ComEd 2013 Annual Report Download - page 100

Exelon Credit Facilities
See Note 13 oftheCombinedNotesto ConsolidatedFinancial Statementsfor discussion oftheRegistrants’ creditfacilitiesandshort
termborrowingactivity.
Other Credit Matters
Capital Structure.At December 31,2013,thecapital structuresoftheRegistrantsconsistedofthefollowing:
Exelon Generation ComEd PECO BGE
Long-termdebt........................................................... 44% 30%42%40%42%
Long-termdebttoaffiliates(a)............................................... 2%8%2%4%5%
Common equity .......................................................... 53% — 55% 56% 49%
Member’s equity ......................................................... — 62%— ——
PreferenceStock ......................................................... — — — — 4%
Commercial paper andnotespayable ........................................ 1%— 1%— —
(a)Includesapproximately $648 million,$206million,$184 million and$258 million owedto unconsolidatedaffiliatesofExelon,ComEd, PECO and BGE respectively.
Thesespecial purpose entitieswere createdfor thesole purposesof issuingmandatorilyredeemable trust preferredsecuritiesofComEd, PECO and BGE. See Note
2oftheCombinedNotesto ConsolidatedFinancial Statementsfor additional information regardingthe authoritativeguidancefor VIEs.
Intercompany Money Pool. To provideanadditional short-termborrowingoption that will generallybemore favorable to the
borrowingparticipantsthan thecostofexternal financing, Exelon operatesan intercompanymoneypool.Maximumamounts
contributedto andborrowedfromthemoneypool by participantsduringtheyear endedDecember 31,2013,inaddition to the net
contribution or borrowingasofDecember 31,2013,are presentedinthefollowingtable:
Maximum
Contributed
Maximum
Borrowed
December 31, 2013
Contributed
(Borrowed)
Generation .............................................................. $159 $435$44
PECO .................................................................. 304— —
BSC .................................................................... — 287 (223)
Exelon Corporate ......................................................... 237— 179
Investments in Nuclear Decommissioning Trust Funds. Exelon andGeneration maintain trustfunds, asrequiredbytheNRC, to
fundcertaincostsofdecommissioningGeneration’s nuclear plants. Themix ofsecuritiesi
nthe trustfunds is designedto provide
returnsto beusedto funddecommissioningandto offset inflationaryincreasesindecommissioningcosts. Generation actively
monitorstheinvestment performanceofthe trustfunds andperiodicallyreviews asset allocationsinaccordancewithGeneration’s
NDT fundinvestment policy. Generation’s investment policy establisheslimitson theconcentration ofholdings inanyone company
andalsoinanyone industry. See Note 15—Asset Retirement ObligationsoftheCombinedNotesto ConsolidatedFinancial
Statementsfor further information regardingthe trustfunds, theNRC’s minimumfundingrequirementsandrelatedliquidity
ramifications.
Shelf Registration Statements. TheRegistrantsmaintainacombinedshelfregistration statement unlimitedinamount,withthe
SEC. Theabilityofeach Registrant to sell securitiesoff theshelfregistration statement or to access theprivate placement markets
will dependon a number offactorsat thetimeofthe proposedsale,includingother requiredregulatoryapprovals, asapplicable,the
current financial condition oftheRegistrant,itssecuritiesratings andmarket conditions.
Regulatory Authorizations. Theissuanceby ComEd, PECO and BGE oflong-termdebtorequitysecuritiesrequirestheprior
authorization oftheICC, PAPUC and MDPSC, respectively. ComEd, PECO and BGE normallyobtaintherequiredapprovalson a
periodic basis to cover their anticipatedfinancingneeds for a periodoftimeorinconnection withaspecific financing. OnMarch 1,
2013,ComEd received $470million in long-termdebtnewmoneyauthorityfromtheICC andon February27, 2012,ComEd
received$1.3billion in long-termdebtrefinancingauthorityfromtheICC. AsofDecember 31,2013,ComEd had$1.3billion
available in long-termdebtrefinancingauthorityand$218million available innewmoneylong-termdebtfinancingauthorityfromthe
ICC. Duringthefourthquarter of2013,ComEd requestedandreceived$1billion innewmoneyfinancingauthorityfromtheICC. The
authorityiseffectiveonJanuary1,2014andexpiresJanuary1,2017. AsofDecember 31,2013, PECO had$1.4 billion available in
long-termdebtfinancingauthorityfromthePAPUC. AsofDecember 31,2013, BGE had $850million available in long-termfinancing
authorityfrom MDPSC.
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