Exelon 2015 Annual Report Download - page 160

Table of Contents
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Generation has entered into several agreements to acquire equity interests in privately held development stage entities which develop
energy-related technology. The agreements contain a series of scheduled investment commitments, including in-kind services contributions. There
are approximately $327 million of anticipated expenditures remaining through 2018 to fund anticipated planned capital and operating needs of the
associated companies, of which up to $172 million will be contributed by a non-controlling interest holder. See Note 23—Commitments and
Contingencies of the Combined Notes to Consolidated Financial Statements for further details of Generation’s equity interests.
Capital expenditures by Registrant for the year ended December 31, 2015, 2014, and 2013 and projected amounts for 2016 are as follows:
Projected
2016 2015 2014 2013
Exelon $ 7,600 $7,624 $6,077 $5,395
Generation 3,600 3,841 3,012 2,752
ComEd 2,425 2,398 1,689 1,433
PECO 675 601 661 537
BGE 825 719 620 587
Other 75 65 95 86
(a) Total projected capital expenditures do not include adjustments for non-cash activity.
(b) On April 1, 2014, Generation assumed operational control of CENG’s nuclear fleet. As a result, the 2015 and 2014 activity includes CENG on a fully consolidated basis beginning
April 1, 2014.
(c) The capital expenditures and 2016 projections include $610 million of expected incremental spending pursuant to EIMA, ComEd has committed to invest approximately $2.6 billion
over a ten year period to modernize and storm-harden its distribution system and to implement smart grid technology.
(d) Other primarily consists of corporate operations and BSC.
(e) Generation’s capital expenditures for the projected full year 2016 includes nuclear fuel of $1.1 billion and growth expenditures of $1.4 billion.
Projected capital expenditures and other investments are subject to periodic review and revision to reflect changes in economic conditions
and other factors.
In 2014, Exelon and its affiliates initiated a comprehensive project to ensure corporate-wide compliance with Version 5 of the North American
Electric Reliability Corporation (NERC) Critical Infrastructure Protection Standards (CIP V.5) which will become effective on April 1, 2016.
Generation, ComEd, PECO and BGE will be incurring incremental capital expenditures through 2016 associated with the CIP V.5 compliance
implementation project, which are included in projected capital expenditures above.
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Approximately 32% and 15% of the projected 2016 capital expenditures at Generation are for the acquisition of nuclear fuel and the
construction of new natural gas plants, respectively, with the remaining amounts reflecting investment in renewable energy and additions and
upgrades to existing facilities (including material condition improvements during nuclear refueling outages). Generation anticipates that they will
fund capital expenditures with internally generated funds and borrowings.
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(a)
(b)
(b)(e)
(c)
(d)
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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