|
|
Total
|
||||||||||||
|
Exelon
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Beginning balance
|
$
|
(17
|
)
|
|
$
|
4
|
|
|
$
|
(2,610
|
)
|
|
$
|
(30
|
)
|
|
$
|
(7
|
)
|
|
$
|
(2,660
|
)
|
|
OCI before reclassifications
|
2
|
|
|
2
|
|
|
(55
|
)
|
|
7
|
|
|
7
|
|
|
(37
|
)
|
||||||
|
Amounts reclassified from AOCI
(b)
|
3
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|
—
|
|
|
108
|
|
||||||
|
Net current-period OCI
|
5
|
|
|
2
|
|
|
50
|
|
|
7
|
|
|
7
|
|
|
71
|
|
||||||
|
Ending balance
|
$
|
(12
|
)
|
|
$
|
6
|
|
|
$
|
(2,560
|
)
|
|
$
|
(23
|
)
|
|
$
|
—
|
|
|
$
|
(2,589
|
)
|
|
Generation
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Beginning balance
|
$
|
(19
|
)
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
(30
|
)
|
|
$
|
(7
|
)
|
|
$
|
(54
|
)
|
|
OCI before reclassifications
|
2
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
6
|
|
|
15
|
|
||||||
|
Amounts reclassified from AOCI
(b)
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
|
Net current-period OCI
|
5
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
6
|
|
|
18
|
|
||||||
|
Ending balance
|
$
|
(14
|
)
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
(23
|
)
|
|
$
|
(1
|
)
|
|
$
|
(36
|
)
|
|
PECO
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Beginning balance
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
OCI before reclassifications
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Amounts reclassified from AOCI
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Net current-period OCI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Ending balance
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
(a)
|
All amounts are net of tax and noncontrolling interests. Amounts in parenthesis represent a decrease in AOCI.
|
|
(b)
|
See next tables for details about these reclassifications.
|
|
(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
$10 million
,
$3 million
and
$1 million
for Exelon, Generation and PECO, respectively. The amounts reclassified related to Rabbi Trusts. See Note
2
—
New Accounting Standards
for additional information.
|
|
(d)
|
Exelon early adopted the new standard Reclassification of Certain Tax Effects from AOCI. The standard was adopted retrospectively as of
December 31, 2017
, which resulted in an increase to Exelon’s Retained earnings and Accumulated other comprehensive loss of
$539 million
, primarily related to deferred income taxes associated with Exelon’s pension and OPEB obligations. See Note
2
—
New Accounting Standards
for additional information.
|
|
Details about AOCI components
|
|
Items reclassified out of AOCI
(a)
|
|
Affected line item in the Statement of Operations and Comprehensive Income
|
||||||
|
|
|
Exelon
|
|
Generation
|
|
|
||||
|
Gains (Losses) on cash flow hedges
|
|
|
|
|
|
|
||||
|
Other cash flow hedges
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Interest expense
|
|
|
|
—
|
|
|
—
|
|
|
Total before tax
|
||
|
|
|
—
|
|
|
—
|
|
|
Tax benefit
|
||
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Net of tax
|
|
|
|
|
|
|
|
|
||||
|
Amortization of pension and other postretirement benefit plan items
|
|
|
|
|
|
|
||||
|
Prior service costs
(b)
|
|
$
|
23
|
|
|
$
|
—
|
|
|
|
|
Actuarial losses
(b)
|
|
(83
|
)
|
|
—
|
|
|
|
||
|
|
|
(60
|
)
|
|
—
|
|
|
Total before tax
|
||
|
|
|
15
|
|
|
—
|
|
|
Tax benefit
|
||
|
|
|
$
|
(45
|
)
|
|
$
|
—
|
|
|
Net of tax
|
|
|
|
|
|
|
|
|
||||
|
Total Reclassifications
|
|
$
|
(45
|
)
|
|
$
|
—
|
|
|
Net of tax
|
|
Details about AOCI components
|
|
Items reclassified out of AOCI
(a)
|
|
Affected line item in the Statement of Operations and Comprehensive Income
|
||||||
|
|
|
Exelon
|
|
Generation
|
|
|
||||
|
Gains (Losses) on cash flow hedges
|
|
|
|
|
|
|
||||
|
Other cash flow hedges
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
Interest expense
|
|
|
|
(1
|
)
|
|
(1
|
)
|
|
Total before tax
|
||
|
|
|
—
|
|
|
—
|
|
|
Tax benefit
|
||
|
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
||||
|
Amortization of pension and other postretirement benefit plan items
|
|
|
|
|
|
|
||||
|
Prior service costs
(b)
|
|
$
|
68
|
|
|
$
|
—
|
|
|
|
|
Actuarial losses
(b)
|
|
(251
|
)
|
|
—
|
|
|
|
||
|
|
|
(183
|
)
|
|
—
|
|
|
Total before tax
|
||
|
|
|
47
|
|
|
—
|
|
|
Tax benefit
|
||
|
|
|
$
|
(136
|
)
|
|
$
|
—
|
|
|
Net of tax
|
|
|
|
|
|
|
|
|
||||
|
Total Reclassifications
|
|
$
|
(137
|
)
|
|
$
|
(1
|
)
|
|
Net of tax
|
|
Details about AOCI components
|
|
Items reclassified out of AOCI
(a)
|
|
Affected line item in the Statement of Operations and Comprehensive Income
|
||||||
|
|
|
Exelon
|
|
Generation
|
|
|
||||
|
Gains (Losses) on cash flow hedges
|
|
|
|
|
|
|
||||
|
Other cash flow hedges
|
|
$
|
2
|
|
|
$
|
2
|
|
|
Interest expense
|
|
|
|
2
|
|
|
2
|
|
|
Total before tax
|
||
|
|
|
(1
|
)
|
|
(1
|
)
|
|
Tax expense
|
||
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
Net of tax
|
|
|
|
|
|
|
|
|
||||
|
Amortization of pension and other postretirement benefit plan items
|
|
|
|
|
|
|
||||
|
Prior service costs
(b)
|
|
$
|
23
|
|
|
$
|
—
|
|
|
|
|
Actuarial losses
(b)
|
|
(81
|
)
|
|
—
|
|
|
|
||
|
|
|
(58
|
)
|
|
—
|
|
|
Total before tax
|
||
|
|
|
23
|
|
|
—
|
|
|
Tax benefit
|
||
|
|
|
$
|
(35
|
)
|
|
$
|
—
|
|
|
Net of tax
|
|
|
|
|
|
|
|
|
||||
|
Total Reclassifications
|
|
$
|
(34
|
)
|
|
$
|
1
|
|
|
Net of tax
|
|
Details about AOCI components
|
|
Items reclassified out of AOCI
(a)
|
|
Affected line item in the Statement of Operations and Comprehensive Income
|
||||||
|
|
|
Exelon
|
|
Generation
|
|
|
||||
|
Gains (Losses) on cash flow hedges
|
|
|
|
|
|
|
||||
|
Other cash flow hedges
|
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
|
Interest expense
|
|
|
|
(5
|
)
|
|
(5
|
)
|
|
Total before tax
|
||
|
|
|
2
|
|
|
2
|
|
|
Tax benefit
|
||
|
|
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
||||
|
Amortization of pension and other postretirement benefit plan items
|
|
|
|
|
|
|
||||
|
Prior service costs
(b)
|
|
$
|
69
|
|
|
$
|
—
|
|
|
|
|
Actuarial losses
(b)
|
|
(243
|
)
|
|
—
|
|
|
|
||
|
|
|
(174
|
)
|
|
—
|
|
|
Total before tax
|
||
|
|
|
69
|
|
|
—
|
|
|
Tax benefit
|
||
|
|
|
$
|
(105
|
)
|
|
$
|
—
|
|
|
Net of tax
|
|
|
|
|
|
|
|
|
||||
|
Total Reclassifications
|
|
$
|
(108
|
)
|
|
$
|
(3
|
)
|
|
Net of tax
|
|
(a)
|
Amounts in parenthesis represent a decrease in AOCI.
|
|
(b)
|
This AOCI component is included in the computation of net periodic pension and OPEB cost (see Note
14
—
Retirement Benefits
for additional information).
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Exelon
|
|
|
|
|
|
|
|
||||||||
|
Pension and non-pension postretirement benefit plans:
|
|
|
|
|
|
|
|
||||||||
|
Prior service benefit reclassified to periodic benefit cost
|
$
|
6
|
|
|
$
|
9
|
|
|
$
|
18
|
|
|
$
|
27
|
|
|
Actuarial loss reclassified to periodic benefit cost
|
(21
|
)
|
|
(32
|
)
|
|
(65
|
)
|
|
(96
|
)
|
||||
|
Pension and non-pension postretirement benefit plans valuation adjustment
|
(2
|
)
|
|
—
|
|
|
(8
|
)
|
|
2
|
|
||||
|
Change in unrealized gains on cash flow hedges
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(3
|
)
|
||||
|
Change in unrealized gains (losses) on investments in unconsolidated affiliates
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
(2
|
)
|
||||
|
Change in unrealized gains on marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
|
Total
|
$
|
(17
|
)
|
|
$
|
(22
|
)
|
|
$
|
(61
|
)
|
|
$
|
(74
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
Generation
|
|
|
|
|
|
|
|
||||||||
|
Change in unrealized gains on cash flow hedges
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
|
$
|
(3
|
)
|
|
Change in unrealized gains on investments in unconsolidated affiliates
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
||||
|
Change in unrealized gains on marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
|
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(5
|
)
|
|
$
|
(6
|
)
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Exelon
|
|
|
|
|
|
|
|
||||||||
|
Net income attributable to common shareholders
|
$
|
733
|
|
|
$
|
823
|
|
|
$
|
1,858
|
|
|
$
|
1,907
|
|
|
Weighted average common shares outstanding — basic
|
968
|
|
|
962
|
|
|
967
|
|
|
941
|
|
||||
|
Assumed exercise and/or distributions of stock-based awards
|
2
|
|
|
3
|
|
|
2
|
|
|
2
|
|
||||
|
Weighted average common shares outstanding — diluted
|
970
|
|
|
965
|
|
|
969
|
|
|
943
|
|
||||
|
Description
|
Expected Payment Period
|
|
Exelon
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||
|
Rate credits
|
2016 - 2021
|
|
$
|
259
|
|
|
$
|
259
|
|
|
$
|
91
|
|
|
$
|
67
|
|
|
$
|
101
|
|
|
Energy efficiency
|
2016 - 2021
|
|
122
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Charitable contributions
|
2016 - 2026
|
|
50
|
|
|
50
|
|
|
28
|
|
|
12
|
|
|
10
|
|
|||||
|
Delivery system modernization
|
Q2 2017
|
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Green sustainability fund
|
Q2 2017
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Workforce development
|
2016 - 2020
|
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other
|
|
|
29
|
|
|
6
|
|
|
1
|
|
|
5
|
|
|
—
|
|
|||||
|
Total commitments
|
|
|
$
|
513
|
|
|
$
|
315
|
|
|
$
|
120
|
|
|
$
|
84
|
|
|
$
|
111
|
|
|
Remaining commitments
|
|
|
$
|
138
|
|
|
$
|
94
|
|
|
$
|
75
|
|
|
$
|
12
|
|
|
$
|
7
|
|
|
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Letters of credit (non-debt)
(a)
|
|
$
|
1,584
|
|
|
$
|
1,565
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Surety bonds
(b)
|
|
1,402
|
|
|
1,201
|
|
|
9
|
|
|
9
|
|
|
25
|
|
|
65
|
|
|
32
|
|
|
4
|
|
|
3
|
|
|||||||||
|
Financing trust guarantees
|
|
378
|
|
|
—
|
|
|
200
|
|
|
178
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Guaranteed lease residual values
(c)
|
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
7
|
|
|
9
|
|
|
6
|
|
|||||||||
|
Total commercial commitments
|
|
$
|
3,386
|
|
|
$
|
2,766
|
|
|
$
|
211
|
|
|
$
|
187
|
|
|
$
|
28
|
|
|
$
|
91
|
|
|
$
|
43
|
|
|
$
|
13
|
|
|
$
|
9
|
|
|
(a)
|
Letters of credit (non-debt) - Exelon and certain of its subsidiaries maintain non-debt letters of credit to provide credit support for certain transactions as requested by third parties. Includes letters of credits issued under credit facility agreements arranged at minority and community banks and nonrecourse debt letters of credits.
|
|
(b)
|
Surety bonds—Guarantees issued related to contract and commercial agreements, excluding bid bonds.
|
|
(c)
|
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 maximum lease term associated with these assets ranges from 3 to 8 years. The maximum potential obligation at the end of the minimum lease term would be
$60 million
,
$17 million
of which is a guarantee by Pepco,
$25 million
by DPL and
$17 million
by ACE. The minimum lease term associated with these assets ranges from 1 to 4 years. 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
42
sites,
20
of which have been remediated and approved by the Illinois EPA or the U.S. EPA and
22
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 2023.
|
|
•
|
PECO has identified
26
sites,
17
of which have been remediated in accordance with applicable PA DEP regulatory requirements and
9
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 identified
13
sites,
9
of which have been remediated and approved by the MDE and
4
that require some level of remediation and/or ongoing activity. BGE expects the majority of the remediation at these sites to continue through at least 2019.
|
|
•
|
DPL has identified
3
sites, for
2
of which remediation has been completed and approved by the MDE or the Delaware Department of Natural Resources and Environmental Control.
|
|
September 30, 2018
|
Total environmental
investigation and
remediation reserve
|
|
Portion of total related to
MGP investigation and
remediation
|
||||
|
Exelon
|
$
|
486
|
|
|
$
|
352
|
|
|
Generation
|
102
|
|
|
—
|
|
||
|
ComEd
|
323
|
|
|
321
|
|
||
|
PECO
|
28
|
|
|
27
|
|
||
|
BGE
|
6
|
|
|
4
|
|
||
|
PHI
|
27
|
|
|
—
|
|
||
|
Pepco
|
25
|
|
|
—
|
|
||
|
DPL
|
1
|
|
|
—
|
|
||
|
ACE
|
1
|
|
|
—
|
|
||
|
December 31, 2017
|
Total environmental
investigation and
remediation reserve
|
|
Portion of total related to
MGP investigation and
remediation
|
||||
|
Exelon
|
$
|
466
|
|
|
$
|
315
|
|
|
Generation
|
117
|
|
|
—
|
|
||
|
ComEd
|
285
|
|
|
283
|
|
||
|
PECO
|
30
|
|
|
28
|
|
||
|
BGE
|
5
|
|
|
4
|
|
||
|
PHI
|
29
|
|
|
—
|
|
||
|
Pepco
|
27
|
|
|
—
|
|
||
|
DPL
|
1
|
|
|
—
|
|
||
|
ACE
|
1
|
|
|
—
|
|
||
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Other, Net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Decommissioning-related activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net realized income on decommissioning trust funds
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Regulatory agreement units
|
$
|
214
|
|
|
$
|
214
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Non-regulatory agreement units
|
58
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Net unrealized (losses) gains on decommissioning trust funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Regulatory agreement units
|
(66
|
)
|
|
(66
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Non-regulatory agreement units
|
72
|
|
|
72
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Net unrealized losses on pledged assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Zion Station decommissioning
|
(9
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Regulatory offset to decommissioning trust fund-related activities
(b)
|
(110
|
)
|
|
(110
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Total decommissioning-related activities
|
159
|
|
|
159
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Investment income
|
9
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|||||||||
|
Interest income related to uncertain income tax positions
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
AFUDC — Equity
|
16
|
|
|
—
|
|
|
4
|
|
|
1
|
|
|
5
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Non-service net periodic benefit cost
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Other
|
21
|
|
|
15
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|||||||||
|
Other, net
|
$
|
194
|
|
|
$
|
179
|
|
|
$
|
7
|
|
|
2
|
|
|
$
|
5
|
|
|
$
|
11
|
|
|
$
|
7
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Other, Net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Decommissioning-related activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net realized income on decommissioning trust funds
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Regulatory agreement units
|
$
|
476
|
|
|
$
|
476
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Non-regulatory agreement units
|
257
|
|
|
257
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Net unrealized losses on decommissioning trust funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Regulatory agreement units
|
(335
|
)
|
|
(335
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Non-regulatory agreement units
|
(143
|
)
|
|
(143
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Net unrealized losses on pledged assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Zion Station decommissioning
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Regulatory offset to decommissioning trust fund-related activities
(b)
|
(110
|
)
|
|
(110
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Total decommissioning-related activities
|
138
|
|
|
138
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Investment income
|
19
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|||||||||
|
Interest income related to uncertain income tax positions
|
5
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
AFUDC — Equity
|
47
|
|
|
—
|
|
|
12
|
|
|
3
|
|
|
13
|
|
|
19
|
|
|
17
|
|
|
2
|
|
|
—
|
|
|||||||||
|
Non-service net periodic benefit cost
|
(33
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Other
|
36
|
|
|
13
|
|
|
9
|
|
|
1
|
|
|
1
|
|
|
11
|
|
|
5
|
|
|
4
|
|
|
2
|
|
|||||||||
|
Other, net
|
$
|
212
|
|
|
$
|
164
|
|
|
$
|
21
|
|
|
$
|
4
|
|
|
$
|
14
|
|
|
$
|
33
|
|
|
$
|
23
|
|
|
$
|
7
|
|
|
$
|
2
|
|
|
|
Three Months Ended September 30, 2017
|
||||||||||||||||||||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Other, Net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Decommissioning-related activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net realized income on decommissioning trust funds
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Regulatory agreement units
|
$
|
159
|
|
|
$
|
159
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Non-regulatory agreement units
|
59
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Net unrealized gains on decommissioning trust funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Regulatory agreement units
|
44
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Non-regulatory agreement units
|
111
|
|
|
111
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Net unrealized losses on pledged assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Zion Station decommissioning
|
(4
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Regulatory offset to decommissioning trust fund-related activities
(b)
|
(161
|
)
|
|
(161
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Total decommissioning-related activities
|
208
|
|
|
208
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Investment income
|
2
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Interest expense related to uncertain income tax positions
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
AFUDC — Equity
|
17
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
4
|
|
|
9
|
|
|
6
|
|
|
2
|
|
|
1
|
|
|||||||||
|
Non-service net periodic benefit cost
|
(27
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Other
|
6
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|||||||||
|
Other, net
|
$
|
210
|
|
|
$
|
209
|
|
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
13
|
|
|
$
|
7
|
|
|
$
|
4
|
|
|
$
|
1
|
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Other, Net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Decommissioning-related activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net realized income on decommissioning trust funds
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Regulatory agreement units
|
$
|
439
|
|
|
$
|
439
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Non-regulatory agreement units
|
165
|
|
|
165
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Net unrealized gains on decommissioning trust funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Regulatory agreement units
|
253
|
|
|
253
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Non-regulatory agreement units
|
347
|
|
|
347
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Net unrealized losses on pledged assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Zion Station decommissioning
|
(5
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Regulatory offset to decommissioning trust fund-related activities
(b)
|
(558
|
)
|
|
(558
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Total decommissioning-related activities
|
641
|
|
|
641
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Investment income
|
6
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Interest income related to uncertain income tax positions
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Penalty income related to uncertain income tax positions
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
AFUDC — Equity
|
51
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
12
|
|
|
27
|
|
|
17
|
|
|
5
|
|
|
5
|
|
|||||||||
|
Non-service net periodic benefit cost
|
(82
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Other
|
22
|
|
|
3
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
4
|
|
|
5
|
|
|
1
|
|
|||||||||
|
Other, net
|
$
|
643
|
|
|
$
|
648
|
|
|
$
|
14
|
|
|
$
|
6
|
|
|
$
|
12
|
|
|
$
|
40
|
|
|
$
|
22
|
|
|
$
|
10
|
|
|
$
|
6
|
|
|
(a)
|
Includes investment income and realized gains and losses on sales of investments of the trust funds.
|
|
(b)
|
Includes the elimination of NDT fund activity for the Regulatory Agreement Units, including the elimination of net income taxes related to all NDT fund activity for those units. See Note
15
—
Asset Retirement Obligations
of the Exelon
2017
Form 10-K for additional information regarding the accounting for nuclear decommissioning.
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Utility taxes
|
$
|
253
|
|
|
$
|
32
|
|
|
$
|
67
|
|
|
$
|
39
|
|
|
$
|
23
|
|
|
$
|
92
|
|
|
$
|
87
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Utility taxes
|
$
|
705
|
|
|
$
|
92
|
|
|
$
|
188
|
|
|
$
|
102
|
|
|
$
|
70
|
|
|
$
|
253
|
|
|
$
|
238
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
|
Three Months Ended September 30, 2017
|
||||||||||||||||||||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Utility taxes
|
$
|
245
|
|
|
$
|
35
|
|
|
$
|
65
|
|
|
$
|
35
|
|
|
$
|
22
|
|
|
$
|
88
|
|
|
$
|
83
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Utility taxes
|
$
|
682
|
|
|
$
|
97
|
|
|
$
|
181
|
|
|
$
|
95
|
|
|
$
|
69
|
|
|
$
|
240
|
|
|
$
|
226
|
|
|
$
|
14
|
|
|
$
|
—
|
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Depreciation, amortization and accretion
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Property, plant and equipment
(a)
|
$
|
2,829
|
|
|
$
|
1,347
|
|
|
$
|
613
|
|
|
$
|
204
|
|
|
$
|
249
|
|
|
$
|
355
|
|
|
$
|
161
|
|
|
$
|
97
|
|
|
$
|
70
|
|
|
Amortization of regulatory assets
(a)
|
412
|
|
|
—
|
|
|
83
|
|
|
20
|
|
|
109
|
|
|
200
|
|
|
125
|
|
|
38
|
|
|
37
|
|
|||||||||
|
Amortization of intangible assets, net
(a)
|
43
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Amortization of energy contract assets and liabilities
(b)
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Nuclear fuel
(c)
|
852
|
|
|
852
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
ARO accretion
(d)
|
367
|
|
|
365
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Total depreciation, amortization and accretion
|
$
|
4,511
|
|
|
$
|
2,608
|
|
|
$
|
696
|
|
|
$
|
224
|
|
|
$
|
358
|
|
|
$
|
555
|
|
|
$
|
286
|
|
|
$
|
135
|
|
|
$
|
107
|
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Depreciation, amortization and accretion
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Property, plant and equipment
(a)
|
$
|
2,416
|
|
|
$
|
1,010
|
|
|
$
|
579
|
|
|
$
|
194
|
|
|
$
|
233
|
|
|
$
|
342
|
|
|
$
|
153
|
|
|
$
|
92
|
|
|
$
|
66
|
|
|
Amortization of regulatory assets
(a)
|
355
|
|
|
—
|
|
|
52
|
|
|
19
|
|
|
115
|
|
|
169
|
|
|
89
|
|
|
32
|
|
|
47
|
|
|||||||||
|
Amortization of intangible assets, net
(a)
|
43
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Amortization of energy contract assets and liabilities
(b)
|
19
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Nuclear fuel
(c)
|
816
|
|
|
816
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
ARO accretion
(d)
|
350
|
|
|
350
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Total depreciation, amortization and accretion
|
$
|
3,999
|
|
|
$
|
2,231
|
|
|
$
|
631
|
|
|
$
|
213
|
|
|
$
|
348
|
|
|
$
|
511
|
|
|
$
|
242
|
|
|
$
|
124
|
|
|
$
|
113
|
|
|
(a)
|
Included in Depreciation and amortization on the Registrants' Consolidated Statements of Operations and Comprehensive Income.
|
|
(b)
|
Included in Operating revenues or Purchased power and fuel expense on the Registrants’ Consolidated Statements of Operations and Comprehensive Income.
|
|
(c)
|
Included in Purchased power and fuel expense on the Registrants’ Consolidated Statements of Operations and Comprehensive Income.
|
|
(d)
|
Included in Operating and maintenance expense on the Registrants’ Consolidated Statements of Operations and Comprehensive Income.
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Other non-cash operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Pension and non-pension postretirement benefit costs
|
$
|
435
|
|
|
$
|
151
|
|
|
$
|
133
|
|
|
$
|
14
|
|
|
$
|
43
|
|
|
$
|
51
|
|
|
$
|
10
|
|
|
$
|
5
|
|
|
$
|
10
|
|
|
Loss (gain) from equity method investments
|
22
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Provision for uncollectible accounts
|
133
|
|
|
38
|
|
|
30
|
|
|
25
|
|
|
6
|
|
|
32
|
|
|
12
|
|
|
6
|
|
|
14
|
|
|||||||||
|
Stock-based compensation costs
|
64
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Other decommissioning-related activity
(a)
|
(39
|
)
|
|
(39
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Energy-related options
(b)
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Amortization of regulatory asset related to debt costs
|
6
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|||||||||
|
Amortization of rate stabilization deferral
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Amortization of debt fair value adjustment
|
(12
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Discrete impacts from EIMA and FEJA
(c)
|
27
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Amortization of debt costs
|
26
|
|
|
10
|
|
|
4
|
|
|
1
|
|
|
1
|
|
|
3
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|||||||||
|
Provision for excess and obsolete inventory
|
15
|
|
|
13
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Long-term incentive plan
|
84
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Asset retirement costs
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
22
|
|
|
(1
|
)
|
|
(1
|
)
|
|||||||||
|
Other
|
19
|
|
|
(4
|
)
|
|
(11
|
)
|
|
1
|
|
|
(8
|
)
|
|
4
|
|
|
(5
|
)
|
|
4
|
|
|
—
|
|
|||||||||
|
Total other non-cash operating activities
|
$
|
804
|
|
|
$
|
187
|
|
|
$
|
187
|
|
|
$
|
41
|
|
|
$
|
42
|
|
|
$
|
109
|
|
|
$
|
42
|
|
|
$
|
16
|
|
|
$
|
24
|
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
(Decrease) increase in capital expenditures not paid
|
$
|
(175
|
)
|
|
$
|
(226
|
)
|
|
$
|
(28
|
)
|
|
$
|
4
|
|
|
$
|
44
|
|
|
$
|
54
|
|
|
$
|
15
|
|
|
$
|
20
|
|
|
$
|
16
|
|
|
Increase in PPE related to ARO update
|
67
|
|
|
47
|
|
|
4
|
|
|
—
|
|
|
1
|
|
|
15
|
|
|
12
|
|
|
2
|
|
|
1
|
|
|||||||||
|
Dividends on stock compensation
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Acquisition of land
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||||||
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||||||||||||||||
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Other non-cash operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Pension and non-pension postretirement benefit costs
|
$
|
482
|
|
|
$
|
170
|
|
|
$
|
131
|
|
|
$
|
21
|
|
|
$
|
47
|
|
|
$
|
72
|
|
|
$
|
19
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
Loss from equity method investments
|
26
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Provision for uncollectible accounts
|
103
|
|
|
31
|
|
|
25
|
|
|
17
|
|
|
4
|
|
|
26
|
|
|
11
|
|
|
1
|
|
|
14
|
|
|||||||||
|
Stock-based compensation costs
|
76
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Other decommissioning-related activity
(a)
|
(213
|
)
|
|
(213
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Energy-related options
(b)
|
15
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Amortization of regulatory asset related to debt costs
|
7
|
|
|
—
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|
3
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|||||||||
|
Amortization of rate stabilization deferral
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
(14
|
)
|
|
(12
|
)
|
|
(2
|
)
|
|
—
|
|
|||||||||
|
Amortization of debt fair value adjustment
|
(13
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Discrete impacts from EIMA and FEJA
(c)
|
(61
|
)
|
|
—
|
|
|
(61
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Amortization of debt costs
|
57
|
|
|
33
|
|
|
3
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Provision for excess and obsolete inventory
|
52
|
|
|
50
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|||||||||
|
Merger-related commitments
(d)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
—
|
|
|||||||||
|
Severance costs
|
33
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Other
|
46
|
|
|
4
|
|
|
10
|
|
|
(2
|
)
|
|
(7
|
)
|
|
(14
|
)
|
|
(6
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|||||||||
|
Total other non-cash operating activities
|
$
|
603
|
|
|
$
|
132
|
|
|
$
|
112
|
|
|
$
|
38
|
|
|
$
|
52
|
|
|
$
|
66
|
|
|
$
|
8
|
|
|
$
|
6
|
|
|
$
|
21
|
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
(Decrease) increase in capital expenditures not paid
|
$
|
(101
|
)
|
|
$
|
20
|
|
|
$
|
(79
|
)
|
|
$
|
(29
|
)
|
|
$
|
16
|
|
|
$
|
(6
|
)
|
|
$
|
7
|
|
|
$
|
14
|
|
|
$
|
(18
|
)
|
|
Fair value of pension obligation transferred in connection with the FitzPatrick acquisition
|
—
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Decrease in PPE related to ARO update
|
(141
|
)
|
|
(141
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Indemnification of like-kind exchange tax position
(e)
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Non-cash financing of capital projects
|
16
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Dividends on stock compensation
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Dissolution of financing trust due to long-term debt retirement
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Fair value adjustment of long-term debt due to retirement
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
(a)
|
Includes the elimination of decommissioning-related activities 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
2017
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.
|
|
(d)
|
See Note
4
-
Mergers, Acquisitions and Dispositions
for additional information.
|
|
(e)
|
See Note
12
-
Income Taxes
for additional information on the like-kind exchange tax position.
|
|
September 30, 2018
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Cash and cash equivalents
|
$
|
1,918
|
|
|
$
|
1,187
|
|
|
$
|
124
|
|
|
$
|
102
|
|
|
$
|
113
|
|
|
$
|
153
|
|
|
$
|
12
|
|
|
$
|
110
|
|
|
$
|
11
|
|
|
Restricted cash
|
240
|
|
|
152
|
|
|
12
|
|
|
5
|
|
|
3
|
|
|
42
|
|
|
35
|
|
|
—
|
|
|
7
|
|
|||||||||
|
Restricted cash included in other long-term assets
|
163
|
|
|
—
|
|
|
144
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|||||||||
|
Total cash, cash equivalents and restricted cash
|
$
|
2,321
|
|
|
$
|
1,339
|
|
|
$
|
280
|
|
|
$
|
107
|
|
|
$
|
116
|
|
|
$
|
214
|
|
|
$
|
47
|
|
|
$
|
110
|
|
|
$
|
37
|
|
|
December 31, 2017
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Cash and cash equivalents
|
$
|
898
|
|
|
$
|
416
|
|
|
$
|
76
|
|
|
$
|
271
|
|
|
$
|
17
|
|
|
$
|
30
|
|
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
Restricted cash
|
207
|
|
|
138
|
|
|
5
|
|
|
4
|
|
|
1
|
|
|
42
|
|
|
35
|
|
|
—
|
|
|
6
|
|
|||||||||
|
Restricted cash included in other long-term assets
|
85
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|||||||||
|
Total cash, cash equivalents and restricted cash
|
$
|
1,190
|
|
|
$
|
554
|
|
|
$
|
144
|
|
|
$
|
275
|
|
|
$
|
18
|
|
|
$
|
95
|
|
|
$
|
40
|
|
|
$
|
2
|
|
|
$
|
31
|
|
|
September 30, 2017
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Cash and cash equivalents
|
$
|
1,203
|
|
|
$
|
360
|
|
|
$
|
257
|
|
|
$
|
330
|
|
|
$
|
29
|
|
|
$
|
137
|
|
|
$
|
117
|
|
|
$
|
3
|
|
|
$
|
5
|
|
|
Restricted cash
|
320
|
|
|
186
|
|
|
52
|
|
|
4
|
|
|
1
|
|
|
43
|
|
|
34
|
|
|
—
|
|
|
9
|
|
|||||||||
|
Restricted cash included in other long-term assets
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|||||||||
|
Total cash, cash equivalents and restricted cash
|
$
|
1,545
|
|
|
$
|
546
|
|
|
$
|
309
|
|
|
$
|
334
|
|
|
$
|
30
|
|
|
$
|
202
|
|
|
$
|
151
|
|
|
$
|
3
|
|
|
$
|
36
|
|
|
December 31, 2016
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Cash and cash equivalents
|
$
|
635
|
|
|
$
|
290
|
|
|
$
|
56
|
|
|
$
|
63
|
|
|
$
|
23
|
|
|
$
|
170
|
|
|
$
|
9
|
|
|
$
|
46
|
|
|
$
|
101
|
|
|
Restricted cash
|
253
|
|
|
158
|
|
|
2
|
|
|
4
|
|
|
24
|
|
|
43
|
|
|
33
|
|
|
—
|
|
|
9
|
|
|||||||||
|
Restricted cash included in other long-term assets
|
26
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|||||||||
|
Total cash, cash equivalents and restricted cash
|
$
|
914
|
|
|
$
|
448
|
|
|
$
|
58
|
|
|
$
|
67
|
|
|
$
|
50
|
|
|
$
|
236
|
|
|
$
|
42
|
|
|
$
|
46
|
|
|
$
|
133
|
|
|
September 30, 2018
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Property, plant and equipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Accumulated depreciation and amortization
|
$
|
23,122
|
|
(a)
|
$
|
12,753
|
|
(a)
|
$
|
4,557
|
|
|
$
|
3,521
|
|
|
$
|
3,579
|
|
|
$
|
759
|
|
|
$
|
3,311
|
|
|
$
|
1,315
|
|
|
$
|
1,121
|
|
|
Accounts receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Allowance for uncollectible accounts
|
$
|
354
|
|
|
$
|
112
|
|
|
$
|
93
|
|
|
$
|
61
|
|
|
$
|
22
|
|
|
$
|
66
|
|
|
$
|
25
|
|
|
$
|
16
|
|
|
$
|
25
|
|
|
December 31, 2017
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||||||
|
Property, plant and equipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Accumulated depreciation and amortization
|
$
|
21,064
|
|
(b)
|
$
|
11,428
|
|
(b)
|
$
|
4,269
|
|
|
$
|
3,411
|
|
|
$
|
3,405
|
|
|
$
|
487
|
|
|
$
|
3,177
|
|
|
$
|
1,247
|
|
|
$
|
1,066
|
|
|
Accounts receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Allowance for uncollectible accounts
|
$
|
322
|
|
|
$
|
114
|
|
|
$
|
73
|
|
|
$
|
56
|
|
|
$
|
24
|
|
|
$
|
55
|
|
|
$
|
21
|
|
|
$
|
16
|
|
|
$
|
18
|
|
|
(a)
|
Includes accumulated amortization of nuclear fuel in the reactor core of
$3,278 million
.
|
|
(b)
|
Includes accumulated amortization of nuclear fuel in the reactor core of
$3,159 million
.
|
|
•
|
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, which includes portions of Illinois, Pennsylvania, Indiana, Ohio, Michigan, Kentucky and Tennessee, and the United States footprint of MISO, excluding MISO’s Southern Region, which covers all or most of North Dakota, South Dakota, Nebraska, Minnesota, Iowa, Wisconsin, the remaining parts of Illinois, Indiana, Michigan and Ohio not covered by PJM, and parts of Montana, Missouri and Kentucky.
|
|
•
|
New England
represents the operations within ISO-NE covering the states of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.
|
|
•
|
New York
represents operations within ISO-NY, which covers the state of New York in its entirety.
|
|
•
|
ERCOT
represents operations within Electric Reliability Council of Texas, covering most of the state of Texas.
|
|
•
|
Other Power Regions:
|
|
•
|
South
represents operations in the FRCC, MISO’s Southern Region, and the remaining portions of the SERC not included within MISO or PJM, which includes all or most of Florida, Arkansas, Louisiana, Mississippi, Alabama, Georgia, Tennessee, North Carolina, South Carolina and parts of Missouri, Kentucky and Texas. Generation’s South region also includes operations in the SPP, covering Kansas, Oklahoma, most of Nebraska and parts of New Mexico, Texas, Louisiana, Missouri, Mississippi and Arkansas.
|
|
•
|
West
represents operations in the WECC, which includes California ISO, and covers the states of California, Oregon, Washington, Arizona, Nevada, Utah, Idaho, Colorado and parts of New Mexico, Wyoming and South Dakota.
|
|
•
|
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)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2018
|
|||||||||||||||||||||||||||||||
|
Competitive businesses electric revenues
|
$
|
4,741
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(306
|
)
|
|
$
|
4,435
|
|
|
|
Competitive businesses natural gas revenues
|
397
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
397
|
|
||||||||
|
Competitive businesses other revenues
|
140
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
139
|
|
||||||||
|
Rate-regulated electric revenues
|
—
|
|
|
1,598
|
|
|
700
|
|
|
645
|
|
|
1,334
|
|
|
—
|
|
|
(7
|
)
|
|
4,270
|
|
||||||||
|
Rate-regulated natural gas revenues
|
—
|
|
|
—
|
|
|
57
|
|
|
86
|
|
|
24
|
|
|
—
|
|
|
(5
|
)
|
|
162
|
|
||||||||
|
Shared service and other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
458
|
|
|
(461
|
)
|
|
—
|
|
||||||||
|
Total operating revenues
|
$
|
5,278
|
|
|
$
|
1,598
|
|
|
$
|
757
|
|
|
$
|
731
|
|
|
$
|
1,361
|
|
|
$
|
458
|
|
|
$
|
(780
|
)
|
|
$
|
9,403
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Competitive businesses electric revenues
|
$
|
4,041
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(295
|
)
|
|
$
|
3,746
|
|
|
Competitive businesses natural gas revenues
|
460
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
460
|
|
||||||||
|
Competitive businesses other revenues
|
249
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
249
|
|
||||||||
|
Rate-regulated electric revenues
|
—
|
|
|
1,571
|
|
|
662
|
|
|
658
|
|
|
1,280
|
|
|
—
|
|
|
(7
|
)
|
|
4,164
|
|
||||||||
|
Rate-regulated natural gas revenues
|
—
|
|
|
—
|
|
|
53
|
|
|
80
|
|
|
18
|
|
|
—
|
|
|
(2
|
)
|
|
149
|
|
||||||||
|
Shared service and other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
446
|
|
|
(458
|
)
|
|
—
|
|
||||||||
|
Total operating revenues
|
$
|
4,750
|
|
|
$
|
1,571
|
|
|
$
|
715
|
|
|
$
|
738
|
|
|
$
|
1,310
|
|
|
$
|
446
|
|
|
$
|
(762
|
)
|
|
$
|
8,768
|
|
|
Intersegment revenues
(d)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2018
|
$
|
308
|
|
|
$
|
4
|
|
|
$
|
2
|
|
|
$
|
6
|
|
|
$
|
3
|
|
|
$
|
456
|
|
|
$
|
(779
|
)
|
|
$
|
—
|
|
|
2017
|
294
|
|
|
3
|
|
|
2
|
|
|
3
|
|
|
12
|
|
|
445
|
|
|
(759
|
)
|
|
—
|
|
||||||||
|
Net income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2018
|
$
|
300
|
|
|
$
|
193
|
|
|
$
|
126
|
|
|
$
|
63
|
|
|
$
|
187
|
|
|
$
|
(69
|
)
|
|
$
|
—
|
|
|
$
|
800
|
|
|
2017
|
346
|
|
|
189
|
|
|
112
|
|
|
62
|
|
|
153
|
|
|
3
|
|
|
—
|
|
|
865
|
|
||||||||
|
Total assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
September 30, 2018
|
$
|
48,207
|
|
|
$
|
31,119
|
|
|
$
|
10,621
|
|
|
$
|
9,541
|
|
|
$
|
21,957
|
|
|
$
|
8,418
|
|
|
$
|
(10,378
|
)
|
|
$
|
119,485
|
|
|
December 31, 2017
|
48,457
|
|
|
29,726
|
|
|
10,170
|
|
|
9,104
|
|
|
21,247
|
|
|
8,618
|
|
|
(10,552
|
)
|
|
116,770
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
(a)
|
Generation includes the
six
reportable segments shown below: Mid-Atlantic, Midwest, New England, New York, ERCOT and Other Power Regions. Intersegment revenues for Generation for the
three months ended September 30,
2018
include revenue from sales to PECO of
$35 million
, sales to BGE of
$69 million
, sales to Pepco of
$46 million
, sales to DPL of
$26 million
and sales to ACE of
$10 million
in the Mid-Atlantic region, and sales to ComEd of
$122 million
in the Midwest region, which eliminate upon consolidation. For the
three months ended September 30,
2017
, intersegment revenues for Generation include revenue from sales to PECO of
$31 million
, sales to BGE of
$98 million
, sales to Pepco of
$57 million
, sales to DPL of
$47 million
and sales to ACE of
$7 million
in the Mid-Atlantic region, and sales to ComEd of
$54 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 on the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note
18
—
Supplemental Financial Information
for total utility taxes for the
three months ended September 30,
2018
and
2017
.
|
|
(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)
:
|
|||||||||||||||||||||||
|
Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Rate-regulated electric revenues
|
$
|
628
|
|
|
$
|
304
|
|
|
$
|
406
|
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
|
$
|
1,334
|
|
|
Rate-regulated natural gas revenues
|
—
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
||||||
|
Shared service and other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|
(100
|
)
|
|
3
|
|
||||||
|
Total operating revenues
|
$
|
628
|
|
|
$
|
328
|
|
|
$
|
406
|
|
|
$
|
103
|
|
|
$
|
(104
|
)
|
|
$
|
1,361
|
|
|
Three Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Rate-regulated electric revenues
|
$
|
604
|
|
|
$
|
309
|
|
|
$
|
370
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
1,280
|
|
|
Rate-regulated natural gas revenues
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
||||||
|
Shared service and other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
||||||
|
Total operating revenues
|
$
|
604
|
|
|
$
|
327
|
|
|
$
|
370
|
|
|
$
|
12
|
|
|
$
|
(3
|
)
|
|
$
|
1,310
|
|
|
Intersegment revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended September 30, 2018
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
103
|
|
|
$
|
(105
|
)
|
|
$
|
3
|
|
|
Three Months Ended September 30, 2017
|
1
|
|
|
2
|
|
|
—
|
|
|
13
|
|
|
(4
|
)
|
|
12
|
|
||||||
|
Net income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended September 30, 2018
|
$
|
89
|
|
|
$
|
33
|
|
|
$
|
61
|
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
187
|
|
|
Three Months Ended September 30, 2017
|
87
|
|
|
31
|
|
|
41
|
|
|
(18
|
)
|
|
12
|
|
|
153
|
|
||||||
|
Total assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
September 30, 2018
|
$
|
8,199
|
|
|
$
|
4,601
|
|
|
$
|
3,694
|
|
|
$
|
10,763
|
|
|
$
|
(5,300
|
)
|
|
$
|
21,957
|
|
|
December 31, 2017
|
7,832
|
|
|
4,357
|
|
|
3,445
|
|
|
10,600
|
|
|
(4,987
|
)
|
|
21,247
|
|
||||||
|
(a)
|
Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses on the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note
18
—
Supplemental Financial Information
for total utility taxes for the
three months ended September 30,
2018
and
2017
.
|
|
(b)
|
Other primarily includes PHI’s corporate operations, shared service entities and other financing and investment activities.
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||
|
|
Revenues from external parties
(a)
|
|
Intersegment
revenues |
|
Total
Revenues |
||||||||||||||
|
|
Contracts with customers
|
|
Other
(b)
|
|
Total
|
|
|
||||||||||||
|
Mid-Atlantic
|
$
|
1,397
|
|
|
$
|
52
|
|
|
$
|
1,449
|
|
|
$
|
7
|
|
|
$
|
1,456
|
|
|
Midwest
|
1,095
|
|
|
26
|
|
|
1,121
|
|
|
(4
|
)
|
|
1,117
|
|
|||||
|
New England
|
666
|
|
|
33
|
|
|
699
|
|
|
—
|
|
|
699
|
|
|||||
|
New York
|
475
|
|
|
(6
|
)
|
|
469
|
|
|
—
|
|
|
469
|
|
|||||
|
ERCOT
|
156
|
|
|
289
|
|
|
445
|
|
|
(1
|
)
|
|
444
|
|
|||||
|
Other Power Regions
|
293
|
|
|
265
|
|
|
558
|
|
|
(45
|
)
|
|
513
|
|
|||||
|
Total Competitive Businesses Electric Revenues
|
4,082
|
|
|
659
|
|
|
4,741
|
|
|
(43
|
)
|
|
4,698
|
|
|||||
|
Competitive Businesses Natural Gas Revenues
|
200
|
|
|
197
|
|
|
397
|
|
|
43
|
|
|
440
|
|
|||||
|
Competitive Businesses Other Revenues
(c)
|
130
|
|
|
10
|
|
|
140
|
|
|
—
|
|
|
140
|
|
|||||
|
Total Generation Consolidated Operating Revenues
|
$
|
4,412
|
|
|
$
|
866
|
|
|
$
|
5,278
|
|
|
$
|
—
|
|
|
$
|
5,278
|
|
|
|
Three Months Ended September 30, 2017
|
||||||||||||||||||
|
|
Revenues from external customers
(a)
|
|
Intersegment
revenues |
|
Total
Revenues |
||||||||||||||
|
|
Contracts with customers
|
|
Other
(b)
|
|
Total
|
|
|
||||||||||||
|
Mid-Atlantic
|
$
|
1,397
|
|
|
$
|
24
|
|
|
$
|
1,421
|
|
|
$
|
11
|
|
|
$
|
1,432
|
|
|
Midwest
|
982
|
|
|
67
|
|
|
1,049
|
|
|
(11
|
)
|
|
1,038
|
|
|||||
|
New England
|
504
|
|
|
(22
|
)
|
|
482
|
|
|
(1
|
)
|
|
481
|
|
|||||
|
New York
|
454
|
|
|
(21
|
)
|
|
433
|
|
|
(6
|
)
|
|
427
|
|
|||||
|
ERCOT
|
164
|
|
|
144
|
|
|
308
|
|
|
6
|
|
|
314
|
|
|||||
|
Other Power Regions
|
167
|
|
|
181
|
|
|
348
|
|
|
(13
|
)
|
|
335
|
|
|||||
|
Total Competitive Businesses Electric Revenues
|
3,668
|
|
|
373
|
|
|
4,041
|
|
|
(14
|
)
|
|
4,027
|
|
|||||
|
Competitive Businesses Natural Gas Revenues
|
226
|
|
|
234
|
|
|
460
|
|
|
20
|
|
|
480
|
|
|||||
|
Competitive Businesses Other Revenues
(c)
|
207
|
|
|
42
|
|
|
249
|
|
|
(6
|
)
|
|
243
|
|
|||||
|
Total Generation Consolidated Operating Revenues
|
$
|
4,101
|
|
|
$
|
649
|
|
|
$
|
4,750
|
|
|
$
|
—
|
|
|
$
|
4,750
|
|
|
(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 a
$13 million
decrease to revenues for the amortization of intangible assets and liabilities related to commodity contracts recorded at fair value for the
three months ended September 30,
2017
, unrealized mark-to-market gains of
$6 million
and
$52 million
for the
three months ended September 30,
2018
and
2017
, respectively, and elimination of intersegment revenues.
|
|
|
Three Months Ended September 30, 2018
|
|
Three Months Ended September 30, 2017
|
||||||||||||||||||||
|
|
RNF
from external customers (a) |
|
Intersegment
RNF
|
|
Total RNF
|
|
RNF
from external customers (a) |
|
Intersegment
RNF
|
|
Total RNF
|
||||||||||||
|
Mid-Atlantic
|
$
|
746
|
|
|
$
|
17
|
|
|
$
|
763
|
|
|
$
|
817
|
|
|
$
|
38
|
|
|
$
|
855
|
|
|
Midwest
|
763
|
|
|
5
|
|
|
768
|
|
|
697
|
|
|
—
|
|
|
697
|
|
||||||
|
New England
|
83
|
|
|
(2
|
)
|
|
81
|
|
|
151
|
|
|
(6
|
)
|
|
145
|
|
||||||
|
New York
|
290
|
|
|
2
|
|
|
292
|
|
|
295
|
|
|
—
|
|
|
295
|
|
||||||
|
ERCOT
|
161
|
|
|
(63
|
)
|
|
98
|
|
|
229
|
|
|
(111
|
)
|
|
118
|
|
||||||
|
Other Power Regions
|
143
|
|
|
(44
|
)
|
|
99
|
|
|
118
|
|
|
(50
|
)
|
|
68
|
|
||||||
|
Total Revenues net of purchased power and fuel for Reportable Segments
|
2,186
|
|
|
(85
|
)
|
|
2,101
|
|
|
2,307
|
|
|
(129
|
)
|
|
2,178
|
|
||||||
|
Other
(b)
|
112
|
|
|
85
|
|
|
197
|
|
|
112
|
|
|
129
|
|
|
241
|
|
||||||
|
Total Generation Revenues net of purchased power and fuel expense
|
$
|
2,298
|
|
|
$
|
—
|
|
|
$
|
2,298
|
|
|
$
|
2,419
|
|
|
$
|
—
|
|
|
$
|
2,419
|
|
|
(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 a
$19 million
decrease to RNF for the amortization of intangible assets and liabilities related to commodity contracts for the
three months ended September 30,
2017
, unrealized mark-to-market gains of
$71 million
and
$73 million
for the
three months ended September 30,
2018
and
2017
, respectively, accelerated nuclear fuel amortization associated with announced early plant retirements as discussed in Note
8
-
Early Plant Retirements
of
$18 million
and
$6 million
decrease to revenue net of purchased power and fuel expense for the
three months ended September 30,
2018
, and
2017
, respectively, and the elimination of intersegment revenue net of purchased power and fuel expense.
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||||||||||
|
Revenues from contracts with customers
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||
|
Rate-regulated electric revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential
|
$
|
861
|
|
|
$
|
458
|
|
|
$
|
366
|
|
|
$
|
726
|
|
|
$
|
306
|
|
|
$
|
180
|
|
|
$
|
240
|
|
|
Small commercial & industrial
|
391
|
|
|
108
|
|
|
68
|
|
|
140
|
|
|
39
|
|
|
48
|
|
|
53
|
|
|||||||
|
Large commercial & industrial
|
131
|
|
|
64
|
|
|
117
|
|
|
303
|
|
|
230
|
|
|
25
|
|
|
48
|
|
|||||||
|
Public authorities & electric railroads
|
11
|
|
|
7
|
|
|
7
|
|
|
14
|
|
|
8
|
|
|
3
|
|
|
3
|
|
|||||||
|
Other
(a)
|
212
|
|
|
59
|
|
|
91
|
|
|
156
|
|
|
47
|
|
|
47
|
|
|
63
|
|
|||||||
|
Total rate-regulated electric revenues
(b)
|
1,606
|
|
|
696
|
|
|
649
|
|
|
1,339
|
|
|
630
|
|
|
303
|
|
|
407
|
|
|||||||
|
Rate-regulated natural gas revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential
|
—
|
|
|
36
|
|
|
46
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|||||||
|
Small commercial & industrial
|
—
|
|
|
15
|
|
|
8
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|||||||
|
Large commercial & industrial
|
—
|
|
|
—
|
|
|
17
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|||||||
|
Transportation
|
—
|
|
|
5
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|||||||
|
Other
(c)
|
—
|
|
|
1
|
|
|
12
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|||||||
|
Total rate-regulated natural gas revenues
(d)
|
—
|
|
|
57
|
|
|
83
|
|
|
24
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|||||||
|
Total rate-regulated revenues from contracts with customers
|
1,606
|
|
|
753
|
|
|
732
|
|
|
1,363
|
|
|
630
|
|
|
327
|
|
|
407
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Other revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Revenues from alternative revenue programs
|
(15
|
)
|
|
1
|
|
|
(6
|
)
|
|
(5
|
)
|
|
(4
|
)
|
|
—
|
|
|
(1
|
)
|
|||||||
|
Other rate-regulated electric revenues
(e)
|
7
|
|
|
3
|
|
|
4
|
|
|
3
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|||||||
|
Other rate-regulated natural gas revenues
(e)
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Total other revenues
|
(8
|
)
|
|
4
|
|
|
(1
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
|||||||
|
Total rate-regulated revenues for reportable segments
|
$
|
1,598
|
|
|
$
|
757
|
|
|
$
|
731
|
|
|
$
|
1,361
|
|
|
$
|
628
|
|
|
$
|
328
|
|
|
$
|
406
|
|
|
|
Three Months Ended September 30, 2017
|
||||||||||||||||||||||||||
|
Revenues from contracts with customers
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||
|
Rate-regulated electric revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential
|
$
|
816
|
|
|
$
|
434
|
|
|
$
|
352
|
|
|
$
|
687
|
|
|
$
|
291
|
|
|
$
|
185
|
|
|
$
|
211
|
|
|
Small commercial & industrial
|
366
|
|
|
106
|
|
|
65
|
|
|
140
|
|
|
37
|
|
|
50
|
|
|
53
|
|
|||||||
|
Large commercial & industrial
|
119
|
|
|
59
|
|
|
114
|
|
|
288
|
|
|
211
|
|
|
28
|
|
|
49
|
|
|||||||
|
Public authorities & electric railroads
|
11
|
|
|
7
|
|
|
8
|
|
|
14
|
|
|
8
|
|
|
3
|
|
|
3
|
|
|||||||
|
Other
(a)
|
235
|
|
|
53
|
|
|
85
|
|
|
147
|
|
|
52
|
|
|
43
|
|
|
54
|
|
|||||||
|
Total rate-regulated electric revenues
(b)
|
1,547
|
|
|
659
|
|
|
624
|
|
|
1,276
|
|
|
599
|
|
|
309
|
|
|
370
|
|
|||||||
|
Rate-regulated natural gas revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential
|
—
|
|
|
33
|
|
|
44
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|||||||
|
Small commercial & industrial
|
—
|
|
|
14
|
|
|
8
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|||||||
|
Large commercial & industrial
|
—
|
|
|
—
|
|
|
19
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|||||||
|
Transportation
|
—
|
|
|
5
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|||||||
|
Other
(c)
|
—
|
|
|
1
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|||||||
|
Total rate-regulated natural gas revenues
(d)
|
—
|
|
|
53
|
|
|
74
|
|
|
18
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|||||||
|
Total rate-regulated revenues from contracts with customers
|
1,547
|
|
|
712
|
|
|
698
|
|
|
1,294
|
|
|
599
|
|
|
327
|
|
|
370
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Other revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Revenues from alternative revenue programs
|
16
|
|
|
—
|
|
|
36
|
|
|
2
|
|
|
3
|
|
|
(1
|
)
|
|
—
|
|
|||||||
|
Other rate-regulated electric revenues
(e)
|
8
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|||||||
|
Other rate-regulated natural gas revenues
(e)
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Other revenues
(f)
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Total other revenues
|
24
|
|
|
3
|
|
|
40
|
|
|
16
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|||||||
|
Total rate-regulated revenues for reportable segments
|
$
|
1,571
|
|
|
$
|
715
|
|
|
$
|
738
|
|
|
$
|
1,310
|
|
|
$
|
604
|
|
|
$
|
327
|
|
|
$
|
370
|
|
|
(a)
|
Includes revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue.
|
|
(b)
|
Includes operating revenues from affiliates of
$4 million
,
$2 million
,
$1 million
,
$3 million
,
$2 million
,
$2 million
and
$1 million
at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, for the
three months ended September 30, 2018
and
$3 million
,
$1 million
,
$1 million
,
$1 million
$1 million
,
$2 million
and
less than $1 million
at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, for the
three months ended September 30, 2017
.
|
|
(c)
|
Includes revenues from off-system natural gas sales.
|
|
(d)
|
Includes operating revenues from affiliates of
less than $1 million
and
$5 million
at PECO and BGE, respectively, for the
three months ended September 30, 2018
and
less than $1 million
and
$2 million
at PECO and BGE, respectively, for the
three months ended September 30, 2017
.
|
|
(e)
|
Includes late payment charge revenues.
|
|
(f)
|
Includes operating revenues from affiliates of
$11 million
at PHI for the
three months ended September 30, 2017
.
|
|
|
Generation
(a)
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Other
(b)
|
|
Intersegment
Eliminations |
|
Exelon
|
||||||||||||||||
|
Operating revenues
(c)
:
|
|||||||||||||||||||||||||||||||
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Competitive businesses electric revenues
|
$
|
13,190
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(969
|
)
|
|
$
|
12,221
|
|
|
Competitive businesses natural gas revenues
|
1,839
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
1,831
|
|
||||||||
|
Competitive businesses other revenues
|
339
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
335
|
|
||||||||
|
Rate-regulated electric revenues
|
—
|
|
|
4,508
|
|
|
1,893
|
|
|
1,850
|
|
|
3,549
|
|
|
—
|
|
|
(34
|
)
|
|
11,766
|
|
||||||||
|
Rate-regulated natural gas revenues
|
—
|
|
|
—
|
|
|
382
|
|
|
519
|
|
|
129
|
|
|
—
|
|
|
(13
|
)
|
|
1,017
|
|
||||||||
|
Shared service and other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
1,398
|
|
|
(1,408
|
)
|
|
—
|
|
||||||||
|
Total operating revenues
|
$
|
15,368
|
|
|
$
|
4,508
|
|
|
$
|
2,275
|
|
|
$
|
2,369
|
|
|
$
|
3,688
|
|
|
$
|
1,398
|
|
|
$
|
(2,436
|
)
|
|
$
|
27,170
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Competitive businesses electric revenues
|
$
|
11,514
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(888
|
)
|
|
$
|
10,626
|
|
|
Competitive businesses natural gas revenues
|
1,807
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,807
|
|
||||||||
|
Competitive businesses other revenues
|
522
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
522
|
|
||||||||
|
Rate-regulated electric revenues
|
—
|
|
|
4,227
|
|
|
1,802
|
|
|
1,895
|
|
|
3,417
|
|
|
—
|
|
|
(23
|
)
|
|
11,318
|
|
||||||||
|
Rate-regulated natural gas revenues
|
—
|
|
|
—
|
|
|
339
|
|
|
468
|
|
|
105
|
|
|
—
|
|
|
(6
|
)
|
|
906
|
|
||||||||
|
Shared service and other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
1,316
|
|
|
(1,350
|
)
|
|
1
|
|
||||||||
|
Total operating revenues
|
$
|
13,843
|
|
|
$
|
4,227
|
|
|
$
|
2,141
|
|
|
$
|
2,363
|
|
|
$
|
3,557
|
|
|
$
|
1,316
|
|
|
$
|
(2,267
|
)
|
|
$
|
25,180
|
|
|
Intersegment revenues
(d)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2018
|
$
|
981
|
|
|
$
|
23
|
|
|
$
|
5
|
|
|
$
|
18
|
|
|
$
|
11
|
|
|
$
|
1,392
|
|
|
$
|
(2,430
|
)
|
|
$
|
—
|
|
|
2017
|
888
|
|
|
12
|
|
|
5
|
|
|
12
|
|
|
35
|
|
|
1,312
|
|
|
(2,262
|
)
|
|
2
|
|
||||||||
|
Net income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2018
|
$
|
667
|
|
|
$
|
523
|
|
|
$
|
336
|
|
|
$
|
242
|
|
|
$
|
336
|
|
|
$
|
(125
|
)
|
|
$
|
—
|
|
|
$
|
1,979
|
|
|
2017
|
508
|
|
|
447
|
|
|
327
|
|
|
231
|
|
|
359
|
|
|
58
|
|
|
(2
|
)
|
|
1,928
|
|
||||||||
|
(a)
|
Generation includes the
six
reportable segments shown below: Mid-Atlantic, Midwest, New England, New York, ERCOT and Other Power Regions. Intersegment revenues for Generation for the
nine months ended
September 30, 2018
include revenue from sales to PECO of
$97 million
, sales to BGE of
$198 million
, sales to Pepco of
$143 million
, sales to DPL of
$103 million
and sales to ACE of
$21 million
in the Mid-Atlantic region, and sales to ComEd of
$419 million
in the Midwest region, which eliminate upon consolidation. For the
nine months ended
September 30, 2017
, intersegment revenues for Generation include revenue from sales to PECO of
$111 million
, sales to BGE of
$330 million
, sales to Pepco of
$209 million
, sales to DPL of
$138 million
and sales to ACE of
$23 million
in the Mid-Atlantic region, and sales to ComEd of
$77 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 on the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note
18
—
Supplemental Financial Information
for total utility taxes for the
nine months ended
September 30, 2018
and
2017
.
|
|
(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)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Rate-regulated electric revenues
|
$
|
1,708
|
|
|
$
|
872
|
|
|
$
|
981
|
|
|
$
|
—
|
|
|
$
|
(12
|
)
|
|
$
|
3,549
|
|
|
Rate-regulated natural gas revenues
|
—
|
|
|
129
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129
|
|
||||||
|
Shared service and other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
326
|
|
|
(316
|
)
|
|
10
|
|
||||||
|
Total operating revenues
|
$
|
1,708
|
|
|
$
|
1,001
|
|
|
$
|
981
|
|
|
$
|
326
|
|
|
$
|
(328
|
)
|
|
$
|
3,688
|
|
|
Nine Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Rate-regulated electric revenues
|
$
|
1,649
|
|
|
$
|
866
|
|
|
$
|
915
|
|
|
$
|
—
|
|
|
$
|
(13
|
)
|
|
$
|
3,417
|
|
|
Rate-regulated natural gas revenues
|
—
|
|
|
105
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
105
|
|
||||||
|
Shared service and other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
(2
|
)
|
|
35
|
|
||||||
|
Total operating revenues
|
$
|
1,649
|
|
|
$
|
971
|
|
|
$
|
915
|
|
|
$
|
37
|
|
|
$
|
(15
|
)
|
|
$
|
3,557
|
|
|
Intersegment revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nine Months Ended September 30, 2018
|
$
|
5
|
|
|
$
|
6
|
|
|
$
|
2
|
|
|
$
|
325
|
|
|
$
|
(327
|
)
|
|
$
|
11
|
|
|
Nine Months Ended September 30, 2017
|
4
|
|
|
6
|
|
|
2
|
|
|
37
|
|
|
(14
|
)
|
|
35
|
|
||||||
|
Net income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nine Months Ended September 30, 2018
|
$
|
174
|
|
|
$
|
90
|
|
|
$
|
76
|
|
|
$
|
(15
|
)
|
|
$
|
11
|
|
|
$
|
336
|
|
|
Nine Months Ended September 30, 2017
|
188
|
|
|
107
|
|
|
77
|
|
|
(48
|
)
|
|
35
|
|
|
359
|
|
||||||
|
(a)
|
Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses on the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note
18
—
Supplemental Financial Information
for total utility taxes for the
nine months ended
September 30, 2018
and
2017
.
|
|
(b)
|
Other primarily includes PHI’s corporate operations, shared service entities and other financing and investment activities.
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||
|
|
Revenues from external parties
(a)
|
|
Intersegment
Revenues
|
|
Total
Revenues
|
||||||||||||||
|
|
Contracts with customers
|
|
Other
(b)
|
|
Total
|
|
|
||||||||||||
|
Mid-Atlantic
|
$
|
3,971
|
|
|
$
|
191
|
|
|
$
|
4,162
|
|
|
$
|
17
|
|
|
$
|
4,179
|
|
|
Midwest
|
3,432
|
|
|
169
|
|
|
3,601
|
|
|
(8
|
)
|
|
3,593
|
|
|||||
|
New England
|
1,943
|
|
|
87
|
|
|
2,030
|
|
|
(4
|
)
|
|
2,026
|
|
|||||
|
New York
|
1,305
|
|
|
(37
|
)
|
|
1,268
|
|
|
1
|
|
|
1,269
|
|
|||||
|
ERCOT
|
470
|
|
|
459
|
|
|
929
|
|
|
1
|
|
|
930
|
|
|||||
|
Other Power Regions
|
713
|
|
|
487
|
|
|
1,200
|
|
|
(112
|
)
|
|
1,088
|
|
|||||
|
Total Competitive Businesses Electric Revenues
|
11,834
|
|
|
1,356
|
|
|
13,190
|
|
|
(105
|
)
|
|
13,085
|
|
|||||
|
Competitive Businesses Natural Gas Revenues
|
1,016
|
|
|
823
|
|
|
1,839
|
|
|
105
|
|
|
1,944
|
|
|||||
|
Competitive Businesses Other Revenues
(c)
|
385
|
|
|
(46
|
)
|
|
339
|
|
|
—
|
|
|
339
|
|
|||||
|
Total Generation Consolidated Operating Revenues
|
$
|
13,235
|
|
|
$
|
2,133
|
|
|
$
|
15,368
|
|
|
$
|
—
|
|
|
$
|
15,368
|
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||
|
|
Revenues from external customers
(a)
|
|
Intersegment
revenues |
|
Total
Revenues |
||||||||||||||
|
|
Contracts with customers
|
|
Other
(b)
|
|
Total
|
|
|
||||||||||||
|
Mid-Atlantic
|
$
|
4,260
|
|
|
$
|
(53
|
)
|
|
$
|
4,207
|
|
|
$
|
15
|
|
|
$
|
4,222
|
|
|
Midwest
|
2,948
|
|
|
210
|
|
|
3,158
|
|
|
(17
|
)
|
|
3,141
|
|
|||||
|
New England
|
1,555
|
|
|
(86
|
)
|
|
1,469
|
|
|
(8
|
)
|
|
1,461
|
|
|||||
|
New York
|
1,161
|
|
|
(37
|
)
|
|
1,124
|
|
|
(14
|
)
|
|
1,110
|
|
|||||
|
ERCOT
|
520
|
|
|
229
|
|
|
749
|
|
|
4
|
|
|
753
|
|
|||||
|
Other Power Regions
|
439
|
|
|
368
|
|
|
807
|
|
|
(28
|
)
|
|
779
|
|
|||||
|
Total Competitive Businesses Electric Revenues
|
10,883
|
|
|
631
|
|
|
11,514
|
|
|
(48
|
)
|
|
11,466
|
|
|||||
|
Competitive Businesses Natural Gas Revenues
|
1,237
|
|
|
570
|
|
|
1,807
|
|
|
52
|
|
|
1,859
|
|
|||||
|
Competitive Businesses Other Revenues
(c)
|
588
|
|
|
(66
|
)
|
|
522
|
|
|
(4
|
)
|
|
518
|
|
|||||
|
Total Generation Consolidated Operating Revenues
|
$
|
12,708
|
|
|
$
|
1,135
|
|
|
$
|
13,843
|
|
|
$
|
—
|
|
|
$
|
13,843
|
|
|
(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 a
$30 million
decrease to revenues for the amortization of intangible assets and liabilities related to commodity contracts recorded at fair value for the
nine months ended September 30,
2017
, unrealized mark-to-market losses of
$96 million
and
$47 million
for the
nine months ended
September 30, 2018
and
2017
, respectively, and elimination of intersegment revenues.
|
|
|
Nine Months Ended September 30, 2018
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||
|
|
RNF
from external
customers
(a)
|
|
Intersegment
RNF
|
|
Total RNF
|
|
RNF
from external
customers
(a)
|
|
Intersegment
RNF
|
|
Total RNF
|
||||||||||||
|
Mid-Atlantic
|
$
|
2,303
|
|
|
$
|
45
|
|
|
$
|
2,348
|
|
|
$
|
2,330
|
|
|
$
|
81
|
|
|
$
|
2,411
|
|
|
Midwest
|
2,381
|
|
|
19
|
|
|
2,400
|
|
|
2,129
|
|
|
11
|
|
|
2,140
|
|
||||||
|
New England
|
310
|
|
|
(12
|
)
|
|
298
|
|
|
423
|
|
|
(20
|
)
|
|
403
|
|
||||||
|
New York
|
832
|
|
|
9
|
|
|
841
|
|
|
708
|
|
|
(1
|
)
|
|
707
|
|
||||||
|
ERCOT
|
396
|
|
|
(180
|
)
|
|
216
|
|
|
446
|
|
|
(188
|
)
|
|
258
|
|
||||||
|
Other Power Regions
|
430
|
|
|
(121
|
)
|
|
309
|
|
|
359
|
|
|
(139
|
)
|
|
220
|
|
||||||
|
Total Revenues net of purchased power and fuel expense for Reportable Segments
|
6,652
|
|
|
(240
|
)
|
|
6,412
|
|
|
6,395
|
|
|
(256
|
)
|
|
6,139
|
|
||||||
|
Other
(b)
|
164
|
|
|
240
|
|
|
404
|
|
|
162
|
|
|
256
|
|
|
418
|
|
||||||
|
Total Generation Revenues net of purchased power and fuel expense
|
$
|
6,816
|
|
|
$
|
—
|
|
|
$
|
6,816
|
|
|
$
|
6,557
|
|
|
$
|
—
|
|
|
$
|
6,557
|
|
|
(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 a
$41 million
decrease to RNF for the amortization of intangible assets and liabilities related to commodity contracts for the
nine months ended September 30,
2017
, unrealized mark-to-market losses of
$104 million
and
$161 million
for the
nine months ended
September 30, 2018
and
2017
, respectively, accelerated nuclear fuel amortization associated with announced early plant retirements as discussed in Note
8
-
Early Plant Retirements
of
$53 million
and
$8 million
decrease to revenue net of purchased power and fuel expense for the
nine months ended
September 30, 2018
and
2017
, respectively, and the elimination of intersegment revenue net of purchased power and fuel expense.
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||||||||
|
Revenues from contracts with customers
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||
|
Rate-regulated electric revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential
|
$
|
2,277
|
|
|
$
|
1,199
|
|
|
$
|
1,054
|
|
|
$
|
1,839
|
|
|
$
|
792
|
|
|
$
|
513
|
|
|
$
|
534
|
|
|
Small commercial & industrial
|
1,132
|
|
|
306
|
|
|
196
|
|
|
370
|
|
|
104
|
|
|
138
|
|
|
128
|
|
|||||||
|
Large commercial & industrial
|
411
|
|
|
174
|
|
|
325
|
|
|
845
|
|
|
632
|
|
|
74
|
|
|
139
|
|
|||||||
|
Public authorities & electric railroads
|
36
|
|
|
21
|
|
|
21
|
|
|
44
|
|
|
24
|
|
|
10
|
|
|
10
|
|
|||||||
|
Other
(a)
|
656
|
|
|
181
|
|
|
246
|
|
|
446
|
|
|
145
|
|
|
129
|
|
|
174
|
|
|||||||
|
Total rate-regulated electric revenues
(b)
|
4,512
|
|
|
1,881
|
|
|
1,842
|
|
|
3,544
|
|
|
1,697
|
|
|
864
|
|
|
985
|
|
|||||||
|
Rate-regulated natural gas revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential
|
—
|
|
|
259
|
|
|
345
|
|
|
68
|
|
|
—
|
|
|
68
|
|
|
—
|
|
|||||||
|
Small commercial & industrial
|
—
|
|
|
102
|
|
|
55
|
|
|
31
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|||||||
|
Large commercial & industrial
|
—
|
|
|
1
|
|
|
88
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|||||||
|
Transportation
|
—
|
|
|
16
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|||||||
|
Other
(c)
|
—
|
|
|
4
|
|
|
49
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|||||||
|
Total rate-regulated natural gas revenues
(d)
|
—
|
|
|
382
|
|
|
537
|
|
|
129
|
|
|
—
|
|
|
129
|
|
|
—
|
|
|||||||
|
Total rate-regulated revenues from contracts with customers
|
4,512
|
|
|
2,263
|
|
|
2,379
|
|
|
3,673
|
|
|
1,697
|
|
|
993
|
|
|
985
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Other revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Revenues from alternative revenue programs
|
(27
|
)
|
|
2
|
|
|
(23
|
)
|
|
7
|
|
|
6
|
|
|
5
|
|
|
(4
|
)
|
|||||||
|
Other rate-regulated electric revenues
(e)
|
23
|
|
|
10
|
|
|
10
|
|
|
8
|
|
|
5
|
|
|
3
|
|
|
—
|
|
|||||||
|
Other rate-regulated natural gas revenues
(e)
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Total other revenues
|
(4
|
)
|
|
12
|
|
|
(10
|
)
|
|
15
|
|
|
11
|
|
|
8
|
|
|
(4
|
)
|
|||||||
|
Total rate-regulated revenues for reportable segments
|
$
|
4,508
|
|
|
$
|
2,275
|
|
|
$
|
2,369
|
|
|
$
|
3,688
|
|
|
$
|
1,708
|
|
|
$
|
1,001
|
|
|
$
|
981
|
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||||||||
|
Revenues from contracts with customers
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||||||
|
Rate-regulated electric revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential
|
$
|
2,071
|
|
|
$
|
1,147
|
|
|
$
|
1,038
|
|
|
$
|
1,740
|
|
|
$
|
751
|
|
|
$
|
505
|
|
|
$
|
484
|
|
|
Small commercial & industrial
|
1,035
|
|
|
303
|
|
|
193
|
|
|
373
|
|
|
105
|
|
|
139
|
|
|
129
|
|
|||||||
|
Large commercial & industrial
|
346
|
|
|
168
|
|
|
329
|
|
|
814
|
|
|
593
|
|
|
78
|
|
|
143
|
|
|||||||
|
Public authorities & electric railroads
|
33
|
|
|
23
|
|
|
23
|
|
|
45
|
|
|
24
|
|
|
11
|
|
|
10
|
|
|||||||
|
Other
(a)
|
671
|
|
|
151
|
|
|
222
|
|
|
398
|
|
|
148
|
|
|
121
|
|
|
140
|
|
|||||||
|
Total rate-regulated electric revenues
(b)
|
4,156
|
|
|
1,792
|
|
|
1,805
|
|
|
3,370
|
|
|
1,621
|
|
|
854
|
|
|
906
|
|
|||||||
|
Rate-regulated natural gas revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential
|
—
|
|
|
225
|
|
|
289
|
|
|
57
|
|
|
—
|
|
|
57
|
|
|
—
|
|
|||||||
|
Small commercial & industrial
|
—
|
|
|
90
|
|
|
51
|
|
|
25
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|||||||
|
Large commercial & industrial
|
—
|
|
|
—
|
|
|
82
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|||||||
|
Transportation
|
—
|
|
|
16
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|||||||
|
Other
(c)
|
—
|
|
|
8
|
|
|
20
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|||||||
|
Total rate-regulated natural gas revenues
(d)
|
—
|
|
|
339
|
|
|
442
|
|
|
105
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|||||||
|
Total rate-regulated revenues from contracts with customers
|
4,156
|
|
|
2,131
|
|
|
2,247
|
|
|
3,475
|
|
|
1,621
|
|
|
959
|
|
|
906
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Other revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Revenues from alternative revenue programs
|
48
|
|
|
—
|
|
|
102
|
|
|
41
|
|
|
23
|
|
|
9
|
|
|
9
|
|
|||||||
|
Other rate-regulated electric revenues
(e)
|
23
|
|
|
10
|
|
|
11
|
|
|
8
|
|
|
5
|
|
|
3
|
|
|
—
|
|
|||||||
|
Other rate-regulated natural gas revenues
(e)
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Other revenues
(f)
|
—
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Total other revenues
|
71
|
|
|
10
|
|
|
116
|
|
|
82
|
|
|
28
|
|
|
12
|
|
|
9
|
|
|||||||
|
Total rate-regulated revenues for reportable segments
|
$
|
4,227
|
|
|
$
|
2,141
|
|
|
$
|
2,363
|
|
|
$
|
3,557
|
|
|
$
|
1,649
|
|
|
$
|
971
|
|
|
$
|
915
|
|
|
(a)
|
Includes revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue.
|
|
(b)
|
Includes operating revenues from affiliates of
$23 million
,
$5 million
,
$5 million
,
$11 million
,
$5 million
,
$6 million
and
$2 million
at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, for the
nine months ended
September 30, 2018
and
$12 million
,
$4 million
,
$5 million
,
$2 million
,
$4 million
,
$6 million
and
$2 million
at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, for the
nine months ended September 30, 2017
.
|
|
(c)
|
Includes revenues from off-system natural gas sales.
|
|
(d)
|
Includes operating revenues from affiliates of
less than $1 million
and
$13 million
at PECO and BGE, respectively, for the
nine months ended
September 30, 2018
and
less than $1 million
and
$7 million
at PECO and BGE, respectively, for the
nine months ended
September 30, 2017
.
|
|
(e)
|
Includes late payment charge revenues.
|
|
(f)
|
Includes operating revenues from affiliates of
$33 million
at PHI for the
nine months ended
September 30, 2017
.
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
•
|
Generation,
whose integrated business consists of the generation, physical delivery and marketing of power across multiple geographical regions through its customer-facing business, Constellation, which sells electricity and natural gas to both wholesale and retail customers. Generation also sells renewable energy and other energy-related products and services.
|
|
•
|
ComEd,
whose business consists of the purchase and regulated retail sale of electricity and the provision of electricity transmission and distribution services in northern Illinois, including the City of Chicago.
|
|
•
|
PECO,
whose business consists of the purchase and regulated retail sale of electricity and the provision of electricity distribution and transmission services in southeastern Pennsylvania, including the City of Philadelphia, and the purchase and regulated retail sale of natural gas and the provision distribution services in the Pennsylvania counties surrounding the City of Philadelphia.
|
|
•
|
BGE,
whose business consists of the purchase and regulated retail sale of electricity and natural gas and the provision of electricity distribution and transmission and gas distribution services in central Maryland, including the City of Baltimore.
|
|
•
|
Pepco,
whose business consists of the purchase and regulated retail sale of electricity and the provision of electricity distribution and transmission in the District of Columbia and major portions of Prince George's County and Montgomery County in Maryland.
|
|
•
|
DPL,
whose business consists of the purchase and regulated retail sale of electricity and the provision of electricity distribution and transmission services in portions of Maryland and Delaware, and the purchase and regulated retail sale of natural gas and the provision of natural gas distribution services in northern Delaware.
|
|
•
|
ACE,
whose business consists of the purchase and regulated retail sale of electricity and the provision of electricity transmission and distribution services in southern New Jersey.
|
|
|
Three Months Ended September 30,
|
|
Favorable
(Unfavorable) Variance |
||||||||||||||||||||||||||||||||
|
|
2018
|
|
2017
|
|
|||||||||||||||||||||||||||||||
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Other
|
|
Exelon
|
|
Exelon
|
|
|||||||||||||||||||
|
Operating revenues
|
$
|
5,278
|
|
|
$
|
1,598
|
|
|
$
|
757
|
|
|
$
|
731
|
|
|
$
|
1,361
|
|
|
$
|
(322
|
)
|
|
$
|
9,403
|
|
|
$
|
8,768
|
|
|
$
|
635
|
|
|
Purchased power and fuel expense
|
2,980
|
|
|
619
|
|
|
263
|
|
|
272
|
|
|
509
|
|
|
(311
|
)
|
|
4,332
|
|
|
3,542
|
|
|
(790
|
)
|
|||||||||
|
Revenue net of purchased power and fuel expense
(a)
|
2,298
|
|
|
979
|
|
|
494
|
|
|
459
|
|
|
852
|
|
|
(11
|
)
|
|
5,071
|
|
|
5,226
|
|
|
(155
|
)
|
|||||||||
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Operating and maintenance
|
1,370
|
|
|
337
|
|
|
219
|
|
|
182
|
|
|
292
|
|
|
(54
|
)
|
|
2,346
|
|
|
2,275
|
|
|
(71
|
)
|
|||||||||
|
Depreciation and amortization
|
468
|
|
|
237
|
|
|
75
|
|
|
110
|
|
|
192
|
|
|
23
|
|
|
1,105
|
|
|
1,002
|
|
|
(103
|
)
|
|||||||||
|
Taxes other than income
|
143
|
|
|
82
|
|
|
46
|
|
|
64
|
|
|
123
|
|
|
11
|
|
|
469
|
|
|
456
|
|
|
(13
|
)
|
|||||||||
|
Total other operating expenses
|
1,981
|
|
|
656
|
|
|
340
|
|
|
356
|
|
|
607
|
|
|
(20
|
)
|
|
3,920
|
|
|
3,733
|
|
|
(187
|
)
|
|||||||||
|
(Loss) gain on sales of assets and businesses
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(5
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|||||||||
|
Bargain purchase gain
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
(7
|
)
|
|||||||||
|
Operating income
|
311
|
|
|
323
|
|
|
154
|
|
|
103
|
|
|
245
|
|
|
10
|
|
|
1,146
|
|
|
1,499
|
|
|
(353
|
)
|
|||||||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interest expense, net
|
(101
|
)
|
|
(85
|
)
|
|
(32
|
)
|
|
(27
|
)
|
|
(65
|
)
|
|
(83
|
)
|
|
(393
|
)
|
|
(386
|
)
|
|
(7
|
)
|
|||||||||
|
Other, net
|
179
|
|
|
7
|
|
|
2
|
|
|
5
|
|
|
11
|
|
|
(10
|
)
|
|
194
|
|
|
210
|
|
|
(16
|
)
|
|||||||||
|
Total other income and (deductions)
|
78
|
|
|
(78
|
)
|
|
(30
|
)
|
|
(22
|
)
|
|
(54
|
)
|
|
(93
|
)
|
|
(199
|
)
|
|
(176
|
)
|
|
(23
|
)
|
|||||||||
|
Income (loss) before income taxes
|
389
|
|
|
245
|
|
|
124
|
|
|
81
|
|
|
191
|
|
|
(83
|
)
|
|
947
|
|
|
1,323
|
|
|
(376
|
)
|
|||||||||
|
Income taxes
|
78
|
|
|
52
|
|
|
(2
|
)
|
|
18
|
|
|
4
|
|
|
(13
|
)
|
|
137
|
|
|
451
|
|
|
314
|
|
|||||||||
|
Equity in (losses) earnings of unconsolidated affiliates
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(10
|
)
|
|
(7
|
)
|
|
(3
|
)
|
|||||||||
|
Net income (loss)
|
300
|
|
|
193
|
|
|
126
|
|
|
63
|
|
|
187
|
|
|
(69
|
)
|
|
800
|
|
|
865
|
|
|
(65
|
)
|
|||||||||
|
Net income attributable to noncontrolling interests
|
66
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
67
|
|
|
42
|
|
|
(25
|
)
|
|||||||||
|
Net income (loss) attributable to common shareholders
|
$
|
234
|
|
|
$
|
193
|
|
|
$
|
126
|
|
|
$
|
63
|
|
|
$
|
187
|
|
|
$
|
(70
|
)
|
|
$
|
733
|
|
|
$
|
823
|
|
|
$
|
(90
|
)
|
|
|
Nine Months Ended September 30,
|
|
Favorable
(Unfavorable)
Variance
|
||||||||||||||||||||||||||||||||
|
|
2018
|
|
2017
|
|
|||||||||||||||||||||||||||||||
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
PHI
|
|
Other
|
|
Exelon
|
|
Exelon
|
|
|||||||||||||||||||
|
Operating revenues
|
$
|
15,368
|
|
|
$
|
4,508
|
|
|
$
|
2,275
|
|
|
$
|
2,369
|
|
|
$
|
3,688
|
|
|
$
|
(1,038
|
)
|
|
$
|
27,170
|
|
|
$
|
25,180
|
|
|
$
|
1,990
|
|
|
Purchased power and fuel expense
|
8,552
|
|
|
1,702
|
|
|
818
|
|
|
881
|
|
|
1,410
|
|
|
(989
|
)
|
|
12,374
|
|
|
10,527
|
|
|
(1,847
|
)
|
|||||||||
|
Revenue net of purchased power and fuel expense
(a)
|
6,816
|
|
|
2,806
|
|
|
1,457
|
|
|
1,488
|
|
|
2,278
|
|
|
(49
|
)
|
|
14,796
|
|
|
14,653
|
|
|
143
|
|
|||||||||
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Operating and maintenance
|
4,126
|
|
|
974
|
|
|
686
|
|
|
578
|
|
|
857
|
|
|
(185
|
)
|
|
7,036
|
|
|
7,658
|
|
|
622
|
|
|||||||||
|
Depreciation and amortization
|
1,383
|
|
|
696
|
|
|
224
|
|
|
358
|
|
|
555
|
|
|
68
|
|
|
3,284
|
|
|
2,814
|
|
|
(470
|
)
|
|||||||||
|
Taxes other than income
|
414
|
|
|
238
|
|
|
125
|
|
|
188
|
|
|
343
|
|
|
34
|
|
|
1,342
|
|
|
1,313
|
|
|
(29
|
)
|
|||||||||
|
Total other operating expenses
|
5,923
|
|
|
1,908
|
|
|
1,035
|
|
|
1,124
|
|
|
1,755
|
|
|
(83
|
)
|
|
11,662
|
|
|
11,785
|
|
|
123
|
|
|||||||||
|
Gain on sales of assets and businesses
|
48
|
|
|
5
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
4
|
|
|
51
|
|
|||||||||
|
Bargain purchase gain
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
233
|
|
|
(233
|
)
|
|||||||||
|
Operating income
|
941
|
|
|
903
|
|
|
423
|
|
|
365
|
|
|
523
|
|
|
34
|
|
|
3,189
|
|
|
3,105
|
|
|
84
|
|
|||||||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interest expense, net
|
(305
|
)
|
|
(261
|
)
|
|
(96
|
)
|
|
(78
|
)
|
|
(193
|
)
|
|
(205
|
)
|
|
(1,138
|
)
|
|
(1,194
|
)
|
|
56
|
|
|||||||||
|
Other, net
|
164
|
|
|
21
|
|
|
4
|
|
|
14
|
|
|
33
|
|
|
(24
|
)
|
|
212
|
|
|
643
|
|
|
(431
|
)
|
|||||||||
|
Total other income and (deductions)
|
(141
|
)
|
|
(240
|
)
|
|
(92
|
)
|
|
(64
|
)
|
|
(160
|
)
|
|
(229
|
)
|
|
(926
|
)
|
|
(551
|
)
|
|
(375
|
)
|
|||||||||
|
Income (loss) before income taxes
|
800
|
|
|
663
|
|
|
331
|
|
|
301
|
|
|
363
|
|
|
(195
|
)
|
|
2,263
|
|
|
2,554
|
|
|
(291
|
)
|
|||||||||
|
Income taxes
|
110
|
|
|
140
|
|
|
(5
|
)
|
|
59
|
|
|
28
|
|
|
(70
|
)
|
|
262
|
|
|
601
|
|
|
339
|
|
|||||||||
|
Equity in (losses) earnings of unconsolidated affiliates
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(22
|
)
|
|
(25
|
)
|
|
3
|
|
|||||||||
|
Net income (loss)
|
667
|
|
|
523
|
|
|
336
|
|
|
242
|
|
|
336
|
|
|
(125
|
)
|
|
1,979
|
|
|
1,928
|
|
|
51
|
|
|||||||||
|
Net income attributable to noncontrolling interests
|
120
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
121
|
|
|
21
|
|
|
(100
|
)
|
|||||||||
|
Net income (loss) attributable to common shareholders
|
$
|
547
|
|
|
$
|
523
|
|
|
$
|
336
|
|
|
$
|
242
|
|
|
$
|
336
|
|
|
$
|
(126
|
)
|
|
$
|
1,858
|
|
|
$
|
1,907
|
|
|
$
|
(49
|
)
|
|
(a)
|
The Registrants evaluate operating performance using the measure of revenues net of purchased power and fuel expense. The Registrants believe that revenues net of purchased power and fuel expense is a useful measurement because it provides information that can be used to evaluate their operational performance. Revenues net of purchased power and fuel expense is not a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information provided elsewhere in this report.
|
|
•
|
Decrease of $121 million at Generation primarily due to
the absence of EGTP revenues net of purchased power and fuel expense resulting from its deconsolidation in the fourth quarter of 2017, lower realized energy prices, lower energy efficiency revenues and decreased revenues related to t
he sale of Generation's electrical contracting business in 2018
and increased nuclear outage days, partially offset by the impact of Illinois ZES and increased capacity prices;
|
|
•
|
Decrease of $113 million across all Utility Registrants, primarily reflecting lower revenues resulting from the anticipated pass back of TCJA tax savings through customer rates, partially offset by regulatory rate increases at ComEd, Pepco, DPL and ACE; and
|
|
•
|
Increase of $58 million at PECO, DPL and ACE primarily due to favorable weather conditions and volumes within their respective service territories.
|
|
•
|
Increase of $84 million at Generation due to a charge associated with a remeasurement of the Oyster Creek ARO;
|
|
•
|
Increase of
$40 million
at Generation due to higher nuclear refueling outage costs;
|
|
•
|
Increase of
$22 million
at Pepco due to a charge associated with a remeasurement of the Buzzard Point ARO; and
|
|
•
|
Decrease of
$50 million
at Generation in labor, contracting and materials expense due to decreased spending related to energy efficiency projects and decreased costs relate
d to the sale of Generation's electrical contracting business in 2018
.
|
|
•
|
Increase of $202 million at Generation primarily due to impact of the New York CES and Illinois ZES (including the impact of zero emission credits generated in Illinois from June 1, 2017 through December 31, 2017), increased capacity prices, the acquisition of the FitzPatrick nuclear facility and decreased nuclear outage days, the addition of two combined-cycle gas turbines in Texas and the impacts of Generation's natural gas portfolio, partially offset by lower realized energy prices,
the absence of EGTP revenues net of purchased power and fuel expense resulting from its deconsolidation in the fourth quarter of 2017, lower energy efficiency revenues and decreased revenues related to t
he sale of Generation's electrical contracting business in 2018;
|
|
•
|
Increase of
$57 million
at Generation due to lower mark-to-market losses;
|
|
•
|
Increase of $132 million at PECO, DPL and ACE primarily due to favorable weather conditions and volumes within their respective service territories;
|
|
•
|
Increase of $33 million due to higher mutual assistance revenues across all Utility Registrants, primarily at ComEd;
|
|
•
|
Decrease of
$95 million
at ComEd primarily due to lower revenues resulting from the change to defer and recover over time energy efficiency costs pursuant to FEJA; and
|
|
•
|
Decrease of $274 million in electric and gas revenues across all Utility Registrants, primarily reflecting lower revenues resulting from the anticipated pass back of TCJA tax savings through customer rates, partially offset by higher utility revenues due to regulatory rate increases at ComEd, BGE, Pepco, DPL and ACE.
|
|
•
|
Decrease of
$411 million
at Generation due to long-lived asset impairments primarily related to the EGTP assets held for sale in 2017;
|
|
•
|
Decrease of
$163 million
at Generation in labor, contracting and materials expense due to decreased spending related to energy efficiency projects and decreased costs relate
d to the sale of Generation's electrical contracting business in 2018
.
|
|
•
|
Decrease of
$95 million
at ComEd primarily due to the change to defer and recover over time energy efficiency costs pursuant to FEJA;
|
|
•
|
Decrease of
$66 million
at Generation due to lower merger-related costs;
|
|
•
|
Decrease of
$56 million
at Generation due to lower nuclear refueling outage costs;
|
|
•
|
Decrease of $32 million due to a supplemental NEIL insurance distribution at Generation;
|
|
•
|
Increase of
$47 million
due to higher one-time charges related to Generation's decision to early retire the Oyster Creek nuclear facility in 2018, including a remeasurement to the ARO, compared to one-time charges related to Generation’s decision to early retire the TMI nuclear facility in 2017;
|
|
•
|
Increase of $33 million due to higher mutual assistance expenses across all Utility Registrants, primarily at ComEd;
|
|
•
|
Increase of $97 million at PECO and BGE due to increased storm costs; and
|
|
•
|
Increase of
$22 million
at Pepco due to a charge associated with a remeasurement of the Buzzard Point ARO.
|
|
|
Three Months Ended September 30,
|
||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||
|
(All amounts in millions after tax)
|
|
|
Earnings per
Diluted Share
|
|
|
|
Earnings per
Diluted Share
|
||||||||
|
Net Income Attributable to Common Shareholders
|
$
|
733
|
|
|
$
|
0.76
|
|
|
$
|
823
|
|
|
$
|
0.85
|
|
|
Mark-to-Market Impact of Economic Hedging Activities
(a)
(net of taxes of $20 and $29, respectively)
|
(55
|
)
|
|
(0.06
|
)
|
|
(45
|
)
|
|
(0.05
|
)
|
||||
|
Unrealized Gains Related to NDT Fund Investments
(b)
(net of taxes of $4 and $51, respectively)
|
(53
|
)
|
|
(0.06
|
)
|
|
(67
|
)
|
|
(0.07
|
)
|
||||
|
Amortization of Commodity Contract Intangibles
(c)
(net of taxes of $0 and $8, respectively)
|
—
|
|
|
—
|
|
|
12
|
|
|
0.01
|
|
||||
|
Merger and Integration Costs
(d)
(net of taxes of $0 and $1, respectively)
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
|
Long-Lived Asset Impairments
(f)
(net of taxes of $2 and $16, respectively)
|
6
|
|
|
0.01
|
|
|
24
|
|
|
0.03
|
|
||||
|
Plant Retirements and Divestitures
(g)
(net of taxes of $70 and $47, respectively)
|
202
|
|
|
0.21
|
|
|
71
|
|
|
0.08
|
|
||||
|
Cost Management Program
(h)
(net of taxes of $4 and $8, respectively)
|
13
|
|
|
0.01
|
|
|
13
|
|
|
0.01
|
|
||||
|
Bargain Purchase Gain
(i)
(net of taxes of $0 and $0, respectively)
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(0.01
|
)
|
||||
|
Asset Retirement Obligation
(n)
(net of taxes of $6 and $1, respectively)
|
16
|
|
|
0.02
|
|
|
(2
|
)
|
|
—
|
|
||||
|
Change in Environmental Liabilities (net of taxes of $3 and $0, respectively)
|
(9
|
)
|
|
(0.01
|
)
|
|
—
|
|
|
—
|
|
||||
|
Reassessment of Deferred Income Taxes
(k)
(entire amount represents tax expense)
|
(18
|
)
|
|
(0.02
|
)
|
|
(21
|
)
|
|
(0.02
|
)
|
||||
|
Noncontrolling Interests
(m)
(net of taxes of $4 and $4, respectively)
|
21
|
|
|
0.02
|
|
|
20
|
|
|
0.02
|
|
||||
|
Adjusted (non-GAAP) Operating Earnings
|
$
|
856
|
|
|
$
|
0.88
|
|
|
$
|
820
|
|
|
$
|
0.85
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||
|
(All amounts in millions after tax)
|
|
|
Earnings per
Diluted Share
|
|
|
|
Earnings per
Diluted Share
|
||||||||
|
Net Income Attributable to Common Shareholders
|
$
|
1,858
|
|
|
$
|
1.92
|
|
|
$
|
1,907
|
|
|
$
|
2.02
|
|
|
Mark-to-Market Impact of Economic Hedging Activities
(a)
(net of taxes of $26 and $62, respectively)
|
74
|
|
|
0.08
|
|
|
97
|
|
|
0.10
|
|
||||
|
Unrealized Losses (Gains) Related to NDT Fund Investments
(b)
(net of taxes of $118 and $181, respectively)
|
94
|
|
|
0.10
|
|
|
(211
|
)
|
|
(0.22
|
)
|
||||
|
Amortization of Commodity Contract Intangibles
(c)
(net of taxes of $0 and $17, respectively)
|
—
|
|
|
—
|
|
|
27
|
|
|
0.03
|
|
||||
|
Merger and Integration Costs
(d)
(net of taxes of $1 and $24, respectively)
|
5
|
|
|
—
|
|
|
39
|
|
|
0.04
|
|
||||
|
Merger Commitments
(e)
(net of taxes of $0 and $137, respectively)
|
—
|
|
|
—
|
|
|
(137
|
)
|
|
(0.15
|
)
|
||||
|
Long-Lived Asset Impairments
(f)
(net of taxes of $13 and $188, respectively)
|
36
|
|
|
0.04
|
|
|
293
|
|
|
0.31
|
|
||||
|
Plant Retirements and Divestitures
(g)
(net of taxes of $148 and $89, respectively)
|
422
|
|
|
0.43
|
|
|
137
|
|
|
0.15
|
|
||||
|
Cost Management Program
(h)
(net of taxes of $10 and $15, respectively)
|
29
|
|
|
0.03
|
|
|
24
|
|
|
0.03
|
|
||||
|
Bargain Purchase Gain
(i)
(net of taxes of $0 and $0, respectively)
|
—
|
|
|
—
|
|
|
(233
|
)
|
|
(0.25
|
)
|
||||
|
Asset Retirement Obligation
(n)
(net of taxes of $6 and $1, respectively)
|
16
|
|
|
0.02
|
|
|
(2
|
)
|
|
—
|
|
||||
|
Change in Environmental Liabilities (net of taxes of $1 and $0, respectively)
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Like-Kind Exchange Tax Position
(j)
(net of taxes of $0 and $66, respectively)
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(0.03
|
)
|
||||
|
Reassessment of Deferred Income Taxes
(k)
(entire amount represents tax expense)
|
(27
|
)
|
|
(0.03
|
)
|
|
(42
|
)
|
|
(0.04
|
)
|
||||
|
Tax Settlements
(l)
(net of taxes of $0 and $1, respectively)
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(0.01
|
)
|
||||
|
Noncontrolling Interests
(m)
(net of taxes of $9 and $16, respectively)
|
(36
|
)
|
|
(0.04
|
)
|
|
75
|
|
|
0.08
|
|
||||
|
Adjusted (non-GAAP) Operating Earnings
|
$
|
2,467
|
|
|
$
|
2.55
|
|
|
$
|
1,943
|
|
|
$
|
2.06
|
|
|
(a)
|
Primarily reflects the impact of net gains and losses on Generation’s economic hedging activities.
|
|
(b)
|
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.
|
|
(c)
|
Reflects the non-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the ConEdison Solutions and FitzPatrick acquisitions.
|
|
(d)
|
Primarily reflects
c
ertain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities. In 2017, reflects costs related to the PHI and FitzPatrick acquisitions, offset at PHI by the anticipated recovery of previously incurred PHI acquisition costs. In 2018, reflects costs related to the PHI acquisition.
|
|
(e)
|
Primarily reflects a decrease in reserves for uncertain tax positions related to the deductibility of certain merger commitments associated with the 2012 CEG and 2016 PHI acquisitions.
|
|
(f)
|
Primarily reflects charges to earnings related to the impairment of the EGTP assets held for sale in 2017, and in 2018 the impairment of certain wind projects at Generation.
|
|
(g)
|
Primarily reflects accelerated depreciation and amortization expenses and one-time charges associated with Generation's previous decision to early retire the Three Mile Island nuclear facility in 2017. In 2018, primarily reflects accelerated depreciation and amortization expenses and one-time charges associated with Generation's decision to early retire the Oyster Creek nuclear facility, a charge associated with a remeasurement of the Oyster Creek ARO and accelerated depreciation and amortization expenses associated with the 2017 decision to early retire the Three Mile Island nuclear facility, partially offset by a gain associated with Generation's sale of its electrical contracting business.
|
|
(h)
|
Primarily represents severance and reorganization costs related to a cost management program.
|
|
(i)
|
Represents the excess fair value of assets and liabilities acquired over the purchase price for the FitzPatrick acquisition.
|
|
(j)
|
Reflects adjustments to income tax, penalties and interest expenses in the second quarter of 2017 as a result of the finalization of the IRS tax computation related to Exelon’s like-kind exchange tax position.
|
|
(k)
|
Reflects the changes in the Illinois and District of Columbia statutory tax rate and changes in forecasted apportionment in 2017. In 2018, reflects an adjustment to the remeasurement of deferred income taxes as a result of the Tax Cuts and Jobs Act (TCJA) and changes in forecasted apportionment.
|
|
(l)
|
Reflects benefits related to the favorable settlement in 2017 of certain income tax positions related to PHI’s unregulated business interests.
|
|
(m)
|
Reflects elimination from Generation’s results of the noncontrolling interests related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG.
|
|
(n)
|
Reflects a non-cash benefit pursuant to the annual update of the Generation nuclear decommissioning obligation related to the non-regulatory units in 2017. In 2018, reflects an increase at Pepco related primarily to asbestos identified at its Buzzard Point property.
|
|
|
Actual
|
|
Projected
(a)
|
||||||||
|
Income statement expense (pre-tax)
|
Nine Months Ended September 30, 2018
|
|
2018
|
|
2019
|
||||||
|
Depreciation and amortization
(b)
|
|
|
|
|
|
||||||
|
Accelerated depreciation
(c)
|
$
|
441
|
|
|
$
|
550
|
|
|
$
|
330
|
|
|
Accelerated nuclear fuel amortization
|
52
|
|
|
55
|
|
|
5
|
|
|||
|
Operating and maintenance
(d)
|
32
|
|
|
35
|
|
|
5
|
|
|||
|
Total
|
$
|
525
|
|
|
$
|
640
|
|
|
$
|
340
|
|
|
(a)
|
Actual results may differ based on incremental future capital additions, actual units of production for nuclear fuel amortization, future revised ARO assumptions, etc.
|
|
(b)
|
Reflects incremental accelerated depreciation and amortization for TMI and Oyster Creek for the
nine months ended September 30, 2018
. The Oyster Creek year-to-date amounts are from February 2, 2018 through September 17, 2018.
|
|
(c)
|
Reflects incremental accelerated depreciation of plant assets, including any ARC.
|
|
(d)
|
Primarily includes materials and supplies inventory reserve adjustments, employee-related costs and CWIP impairments.
|
|
Registrant
|
|
Jurisdiction
|
|
Approved Revenue Requirement Increase (Decrease)
(in millions)
|
|
Approved Return on Equity
|
|
Completion Date
|
|
Rate Effective Date
|
|||
|
Pepco
|
|
District of Columbia (Electric)
|
|
$
|
(24
|
)
|
|
9.525
|
%
|
|
August 9, 2018
|
|
August 13, 2018
|
|
Pepco
|
|
Maryland (Electric)
|
|
$
|
(15
|
)
|
|
9.5
|
%
|
|
May 31, 2018
|
|
June 1, 2018
|
|
DPL
|
|
Delaware (Electric)
|
|
$
|
(7
|
)
|
|
9.7
|
%
|
|
August 21, 2018
|
|
March 17, 2018
|
|
DPL
|
|
Maryland (Electric)
|
|
$
|
13
|
|
|
9.5
|
%
|
|
February 9, 2018
|
|
September 5, 2018
|
|
Registrant
|
|
Jurisdiction
|
|
Requested or Settlement Revenue Requirement Increase (Decrease)
(in millions)
|
|
Requested or Settlement Return on Equity
|
|
Filing or Settlement Date
|
|
Expected Completion Timing
|
|||
|
ComEd
|
|
Illinois (Electric)
|
|
$
|
(23
|
)
|
|
8.69
|
%
|
|
April 16, 2018
|
|
Fourth quarter 2018
|
|
PECO
|
|
Pennsylvania (Electric)
|
|
$
|
25
|
|
|
N/A
(a)
|
|
|
August 28, 2018
|
|
Fourth quarter 2018
|
|
BGE
|
|
Maryland (Natural Gas)
|
|
$
|
61
|
|
|
10.50
|
%
|
|
June 8, 2018 (Updated on August 24, 2018 and October 12, 2018)
|
|
First quarter 2019
|
|
DPL
|
|
Delaware (Natural Gas)
|
|
$
|
(4
|
)
|
|
9.70
|
%
|
|
September 7, 2018 (Updated on October 2, 2018)
|
|
Fourth quarter 2018
|
|
ACE
|
|
New Jersey (Electric)
|
|
$
|
109
|
|
|
10.10
|
%
|
|
August 21, 2018
|
|
Third quarter 2019
|
|
(a)
|
No overall ROE was specified in the partial settlement agreement.
|
|
|
2018
|
||||||||||||||||||
|
Annual Transmission Updates
(a)(b)
|
ComEd
|
|
BGE
|
|
Pepco
|
|
DPL
|
|
ACE
|
||||||||||
|
Initial revenue requirement (decrease) increase
|
$
|
(44
|
)
|
|
$
|
10
|
|
|
$
|
6
|
|
|
$
|
14
|
|
|
$
|
4
|
|
|
Annual reconciliation increase (decrease)
|
18
|
|
|
4
|
|
|
2
|
|
|
13
|
|
|
(4
|
)
|
|||||
|
Dedicated facilities increase
(c)
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total revenue requirement (decrease) increase
|
$
|
(26
|
)
|
|
$
|
26
|
|
|
$
|
8
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Allowed return on rate base
(d)
|
8.32
|
%
|
|
7.61
|
%
|
|
7.82
|
%
|
|
7.29
|
%
|
|
8.02
|
%
|
|||||
|
Allowed ROE
(e)
|
11.50
|
%
|
|
10.50
|
%
|
|
10.50
|
%
|
|
10.50
|
%
|
|
10.50
|
%
|
|||||
|
(a)
|
All rates are effective June
2018
, subject to review by the FERC and other parties, which is due by fourth quarter
2018
.
|
|
(b)
|
The initial revenue requirement changes reflect the annual benefit of lower income tax rates effective January 1, 2018 resulting from the enactment of the TCJA of $69 million, $18 million, $13 million, $12 million and $11 million for ComEd, BGE, Pepco, DPL and ACE, respectively. They do not reflect the pass back or recovery of income tax-related regulatory liabilities or assets, including those established upon enactment of the TCJA. See further discussion above.
|
|
(c)
|
BGE's transmission revenues include a FERC-approved dedicated facilities charge to recover the costs of providing transmission service to a specifically designated load by BGE.
|
|
(d)
|
Represents the weighted average debt and equity return on transmission rate bases.
|
|
(e)
|
As part of the FERC-approved settlement of ComEd’s 2007 transmission rate case, the rate of return on common equity is
11.50%
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 at
55%
. As part of the FERC-approved settlement of the ROE complaint against BGE, Pepco, DPL and ACE, the rate of return on common equity is
10.50%
, inclusive of a 50 basis point incentive adder for being a member of a regional transmission organization.
|
|
|
|
|
(in millions)
|
|||||||
|
|
Customer Outages
|
|
Incremental Operating & Maintenance
|
|
Incremental Capital Expenditures
|
|||||
|
Exelon
|
1,727,000
|
|
|
$
|
88
|
|
(b)
|
$
|
89
|
|
|
PECO
|
750,000
|
|
|
53
|
|
|
35
|
|
||
|
BGE
|
425,000
|
|
|
31
|
|
|
15
|
|
||
|
PHI
(a)
|
552,000
|
|
|
4
|
|
(b)
|
39
|
|
||
|
Pepco
|
182,000
|
|
|
2
|
|
(b)
|
4
|
|
||
|
DPL
|
138,000
|
|
|
2
|
|
(b)
|
4
|
|
||
|
ACE
|
232,000
|
|
|
—
|
|
(b)
|
31
|
|
||
|
(a)
|
PHI reflects the consolidated customer outages, incremental operating & maintenance and incremental capital expenditures of Pepco, DPL and ACE.
|
|
(b)
|
Excludes amounts that were deferred and recognized as regulatory assets at Exelon, PHI, Pepco, DPL and ACE of
$28 million
,
$28 million
,
$7 million
,
$1 million
and
$20 million
, respectively.
|
|
•
|
The Utility Registrants provide a foundation for steadily growing earnings, which translates to a stable currency in our stock.
|
|
•
|
Generation’s competitive businesses provide free cash flow to invest primarily in the utilities and in long-term, contracted assets and to reduce debt.
|
|
|
Three Months Ended
September 30, |
|
Favorable
(Unfavorable)
Variance
|
|
Nine Months Ended
September 30, |
|
Favorable
(Unfavorable)
Variance
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
|
Exelon
|
$
|
733
|
|
|
$
|
823
|
|
|
$
|
(90
|
)
|
|
$
|
1,858
|
|
|
$
|
1,907
|
|
|
$
|
(49
|
)
|
|
Generation
|
234
|
|
|
304
|
|
|
(70
|
)
|
|
547
|
|
|
487
|
|
|
60
|
|
||||||
|
ComEd
|
193
|
|
|
189
|
|
|
4
|
|
|
523
|
|
|
447
|
|
|
76
|
|
||||||
|
PECO
|
126
|
|
|
112
|
|
|
14
|
|
|
336
|
|
|
327
|
|
|
9
|
|
||||||
|
BGE
|
63
|
|
|
62
|
|
|
1
|
|
|
242
|
|
|
231
|
|
|
11
|
|
||||||
|
PHI
|
187
|
|
|
153
|
|
|
34
|
|
|
336
|
|
|
359
|
|
|
(23
|
)
|
||||||
|
Pepco
|
89
|
|
|
87
|
|
|
2
|
|
|
174
|
|
|
188
|
|
|
(14
|
)
|
||||||
|
DPL
|
33
|
|
|
31
|
|
|
2
|
|
|
90
|
|
|
107
|
|
|
(17
|
)
|
||||||
|
ACE
|
61
|
|
|
41
|
|
|
20
|
|
|
76
|
|
|
77
|
|
|
(1
|
)
|
||||||
|
|
Three Months Ended
September 30, |
|
Favorable
(Unfavorable)
Variance
|
|
Nine Months Ended
September 30, |
|
Favorable
(Unfavorable)
Variance
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
|
Operating revenues
|
$
|
5,278
|
|
|
$
|
4,750
|
|
|
$
|
528
|
|
|
$
|
15,368
|
|
|
$
|
13,843
|
|
|
$
|
1,525
|
|
|
Purchased power and fuel expense
|
2,980
|
|
|
2,331
|
|
|
(649
|
)
|
|
8,552
|
|
|
7,286
|
|
|
(1,266
|
)
|
||||||
|
Revenues net of purchased power and fuel expense
(a)
|
2,298
|
|
|
2,419
|
|
|
(121
|
)
|
|
6,816
|
|
|
6,557
|
|
|
259
|
|
||||||
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating and maintenance
|
1,370
|
|
|
1,376
|
|
|
6
|
|
|
4,126
|
|
|
4,879
|
|
|
753
|
|
||||||
|
Depreciation and amortization
|
468
|
|
|
410
|
|
|
(58
|
)
|
|
1,383
|
|
|
1,046
|
|
|
(337
|
)
|
||||||
|
Taxes other than income
|
143
|
|
|
141
|
|
|
(2
|
)
|
|
414
|
|
|
425
|
|
|
11
|
|
||||||
|
Total other operating expenses
|
1,981
|
|
|
1,927
|
|
|
(54
|
)
|
|
5,923
|
|
|
6,350
|
|
|
427
|
|
||||||
|
(Loss) gain on sales of assets and businesses
|
(6
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
48
|
|
|
3
|
|
|
45
|
|
||||||
|
Bargain purchase gain
|
—
|
|
|
7
|
|
|
(7
|
)
|
|
—
|
|
|
233
|
|
|
(233
|
)
|
||||||
|
Operating income
|
311
|
|
|
497
|
|
|
(186
|
)
|
|
941
|
|
|
443
|
|
|
498
|
|
||||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense, net
|
(101
|
)
|
|
(113
|
)
|
|
12
|
|
|
(305
|
)
|
|
(342
|
)
|
|
37
|
|
||||||
|
Other, net
|
179
|
|
|
209
|
|
|
(30
|
)
|
|
164
|
|
|
648
|
|
|
(484
|
)
|
||||||
|
Total other income and (deductions)
|
78
|
|
|
96
|
|
|
(18
|
)
|
|
(141
|
)
|
|
306
|
|
|
(447
|
)
|
||||||
|
Income before income taxes
|
389
|
|
|
593
|
|
|
(204
|
)
|
|
800
|
|
|
749
|
|
|
51
|
|
||||||
|
Income taxes
|
78
|
|
|
239
|
|
|
161
|
|
|
110
|
|
|
215
|
|
|
105
|
|
||||||
|
Equity in losses of unconsolidated affiliates
|
(11
|
)
|
|
(8
|
)
|
|
(3
|
)
|
|
(23
|
)
|
|
(26
|
)
|
|
3
|
|
||||||
|
Net income
|
300
|
|
|
346
|
|
|
(46
|
)
|
|
667
|
|
|
508
|
|
|
159
|
|
||||||
|
Net income attributable to noncontrolling interests
|
66
|
|
|
42
|
|
|
(24
|
)
|
|
120
|
|
|
21
|
|
|
(99
|
)
|
||||||
|
Net income attributable to membership interest
|
$
|
234
|
|
|
$
|
304
|
|
|
$
|
(70
|
)
|
|
$
|
547
|
|
|
$
|
487
|
|
|
$
|
60
|
|
|
(a)
|
Generation evaluates its operating performance using the measure of revenue net of purchased power and fuel expense. Generation believes that revenue net of purchased power and fuel expense is a useful measurement because it provides information that can be used to evaluate its operational performance. Revenue net of purchased power and fuel expense is not a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information provided elsewhere in this report.
|
|
•
|
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, which includes portions of Illinois, Pennsylvania, Indiana, Ohio, Michigan, Kentucky and Tennessee, and the United States footprint of MISO, excluding MISO’s Southern Region, which covers all or most of North Dakota,
|
|
•
|
New England
represents the operations within ISO-NE covering the states of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.
|
|
•
|
New York
represents operations within ISO-NY, which covers the state of New York in its entirety.
|
|
•
|
ERCOT
represents operations within Electric Reliability Council of Texas, covering most of the state of Texas.
|
|
•
|
Other Power Regions
:
|
|
•
|
South
represents operations in the FRCC, MISO’s Southern Region, and the remaining portions of the SERC not included within MISO or PJM, which includes all or most of Florida, Arkansas, Louisiana, Mississippi, Alabama, Georgia, Tennessee, North Carolina, South Carolina and parts of Missouri, Kentucky and Texas. Generation’s South region also includes operations in the SPP, covering Kansas, Oklahoma, most of Nebraska and parts of New Mexico, Texas, Louisiana, Missouri, Mississippi and Arkansas.
|
|
•
|
West
represents operations in the WECC, which includes California ISO, and covers the states of California, Oregon, Washington, Arizona, Nevada, Utah, Idaho, Colorado, and parts of New Mexico, Wyoming and South Dakota.
|
|
•
|
Canada
represents operations across the entire country of Canada and includes AESO, OIESO and the Canadian portion of MISO.
|
|
|
Three Months Ended
September 30, |
|
Variance
|
|
% Change
|
|
Nine Months Ended
September 30, |
|
Variance
|
|
% Change
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||||||||
|
Mid-Atlantic
(a)
|
$
|
763
|
|
|
$
|
855
|
|
|
$
|
(92
|
)
|
|
(10.8
|
)%
|
|
$
|
2,348
|
|
|
$
|
2,411
|
|
|
$
|
(63
|
)
|
|
(2.6
|
)%
|
|
Midwest
(b)
|
768
|
|
|
697
|
|
|
71
|
|
|
10.2
|
%
|
|
2,400
|
|
|
2,140
|
|
|
260
|
|
|
12.1
|
%
|
||||||
|
New England
|
81
|
|
|
145
|
|
|
(64
|
)
|
|
(44.1
|
)%
|
|
298
|
|
|
403
|
|
|
(105
|
)
|
|
(26.1
|
)%
|
||||||
|
New York
(d)
|
292
|
|
|
295
|
|
|
(3
|
)
|
|
(1.0
|
)%
|
|
841
|
|
|
707
|
|
|
134
|
|
|
19.0
|
%
|
||||||
|
ERCOT
|
98
|
|
|
118
|
|
|
(20
|
)
|
|
(16.9
|
)%
|
|
216
|
|
|
258
|
|
|
(42
|
)
|
|
(16.3
|
)%
|
||||||
|
Other Power Regions
|
99
|
|
|
68
|
|
|
31
|
|
|
45.6
|
%
|
|
309
|
|
|
220
|
|
|
89
|
|
|
40.5
|
%
|
||||||
|
Total electric revenue net of purchased power and fuel expense
|
2,101
|
|
|
2,178
|
|
|
(77
|
)
|
|
(3.5
|
)%
|
|
6,412
|
|
|
6,139
|
|
|
273
|
|
|
4.4
|
%
|
||||||
|
Proprietary Trading
|
5
|
|
|
4
|
|
|
1
|
|
|
25.0
|
%
|
|
39
|
|
|
11
|
|
|
28
|
|
|
254.5
|
%
|
||||||
|
Mark-to-market gains (losses)
|
71
|
|
|
73
|
|
|
(2
|
)
|
|
(2.7
|
)%
|
|
(104
|
)
|
|
(161
|
)
|
|
57
|
|
|
(35.4
|
)%
|
||||||
|
Other
(c)
|
121
|
|
|
164
|
|
|
(43
|
)
|
|
(26.2
|
)%
|
|
469
|
|
|
568
|
|
|
(99
|
)
|
|
(17.4
|
)%
|
||||||
|
Total revenue net of purchased power and fuel expense
|
$
|
2,298
|
|
|
$
|
2,419
|
|
|
$
|
(121
|
)
|
|
(5.0
|
)%
|
|
$
|
6,816
|
|
|
$
|
6,557
|
|
|
$
|
259
|
|
|
3.9
|
%
|
|
(a)
|
Results of transactions with PECO and BGE are included in the Mid-Atlantic region. Results of transactions with Pepco, DPL and ACE are included in the Mid-Atlantic region.
|
|
(b)
|
Results of transactions with ComEd are included in the Midwest region.
|
|
(c)
|
Other represents activities not allocated to a region. See text above for a description of included activities. Includes amortization of intangible assets related to commodity contracts recorded at fair value of a
$19 million
decrease to revenue net of purchased power and fuel expense for the three months ended September 30,
2017
, and accelerated nuclear fuel amortization associated with announced early plant retirements as discussed in Note
8
—
Early Plant Retirements
of the Combined Notes to Consolidated Financial Statements of a
$18 million
decrease and
$6 million
decrease to revenue net of purchased power and fuel expense for the
three months ended September 30, 2018
and
2017
, respectively. Also includes amortization of intangible assets related to commodity contracts recorded at fair value of a
$41 million
decrease to revenue net of purchased power and fuel expense for the nine months ended September 30,
2017
, and accelerated nuclear fuel amortization associated with announced early plant retirements as discussed in Note
8
—
Early Plant Retirements
of the Combined Notes to Consolidated Financial Statements of a
$53 million
decrease and
$8 million
decrease to revenue net of purchased power and fuel expense for the
nine months ended September 30, 2018
and
2017
, respectively.
|
|
(d)
|
Includes the ownership of the FitzPatrick nuclear facility from March 31, 2017.
|
|
|
Three Months Ended
September 30, |
|
Variance
|
|
% Change
|
|
Nine Months Ended
September 30, |
|
Variance
|
|
% Change
|
||||||||||||
|
Supply source (GWhs)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
|
Nuclear Generation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Mid-Atlantic
(a)
|
16,197
|
|
|
16,480
|
|
|
(283
|
)
|
|
(1.7
|
)%
|
|
48,924
|
|
|
48,271
|
|
|
653
|
|
|
1.4
|
%
|
|
Midwest
|
23,834
|
|
|
24,362
|
|
|
(528
|
)
|
|
(2.2
|
)%
|
|
70,532
|
|
|
69,422
|
|
|
1,110
|
|
|
1.6
|
%
|
|
New York
(a)(c)
|
6,518
|
|
|
6,905
|
|
|
(387
|
)
|
|
(5.6
|
)%
|
|
19,758
|
|
|
17,623
|
|
|
2,135
|
|
|
12.1
|
%
|
|
Total Nuclear Generation
|
46,549
|
|
|
47,747
|
|
|
(1,198
|
)
|
|
(2.5
|
)%
|
|
139,214
|
|
|
135,316
|
|
|
3,898
|
|
|
2.9
|
%
|
|
Fossil and Renewables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Mid-Atlantic
|
853
|
|
|
596
|
|
|
257
|
|
|
43.1
|
%
|
|
2,660
|
|
|
2,330
|
|
|
330
|
|
|
14.2
|
%
|
|
Midwest
|
244
|
|
|
218
|
|
|
26
|
|
|
11.9
|
%
|
|
1,020
|
|
|
1,053
|
|
|
(33
|
)
|
|
(3.1
|
)%
|
|
New England
|
1,339
|
|
|
1,919
|
|
|
(580
|
)
|
|
(30.2
|
)%
|
|
4,189
|
|
|
5,921
|
|
|
(1,732
|
)
|
|
(29.3
|
)%
|
|
New York
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
%
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
%
|
|
ERCOT
|
3,137
|
|
|
5,703
|
|
|
(2,566
|
)
|
|
(45.0
|
)%
|
|
8,389
|
|
|
9,388
|
|
|
(999
|
)
|
|
(10.6
|
)%
|
|
Other Power Regions
|
2,289
|
|
|
2,149
|
|
|
140
|
|
|
6.5
|
%
|
|
6,503
|
|
|
5,656
|
|
|
847
|
|
|
15.0
|
%
|
|
Total Fossil and Renewables
|
7,863
|
|
|
10,586
|
|
|
(2,723
|
)
|
|
(25.7
|
)%
|
|
22,764
|
|
|
24,351
|
|
|
(1,587
|
)
|
|
(6.5
|
)%
|
|
Purchased Power
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Mid-Atlantic
|
3,504
|
|
|
2,541
|
|
|
963
|
|
|
37.9
|
%
|
|
4,828
|
|
|
8,840
|
|
|
(4,012
|
)
|
|
(45.4
|
)%
|
|
Midwest
|
174
|
|
|
217
|
|
|
(43
|
)
|
|
(19.8
|
)%
|
|
733
|
|
|
1,018
|
|
|
(285
|
)
|
|
(28.0
|
)%
|
|
New England
|
7,217
|
|
|
4,513
|
|
|
2,704
|
|
|
59.9
|
%
|
|
18,607
|
|
|
13,920
|
|
|
4,687
|
|
|
33.7
|
%
|
|
New York
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
28
|
|
|
(28
|
)
|
|
(100.0
|
)%
|
|
ERCOT
|
1,811
|
|
|
1,199
|
|
|
612
|
|
|
51.0
|
%
|
|
5,504
|
|
|
5,724
|
|
|
(220
|
)
|
|
(3.8
|
)%
|
|
Other Power Regions
|
5,488
|
|
|
3,982
|
|
|
1,506
|
|
|
37.8
|
%
|
|
14,124
|
|
|
10,357
|
|
|
3,767
|
|
|
36.4
|
%
|
|
Total Purchased Power
|
18,194
|
|
|
12,452
|
|
|
5,742
|
|
|
46.1
|
%
|
|
43,796
|
|
|
39,887
|
|
|
3,909
|
|
|
9.8
|
%
|
|
Total Supply/Sales by Region
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Mid-Atlantic
(b)
|
20,554
|
|
|
19,617
|
|
|
937
|
|
|
4.8
|
%
|
|
56,412
|
|
|
59,441
|
|
|
(3,029
|
)
|
|
(5.1
|
)%
|
|
Midwest
(b)
|
24,252
|
|
|
24,797
|
|
|
(545
|
)
|
|
(2.2
|
)%
|
|
72,285
|
|
|
71,493
|
|
|
792
|
|
|
1.1
|
%
|
|
New England
|
8,556
|
|
|
6,432
|
|
|
2,124
|
|
|
33.0
|
%
|
|
22,796
|
|
|
19,841
|
|
|
2,955
|
|
|
14.9
|
%
|
|
New York
|
6,519
|
|
|
6,906
|
|
|
(387
|
)
|
|
(5.6
|
)%
|
|
19,761
|
|
|
17,654
|
|
|
2,107
|
|
|
11.9
|
%
|
|
ERCOT
|
4,948
|
|
|
6,902
|
|
|
(1,954
|
)
|
|
(28.3
|
)%
|
|
13,893
|
|
|
15,112
|
|
|
(1,219
|
)
|
|
(8.1
|
)%
|
|
Other Power Regions
|
7,777
|
|
|
6,131
|
|
|
1,646
|
|
|
26.8
|
%
|
|
20,627
|
|
|
16,013
|
|
|
4,614
|
|
|
28.8
|
%
|
|
Total Supply/Sales by Region
|
72,606
|
|
|
70,785
|
|
|
1,821
|
|
|
2.6
|
%
|
|
205,774
|
|
|
199,554
|
|
|
6,220
|
|
|
3.1
|
%
|
|
(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 and BGE in the Mid-Atlantic region, affiliate sales to ComEd in the Midwest region and affiliate sales to Pepco, DPL and ACE in the Mid-Atlantic region.
|
|
(c)
|
Includes the ownership of the FitzPatrick nuclear facility from March 31, 2017.
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
|
Nuclear fleet capacity factor
(a)
|
93.6
|
%
|
|
96.1
|
%
|
|
94.4
|
%
|
|
93.7
|
%
|
|
Refueling outage days
(a)
|
36
|
|
|
13
|
|
|
198
|
|
|
233
|
|
|
Non-refueling outage days
(a)
|
12
|
|
|
15
|
|
|
20
|
|
|
35
|
|
|
(a)
|
Reflects ownership percentage of stations operated by Exelon. Excludes Salem, which is operated by PSEG Nuclear, LLC. Includes the ownership of the FitzPatrick nuclear facility from March 31, 2017.
|
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||
|
|
Increase (Decrease)
(a)
|
|
Increase (Decrease)
(a)
|
||||
|
Labor, other benefits, contracting, materials
(b)
|
$
|
(50
|
)
|
|
$
|
(163
|
)
|
|
Nuclear refueling outage costs, including the co-owned Salem plants
(c)
|
40
|
|
|
(56
|
)
|
||
|
Insurance
(d)
|
(2
|
)
|
|
(38
|
)
|
||
|
Merger and integration costs
(e)
|
(11
|
)
|
|
(66
|
)
|
||
|
Plant retirements and divestitures
(f)
|
90
|
|
|
47
|
|
||
|
Change in environmental liabilities
|
(12
|
)
|
|
(5
|
)
|
||
|
Long-lived asset impairments
(g)
|
(33
|
)
|
|
(411
|
)
|
||
|
Pension and non-pension postretirement benefits expense
|
(7
|
)
|
|
(18
|
)
|
||
|
Allowance for uncollectible accounts
|
(3
|
)
|
|
(13
|
)
|
||
|
Other
|
(18
|
)
|
|
(30
|
)
|
||
|
Decrease in Operating and maintenance expense
|
$
|
(6
|
)
|
|
$
|
(753
|
)
|
|
(a)
|
The financial results include Generation's acquisition of the FitzPatrick nuclear generating station from March 31, 2017.
|
|
(b)
|
Primarily reflects decreased spending related to energy efficiency projects and decreased costs related to the sale of Generation's electrical contracting business in 2018.
|
|
(c)
|
Primarily reflects an increase in the number of nuclear outage days for the
three months ended September 30, 2018
compared to the same period in
2017
and a decrease in the number of nuclear outage days for the
nine months ended September 30, 2018
compared to the same period in
2017
.
|
|
(d)
|
Primarily reflects the impact of a supplemental NEIL insurance distribution.
|
|
(e)
|
Primarily reflects certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities related to the PHI and FitzPatrick acquisitions in 2017, and the PHI acquisition in 2018.
|
|
(f)
|
Primarily reflects one-time charges associated with Generation’s decision to early retire the Oyster Creek nuclear facility including ARO in 2018 and the TMI nuclear facility in 2017.
|
|
(g)
|
Primarily reflects charges to earnings related to the impairment of the EGTP assets held for sale in 2017, and in 2018 the impairment of certain wind projects at Generation.
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Net unrealized gains (losses) on decommissioning trust funds
|
$
|
72
|
|
|
$
|
111
|
|
|
$
|
(143
|
)
|
|
$
|
347
|
|
|
Net realized gains on sale of decommissioning trust funds
|
29
|
|
|
33
|
|
|
164
|
|
|
82
|
|
||||
|
|
Three Months Ended
September 30, |
|
Favorable
(Unfavorable)
Variance
|
|
Nine Months Ended
September 30, |
|
Favorable
(Unfavorable)
Variance
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
|
Operating revenues
|
$
|
1,598
|
|
|
$
|
1,571
|
|
|
$
|
27
|
|
|
$
|
4,508
|
|
|
$
|
4,227
|
|
|
$
|
281
|
|
|
Purchased power expense
|
619
|
|
|
529
|
|
|
(90
|
)
|
|
1,702
|
|
|
1,241
|
|
|
(461
|
)
|
||||||
|
Revenues net of purchased power expense
(a)(b)
|
979
|
|
|
1,042
|
|
|
(63
|
)
|
|
2,806
|
|
|
2,986
|
|
|
(180
|
)
|
||||||
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating and maintenance
|
337
|
|
|
346
|
|
|
9
|
|
|
974
|
|
|
1,096
|
|
|
122
|
|
||||||
|
Depreciation and amortization
|
237
|
|
|
212
|
|
|
(25
|
)
|
|
696
|
|
|
631
|
|
|
(65
|
)
|
||||||
|
Taxes other than income
|
82
|
|
|
80
|
|
|
(2
|
)
|
|
238
|
|
|
223
|
|
|
(15
|
)
|
||||||
|
Total other operating expenses
|
656
|
|
|
638
|
|
|
(18
|
)
|
|
1,908
|
|
|
1,950
|
|
|
42
|
|
||||||
|
Gain on sales of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||||
|
Operating income
|
323
|
|
|
404
|
|
|
(81
|
)
|
|
903
|
|
|
1,036
|
|
|
(133
|
)
|
||||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense, net
|
(85
|
)
|
|
(89
|
)
|
|
4
|
|
|
(261
|
)
|
|
(275
|
)
|
|
14
|
|
||||||
|
Other, net
|
7
|
|
|
5
|
|
|
2
|
|
|
21
|
|
|
14
|
|
|
7
|
|
||||||
|
Total other income and (deductions)
|
(78
|
)
|
|
(84
|
)
|
|
6
|
|
|
(240
|
)
|
|
(261
|
)
|
|
21
|
|
||||||
|
Income before income taxes
|
245
|
|
|
320
|
|
|
(75
|
)
|
|
663
|
|
|
775
|
|
|
(112
|
)
|
||||||
|
Income taxes
|
52
|
|
|
131
|
|
|
79
|
|
|
140
|
|
|
328
|
|
|
188
|
|
||||||
|
Net income
|
$
|
193
|
|
|
$
|
189
|
|
|
$
|
4
|
|
|
$
|
523
|
|
|
$
|
447
|
|
|
$
|
76
|
|
|
(a)
|
ComEd evaluates its operating performance using the measure of Revenue net of purchased power expense. ComEd believes that Revenue net of purchased power expense is a useful measurement because it provides information that can be used to evaluate its operational performance. In general, ComEd only earns margin based on the delivery and transmission of electricity. ComEd has included its discussion of Revenue net of purchased power expense below as a complement to the financial information provided in accordance with GAAP. However, Revenue net of purchased power expense is not a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information provided elsewhere in this report.
|
|
(b)
|
For regulatory recovery mechanisms, including ComEd’s electric distribution and transmission formula rates, and riders, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
|
Electric
|
67
|
%
|
|
68
|
%
|
|
68
|
%
|
|
70
|
%
|
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||
|
|
Number of customers
|
|
% of total retail customers
|
|
Number of customers
|
|
% of total retail customers
|
||||
|
Electric
|
1,367,700
|
|
|
34
|
%
|
|
1,360,800
|
|
|
34
|
%
|
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||
|
Electric distribution revenue
|
$
|
(59
|
)
|
|
$
|
(126
|
)
|
|
Transmission revenue
|
(16
|
)
|
|
(32
|
)
|
||
|
Energy efficiency revenue
(a)
|
14
|
|
|
31
|
|
||
|
Regulatory required programs
(a)
|
(1
|
)
|
|
(95
|
)
|
||
|
Uncollectible accounts recovery, net
|
2
|
|
|
5
|
|
||
|
Other
|
(3
|
)
|
|
37
|
|
||
|
Total decrease
|
$
|
(63
|
)
|
|
$
|
(180
|
)
|
|
(a)
|
Beginning on June 1, 2017, ComEd is deferring energy efficiency costs as a regulatory asset that will be recovered through the energy efficiency formula rate over the weighted average useful life of the related energy efficiency measures.
|
|
Heating and Cooling Degree-Days
|
|
|
|
|
|
|
% Change
|
|||||||
|
Three Months Ended September 30,
|
2018
|
|
2017
|
|
Normal
|
2018 vs. 2017
|
|
2018 vs. Normal
|
||||||
|
Heating Degree-Days
|
56
|
|
|
42
|
|
|
97
|
|
|
33.3
|
%
|
|
(42.3
|
)%
|
|
Cooling Degree-Days
|
895
|
|
|
699
|
|
|
641
|
|
|
28.0
|
%
|
|
39.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|||||
|
Heating Degree-Days
|
3,993
|
|
|
3,269
|
|
|
3,972
|
|
|
22.1
|
%
|
|
0.5
|
%
|
|
Cooling Degree-Days
|
1,259
|
|
|
962
|
|
|
882
|
|
|
30.9
|
%
|
|
42.7
|
%
|
|
|
Three Months Ended
September 30, |
|
Increase
(Decrease)
|
|
Nine Months Ended
September 30, |
|
Increase (Decrease)
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
|
Operating and maintenance expense — baseline
|
$
|
336
|
|
|
$
|
344
|
|
|
$
|
(8
|
)
|
|
$
|
973
|
|
|
$
|
1,000
|
|
|
$
|
(27
|
)
|
|
Operating and maintenance expense — regulatory required programs
(a)
|
1
|
|
|
2
|
|
|
$
|
(1
|
)
|
|
1
|
|
|
96
|
|
|
(95
|
)
|
|||||
|
Total Operating and maintenance expense
|
$
|
337
|
|
|
$
|
346
|
|
|
$
|
(9
|
)
|
|
$
|
974
|
|
|
$
|
1,096
|
|
|
$
|
(122
|
)
|
|
(a)
|
Operating and maintenance expense for regulatory required programs are costs for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through approved regulated rates. An equal and offsetting amount has been reflected in Operating revenues.
|
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||
|
Baseline
|
|
|
|
||||
|
Labor, other benefits, contracting and materials
(a)
|
$
|
(1
|
)
|
|
$
|
(3
|
)
|
|
Pension and non-pension postretirement benefits expense
(a)
|
(1
|
)
|
|
(1
|
)
|
||
|
Storm-related costs
|
(5
|
)
|
|
(21
|
)
|
||
|
Uncollectible accounts expense — provision
(b)
|
7
|
|
|
11
|
|
||
|
Uncollectible accounts expense — recovery, net
(b)
|
(5
|
)
|
|
(6
|
)
|
||
|
BSC costs
(a)
|
(9
|
)
|
|
(8
|
)
|
||
|
Other
(a)
|
6
|
|
|
1
|
|
||
|
|
(8
|
)
|
|
(27
|
)
|
||
|
Regulatory required programs
|
|
|
|
||||
|
Energy efficiency and demand response programs
(c)
|
(1
|
)
|
|
(95
|
)
|
||
|
Decrease in operating and maintenance expense
|
$
|
(9
|
)
|
|
$
|
(122
|
)
|
|
(a)
|
Includes additional costs associated with mutual assistance programs. An equal and offsetting increase has been recognized in Operating revenues for the period presented.
|
|
(b)
|
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, 2018
, ComEd recorded a net increase 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.
|
|
(c)
|
Beginning June 1, 2017, ComEd is deferring energy efficiency costs as a regulatory asset that will be recovered through the energy efficiency formula rate over the weighted average useful life of the related energy efficiency measures.
|
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||
|
|
Increase
|
|
Increase
|
||||
|
Depreciation expense
(a)
|
$
|
9
|
|
|
$
|
30
|
|
|
Regulatory asset amortization
(b)
|
16
|
|
|
35
|
|
||
|
Total increase
|
$
|
25
|
|
|
$
|
65
|
|
|
(a)
|
Primarily reflects ongoing capital expenditures for the
three and nine months ended September 30, 2018
.
|
|
(b)
|
Beginning in June 2017, includes amortization of ComEd's energy efficiency formula rate regulatory asset.
|
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||
|
Interest expense related to uncertain tax positions
(a)
|
$
|
—
|
|
|
$
|
(13
|
)
|
|
Interest expense on debt (including financing trusts)
|
(2
|
)
|
|
2
|
|
||
|
Other
|
(2
|
)
|
|
(3
|
)
|
||
|
Total decrease
|
$
|
(4
|
)
|
|
$
|
(14
|
)
|
|
(a)
|
Primarily reflects additional interest recorded in the second quarter of 2017 related to Exelon's like-kind exchange tax position.
|
|
Retail Deliveries to Customers (in GWhs)
|
Three Months Ended
September 30, |
|
% Change
|
|
Weather-
Normal
% Change
|
|
Nine Months Ended
September 30, |
|
% Change
|
|
Weather-
Normal
% Change
|
||||||||||||
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
|||||||||||||||
|
Retail Deliveries
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Residential
|
8,845
|
|
|
8,004
|
|
|
10.5
|
%
|
|
(1.5
|
)%
|
|
22,019
|
|
|
20,164
|
|
|
9.2
|
%
|
|
0.1
|
%
|
|
Small commercial & industrial
|
8,626
|
|
|
8,488
|
|
|
1.6
|
%
|
|
(1.0
|
)%
|
|
24,204
|
|
|
23,634
|
|
|
2.4
|
%
|
|
—
|
%
|
|
Large commercial & industrial
|
7,450
|
|
|
7,232
|
|
|
3.0
|
%
|
|
1.1
|
%
|
|
21,398
|
|
|
20,712
|
|
|
3.3
|
%
|
|
1.6
|
%
|
|
Public authorities & electric railroads
|
301
|
|
|
302
|
|
|
(0.3
|
)%
|
|
(0.5
|
)%
|
|
947
|
|
|
928
|
|
|
2.0
|
%
|
|
1.2
|
%
|
|
Total retail deliveries
|
25,222
|
|
|
24,026
|
|
|
5.0
|
%
|
|
(0.5
|
)%
|
|
68,568
|
|
|
65,438
|
|
|
4.8
|
%
|
|
0.6
|
%
|
|
|
As of September 30,
|
||||
|
Number of Electric Customers
|
2018
|
|
2017
|
||
|
Residential
|
3,635,678
|
|
|
3,610,091
|
|
|
Small commercial & industrial
|
380,529
|
|
|
376,309
|
|
|
Large commercial & industrial
|
1,994
|
|
|
1,954
|
|
|
Public authorities & electric railroads
|
4,767
|
|
|
4,763
|
|
|
Total
|
4,022,968
|
|
|
3,993,117
|
|
|
(a)
|
Reflects delivery volume from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges.
|
|
|
Three Months Ended
September 30, |
|
Favorable
(Unfavorable)
Variance
|
|
Nine Months Ended
September 30, |
|
Favorable
(Unfavorable) Variance |
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
|
Operating revenues
|
$
|
757
|
|
|
$
|
715
|
|
|
$
|
42
|
|
|
$
|
2,275
|
|
|
$
|
2,141
|
|
|
$
|
134
|
|
|
Purchased power and fuel expense
|
263
|
|
|
235
|
|
|
(28
|
)
|
|
818
|
|
|
719
|
|
|
(99
|
)
|
||||||
|
Revenues net of purchased power and fuel expense
(a)
|
494
|
|
|
480
|
|
|
14
|
|
|
1,457
|
|
|
1,422
|
|
|
35
|
|
||||||
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating and maintenance
|
219
|
|
|
197
|
|
|
(22
|
)
|
|
686
|
|
|
595
|
|
|
(91
|
)
|
||||||
|
Depreciation and amortization
|
75
|
|
|
72
|
|
|
(3
|
)
|
|
224
|
|
|
213
|
|
|
(11
|
)
|
||||||
|
Taxes other than income
|
46
|
|
|
42
|
|
|
(4
|
)
|
|
125
|
|
|
116
|
|
|
(9
|
)
|
||||||
|
Total other operating expenses
|
340
|
|
|
311
|
|
|
(29
|
)
|
|
1,035
|
|
|
924
|
|
|
(111
|
)
|
||||||
|
Gain on sales of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
|
Operating income
|
154
|
|
|
169
|
|
|
(15
|
)
|
|
423
|
|
|
498
|
|
|
(75
|
)
|
||||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense, net
|
(32
|
)
|
|
(31
|
)
|
|
(1
|
)
|
|
(96
|
)
|
|
(93
|
)
|
|
(3
|
)
|
||||||
|
Other, net
|
2
|
|
|
2
|
|
|
—
|
|
|
4
|
|
|
6
|
|
|
(2
|
)
|
||||||
|
Total other income and (deductions)
|
(30
|
)
|
|
(29
|
)
|
|
(1
|
)
|
|
(92
|
)
|
|
(87
|
)
|
|
(5
|
)
|
||||||
|
Income before income taxes
|
124
|
|
|
140
|
|
|
(16
|
)
|
|
331
|
|
|
411
|
|
|
(80
|
)
|
||||||
|
Income taxes
|
(2
|
)
|
|
28
|
|
|
30
|
|
|
(5
|
)
|
|
84
|
|
|
89
|
|
||||||
|
Net income
|
$
|
126
|
|
|
$
|
112
|
|
|
$
|
14
|
|
|
$
|
336
|
|
|
$
|
327
|
|
|
$
|
9
|
|
|
(a)
|
PECO evaluates its operating performance using the measures of revenue net of purchased power expense for electric sales and revenue net of fuel expense for gas sales. PECO believes revenue net of purchased power expense and revenue net of fuel expense are useful measurements of its performance because they provide information that can be used to evaluate its net revenue from operations. PECO has included the analysis below as a complement to the financial information provided in accordance with GAAP. However, revenue net of purchased power expense and revenue net of fuel expense figures are not presentations defined under GAAP and may not be comparable to other companies’ presentations or more useful than the GAAP information provided elsewhere in this report.
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
|
Electric
|
68
|
%
|
|
70
|
%
|
|
69
|
%
|
|
71
|
%
|
|
Natural Gas
|
31
|
%
|
|
29
|
%
|
|
26
|
%
|
|
26
|
%
|
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||
|
|
Number of customers
|
|
% of total retail customers
|
|
Number of customers
|
|
% of total retail customers
|
||||
|
Electric
|
536,000
|
|
|
33
|
%
|
|
570,500
|
|
|
35
|
%
|
|
Natural Gas
|
88,900
|
|
|
17
|
%
|
|
82,600
|
|
|
16
|
%
|
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||||||||||||||||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||||||||||||||||||
|
|
Electric
|
|
Natural Gas
|
|
Total
|
|
Electric
|
|
Natural Gas
|
|
Total
|
||||||||||||
|
Weather
|
$
|
20
|
|
|
$
|
1
|
|
|
$
|
21
|
|
|
$
|
39
|
|
|
$
|
19
|
|
|
$
|
58
|
|
|
Volume
|
17
|
|
|
(1
|
)
|
|
16
|
|
|
26
|
|
|
2
|
|
|
28
|
|
||||||
|
Pricing
|
(36
|
)
|
|
3
|
|
|
(33
|
)
|
|
(66
|
)
|
|
(5
|
)
|
|
(71
|
)
|
||||||
|
Regulatory required programs
|
7
|
|
|
—
|
|
|
7
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||||
|
Other
|
3
|
|
|
—
|
|
|
3
|
|
|
18
|
|
|
(3
|
)
|
|
15
|
|
||||||
|
Total increase
|
$
|
11
|
|
|
$
|
3
|
|
|
$
|
14
|
|
|
$
|
22
|
|
|
$
|
13
|
|
|
$
|
35
|
|
|
Heating and Cooling Degree-Days
|
|
|
Normal
|
|
% Change
|
|||||||||
|
Three Months Ended September 30,
|
2018
|
|
2017
|
From 2017
|
|
2018 vs. Normal
|
||||||||
|
Heating Degree-Days
|
13
|
|
|
14
|
|
|
27
|
|
|
(7.1
|
)%
|
|
(51.9
|
)%
|
|
Cooling Degree-Days
|
1,124
|
|
|
989
|
|
|
999
|
|
|
13.7
|
%
|
|
12.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|||||
|
Heating Degree-Days
|
2,892
|
|
|
2,437
|
|
|
2,912
|
|
|
18.7
|
%
|
|
(0.7
|
)%
|
|
Cooling Degree-Days
|
1,506
|
|
|
1,404
|
|
|
1,383
|
|
|
7.3
|
%
|
|
8.9
|
%
|
|
|
Three Months Ended
September 30, |
|
Increase
(Decrease)
|
|
Nine Months Ended
September 30, |
|
Increase
(Decrease) |
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
|
Operating and maintenance expense — baseline
|
$
|
198
|
|
|
$
|
183
|
|
|
$
|
15
|
|
|
$
|
632
|
|
|
$
|
552
|
|
|
$
|
80
|
|
|
Operating and maintenance expense — regulatory required programs
(a)
|
21
|
|
|
14
|
|
|
7
|
|
|
54
|
|
|
43
|
|
|
11
|
|
||||||
|
Total Operating and maintenance expense
|
$
|
219
|
|
|
$
|
197
|
|
|
$
|
22
|
|
|
$
|
686
|
|
|
$
|
595
|
|
|
$
|
91
|
|
|
(a)
|
Operating and maintenance expenses for regulatory required programs are costs for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through approved regulated rates. An equal and offsetting amount has been reflected in Operating revenues.
|
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||
|
Baseline
|
|
|
|
||||
|
Labor, other benefits, contracting and materials
|
$
|
(1
|
)
|
|
$
|
10
|
|
|
Storm-related costs
(a)
|
2
|
|
|
61
|
|
||
|
Pension and non-pension postretirement benefits expense
|
(2
|
)
|
|
(5
|
)
|
||
|
Uncollectible accounts expense
|
6
|
|
|
8
|
|
||
|
Other
|
10
|
|
|
6
|
|
||
|
|
15
|
|
|
80
|
|
||
|
Regulatory Required Programs
|
|
|
|
||||
|
Energy efficiency
|
7
|
|
|
11
|
|
||
|
Total increase
|
$
|
22
|
|
|
$
|
91
|
|
|
(a)
|
Reflects increased costs incurred from the Q1 2018 winter storms.
|
|
Retail Deliveries to Customers (in GWhs)
|
Three Months Ended
September 30, |
|
% Change
|
|
Weather -
Normal
% Change
|
|
Nine Months Ended
September 30, |
|
% Change
|
|
Weather -
Normal % Change |
||||||||||||
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
|||||||||||||||
|
Retail Deliveries
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Residential
|
4,166
|
|
|
3,752
|
|
|
11.0
|
%
|
|
4.7
|
%
|
|
10,741
|
|
|
9,939
|
|
|
8.1
|
%
|
|
2.8
|
%
|
|
Small commercial & industrial
|
2,315
|
|
|
2,158
|
|
|
7.3
|
%
|
|
2.0
|
%
|
|
6,273
|
|
|
6,048
|
|
|
3.7
|
%
|
|
0.4
|
%
|
|
Large commercial & industrial
|
4,378
|
|
|
4,137
|
|
|
5.8
|
%
|
|
4.9
|
%
|
|
11,892
|
|
|
11,593
|
|
|
2.6
|
%
|
|
2.5
|
%
|
|
Public authorities & electric railroads
|
189
|
|
|
198
|
|
|
(4.5
|
)%
|
|
(4.8
|
)%
|
|
568
|
|
|
618
|
|
|
(8.1
|
)%
|
|
(7.7
|
)%
|
|
Total retail deliveries
|
11,048
|
|
|
10,245
|
|
|
7.8
|
%
|
|
4.0
|
%
|
|
29,474
|
|
|
28,198
|
|
|
4.5
|
%
|
|
1.9
|
%
|
|
|
As of September 30,
|
||||
|
Number of Electric Customers
|
2018
|
|
2017
|
||
|
Residential
|
1,476,914
|
|
|
1,463,906
|
|
|
Small commercial & industrial
|
152,253
|
|
|
150,964
|
|
|
Large commercial & industrial
|
3,124
|
|
|
3,112
|
|
|
Public authorities & electric railroads
|
9,561
|
|
|
9,665
|
|
|
Total
|
1,641,852
|
|
|
1,627,647
|
|
|
(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.
|
|
Deliveries to Customers (in mmcf)
|
Three Months Ended
September 30, |
|
% Change
|
|
Weather -
Normal
% Change
|
|
Nine Months Ended
September 30, |
|
% Change
|
|
Weather -
Normal
% Change
|
||||||||||||
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
|||||||||||||||
|
Retail Deliveries
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Residential
|
2,099
|
|
|
2,177
|
|
|
(3.6
|
)%
|
|
0.9
|
%
|
|
28,562
|
|
|
24,866
|
|
|
14.9
|
%
|
|
0.2
|
%
|
|
Small commercial & industrial
|
1,776
|
|
|
1,814
|
|
|
(2.1
|
)%
|
|
0.2
|
%
|
|
15,792
|
|
|
13,944
|
|
|
13.3
|
%
|
|
1.0
|
%
|
|
Large commercial & industrial
|
6
|
|
|
2
|
|
|
200.0
|
%
|
|
12.8
|
%
|
|
58
|
|
|
15
|
|
|
286.7
|
%
|
|
278.3
|
%
|
|
Transportation
|
5,693
|
|
|
5,674
|
|
|
0.3
|
%
|
|
3.2
|
%
|
|
19,242
|
|
|
19,122
|
|
|
0.6
|
%
|
|
(3.8
|
)%
|
|
Total natural gas deliveries
|
9,574
|
|
|
9,667
|
|
|
(1.0
|
)%
|
|
1.6
|
%
|
|
63,654
|
|
|
57,947
|
|
|
9.8
|
%
|
|
(0.8
|
)%
|
|
|
As of September 30,
|
||||
|
Number of Natural Gas Customers
|
2018
|
|
2017
|
||
|
Residential
|
479,732
|
|
|
474,766
|
|
|
Small commercial & industrial
|
43,638
|
|
|
43,352
|
|
|
Large commercial & industrial
|
1
|
|
|
6
|
|
|
Transportation
|
761
|
|
|
771
|
|
|
Total
|
524,132
|
|
|
518,895
|
|
|
(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.
|
|
|
Three Months Ended
September 30, |
|
Favorable
(Unfavorable)
Variance
|
|
Nine Months Ended
September 30, |
|
Favorable
(Unfavorable)
Variance
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
|
Operating revenues
|
$
|
731
|
|
|
$
|
738
|
|
|
$
|
(7
|
)
|
|
$
|
2,369
|
|
|
$
|
2,363
|
|
|
$
|
6
|
|
|
Purchased power and fuel expense
|
272
|
|
|
269
|
|
|
(3
|
)
|
|
881
|
|
|
853
|
|
|
(28
|
)
|
||||||
|
Revenues net of purchased power and fuel expense
(a)
|
459
|
|
|
469
|
|
|
(10
|
)
|
|
1,488
|
|
|
1,510
|
|
|
(22
|
)
|
||||||
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating and maintenance
|
182
|
|
|
175
|
|
|
(7
|
)
|
|
578
|
|
|
532
|
|
|
(46
|
)
|
||||||
|
Depreciation and amortization
|
110
|
|
|
109
|
|
|
(1
|
)
|
|
358
|
|
|
348
|
|
|
(10
|
)
|
||||||
|
Taxes other than income
|
64
|
|
|
61
|
|
|
(3
|
)
|
|
188
|
|
|
180
|
|
|
(8
|
)
|
||||||
|
Total other operating expenses
|
356
|
|
|
345
|
|
|
(11
|
)
|
|
1,124
|
|
|
1,060
|
|
|
(64
|
)
|
||||||
|
Gain on sales of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
|
Operating income
|
103
|
|
|
124
|
|
|
(21
|
)
|
|
365
|
|
|
450
|
|
|
(85
|
)
|
||||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense, net
|
(27
|
)
|
|
(26
|
)
|
|
(1
|
)
|
|
(78
|
)
|
|
(80
|
)
|
|
2
|
|
||||||
|
Other, net
|
5
|
|
|
4
|
|
|
1
|
|
|
14
|
|
|
12
|
|
|
2
|
|
||||||
|
Total other income and (deductions)
|
(22
|
)
|
|
(22
|
)
|
|
—
|
|
|
(64
|
)
|
|
(68
|
)
|
|
4
|
|
||||||
|
Income before income taxes
|
81
|
|
|
102
|
|
|
(21
|
)
|
|
301
|
|
|
382
|
|
|
(81
|
)
|
||||||
|
Income taxes
|
18
|
|
|
40
|
|
|
22
|
|
|
59
|
|
|
151
|
|
|
92
|
|
||||||
|
Net income
|
$
|
63
|
|
|
$
|
62
|
|
|
$
|
1
|
|
|
$
|
242
|
|
|
$
|
231
|
|
|
$
|
11
|
|
|
(a)
|
BGE evaluates its operating performance using the measures of revenue net of purchased power expense for electric sales and revenue net of fuel expense for gas sales. BGE believes revenues net of purchased power and fuel expense are useful measurements of its performance because they provide information that can be used to evaluate its net revenue from operations. BGE has included the analysis below as a complement to the financial information provided in accordance with GAAP. However, revenues net of purchased power and fuel expense figures are not a presentation defined under GAAP and may not be comparable to other companies’ presentations or more useful than the GAAP information provided elsewhere in this report.
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
|
Electric
|
59
|
%
|
|
60
|
%
|
|
59
|
%
|
|
60
|
%
|
|
Natural Gas
|
76
|
%
|
|
74
|
%
|
|
56
|
%
|
|
57
|
%
|
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||
|
|
Number of Customers
|
|
% of total retail customers
|
|
Number of customers
|
|
% of total retail customers
|
||||
|
Electric
|
335,200
|
|
|
26
|
%
|
|
339,300
|
|
|
27
|
%
|
|
Natural Gas
|
147,400
|
|
|
22
|
%
|
|
148,600
|
|
|
22
|
%
|
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||||||||||||||||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||||||||||||||||||
|
|
Electric
|
|
Gas
|
|
Total
|
|
Electric
|
|
Gas
|
|
Total
|
||||||||||||
|
Distribution revenue
|
$
|
(17
|
)
|
|
$
|
(2
|
)
|
|
$
|
(19
|
)
|
|
$
|
(48
|
)
|
|
$
|
(19
|
)
|
|
$
|
(67
|
)
|
|
Regulatory required programs
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
3
|
|
|
2
|
|
|
5
|
|
||||||
|
Transmission revenue
|
6
|
|
|
—
|
|
|
6
|
|
|
23
|
|
|
—
|
|
|
23
|
|
||||||
|
Other, net
|
—
|
|
|
3
|
|
|
3
|
|
|
6
|
|
|
11
|
|
|
17
|
|
||||||
|
Total decrease
|
$
|
(10
|
)
|
|
$
|
—
|
|
|
$
|
(10
|
)
|
|
$
|
(16
|
)
|
|
$
|
(6
|
)
|
|
$
|
(22
|
)
|
|
Heating and Cooling Degree-Days
|
|
|
|
|
|
|
% Change
|
|||||||
|
Three Months Ended September 30,
|
2018
|
|
2017
|
|
Normal
|
|
2018 vs. 2017
|
|
2018 vs. Normal
|
|||||
|
Heating Degree-Days
|
31
|
|
|
64
|
|
|
76
|
|
|
(51.6
|
)%
|
|
(59.2
|
)%
|
|
Cooling Degree-Days
|
733
|
|
|
595
|
|
|
601
|
|
|
23.2
|
%
|
|
22.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|||||
|
Heating Degree-Days
|
2,969
|
|
|
2,524
|
|
|
2,974
|
|
|
17.6
|
%
|
|
(0.2
|
)%
|
|
Cooling Degree-Days
|
1,032
|
|
|
877
|
|
|
857
|
|
|
17.7
|
%
|
|
20.4
|
%
|
|
|
Three Months Ended
September 30, |
|
Increase
(Decrease)
|
|
Nine Months Ended
September 30, |
|
Increase
(Decrease) |
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
|
Operating and maintenance expense — baseline
|
$
|
180
|
|
|
$
|
172
|
|
|
$
|
8
|
|
|
$
|
572
|
|
|
$
|
520
|
|
|
$
|
52
|
|
|
Operating and maintenance expense — regulatory required programs
(a)
|
2
|
|
|
3
|
|
|
(1
|
)
|
|
6
|
|
|
12
|
|
|
(6
|
)
|
||||||
|
Total Operating and maintenance expense
|
$
|
182
|
|
|
$
|
175
|
|
|
$
|
7
|
|
|
$
|
578
|
|
|
$
|
532
|
|
|
$
|
46
|
|
|
(a)
|
Operating and maintenance expense for regulatory required programs are costs for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through approved regulated rates. An equal and offsetting amount has been reflected in Operating revenues.
|
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||
|
Baseline
|
|
|
|
||||
|
Storm-related costs
(a)
|
$
|
5
|
|
|
$
|
36
|
|
|
Labor, other benefits, contracting and materials
|
1
|
|
|
2
|
|
||
|
Uncollectible accounts expense
|
1
|
|
|
3
|
|
||
|
BSC costs
|
(1
|
)
|
|
4
|
|
||
|
Other
|
2
|
|
|
7
|
|
||
|
|
8
|
|
|
52
|
|
||
|
Regulatory Required Programs
|
|
|
|
||||
|
Other
|
(1
|
)
|
|
(6
|
)
|
||
|
Total increase
|
$
|
7
|
|
|
$
|
46
|
|
|
(a)
|
Reflects increased storm restoration costs incurred from storms in Q1 2018 and Q3 2018.
|
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||
|
Depreciation expense
(a)
|
$
|
8
|
|
|
$
|
17
|
|
|
Regulatory asset amortization
(b)
|
(8
|
)
|
|
(18
|
)
|
||
|
Regulatory required programs
(c)
|
1
|
|
|
11
|
|
||
|
Total increase
|
$
|
1
|
|
|
$
|
10
|
|
|
(a)
|
Depreciation expense increased due to ongoing capital expenditures.
|
|
(b)
|
Regulatory asset amortization decreased for the
three and nine
months ended
September 30, 2018
compared to the same period in
2017
primarily due to certain regulatory assets that became fully amortized as of December 31, 2017. See Note
6
—
Regulatory Matters
of the Combined Notes to Consolidated Financial Statements for additional information.
|
|
(c)
|
Depreciation and amortization expenses for regulatory required programs are recoverable from customers on a full and current basis through approved regulated rates. An equal and offsetting amount has been reflected in Operating revenues.
|
|
Retail Deliveries to Customers (in GWhs)
|
Three Months Ended
September 30, |
|
% Change
|
|
Weather -
Normal % Change |
|
Nine Months Ended
September 30, |
|
% Change
|
|
Weather -
Normal % Change |
||||||||||||
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
|||||||||||||||
|
Retail Deliveries
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Residential
|
3,663
|
|
|
3,370
|
|
|
8.7
|
%
|
|
1.8
|
%
|
|
9,960
|
|
|
9,126
|
|
|
9.1
|
%
|
|
1.8
|
%
|
|
Small commercial & industrial
|
825
|
|
|
785
|
|
|
5.1
|
%
|
|
(1.1
|
)%
|
|
2,309
|
|
|
2,210
|
|
|
4.5
|
%
|
|
(0.2
|
)%
|
|
Large commercial & industrial
|
3,909
|
|
|
3,781
|
|
|
3.4
|
%
|
|
0.6
|
%
|
|
10,661
|
|
|
10,422
|
|
|
2.3
|
%
|
|
(0.1
|
)%
|
|
Public authorities & electric railroads
|
64
|
|
|
64
|
|
|
—
|
%
|
|
(5.9
|
)%
|
|
200
|
|
|
204
|
|
|
(2.0
|
)%
|
|
(4.1
|
)%
|
|
Total electric deliveries
|
8,461
|
|
|
8,000
|
|
|
5.8
|
%
|
|
0.9
|
%
|
|
23,130
|
|
|
21,962
|
|
|
5.3
|
%
|
|
0.7
|
%
|
|
|
As of September 30,
|
||||
|
Number of Electric Customers
|
2018
|
|
2017
|
||
|
Residential
|
1,165,012
|
|
|
1,156,659
|
|
|
Small commercial & industrial
|
114,082
|
|
|
113,224
|
|
|
Large commercial & industrial
|
12,218
|
|
|
12,144
|
|
|
Public authorities & electric railroads
|
263
|
|
|
274
|
|
|
Total
|
1,291,575
|
|
|
1,282,301
|
|
|
(a)
|
Reflects delivery volumes from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges.
|
|
Deliveries to Customers (in mmcf)
|
Three Months Ended
September 30, |
|
% Change
|
|
Weather -
Normal % Change |
|
Nine Months Ended
September 30, |
|
% Change
|
|
Weather -
Normal % Change |
||||||||||||
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
|||||||||||||||
|
Retail Deliveries
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Residential
|
2,244
|
|
|
2,395
|
|
|
(6.3
|
)%
|
|
(4.5
|
)%
|
|
29,290
|
|
|
24,125
|
|
|
21.4
|
%
|
|
3.2
|
%
|
|
Small commercial & industrial
|
813
|
|
|
814
|
|
|
(0.1
|
)%
|
|
0.4
|
%
|
|
7,020
|
|
|
5,667
|
|
|
23.9
|
%
|
|
7.2
|
%
|
|
Large commercial & industrial
|
8,227
|
|
|
8,012
|
|
|
2.7
|
%
|
|
2.2
|
%
|
|
34,044
|
|
|
30,828
|
|
|
10.4
|
%
|
|
5.9
|
%
|
|
Other
(b)
|
3,144
|
|
|
68
|
|
|
4,523.5
|
%
|
|
n/a
|
|
|
11,183
|
|
|
2,463
|
|
|
354.0
|
%
|
|
n/a
|
|
|
Total natural gas deliveries
|
14,428
|
|
|
11,289
|
|
|
27.8
|
%
|
|
0.6
|
%
|
|
81,537
|
|
|
63,083
|
|
|
29.3
|
%
|
|
4.9
|
%
|
|
|
As of September 30,
|
||||
|
Number of Gas Customers
|
2018
|
|
2017
|
||
|
Residential
|
631,589
|
|
|
626,039
|
|
|
Small commercial & industrial
|
38,175
|
|
|
38,141
|
|
|
Large commercial & industrial
|
5,920
|
|
|
5,832
|
|
|
Total
|
675,684
|
|
|
670,012
|
|
|
(a)
|
Reflects delivery volumes from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges.
|
|
(b)
|
Other natural gas revenue includes off-system sales of
3,144
mmcfs and
68
mmcfs for the
three months ended September 30, 2018
and
2017
, respectively. Other natural gas revenue includes off-system sales of
11,183
mmcfs and
2,463
mmcfs for the
nine months ended September 30, 2018
and
2017
. respectively.
|
|
|
Three Months Ended
September 30, |
|
Favorable (Unfavorable) Variance
|
|
Nine Months Ended
September 30, |
|
Favorable
(Unfavorable)
Variance
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
|
Operating revenues
|
$
|
1,361
|
|
|
$
|
1,310
|
|
|
$
|
51
|
|
|
$
|
3,688
|
|
|
$
|
3,557
|
|
|
$
|
131
|
|
|
Purchased power and fuel expense
|
509
|
|
|
473
|
|
|
(36
|
)
|
|
1,410
|
|
|
1,318
|
|
|
(92
|
)
|
||||||
|
Revenues net of purchased power and fuel expense
(a)
|
852
|
|
|
837
|
|
|
15
|
|
|
2,278
|
|
|
2,239
|
|
|
39
|
|
||||||
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating and maintenance
|
292
|
|
|
251
|
|
|
(41
|
)
|
|
857
|
|
|
774
|
|
|
(83
|
)
|
||||||
|
Depreciation and amortization
|
192
|
|
|
179
|
|
|
(13
|
)
|
|
555
|
|
|
511
|
|
|
(44
|
)
|
||||||
|
Taxes other than income
|
123
|
|
|
122
|
|
|
(1
|
)
|
|
343
|
|
|
344
|
|
|
1
|
|
||||||
|
Total other operating expenses
|
607
|
|
|
552
|
|
|
(55
|
)
|
|
1,755
|
|
|
1,629
|
|
|
(126
|
)
|
||||||
|
Gain on sales of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
||||||
|
Operating income
|
245
|
|
|
285
|
|
|
(40
|
)
|
|
523
|
|
|
611
|
|
|
(88
|
)
|
||||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense, net
|
(65
|
)
|
|
(62
|
)
|
|
(3
|
)
|
|
(193
|
)
|
|
(183
|
)
|
|
(10
|
)
|
||||||
|
Other, net
|
11
|
|
|
13
|
|
|
(2
|
)
|
|
33
|
|
|
40
|
|
|
(7
|
)
|
||||||
|
Total other income and (deductions)
|
(54
|
)
|
|
(49
|
)
|
|
(5
|
)
|
|
(160
|
)
|
|
(143
|
)
|
|
(17
|
)
|
||||||
|
Income before income taxes
|
191
|
|
|
236
|
|
|
(45
|
)
|
|
363
|
|
|
468
|
|
|
(105
|
)
|
||||||
|
Income taxes
|
4
|
|
|
83
|
|
|
79
|
|
|
28
|
|
|
109
|
|
|
81
|
|
||||||
|
Equity in earnings of unconsolidated affiliate
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
|
Net income
|
$
|
187
|
|
|
$
|
153
|
|
|
$
|
34
|
|
|
$
|
336
|
|
|
$
|
359
|
|
|
$
|
(23
|
)
|
|
(a)
|
PHI evaluates its operating performance using the measure of revenue net of purchased power and fuel expense for electric and natural gas sales. PHI believes revenue net of purchased power and fuel expense is a useful measurement because it provides information that can be used to evaluate its operational performance. PHI has included the analysis below as a complement to the financial information provided in accordance with GAAP. However, Revenue net of purchased power and fuel expense is not a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information provided elsewhere in this report.
|
|
•
|
Increase of $22 million at Pepco due to a charge associated with a remeasurement of the Buzzard Point ARO; and
|
|
•
|
Increase of $14 million primarily due to deferral of accumulated merger integration costs as regulatory assets in 2017.
|
|
•
|
Increase of $28 million primarily due to deferral of accumulated merger integration costs as regulatory assets in 2017;
|
|
•
|
Net increase of $23 million in labor and contracting expense due to an increase of $32 million at Pepco, DPL and ACE partially offset by a decrease of $9 million at PHISCO as a result of the completion of integration transition activities; and
|
|
•
|
Increase of $22 million at Pepco due to a charge associated with a remeasurement of the Buzzard Point ARO.
|
|
|
Three Months Ended September 30,
|
|
Favorable (Unfavorable) Variance
|
|
Nine Months Ended September 30,
|
|
Favorable (Unfavorable) Variance
|
||||||||||||||||
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
|||||||||||||||
|
Operating revenues
|
$
|
628
|
|
|
$
|
604
|
|
|
$
|
24
|
|
|
$
|
1,708
|
|
|
$
|
1,649
|
|
|
$
|
59
|
|
|
Purchased power expense
|
177
|
|
|
168
|
|
|
(9
|
)
|
|
497
|
|
|
478
|
|
|
(19
|
)
|
||||||
|
Revenues net of purchased power expense
(a)
|
451
|
|
|
436
|
|
|
15
|
|
|
1,211
|
|
|
1,171
|
|
|
40
|
|
||||||
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating and maintenance
|
136
|
|
|
103
|
|
|
(33
|
)
|
|
383
|
|
|
336
|
|
|
(47
|
)
|
||||||
|
Depreciation and amortization
|
99
|
|
|
82
|
|
|
(17
|
)
|
|
286
|
|
|
242
|
|
|
(44
|
)
|
||||||
|
Taxes other than income
|
104
|
|
|
102
|
|
|
(2
|
)
|
|
288
|
|
|
282
|
|
|
(6
|
)
|
||||||
|
Total other operating expenses
|
339
|
|
|
287
|
|
|
(52
|
)
|
|
957
|
|
|
860
|
|
|
(97
|
)
|
||||||
|
Gain on sales of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
||||||
|
Operating income
|
112
|
|
|
149
|
|
|
(37
|
)
|
|
254
|
|
|
312
|
|
|
(58
|
)
|
||||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense, net
|
(32
|
)
|
|
(31
|
)
|
|
(1
|
)
|
|
(96
|
)
|
|
(89
|
)
|
|
(7
|
)
|
||||||
|
Other, net
|
7
|
|
|
7
|
|
|
—
|
|
|
23
|
|
|
22
|
|
|
1
|
|
||||||
|
Total other income and (deductions)
|
(25
|
)
|
|
(24
|
)
|
|
(1
|
)
|
|
(73
|
)
|
|
(67
|
)
|
|
(6
|
)
|
||||||
|
Income before income taxes
|
87
|
|
|
125
|
|
|
(38
|
)
|
|
181
|
|
|
245
|
|
|
(64
|
)
|
||||||
|
Income taxes
|
(2
|
)
|
|
38
|
|
|
40
|
|
|
7
|
|
|
57
|
|
|
50
|
|
||||||
|
Net income
|
$
|
89
|
|
|
$
|
87
|
|
|
$
|
2
|
|
|
$
|
174
|
|
|
$
|
188
|
|
|
$
|
(14
|
)
|
|
(a)
|
Pepco evaluates its operating performance using the measure of revenue net of purchased power expense for electric sales. Pepco believes revenue net of purchased power expense is a useful measurement because it provides information that can be used to evaluate its operational performance. Pepco has included the analysis below as a complement to the financial information provided in accordance with GAAP. However, Revenue net of purchased power expense is not a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information provided elsewhere in this report.
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
|
Electric
|
64
|
%
|
|
65
|
%
|
|
64
|
%
|
|
66
|
%
|
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||
|
|
Number of customers
|
|
% of total retail customers
|
|
Number of customers
|
|
% of total retail customers
|
||||
|
Electric
|
175,838
|
|
|
20
|
%
|
|
179,106
|
|
|
21
|
%
|
|
|
Three Months Ended September 30, 2018
|
|
Nine Months Ended September 30, 2018
|
||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||
|
Volume
|
$
|
3
|
|
|
$
|
9
|
|
|
Distribution revenue
|
6
|
|
|
9
|
|
||
|
Regulatory required programs
|
7
|
|
|
27
|
|
||
|
Transmission revenue
|
2
|
|
|
(5
|
)
|
||
|
Other
|
(3
|
)
|
|
—
|
|
||
|
Total increase
|
$
|
15
|
|
|
$
|
40
|
|
|
Heating and Cooling Degree-Days
|
|
|
|
|
% Change
|
|||||||||
|
Three Months Ended September 30,
|
2018
|
|
2017
|
|
Normal
|
|
2018 vs. 2017
|
|
2018 vs. Normal
|
|||||
|
Heating Degree-Days
|
2
|
|
|
8
|
|
|
13
|
|
|
(75.0
|
)%
|
|
(84.6
|
)%
|
|
Cooling Degree-Days
|
1,283
|
|
|
1,130
|
|
|
1,137
|
|
|
13.5
|
%
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Heating Degree-Days
|
2,458
|
|
|
1,963
|
|
|
2,448
|
|
|
25.2
|
%
|
|
0.4
|
%
|
|
Cooling Degree-Days
|
1,861
|
|
|
1,679
|
|
|
1,626
|
|
|
10.8
|
%
|
|
14.5
|
%
|
|
|
Three Months Ended
September 30, |
|
Increase (Decrease)
|
|
Nine Months Ended
September 30, |
|
Increase
(Decrease)
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
|
Operating and maintenance expense - baseline
|
$
|
133
|
|
|
$
|
99
|
|
|
$
|
34
|
|
|
$
|
374
|
|
|
$
|
326
|
|
|
$
|
48
|
|
|
Operating and maintenance expense - regulatory required programs
(a)
|
3
|
|
|
4
|
|
|
(1
|
)
|
|
9
|
|
|
10
|
|
|
(1
|
)
|
||||||
|
Total operating and maintenance expense
|
$
|
136
|
|
|
$
|
103
|
|
|
$
|
33
|
|
|
$
|
383
|
|
|
$
|
336
|
|
|
$
|
47
|
|
|
(a)
|
Operating and maintenance expenses for regulatory required programs are costs for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through approved regulated rates. An equal and offsetting amount has been reflected in Operating revenues.
|
|
|
Three Months Ended September 30, 2018
|
|
Nine Months Ended September 30, 2018
|
||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||
|
Baseline
|
|
|
|
||||
|
ARO update
(a)
|
22
|
|
|
22
|
|
||
|
Merger costs
(b)
|
8
|
|
|
14
|
|
||
|
Labor and contracting
(c)
|
(2
|
)
|
|
3
|
|
||
|
Other
|
6
|
|
|
9
|
|
||
|
|
34
|
|
|
48
|
|
||
|
|
|
|
|
||||
|
Regulatory required programs
|
(1
|
)
|
|
(1
|
)
|
||
|
Total increase
|
$
|
33
|
|
|
$
|
47
|
|
|
(a)
|
Reflects an increase primarily related to asbestos identified at the Buzzard Point property. See Note
13
-
Asset Retirement Obligations
of the Combined Notes to Consolidated Financial Statements for additional information.
|
|
(b)
|
Primarily due to a deferral of accumulated merger integration costs as regulatory assets in 2017.
|
|
(c)
|
Includes additional costs associated with mutual assistance programs. An equal and offsetting increase has been recognized in Operating revenues for the period presented.
|
|
|
Three Months Ended September 30, 2018
|
|
Nine Months Ended September 30, 2018
|
||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||
|
Depreciation expense
(a)
|
$
|
3
|
|
|
$
|
8
|
|
|
Regulatory asset amortization
(b)
|
10
|
|
|
16
|
|
||
|
Regulatory required programs
(c)
|
4
|
|
|
20
|
|
||
|
Total increase
|
$
|
17
|
|
|
$
|
44
|
|
|
(a)
|
Depreciation expense increased due to ongoing capital expenditures.
|
|
(b)
|
Regulatory asset amortization increased primarily due to additional regulatory assets related to rate case activity.
|
|
(c)
|
Regulatory required programs increased as a result of higher amortization of the DC PLUG regulatory asset. Depreciation and amortization expenses for regulatory required programs are recoverable from customers on a full and current basis through approved regulated rates. An equal and offsetting amount has been reflected in Operating revenues.
|
|
Retail Deliveries to Customers (in GWhs)
|
Three Months Ended
September 30, |
|
|
|
Weather - Normal % Change
|
|
Nine Months Ended
September 30, |
|
|
|
Weather - Normal % Change
|
||||||||||||
|
2018
|
|
2017
|
|
% Change
|
|
|
2018
|
|
2017
|
|
% Change
|
|
|||||||||||
|
Retail Deliveries
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Residential
|
2,446
|
|
|
2,281
|
|
|
7.2
|
%
|
|
1.4
|
%
|
|
6,528
|
|
|
6,038
|
|
|
8.1
|
%
|
|
0.1
|
%
|
|
Small commercial & industrial
|
327
|
|
|
347
|
|
|
(5.8
|
)%
|
|
(8.1
|
)%
|
|
982
|
|
|
999
|
|
|
(1.7
|
)%
|
|
(4.8
|
)%
|
|
Large commercial & industrial
|
4,298
|
|
|
4,146
|
|
|
3.7
|
%
|
|
1.3
|
%
|
|
11,661
|
|
|
11,306
|
|
|
3.1
|
%
|
|
1.0
|
%
|
|
Public authorities & electric railroads
|
181
|
|
|
180
|
|
|
0.6
|
%
|
|
—
|
%
|
|
531
|
|
|
542
|
|
|
(2.0
|
)%
|
|
(2.6
|
)%
|
|
Total retail deliveries
|
7,252
|
|
|
6,954
|
|
|
4.3
|
%
|
|
0.8
|
%
|
|
19,702
|
|
|
18,885
|
|
|
4.3
|
%
|
|
0.3
|
%
|
|
|
As of September 30,
|
||||
|
Number of Electric Customers
|
2018
|
|
2017
|
||
|
Residential
|
802,607
|
|
|
790,032
|
|
|
Small commercial & industrial
|
53,700
|
|
|
53,543
|
|
|
Large commercial & industrial
|
21,927
|
|
|
21,733
|
|
|
Public authorities & electric railroads
|
147
|
|
|
143
|
|
|
Total
|
878,381
|
|
|
865,451
|
|
|
(a)
|
Reflects delivery volumes from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges.
|
|
|
Three Months Ended September 30,
|
|
Favorable (Unfavorable) Variance
|
|
Nine Months Ended September 30,
|
|
Favorable (Unfavorable) Variance
|
||||||||||||||||
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
|||||||||||||||
|
Operating revenues
|
$
|
328
|
|
|
$
|
327
|
|
|
$
|
1
|
|
|
$
|
1,001
|
|
|
$
|
971
|
|
|
$
|
30
|
|
|
Purchased power and fuel expense
|
133
|
|
|
129
|
|
|
(4
|
)
|
|
425
|
|
|
399
|
|
|
(26
|
)
|
||||||
|
Revenues net of purchased power and fuel expense
(a)
|
195
|
|
|
198
|
|
|
(3
|
)
|
|
576
|
|
|
572
|
|
|
4
|
|
||||||
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating and maintenance
|
82
|
|
|
79
|
|
|
(3
|
)
|
|
256
|
|
|
227
|
|
|
(29
|
)
|
||||||
|
Depreciation and amortization
|
47
|
|
|
45
|
|
|
(2
|
)
|
|
135
|
|
|
124
|
|
|
(11
|
)
|
||||||
|
Taxes other than income
|
15
|
|
|
15
|
|
|
—
|
|
|
43
|
|
|
43
|
|
|
—
|
|
||||||
|
Total other operating expenses
|
144
|
|
|
139
|
|
|
(5
|
)
|
|
434
|
|
|
394
|
|
|
(40
|
)
|
||||||
|
Operating income
|
51
|
|
|
59
|
|
|
(8
|
)
|
|
142
|
|
|
178
|
|
|
(36
|
)
|
||||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Interest expense, net
|
(15
|
)
|
|
(13
|
)
|
|
(2
|
)
|
|
(42
|
)
|
|
(38
|
)
|
|
(4
|
)
|
||||||
|
Other, net
|
2
|
|
|
4
|
|
|
(2
|
)
|
|
7
|
|
|
10
|
|
|
(3
|
)
|
||||||
|
Total other income and (deductions)
|
(13
|
)
|
|
(9
|
)
|
|
(4
|
)
|
|
(35
|
)
|
|
(28
|
)
|
|
(7
|
)
|
||||||
|
Income before income taxes
|
38
|
|
|
50
|
|
|
(12
|
)
|
|
107
|
|
|
150
|
|
|
(43
|
)
|
||||||
|
Income taxes
|
5
|
|
|
19
|
|
|
14
|
|
|
17
|
|
|
43
|
|
|
26
|
|
||||||
|
Net income
|
$
|
33
|
|
|
$
|
31
|
|
|
$
|
2
|
|
|
$
|
90
|
|
|
$
|
107
|
|
|
$
|
(17
|
)
|
|
(a)
|
DPL evaluates its operating performance using the measure of revenue net of purchased power expense for electric sales and revenue net of fuel expense for natural gas sales. DPL believes revenue net of purchased power expense and revenue net of fuel expense are useful measurements because they provide information that can be used to evaluate its operational performance. DPL has included the analysis below as a complement to the financial information provided in accordance with GAAP. However, Revenue net of purchased power expense and Revenue net of fuel expense is not a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information provided elsewhere in this report.
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
|
Electric
|
50
|
%
|
|
51
|
%
|
|
50
|
%
|
|
52
|
%
|
|
Natural Gas
|
53
|
%
|
|
53
|
%
|
|
33
|
%
|
|
35
|
%
|
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||
|
|
Number of customers
|
|
% of total retail customers
|
|
Number of customers
|
|
% of total retail customers
|
||||
|
Electric
|
72,622
|
|
|
13.8
|
%
|
|
78,426
|
|
|
15.0
|
%
|
|
Natural Gas
|
154
|
|
|
0.1
|
%
|
|
155
|
|
|
0.1
|
%
|
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||||||||||||||||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||||||||||||||||||
|
|
Electric
|
|
Gas
|
|
Total
|
|
Electric
|
|
Gas
|
|
Total
|
||||||||||||
|
Weather
|
$
|
4
|
|
|
$
|
(1
|
)
|
|
$
|
3
|
|
|
$
|
10
|
|
|
$
|
4
|
|
|
$
|
14
|
|
|
Volume
|
1
|
|
|
2
|
|
|
3
|
|
|
4
|
|
|
3
|
|
|
7
|
|
||||||
|
Distribution revenue
|
(8
|
)
|
|
1
|
|
|
(7
|
)
|
|
(18
|
)
|
|
(1
|
)
|
|
(19
|
)
|
||||||
|
Regulatory required programs
|
(3
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(4
|
)
|
||||||
|
Transmission revenue
|
5
|
|
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||||
|
Other
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
|
Total increase
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
(1
|
)
|
|
$
|
5
|
|
|
$
|
4
|
|
|
Electric Service Territory
|
|
|
|
|
% Change
|
|||||||||
|
Three Months Ended September 30,
|
2018
|
|
2017
|
|
Normal
|
|
2018 vs. 2017
|
|
2018 vs. Normal
|
|||||
|
Heating Degree-Days
|
7
|
|
|
24
|
|
|
31
|
|
|
(70.8
|
)%
|
|
(77.4
|
)%
|
|
Cooling Degree-Days
|
1,052
|
|
|
867
|
|
|
863
|
|
|
21.3
|
%
|
|
21.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|||||
|
Heating Degree-Days
|
2,882
|
|
|
2,476
|
|
|
2,906
|
|
|
16.4
|
%
|
|
(0.8
|
)%
|
|
Cooling Degree-Days
|
1,425
|
|
|
1,228
|
|
|
1,199
|
|
|
16.0
|
%
|
|
18.8
|
%
|
|
Natural Gas Service Territory
|
|
|
|
|
% Change
|
|||||||||
|
Three Months Ended September 30,
|
2018
|
|
2017
|
|
Normal
|
|
2018 vs. 2017
|
|
2018 vs. Normal
|
|||||
|
Heating Degree-Days
|
11
|
|
|
28
|
|
|
42
|
|
|
(60.7
|
)%
|
|
(73.8
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|||||
|
Heating Degree-Days
|
2,995
|
|
|
2,571
|
|
|
3,042
|
|
|
16.5
|
%
|
|
(1.5
|
)%
|
|
|
Three Months Ended
September 30, |
|
Increase (Decrease)
|
|
Nine Months Ended
September 30, |
|
Increase (Decrease)
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
|
Operating and maintenance expense - baseline
|
$
|
78
|
|
|
$
|
74
|
|
|
$
|
4
|
|
|
$
|
244
|
|
|
$
|
215
|
|
|
$
|
29
|
|
|
Operating and maintenance expense - regulatory required programs
(a)
|
4
|
|
|
5
|
|
|
(1
|
)
|
|
12
|
|
|
12
|
|
|
—
|
|
||||||
|
Total operating and maintenance expense
|
$
|
82
|
|
|
$
|
79
|
|
|
$
|
3
|
|
|
$
|
256
|
|
|
$
|
227
|
|
|
$
|
29
|
|
|
(a)
|
Operating and maintenance expenses for regulatory required programs are costs for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through approved regulated rates. An equal and offsetting amount has been reflected in Operating revenues.
|
|
|
Three Months Ended September 30, 2018
|
|
Nine Months Ended September 30, 2018
|
||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||
|
Baseline
|
|
|
|
||||
|
Labor and contracting
(a)
|
$
|
2
|
|
|
$
|
11
|
|
|
Uncollectible accounts expense
|
2
|
|
|
4
|
|
||
|
Merger costs
(b)
|
(2
|
)
|
|
7
|
|
||
|
Other
|
2
|
|
|
7
|
|
||
|
|
4
|
|
|
29
|
|
||
|
|
|
|
|
||||
|
Regulatory required programs
|
(1
|
)
|
|
—
|
|
||
|
Total increase
|
$
|
3
|
|
|
$
|
29
|
|
|
(a)
|
Includes additional costs associated with mutual assistance programs. An equal and offsetting increase has been recognized in Operating revenues for the period presented.
|
|
(b)
|
Primarily due to a deferral of accumulated merger integration costs as regulatory assets in 2017.
|
|
|
Three Months Ended September 30, 2018
|
|
Nine Months Ended September 30, 2018
|
||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||
|
Depreciation expense
(a)
|
$
|
2
|
|
|
$
|
5
|
|
|
Regulatory asset amortization
(b)
|
3
|
|
|
10
|
|
||
|
Regulatory required programs
(c)
|
(3
|
)
|
|
(4
|
)
|
||
|
Total increase
|
$
|
2
|
|
|
$
|
11
|
|
|
(a)
|
Depreciation expense increased due to ongoing capital expenditures.
|
|
(b)
|
Regulatory asset amortization increased due to additional regulatory assets related to rate case activity.
|
|
(c)
|
Depreciation and amortization expenses for regulatory required programs are recoverable from customers on a full and current basis through approved regulated rates. An equal and offsetting amount has been reflected in Operating revenues.
|
|
Retail Deliveries to Customers (in GWhs)
|
Three Months Ended
September 30, |
|
% Change
|
|
Weather - Normal % Change
|
|
Nine Months Ended
September 30, |
|
% Change
|
|
Weather - Normal % Change
|
||||||||||||
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
|||||||||||||
|
Retail Deliveries
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Residential
|
1,537
|
|
|
1,439
|
|
|
6.8
|
%
|
|
—
|
%
|
|
4,203
|
|
|
3,843
|
|
|
9.4
|
%
|
|
1.7
|
%
|
|
Small commercial & industrial
|
651
|
|
|
636
|
|
|
2.4
|
%
|
|
(0.1
|
)%
|
|
1,756
|
|
|
1,693
|
|
|
3.7
|
%
|
|
1.5
|
%
|
|
Large commercial & industrial
|
1,282
|
|
|
1,245
|
|
|
3.0
|
%
|
|
0.2
|
%
|
|
3,548
|
|
|
3,440
|
|
|
3.1
|
%
|
|
1.3
|
%
|
|
Public authorities & electric railroads
|
11
|
|
|
10
|
|
|
10.0
|
%
|
|
8.9
|
%
|
|
33
|
|
|
35
|
|
|
(5.7
|
)%
|
|
(5.3
|
)%
|
|
Total retail deliveries
|
3,481
|
|
|
3,330
|
|
|
4.5
|
%
|
|
0.1
|
%
|
|
9,540
|
|
|
9,011
|
|
|
5.9
|
%
|
|
1.5
|
%
|
|
|
As of September 30,
|
||||
|
Number of Electric Customers
|
2018
|
|
2017
|
||
|
Residential
|
463,017
|
|
|
458,790
|
|
|
Small commercial & industrial
|
61,277
|
|
|
60,542
|
|
|
Large commercial & industrial
|
1,400
|
|
|
1,406
|
|
|
Public authorities & electric railroads
|
622
|
|
|
633
|
|
|
Total
|
526,316
|
|
|
521,371
|
|
|
(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.
|
|
Retail Deliveries to Customers (in mmcf)
|
Three Months Ended
September 30, |
|
% Change
|
|
Weather - Normal % Change
|
|
Nine Months Ended
September 30, |
|
% Change
|
|
Weather - Normal % Change
|
||||||||||||
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
|||||||||||||
|
Retail Deliveries
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Residential
|
360
|
|
|
331
|
|
|
8.8
|
%
|
|
16.6
|
%
|
|
5,801
|
|
|
4,785
|
|
|
21.2
|
%
|
|
4.8
|
%
|
|
Small commercial & industrial
|
309
|
|
|
290
|
|
|
6.6
|
%
|
|
11.3
|
%
|
|
2,831
|
|
|
2,486
|
|
|
13.9
|
%
|
|
(1.0
|
)%
|
|
Large commercial & industrial
|
454
|
|
|
448
|
|
|
1.3
|
%
|
|
1.3
|
%
|
|
1,438
|
|
|
1,408
|
|
|
2.1
|
%
|
|
2.2
|
%
|
|
Transportation
|
1,260
|
|
|
1,197
|
|
|
5.3
|
%
|
|
5.6
|
%
|
|
4,893
|
|
|
4,690
|
|
|
4.3
|
%
|
|
1.8
|
%
|
|
Total natural gas deliveries
|
2,383
|
|
|
2,266
|
|
|
5.2
|
%
|
|
7.2
|
%
|
|
14,963
|
|
|
13,369
|
|
|
11.9
|
%
|
|
2.4
|
%
|
|
|
As of September 30,
|
||||
|
Number of Gas Customers
|
2018
|
|
2017
|
||
|
Residential
|
123,145
|
|
|
121,238
|
|
|
Small commercial & industrial
|
9,798
|
|
|
9,683
|
|
|
Large commercial & industrial
|
19
|
|
|
17
|
|
|
Transportation
|
154
|
|
|
155
|
|
|
Total
|
133,116
|
|
|
131,093
|
|
|
(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.
|
|
|
Three Months Ended September 30,
|
|
Favorable (Unfavorable) Variance
|
|
Nine Months Ended September 30,
|
|
Favorable (Unfavorable) Variance
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
|
Operating revenues
|
$
|
406
|
|
|
$
|
370
|
|
|
$
|
36
|
|
|
$
|
981
|
|
|
$
|
915
|
|
|
$
|
66
|
|
|
Purchased power expense
|
198
|
|
|
176
|
|
|
(22
|
)
|
|
486
|
|
|
442
|
|
|
(44
|
)
|
||||||
|
Revenues net of purchased power expense
(a)
|
208
|
|
|
194
|
|
|
14
|
|
|
495
|
|
|
473
|
|
|
22
|
|
||||||
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating and maintenance
|
85
|
|
|
72
|
|
|
(13
|
)
|
|
250
|
|
|
225
|
|
|
(25
|
)
|
||||||
|
Depreciation and amortization
|
38
|
|
|
41
|
|
|
3
|
|
|
107
|
|
|
113
|
|
|
6
|
|
||||||
|
Taxes other than income
|
1
|
|
|
2
|
|
|
1
|
|
|
4
|
|
|
6
|
|
|
2
|
|
||||||
|
Total other operating expenses
|
124
|
|
|
115
|
|
|
(9
|
)
|
|
361
|
|
|
344
|
|
|
(17
|
)
|
||||||
|
Operating income
|
84
|
|
|
79
|
|
|
5
|
|
|
134
|
|
|
129
|
|
|
5
|
|
||||||
|
Other income and (deductions)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense, net
|
(16
|
)
|
|
(15
|
)
|
|
(1
|
)
|
|
(48
|
)
|
|
(46
|
)
|
|
(2
|
)
|
||||||
|
Other, net
|
1
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
6
|
|
|
(4
|
)
|
||||||
|
Total other income and (deductions)
|
(15
|
)
|
|
(14
|
)
|
|
(1
|
)
|
|
(46
|
)
|
|
(40
|
)
|
|
(6
|
)
|
||||||
|
Income before income taxes
|
69
|
|
|
65
|
|
|
4
|
|
|
88
|
|
|
89
|
|
|
(1
|
)
|
||||||
|
Income taxes
|
8
|
|
|
24
|
|
|
16
|
|
|
12
|
|
|
12
|
|
|
—
|
|
||||||
|
Net income
|
$
|
61
|
|
|
$
|
41
|
|
|
$
|
20
|
|
|
$
|
76
|
|
|
$
|
77
|
|
|
$
|
(1
|
)
|
|
(a)
|
ACE evaluates its operating performance using the measure of revenue net of purchased power expense for electric sales. ACE believes Revenue net of purchased power expense is a useful measurement of its performance because it provides information that can be used to evaluate its operational performance. ACE has included the analysis below as a complement to the financial information provided in accordance with GAAP. However, Revenue net of purchased power expense is not a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information provided elsewhere in this report.
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
|
Electric
|
43
|
%
|
|
44
|
%
|
|
46
|
%
|
|
48
|
%
|
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||
|
|
Number of customers
|
|
% of total retail customers
|
|
Number of customers
|
|
% of total retail customers
|
||||
|
Electric
|
82,556
|
|
|
15
|
%
|
|
91,219
|
|
|
17
|
%
|
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||
|
Weather
|
$
|
8
|
|
|
$
|
12
|
|
|
Volume
|
7
|
|
|
13
|
|
||
|
Distribution revenue
|
6
|
|
|
12
|
|
||
|
Regulatory required programs
|
(4
|
)
|
|
(14
|
)
|
||
|
Transmission revenue
|
(4
|
)
|
|
(3
|
)
|
||
|
Other
|
1
|
|
|
2
|
|
||
|
Total increase
|
$
|
14
|
|
|
$
|
22
|
|
|
Heating and Cooling Degree-Days
|
|
|
Normal
|
|
% Change
|
|||||||||
|
Three Months Ended September 30,
|
2018
|
|
2017
|
|
|
2018 vs. 2017
|
|
2018 vs. Normal
|
||||||
|
Heating Degree-Days
|
1
|
|
|
23
|
|
|
39
|
|
|
(95.7
|
)%
|
|
(97.4
|
)%
|
|
Cooling Degree-Days
|
1,093
|
|
|
830
|
|
|
817
|
|
|
31.7
|
%
|
|
33.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Heating Degree-Days
|
2,928
|
|
|
2,608
|
|
|
3,068
|
|
|
12.3
|
%
|
|
(4.6
|
)%
|
|
Cooling Degree-Days
|
1,447
|
|
|
1,153
|
|
|
1,110
|
|
|
25.5
|
%
|
|
30.4
|
%
|
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
|
Nine Months Ended September 30,
|
|
Increase
(Decrease)
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
|
Operating and maintenance expense - baseline
|
$
|
69
|
|
|
$
|
62
|
|
|
$
|
7
|
|
|
$
|
227
|
|
|
$
|
199
|
|
|
$
|
28
|
|
|
Operating and maintenance expense - regulatory required programs
(a)
|
16
|
|
|
10
|
|
|
6
|
|
|
23
|
|
|
26
|
|
|
(3
|
)
|
||||||
|
Total operating and maintenance expense
|
$
|
85
|
|
|
$
|
72
|
|
|
$
|
13
|
|
|
$
|
250
|
|
|
$
|
225
|
|
|
$
|
25
|
|
|
(a)
|
Operating and maintenance expenses for regulatory required programs are costs for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through approved regulated rates. An equal and offsetting amount has been reflected in Operating revenues.
|
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||
|
Baseline
|
|
|
|
||||
|
Labor and contracting
(a)
|
$
|
7
|
|
|
$
|
18
|
|
|
Merger costs
(b)
|
8
|
|
|
7
|
|
||
|
Other
|
(8
|
)
|
|
3
|
|
||
|
|
7
|
|
|
28
|
|
||
|
|
|
|
|
||||
|
Regulatory required programs
|
6
|
|
|
(3
|
)
|
||
|
Total increase
|
$
|
13
|
|
|
$
|
25
|
|
|
(a)
|
Includes additional costs associated with mutual assistance programs. An equal and offsetting increase has been recognized in Operating revenues for the period presented.
|
|
(b)
|
Primarily due to a deferral of accumulated merger integration costs as regulatory assets in 2017.
|
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
||||
|
Depreciation expense
(a)
|
$
|
1
|
|
|
$
|
4
|
|
|
Regulatory asset amortization
|
2
|
|
|
5
|
|
||
|
Regulatory required programs
(b)
|
(6
|
)
|
|
(15
|
)
|
||
|
Total decrease
|
$
|
(3
|
)
|
|
$
|
(6
|
)
|
|
(a)
|
Depreciation expense increased due to ongoing capital expenditures.
|
|
(b)
|
Regulatory required programs decreased as a result of lower revenue due to rate decreases effective October 2017 for the ACE Transition Bonds. Depreciation and amortization expenses for regulatory required programs are recoverable from customers on a full and current basis through approved regulated rates. An equal and offsetting amount has been reflected in Operating revenues.
|
|
Retail Deliveries to Customers (in GWhs)
|
Three Months Ended
September 30, |
|
% Change
|
|
Weather - Normal % Change
|
|
Nine Months Ended
September 30, |
|
% Change
|
|
Weather - Normal % Change
|
||||||||||||
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
|||||||||||||
|
Retail Deliveries
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Residential
|
1,548
|
|
|
1,349
|
|
|
14.8
|
%
|
|
6.2
|
%
|
|
3,363
|
|
|
3,042
|
|
|
10.6
|
%
|
|
4.3
|
%
|
|
Small commercial & industrial
|
442
|
|
|
407
|
|
|
8.6
|
%
|
|
4.0
|
%
|
|
1,066
|
|
|
992
|
|
|
7.5
|
%
|
|
4.3
|
%
|
|
Large commercial & industrial
|
1,030
|
|
|
939
|
|
|
9.7
|
%
|
|
6.7
|
%
|
|
2,725
|
|
|
2,557
|
|
|
6.6
|
%
|
|
5.0
|
%
|
|
Public authorities & electric railroads
|
10
|
|
|
9
|
|
|
11.1
|
%
|
|
8.2
|
%
|
|
36
|
|
|
33
|
|
|
9.1
|
%
|
|
8.2
|
%
|
|
Total retail deliveries
|
3,030
|
|
|
2,704
|
|
|
12.1
|
%
|
|
6.0
|
%
|
|
7,190
|
|
|
6,624
|
|
|
8.5
|
%
|
|
4.6
|
%
|
|
|
As of September 30,
|
||||
|
Number of Electric Customers
|
2018
|
|
2017
|
||
|
Residential
|
489,961
|
|
|
486,212
|
|
|
Small commercial & industrial
|
61,141
|
|
|
60,982
|
|
|
Large commercial & industrial
|
3,569
|
|
|
3,726
|
|
|
Public authorities & electric railroads
|
656
|
|
|
633
|
|
|
Total
|
555,327
|
|
|
551,553
|
|
|
(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.
|
|
|
Nine Months Ended
September 30, |
|
|
||||||||
|
|
2018
|
|
2017
|
|
Variance
|
||||||
|
Net income
|
$
|
1,979
|
|
|
$
|
1,928
|
|
|
$
|
51
|
|
|
Add (subtract):
|
|
|
|
|
|
||||||
|
Non-cash operating activities
(a)
|
5,452
|
|
|
5,016
|
|
|
436
|
|
|||
|
Pension and non-pension postretirement benefit contributions
|
(362
|
)
|
|
(344
|
)
|
|
(18
|
)
|
|||
|
Income taxes
|
166
|
|
|
167
|
|
|
(1
|
)
|
|||
|
Changes in working capital and other noncurrent assets and liabilities
(b)
|
(746
|
)
|
|
(1,029
|
)
|
|
283
|
|
|||
|
Option premiums received (paid), net
|
(36
|
)
|
|
35
|
|
|
(71
|
)
|
|||
|
Collateral (posted) received, net
|
222
|
|
|
(100
|
)
|
|
322
|
|
|||
|
Net cash flows provided by operations
|
$
|
6,675
|
|
|
$
|
5,673
|
|
|
$
|
1,002
|
|
|
(a)
|
Represents depreciation, amortization and accretion, net fair value changes related to derivatives, deferred income taxes, provision for uncollectible accounts, pension and other postretirement benefit expense, equity in earnings and losses of unconsolidated affiliates and investments, decommissioning-related items, stock compensation expense, impairment of long-lived assets, gain on sale of assets and businesses and other non-cash charges. See Note
18
—
Supplemental Financial Information
of the Combined Notes to Consolidated Financial Statements for additional information on non-cash operating activity.
|
|
(b)
|
Changes in working capital and other noncurrent assets and liabilities exclude the changes in commercial paper, income taxes and the current portion of long-term debt.
|
|
•
|
Pursuant to the TCJA, beginning in 2018 Generation is expected to have higher operating cash flows in the range of approximately $1.2 billion to $1.6 billion for the period from 2018 to 2021, reflecting the reduction in the corporate federal income tax rate and full expensing of capital investments.
|
|
|
Exelon
|
|
ComEd
|
|
PECO
(a)
|
|
BGE
|
|
PHI
|
|
PEPCO
|
|
DPL
|
|
ACE
|
|
Subject to IRS Normalization Rules
|
$3,040
|
|
$1,400
|
|
$533
|
|
$459
|
|
$648
|
|
$299
|
|
$195
|
|
$153
|
|
Subject to Rate Regulator Determination
|
1,694
|
|
573
|
|
43
|
|
324
|
|
754
|
|
391
|
|
194
|
|
170
|
|
Net Regulatory Liabilities
|
$4,734
|
|
$1,973
|
|
$576
|
|
$783
|
|
$1,402
|
|
$690
|
|
$389
|
|
$323
|
|
(a)
|
Given the regulatory treatment of income tax benefits related to electric and gas distribution repairs, PECO remains in an overall net regulatory asset position as of December 31, 2017 after recording the impacts related to the TCJA. As a result, the amount of customer benefits resulting from the TCJA subject to the discretion of PECO's rate regulators are lower relative to the other Utility Registrants. See Note
6
-
Regulatory Matters
for additional information.
|
|
•
|
State and local governments continue to face increasing financial challenges, which may increase the risk of additional income tax, property taxes and other taxes or the imposition, extension or permanence of temporary tax increases.
|
|
|
Nine Months Ended
September 30, |
||||||
|
|
2018
|
|
2017
|
||||
|
Exelon
|
$
|
6,675
|
|
|
$
|
5,673
|
|
|
Generation
|
3,411
|
|
|
2,270
|
|
||
|
ComEd
|
1,118
|
|
|
1,120
|
|
||
|
PECO
|
492
|
|
|
603
|
|
||
|
BGE
|
675
|
|
|
701
|
|
||
|
PHI
|
845
|
|
|
795
|
|
||
|
Pepco
|
396
|
|
|
348
|
|
||
|
DPL
|
292
|
|
|
292
|
|
||
|
ACE
|
160
|
|
|
158
|
|
||
|
•
|
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. During the
nine months ended
September 30, 2018
and
2017
, Generation had net collections/(payments) of counterparty cash collateral of
$228 million
and
$(77) million
, respectively, primarily due to market conditions that resulted in changes to Generation’s net mark-to-market position.
|
|
•
|
During the
nine months ended
September 30, 2018
and
2017
, Generation had net (payments)/collections of approximately
$(36) million
and
$35 million
, respectively, related to purchases and sales of options. The level of option activity in a given period may vary due to several factors, including changes in market conditions as well as changes in hedging strategy.
|
|
|
Nine Months Ended
September 30, |
||||||
|
|
2018
|
|
2017
|
||||
|
Exelon
|
$
|
(5,609
|
)
|
|
$
|
(5,743
|
)
|
|
Generation
|
(1,806
|
)
|
|
(1,875
|
)
|
||
|
ComEd
|
(1,518
|
)
|
|
(1,681
|
)
|
||
|
PECO
|
(609
|
)
|
|
(457
|
)
|
||
|
BGE
|
(659
|
)
|
|
(609
|
)
|
||
|
PHI
|
(986
|
)
|
|
(990
|
)
|
||
|
Pepco
|
(472
|
)
|
|
(438
|
)
|
||
|
DPL
|
(253
|
)
|
|
(293
|
)
|
||
|
ACE
|
(248
|
)
|
|
(242
|
)
|
||
|
•
|
During the
nine months ended
September 30, 2018
, Exelon had proceeds of $85 million relating to the sale of its interest in an electrical contracting business that primarily installs, maintains and repairs underground and high-voltage cable transmission and distribution services.
|
|
•
|
During the
nine months ended
September 30, 2018
, Exelon had expenditures of $57 million relating to the acquisition of the Handley Generating Station.
|
|
•
|
During the
nine months ended
September 30, 2017
, Exelon had expenditures of
$23 million
and
$178 million
relating to the acquisitions of ConEdison Solutions and the FitzPatrick facility, respectively.
|
|
•
|
During the nine months ended September 30, 2017, Exelon had proceeds of $218 million from sales of long-lived assets.
|
|
|
Projected
Full Year 2018 (a) |
|
Nine Months Ended
September 30, |
||||||||
|
|
2018
|
|
2017
|
||||||||
|
Exelon
|
$
|
7,850
|
|
(b)
|
$
|
5,497
|
|
|
$
|
5,556
|
|
|
Generation
|
2,325
|
|
|
1,660
|
|
|
1,654
|
|
|||
|
ComEd
(c)
|
2,125
|
|
|
1,540
|
|
|
1,698
|
|
|||
|
PECO
|
850
|
|
|
615
|
|
|
537
|
|
|||
|
BGE
|
1,000
|
|
|
667
|
|
|
615
|
|
|||
|
PHI
|
1,500
|
|
(d)
|
988
|
|
|
995
|
|
|||
|
Pepco
|
700
|
|
|
475
|
|
|
439
|
|
|||
|
DPL
|
400
|
|
|
254
|
|
|
294
|
|
|||
|
ACE
|
400
|
|
|
247
|
|
|
242
|
|
|||
|
(a)
|
Total projected capital expenditures do not include adjustments for non-cash activity. Amounts are rounded to the nearest $25 million.
|
|
(b)
|
Includes corporate operations, BSC, and PHISCO.
|
|
(c)
|
The capital expenditures and 2018 projections include approximately
$81 million
of expected incremental spending pursuant to EIMA, ComEd has committed to invest approximately
$2.6 billion
over a ten-year period, through 2021, to modernize and storm-harden its distribution system and to implement smart grid technology.
|
|
(d)
|
Includes PHISCO.
|
|
|
Nine Months Ended
September 30, |
||||||
|
|
2018
|
|
2017
|
||||
|
Exelon
|
$
|
65
|
|
|
$
|
701
|
|
|
Generation
|
(820
|
)
|
|
(297
|
)
|
||
|
ComEd
|
536
|
|
|
812
|
|
||
|
PECO
|
(51
|
)
|
|
121
|
|
||
|
BGE
|
82
|
|
|
(112
|
)
|
||
|
PHI
|
260
|
|
|
161
|
|
||
|
Pepco
|
83
|
|
|
199
|
|
||
|
DPL
|
69
|
|
|
(42
|
)
|
||
|
ACE
|
94
|
|
|
(13
|
)
|
||
|
|
Nine Months Ended
September 30, |
||||||
|
|
2018
|
|
2017
|
||||
|
Exelon
|
$
|
999
|
|
|
$
|
921
|
|
|
Generation
|
688
|
|
|
494
|
|
||
|
ComEd
|
345
|
|
|
316
|
|
||
|
PECO
|
300
|
|
|
216
|
|
||
|
BGE
|
157
|
|
|
148
|
|
||
|
PHI
|
232
|
|
|
267
|
|
||
|
Pepco
|
128
|
|
|
133
|
|
||
|
DPL
|
58
|
|
|
82
|
|
||
|
ACE
|
46
|
|
|
53
|
|
||
|
Period
|
|
Declaration Date
|
|
Shareholder of Record Date
|
|
Dividend Payable Date
|
|
Cash per Share
(a)
|
||
|
First Quarter 2018
|
|
January 30, 2018
|
|
February 15, 2018
|
|
March 9, 2018
|
|
$
|
0.3450
|
|
|
Second Quarter 2018
|
|
May 1, 2018
|
|
May 15, 2018
|
|
June 8, 2018
|
|
$
|
0.3450
|
|
|
Third Quarter 2018
|
|
July 24, 2018
|
|
August 15, 2018
|
|
September 10, 2018
|
|
$
|
0.3450
|
|
|
Fourth Quarter 2018
|
|
September 24, 2018
|
|
November 15, 2018
|
|
December 10, 2018
|
|
$
|
0.3450
|
|
|
(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, beginning with the March 2018 dividend.
|
|
|
Nine Months Ended
September 30, |
||||||
|
|
2018
|
|
2017
|
||||
|
Exelon
|
$
|
(93
|
)
|
|
$
|
(559
|
)
|
|
Generation
|
—
|
|
|
(609
|
)
|
||
|
ComEd
|
—
|
|
|
—
|
|
||
|
PECO
|
—
|
|
|
—
|
|
||
|
BGE
|
(77
|
)
|
|
(45
|
)
|
||
|
PHI
|
(16
|
)
|
|
(404
|
)
|
||
|
Pepco
|
38
|
|
|
(23
|
)
|
||
|
DPL
|
(216
|
)
|
|
54
|
|
||
|
ACE
|
162
|
|
|
65
|
|
||
|
|
Nine Months Ended
September 30, |
||||||
|
|
2018
|
|
2017
|
||||
|
Generation
|
$
|
54
|
|
|
$
|
102
|
|
|
ComEd
(a)(b)
|
387
|
|
|
567
|
|
||
|
PECO
(b)
|
71
|
|
|
16
|
|
||
|
BGE
(b)
|
18
|
|
|
77
|
|
||
|
PHI
(b)
|
237
|
|
|
758
|
|
||
|
Pepco
(c)
|
85
|
|
|
161
|
|
||
|
DPL
(c)
|
150
|
|
|
—
|
|
||
|
(a)
|
Additional contributions from parent or external debt financing may be required as a result of increased capital investment in infrastructure improvements and modernization pursuant to EIMA and transmission upgrades.
|
|
(b)
|
Contribution paid by Exelon.
|
|
(c)
|
Contribution paid by PHI.
|
|
|
PJM Credit Policy Collateral
|
|
Other Incremental Collateral Required
(a)
|
|
Available Credit Facility Capacity Prior to Any Incremental Collateral
|
||||||
|
ComEd
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
998
|
|
|
PECO
|
1
|
|
|
22
|
|
|
600
|
|
|||
|
BGE
|
12
|
|
|
31
|
|
|
599
|
|
|||
|
Pepco
|
11
|
|
|
—
|
|
|
296
|
|
|||
|
DPL
|
5
|
|
|
10
|
|
|
300
|
|
|||
|
ACE
|
—
|
|
|
—
|
|
|
300
|
|
|||
|
(a)
|
Represents incremental collateral related to natural gas procuremen
t
contracts.
|
|
Commercial Paper Issuer
|
|
Maximum Program Size
(a)(b)(c)
|
|
Outstanding Commercial Paper at
September 30, 2018 |
|
Average Interest Rate on Commercial Paper Borrowings for the Nine Months Ended September 30, 2018
|
|||||
|
Exelon Corporate
|
|
$
|
600
|
|
|
$
|
—
|
|
|
1.93
|
%
|
|
Generation
|
|
5,300
|
|
|
—
|
|
|
1.96
|
%
|
||
|
ComEd
|
|
1,000
|
|
|
—
|
|
|
2.14
|
%
|
||
|
PECO
|
|
600
|
|
|
—
|
|
|
2.24
|
%
|
||
|
BGE
|
|
600
|
|
|
—
|
|
|
2.15
|
%
|
||
|
Pepco
|
|
500
|
|
|
64
|
|
|
2.19
|
%
|
||
|
DPL
|
|
500
|
|
|
—
|
|
|
2.07
|
%
|
||
|
ACE
|
|
350
|
|
|
145
|
|
|
2.15
|
%
|
||
|
(a)
|
Excludes
$545 million
bilateral credit facilities that do not back Generation's commercial paper program.
|
|
(b)
|
Excludes
$128 million
of credit facility agreements arranged at minority and community banks at Generation, PECO, ComEd, BGE, Pepco, DPL and ACE. These facilities expired on October 12, 2018 and were renewed with aggregate commitments of $49 million, $33.5 million, $32.5 million, $5 million, $5 million, $5 million, and $5 million, respectively, through October 11, 2019. These facilities are solely utilized to issue letters of credit. As of
September 30, 2018
, letters of credit issued under these agreements for Generation and BGE totaled
$5 million
and
$2 million
, respectively.
|
|
(c)
|
Pepco, DPL and ACE's revolving credit facility is subject to available borrowing capacity. The borrowing capacity may be increased or decreased during the term of the facility, except that (i) the sum of the borrowing capacity must equal the total amount of the facility, and (ii) the aggregate amount of credit used at any given time by each of Pepco, DPL or ACE may not exceed
$900 million
or the
|
|
Borrower
|
|
Facility Type
|
|
Aggregate Bank
Commitment
(a)
|
|
Facility
Draws
|
|
Outstanding
Letters of
Credit
(c)
|
|
Available Capacity at
September 30, 2018 |
||||||||||||
|
Actual
|
|
To Support
Additional
Commercial
Paper
(b)
|
||||||||||||||||||||
|
Exelon Corporate
|
|
Syndicated Revolver
|
|
$
|
600
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
591
|
|
|
$
|
591
|
|
|
Generation
|
|
Syndicated Revolver
|
|
5,300
|
|
|
—
|
|
|
1,139
|
|
|
4,161
|
|
|
4,161
|
|
|||||
|
Generation
|
|
Bilaterals
|
|
545
|
|
|
—
|
|
|
356
|
|
|
189
|
|
|
—
|
|
|||||
|
ComEd
|
|
Syndicated Revolver
|
|
1,000
|
|
|
—
|
|
|
2
|
|
|
998
|
|
|
998
|
|
|||||
|
PECO
|
|
Syndicated Revolver
|
|
600
|
|
|
—
|
|
|
—
|
|
|
600
|
|
|
600
|
|
|||||
|
BGE
|
|
Syndicated Revolver
|
|
600
|
|
|
—
|
|
|
1
|
|
|
599
|
|
|
599
|
|
|||||
|
Pepco
|
|
Syndicated Revolver
|
|
300
|
|
|
—
|
|
|
4
|
|
|
296
|
|
|
232
|
|
|||||
|
DPL
|
|
Syndicated Revolver
|
|
300
|
|
|
—
|
|
|
—
|
|
|
300
|
|
|
300
|
|
|||||
|
ACE
|
|
Syndicated Revolver
|
|
300
|
|
|
—
|
|
|
—
|
|
|
300
|
|
|
155
|
|
|||||
|
(a)
|
Excludes
$128 million
of credit facility agreements arranged at minority and community banks at Generation, PECO, ComEd, BGE, Pepco, DPL and ACE. These facilities expired on October 12, 2018 and were renewed with aggregate commitments of $49 million, $33.5 million, $32.5 million, $5 million, $5 million, $5 million, and $5 million, respectively, through October 11, 2019. These facilities are solely utilized to issue letters of credit. As of
September 30, 2018
, letters of credit issued under these agreements for Generation and BGE totaled
$5 million
and
$2 million
, respectively. Excludes nonrecourse debt letters of credit, see Note
13
—
Debt and Credit Agreements
in the Exelon
2017
Form 10-K for additional information.
|
|
(b)
|
Excludes
$545 million
bilateral credit facilities that do not back Generation’s commercial paper program.
|
|
|
Exelon Corporate
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
Pepco
|
|
DPL
|
|
ACE
|
|||
|
Prime based borrowings
|
27.5
|
|
27.5
|
|
7.5
|
|
0.0
|
|
0.0
|
|
7.5
|
|
|
7.5
|
|
|
7.5
|
|
|
LIBOR-based borrowings
|
127.5
|
|
127.5
|
|
107.5
|
|
90.0
|
|
100.0
|
|
107.5
|
|
|
107.5
|
|
|
107.5
|
|
|
|
Exelon Corporate
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
Pepco
|
|
DPL
|
|
ACE
|
|
Credit agreement threshold
|
2.50 to 1
|
|
3.00 to 1
|
|
2.00 to 1
|
|
2.00 to 1
|
|
2.00 to 1
|
|
2.00 to 1
|
|
2.00 to 1
|
|
2.00 to 1
|
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PECO
|
|
BGE
|
|
Pepco
|
|
DPL
|
|
ACE
|
|||||
|
Interest coverage ratio
|
6.87
|
|
|
11.16
|
|
|
12.28
|
|
|
7.86
|
|
|
9.32
|
|
|
5.81
|
|
7.53
|
|
5.30
|
|
Exelon Intercompany Money Pool
|
|
During the Three Months Ended September 30, 2018
|
|
As of September 30, 2018
|
||||||||
|
Contributed (Borrowed)
|
|
Maximum
Contributed
|
|
Maximum
Borrowed
|
|
Contributed
(Borrowed)
|
||||||
|
Exelon Corporate
|
|
$
|
316
|
|
|
$
|
—
|
|
|
$
|
167
|
|
|
Generation
|
|
227
|
|
|
—
|
|
|
—
|
|
|||
|
PECO
|
|
—
|
|
|
(276
|
)
|
|
—
|
|
|||
|
BSC
|
|
—
|
|
|
(329
|
)
|
|
(214
|
)
|
|||
|
PHI Corporate
|
|
—
|
|
|
(18
|
)
|
|
(10
|
)
|
|||
|
PCI
|
|
57
|
|
|
(1
|
)
|
|
57
|
|
|||
|
PHI Intercompany Money Pool
|
|
During the Three Months Ended September 30, 2018
|
|
As of September 30, 2018
|
||||||||
|
Contributed (Borrowed)
|
|
Maximum
Contributed
|
|
Maximum
Borrowed
|
|
Contributed
(Borrowed)
|
||||||
|
PHI Corporate
|
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
PHISCO
|
|
3
|
|
|
(23
|
)
|
|
2
|
|
|||
|
|
|
As of September 30, 2018
|
||||||||||||||
|
|
|
Short-term Financing Authority
(a)
|
|
Remaining Long-term Financing Authority
(a)
|
||||||||||||
|
Commission
|
|
Expiration Date
|
|
Amount
|
Commission
|
|
Expiration Date
|
|
Amount
|
|||||||
|
ComEd
(b)
|
|
FERC
|
|
December 31, 2019
|
|
$
|
2,500
|
|
|
ICC
|
|
2019 & 2021
|
|
$
|
1,533
|
|
|
PECO
(c)
|
|
FERC
|
|
December 31, 2019
|
|
1,500
|
|
|
PAPUC
|
|
December 31, 2018
|
|
575
|
|
||
|
BGE
|
|
FERC
|
|
December 31, 2019
|
|
700
|
|
|
MDPSC
|
|
N/A
|
|
400
|
|
||
|
Pepco
|
|
FERC
|
|
December 31, 2019
|
|
500
|
|
|
MDPSC / DCPSC
|
|
December 31, 2020
|
|
500
|
|
||
|
DPL
|
|
FERC
|
|
December 31, 2019
|
|
500
|
|
|
MDPSC / DPSC
|
|
December 31, 2020
|
|
150
|
|
||
|
ACE
(d)
|
|
NJBPU
|
|
December 31, 2019
|
|
350
|
|
|
NJBPU
|
|
December 31, 2019
|
|
350
|
|
||
|
(a)
|
Generation currently has blanket financing authority it received from FERC in connection with its market-based rate authority.
|
|
(b)
|
ComEd had
$440 million
available in long-term debt refinancing authority and
$1,093 million
available in new money long-term debt financing authority from the ICC as of
September 30, 2018
and has an expiration date of June 1, 2019 and August 1, 2021, respectively.
|
|
(c)
|
PECO is currently in the process renewing its long-term financing authority with PAPUC and expects approval before the end of the year.
|
|
(d)
|
As a result of the October 16, 2018 debt issuance, the remaining long-term financing authority at ACE is zero. See Note
11
—
Debt and Credit Agreements
of the Combined Notes to Consolidated Financial Statements for additional information regarding ACE debt issuance.
|
|
|
Exelon
|
|
Generation
|
|
ComEd
|
|
PHI
|
|
DPL
|
||||||||||
|
Total mark-to-market energy contract net assets (liabilities) at December 31, 2017
(a)
|
$
|
667
|
|
|
$
|
923
|
|
|
$
|
(256
|
)
|
|
$
|
—
|
|
|
|
|
|
|
Total change in fair value during 2018 of contracts recorded in results of operations
|
385
|
|
|
385
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Reclassification to realized of contracts recorded in results of operations
|
(474
|
)
|
|
(474
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Changes in fair value — recorded through regulatory assets and liabilities
(b)
|
(2
|
)
|
|
—
|
|
|
(3
|
)
|
|
1
|
|
|
1
|
|
|||||
|
Changes in allocated collateral
|
(255
|
)
|
|
(254
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|||||
|
Net option premium paid/(received)
|
36
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Option premium amortization
|
(4
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Upfront payments and amortizations
|
(28
|
)
|
|
(28
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total mark-to-market energy contract net assets (liabilities) at September 30,2018
(a)
|
$
|
325
|
|
|
$
|
584
|
|
|
$
|
(259
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(a)
|
Amounts are shown net of collateral paid to and received from counterparties.
|
|
(b)
|
For ComEd and DPL, the changes in fair value are recorded as a change in regulatory assets or liabilities. As of
September 30, 2018
, ComEd recorded a regulatory liability of
$259 million
related to its mark-to-market derivative liabilities with Generation and unaffiliated suppliers. For the
nine months ended September 30, 2018
, ComEd also recorded
$9 million
of decreases in fair value and an increase for realized losses due to settlements of
$12 million
recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers.
|
|
|
Maturities Within
|
|
Total Fair
Value |
||||||||||||||||||||||||
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023 and Beyond
|
|
|||||||||||||||
|
Normal Operations, Commodity derivative contracts
(a)(b)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Actively quoted prices (Level 1)
|
$
|
7
|
|
|
$
|
(44
|
)
|
|
$
|
(39
|
)
|
|
$
|
(6
|
)
|
|
$
|
(9
|
)
|
|
$
|
13
|
|
|
$
|
(78
|
)
|
|
Prices provided by external sources (Level 2)
|
91
|
|
|
37
|
|
|
14
|
|
|
7
|
|
|
1
|
|
|
—
|
|
|
150
|
|
|||||||
|
Prices based on model or other valuation methods (Level 3)
(c)
|
1
|
|
|
353
|
|
|
71
|
|
|
(25
|
)
|
|
(61
|
)
|
|
(86
|
)
|
|
253
|
|
|||||||
|
Total
|
$
|
99
|
|
|
$
|
346
|
|
|
$
|
46
|
|
|
$
|
(24
|
)
|
|
$
|
(69
|
)
|
|
$
|
(73
|
)
|
|
$
|
325
|
|
|
(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
$212 million
at
September 30, 2018
.
|
|
(c)
|
Includes ComEd’s net liabilities associated with the floating-to-fixed energy swap contracts with unaffiliated suppliers.
|
|
|
Maturities Within
|
|
Total Fair
Value |
||||||||||||||||||||||||
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023 and Beyond
|
|
|||||||||||||||
|
Normal Operations, Commodity derivative contracts
(a)(b)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Actively quoted prices (Level 1)
|
$
|
7
|
|
|
$
|
(44
|
)
|
|
$
|
(39
|
)
|
|
$
|
(6
|
)
|
|
$
|
(9
|
)
|
|
$
|
13
|
|
|
$
|
(78
|
)
|
|
Prices provided by external sources (Level 2)
|
91
|
|
|
37
|
|
|
14
|
|
|
7
|
|
|
1
|
|
|
—
|
|
|
150
|
|
|||||||
|
Prices based on model or other valuation methods (Level 3)
|
9
|
|
|
377
|
|
|
96
|
|
|
—
|
|
|
(36
|
)
|
|
66
|
|
|
512
|
|
|||||||
|
Total
|
$
|
107
|
|
|
$
|
370
|
|
|
$
|
71
|
|
|
$
|
1
|
|
|
$
|
(44
|
)
|
|
$
|
79
|
|
|
$
|
584
|
|
|
(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
$212 million
at
September 30, 2018
.
|
|
|
Maturities Within
|
|
Total Fair
Value |
||||||||||||||||||||||||
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023 and Beyond
|
|
|||||||||||||||
|
Commodity derivative contracts
(a)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Prices based on model or other valuation methods (Level 3)
|
$
|
(8
|
)
|
|
$
|
(24
|
)
|
|
$
|
(25
|
)
|
|
$
|
(25
|
)
|
|
$
|
(25
|
)
|
|
$
|
(152
|
)
|
|
$
|
(259
|
)
|
|
(a)
|
Represents ComEd’s net liabilities associated with the floating-to-fixed energy swap contracts with unaffiliated suppliers.
|
|
Rating as of September 30, 2018
|
|
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
|
|
$
|
647
|
|
|
$
|
—
|
|
|
$
|
647
|
|
|
1
|
|
|
$
|
176
|
|
|
Non-investment grade
|
|
101
|
|
|
20
|
|
|
81
|
|
|
|
|
|
|
|
||||
|
No external ratings
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Internally rated — investment grade
|
|
179
|
|
|
1
|
|
|
178
|
|
|
|
|
|
|
|
||||
|
Internally rated — non-investment grade
|
|
139
|
|
|
17
|
|
|
122
|
|
|
|
|
|
|
|
||||
|
Total
|
|
$
|
1,066
|
|
|
$
|
38
|
|
|
$
|
1,028
|
|
|
1
|
|
|
$
|
176
|
|
|
|
|
Maturity of Credit Risk Exposure
|
||||||||||||||
|
Rating as of September 30, 2018
|
|
Less than
2 Years
|
|
2-5 Years
|
|
Exposure
Greater than
5 Years
|
|
Total Exposure
Before Credit
Collateral
|
||||||||
|
Investment grade
|
|
$
|
615
|
|
|
$
|
30
|
|
|
$
|
2
|
|
|
$
|
647
|
|
|
Non-investment grade
|
|
104
|
|
|
(3
|
)
|
|
—
|
|
|
101
|
|
||||
|
No external ratings
|
|
|
|
|
|
|
|
|
||||||||
|
Internally rated — investment grade
|
|
120
|
|
|
30
|
|
|
29
|
|
|
179
|
|
||||
|
Internally rated — non-investment grade
|
|
129
|
|
|
10
|
|
|
—
|
|
|
139
|
|
||||
|
Total
|
|
$
|
968
|
|
|
$
|
67
|
|
|
$
|
31
|
|
|
$
|
1,066
|
|
|
Net Credit Exposure by Type of Counterparty
|
|
As of
September 30, 2018 |
||
|
Financial institutions
|
|
$
|
19
|
|
|
Investor-owned utilities, marketers, power producers
|
|
572
|
|
|
|
Energy cooperatives and municipalities
|
|
357
|
|
|
|
Other
|
|
80
|
|
|
|
Total
|
|
$
|
1,028
|
|
|
(a)
|
As of
September 30, 2018
, credit collateral held from counterparties where Generation had credit exposure included
$4 million
of cash and
$34 million
of letters of credit.
|
|
Exhibit
No.
|
Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.INS
|
XBRL Instance
|
|
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
|
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation
|
|
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition
|
|
|
|
|
101.LAB
|
XBRL Taxonomy Extension Labels
|
|
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ C
HRISTOPHER
M. C
RANE
|
|
/s/ J
OSEPH NIGRO
|
|
Christopher M. Crane
|
|
Joseph Nigro
|
|
President and Chief Executive Officer
(Principal Executive Officer) and Director
|
|
Senior Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
/s/ F
ABIAN
E. S
OUZA
|
|
|
|
Fabian E. Souza
|
|
|
|
Senior Vice President and Corporate Controller
(Principal Accounting Officer)
|
|
|
|
/s/ K
ENNETH
W. C
ORNEW
|
|
/s/ B
RYAN
P. W
RIGHT
|
|
Kenneth W. Cornew
|
|
Bryan P. Wright
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
/s/ M
ATTHEW
N. B
AUER
|
|
|
|
Matthew N. Bauer
|
|
|
|
Vice President and Controller
(Principal Accounting Officer)
|
|
|
|
/s/ J
OSEPH
D
OMINGUEZ
|
|
/s/ J
EANNE
M. J
ONES
|
|
Joseph Dominguez
|
|
Jeanne M. Jones
|
|
Chief Executive Officer
(Principal Executive Officer)
|
|
Senior Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
|
|
|
|
|
|
/s/ G
ERALD
J. K
OZEL
|
|
|
|
Gerald J. Kozel
|
|
|
|
Vice President and Controller
(Principal Accounting Officer)
|
|
|
|
/s/ M
ICHAEL
A. I
NNOCENZO
|
|
/s/ R
OBERT
J. S
TEFANI
|
|
Michael A. Innocenzo
|
|
Robert J. Stefani
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
Senior Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
|
|
|
|
|
|
/s/ S
COTT
A. B
AILEY
|
|
|
|
Scott A. Bailey
|
|
|
|
Vice President and Controller
(Principal Accounting Officer)
|
|
|
|
/s/ C
ALVIN
G. B
UTLER
, J
R
.
|
|
/s/ D
AVID
M. V
AHOS
|
|
Calvin G. Butler, Jr.
|
|
David M. Vahos
|
|
Chief Executive Officer
(Principal Executive Officer)
|
|
Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
|
|
|
|
|
|
/s/ A
NDREW
W. H
OLMES
|
|
|
|
Andrew W. Holmes
|
|
|
|
Vice President and Controller
(Principal Accounting Officer)
|
|
|
|
/s/ D
AVID
M. V
ELAZQUEZ
|
|
/s/ P
HILLIP
S. B
ARNETT
|
|
David M. Velazquez
|
|
Phillip S. Barnett
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
Senior Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
|
|
|
|
|
|
/s/ R
OBERT
M. A
IKEN
|
|
|
|
Robert M. Aiken
|
|
|
|
Vice President and Controller
(Principal Accounting Officer)
|
|
|
|
/s/ D
AVID
M. V
ELAZQUEZ
|
|
/s/ P
HILLIP
S. B
ARNETT
|
|
David M. Velazquez
|
|
Phillip S. Barnett
|
|
President and Chief Executive Officer
(Principal Executive Officer) |
|
Senior Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
|
|
|
|
|
|
/s/ R
OBERT
M. A
IKEN
|
|
|
|
Robert M. Aiken
|
|
|
|
Vice President and Controller
(Principal Accounting Officer) |
|
|
|
/s/ D
AVID
M. V
ELAZQUEZ
|
|
/s/ P
HILLIP
S. B
ARNETT
|
|
David M. Velazquez
|
|
Phillip S. Barnett
|
|
President and Chief Executive Officer
(Principal Executive Officer) |
|
Senior Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
|
|
|
|
|
|
/s/ R
OBERT
M. A
IKEN
|
|
|
|
Robert M. Aiken
|
|
|
|
Vice President and Controller
(Principal Accounting Officer) |
|
|
|
/s/ D
AVID
M. V
ELAZQUEZ
|
|
/s/ P
HILLIP
S. B
ARNETT
|
|
David M. Velazquez
|
|
Phillip S. Barnett
|
|
President and Chief Executive Officer
(Principal Executive Officer) |
|
Senior Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
|
|
|
|
|
|
/s/ R
OBERT
M. A
IKEN
|
|
|
|
Robert M. Aiken
|
|
|
|
Vice President and Controller
(Principal Accounting Officer) |
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
Customers
| Customer name | Ticker |
|---|---|
| The AES Corporation | AES |
| FirstEnergy Corp. | FE |
| Ford Motor Company | F |
| Pinnacle West Capital Corporation | PNW |
Suppliers
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|