ComEd 2013 Annual Report Download - page 187

Generation
Intercompany
Eliminations Exelon
Year Ended December 31, 2013
Operating
Revenues
Purchased
Power
and Fuel Total
Operating
Revenues (a) Total
Changeinfairvalue ............................................. $285 $180$ 465 $ (6) $ 459
Reclassification to realizedat settlement ............................ (65) 1043913 52
Net mark-to-market gains ..................................... $220 $284 $ 504$7 $511
Generation
Intercompany
Eliminations Exelon
Year Ended December 31, 2012
Operating
Revenues
Purchased
Power
and Fuel Total
Operating
Revenues (a) Total
Changeinfairvalue ............................................. $(362)$215$(147) $ (94) $(241)
Reclassification to realizedat settlement ............................ 429238 667 101 768
Net mark-to-market gains ..................................... $ 67 $453$520 $7 $527
Year Ended December 31, 2011 (As Reported)
Operating
Revenues
Purchased
Power
and Fuel Total
Changeinfairvalue .................................................................. $ 87 $131 $218
Reclassification to realizedat settlement ................................................. (296) (219) (515)
Net mark-to-market (losses) (b) ...................................................... $(209) $ (88) $(297)
Year Ended December 31, 2011 (Pro Forma)
Operating
Revenues
Purchased
Power
and Fuel Total
Changeinfairvalue .................................................................. $258 $ (40)$218
Reclassification to realizedat settlement ................................................. (516) 1(515)
Net mark-to-market (losses) (b) ...................................................... $(258) $ (39) $(297)
(a)Prior to themerger,thefive-year financial swap contractbetween Generation andComEd wasde-designated. Asaresult,all prospectivechangesinfairvalue are
recordedto operatingrevenuesandeliminatedinconsolidation.
(b) Exelon has historicallypresentedmark-to-market gainsandlosseswithin purchasedpower expensefor all non-trading, energy-relatedderivativesthat were not
accountedfor ascash flowhedges. In 2011,Exelon andGeneration classifiedthemark-to-market gainsandlossesfor contracts, where theunderlyinghedged
transaction wasan expectedsale to hedgepower,to operatingrevenues.
Proprietary Trading Activities For theyearsendedDecember 31,2013,and2012,Exelon andGeneration recognizedthefollowing
net unrealizedmark-to-market gains(losses), net realizedmark-to-market gains(losses) andtotal net mark-to-market gains(losses)
(before incometaxes) relatingto mark-to-market activityon derivativeinstrumentsenteredinto for proprietarytradingpurposes.
Gainsandlossesassociatedwithproprietarytradingare reportedasoperatingrevenue inExelon’s ConsolidatedStatementsof
OperationsandComprehensiveIncomeandare includedin“Net fairvalue changesrelatedto derivatives” inExelon’s Consolidated
StatementsofCash Flows. Inthetablesbelow, “Changeinfairvalue”representsthechangeinfairvalue ofthederivativecontracts
heldat the reportingdate.The“Reclassification to realizedat settlement”representstherecognizedchangeinfairvalue that was
reclassifiedto realizeddue to settlement ofthederivativeduringthe period.
Location on Income
Statement
For the Years Ended
December 31,
2013 2012 2011
Changeinfairvalue ........................................................ OperatingRevenue $(21)$(12)$23
Reclassification to realizedat settlement ....................................... OperatingRevenue (18) 108(26)
Net mark-to-market gains(losses) ......................................... OperatingRevenue $(39) $ 96 $ (3)
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