Exelon 2014 Annual Report Download - page 103

ComEd
• For the year ended December 31, 2014 and 2013, ComEd had a working capital deficit of $263 million and $508 million,
respectively. The working capital deficit is primarily attributable to the increase in short-term borrowings in 2014 and an increase
in short-term borrowings and short-term debt due within one year in 2013. Cash flows from operating activities are sufficient to
meet operating requirements; however, increased capital investment in infrastructure improvements and modernization pursuant
to EIMA, transmission upgrades and expansion may require external debt financing or additional capital contributions from
parent.
• During 2014, 2013 and 2012, ComEd’s net payables to Generation for energy purchases related to its supplier forward contract
and ICC-approved RFP contracts increased/(decreased) by $5 million, $(16) million and $(15) million, respectively. During 2014,
2013 and 2012 ComEd’s payables to other energy suppliers for energy purchases increased by $27 million, $35 million and $20
million, respectively.
PECO
• During 2014, 2013 and 2012, PECO’s payables to Generation for energy purchases increased/(decreased) by $(9) million, $(17)
million and $17 million, respectively, and payables to other energy suppliers for energy purchases increased/(decreased) by $10
million, $39 million and $(22) million, respectively.
BGE
• During 2014, 2013 and 2012, BGE’s payables to Generation for energy purchases increased/(decreased) by $13 million, $(4)
million and $23 million, respectively, and payables to other energy suppliers for energy purchases increased/(decreased) by $(7)
million, $(12) million and $40 million, respectively.
Cash Flows from Investing Activities
Cash flows used in investing activities for the year ended December 31, 2014, 2013, and 2012 by Registrant were as follows:
2014 2013 2012
Exelon (a)(b) ............................................................................ $(4,599) $(5,394) $(4,576)
Generation (a)(b) ........................................................................ (1,767) (2,916) (2,629)
ComEd ............................................................................... (1,655) (1,387) (1,212)
PECO ................................................................................ (649) (531) (328)
BGE (b) ............................................................................... (622) (571) (573)
(a) On April 1, 2014, Generation assumed operational control of CENG’s nuclear fleet. As a result, the 2014 activity includes CENG on a fully consolidated basis
beginning April 1, 2014.
(b) Exelon’s and Generation’s 2012 activity includes the activity of Constellation, and BGE in the case of Exelon, from the merger effective date of March 12, 2012
through December 31, 2012. BGE’s 2012 activity includes its activity for the twelve months ended December 31, 2012.
Generation
As a result of consolidating CENG during the second quarter of 2014, Generation recorded $129 million of cash from CENG,
reflected in Generation’s cash flows from investing activities above. See Note 5—Investment in Constellation Energy Nuclear Group,
LLC of the Combined Notes to Consolidated Financial Statements for further information.
Generation closed on the sale of its 67% equity interest in the 417 MW Safe Harbor Water Power Corporation hydroelectric facility
on the Susquehanna River in Pennsylvania for a purchase price of approximately $615 million during the third quarter of 2014. The
proceeds from the sale are reflected in Generation’s cash flows from investing activities above. See Note 4—Mergers, Acquisitions,
and Dispositions of the Combined Notes to Consolidated Financial Statements for further information.
During the third quarter of 2014, Generation established $65 million in restricted cash as part of the EGTP project financing which is
reflected in Generation’s cash flows from investing activities above. See Note 13—Debt and Credit Agreements of the Combined
Notes to Consolidated Financial Statements for more information.
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