ComEd 2006 Annual Report Download - page 229

Exelon Corporation and Subsidiary Companies
Exelon Generation Company, LLC and Subsidiary Companies
Commonwealth Edison Company and Subsidiary Companies
PECO Energy Company and Subsidiary Companies
Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
7. Jointly Owned Electric Utility Plant (Exelon, Generation and PECO)
Exelon’s, Generation’s and PECO’s undivided ownership interests in jointly owned electric plant at
December 31, 2006 and 2005 were as follows:
Nuclear generation Fossil fuel generation
Transmission/
OtherQuad Cities
Peach
Bottom Salem (a) Keystone Conemaugh Wyman
Operator ............ Generation Generation PSEG
Nuclear
Reliant Reliant FP&L (b),(c)
Ownership interest .... 75.00% 50.00% 42.59% 20.99% 20.72% 5.89% (b),(c)
Exelon’s share at
December 31, 2006:
Plant ........... $ 431 $ 461 $ 189 $ 182 $ 218 $ 2 $ 62
Accumulated
depreciation .... 70 246 60 111 143 1 29
Construction work
in progress .... 34 21 123 13 2 — —
Exelon’s share at
December 31, 2005:
Plant ........... $ 363 $ 449 $ 181 $ 171 $ 217 $ 2 $ 62
Accumulated
depreciation .... 67 241 42 107 138 1 28
Construction work
in progress .... 51 22 78 5 1 — —
(a) Generation also owns a proportionate share in the fossil fuel combustion turbine at Salem, which is fully depreciated. The
gross book value was $3 million at December 31, 2006 and 2005.
(b) PECO has a 22.00% ownership interest in 127 miles of 500,000 voltage lines located in Pennsylvania and a 42.55%
ownership interest in 131 miles of 500,000 voltage lines located in Delaware and New Jersey.
(c) Generation has a 44.24% ownership interest in Merrill Creek Reservoir located in New Jersey with a book value of $1 million
at December 31, 2006 and 2005.
Exelon’s, Generation’s and PECO’s undivided ownership interests are financed with their funds
and all operations are accounted for as if such participating interests were wholly owned facilities.
Exelon’s, Generation’s and PECO’s share of direct expenses of the jointly owned plants are included in
the corresponding operating expenses on Exelon’s, Generation’s and PECO’s Consolidated
Statements of Operations.
8. Intangible Assets
Goodwill (Exelon and ComEd)
Pursuant to SFAS No. 142, goodwill is not amortized, but is subject to an assessment for
impairment at least annually, or more frequently, if events or circumstances indicate that goodwill might
be impaired. The impairment assessment is performed using a two-step, fair-value based test. The first
step compares the fair value of the reporting unit to its carrying amount, including goodwill. If the
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