ComEd 2013 Annual Report Download - page 101

FERChasfinancingjurisdiction over ComEd’s, PECO’s and BGE’s short-termfinancings andall ofGeneration’s financings. Asof
December 31,2013,ComEd, PECO had BGE hadshort-termfinancingauthorityfromFERC, which expireson December 31,2015,
of$2.5 billion,$2.5 billion and$700 million,respectively. Generation currentlyhasblanket financingauthorityitreceivedfromFERC
inconnection withitsmarket-basedrate authority. See Note 3 oftheCombinedNotesto ConsolidatedFinancial Statementsfor
additional information.
Exelon’s abilityto pay dividends on itscommon stock depends on thereceipt of dividends paid by itsoperatingsubsidiaries. The
paymentsof dividends to Exelon by itssubsidiariesin turn dependon theirresultsofoperationsandcash flows andother items
affectingretainedearnings. TheFederal Power Actdeclaresittobe unlawful for anyofficer or director ofanypublic utility“to
participate inthemakingor payingofany dividends ofsuch public utilityfromanyfunds properlyincludedincapital account.” In
addition,under Illinois law, ComEd maynot payany dividendon itsstock, unless, amongother things, itsearnings andearned
surplusare sufficient to declare andpayadividendafter provision is madefor reasonable andproper reserves, or unless ComEd
hasspecific authorization fromtheICC. BGE is subjecttocertaindividendrestrictionsestablishedbytheMDPSC. First, BGE is
prohibitedfrompayingadividendon itscommon sharesthrough theendof2014. Second, BGE is prohibitedfrompayingadividend
on itscommon sharesif(a)after thedividendpayment, BGE’s equityratiowouldbebelow 48% ascalculatedpursuant to the
MDPSC’s ratemakingprecedentsor (b) BGE’s senior unsecuredcredit ratingisratedbytwoofthethree major credit ratingagencies
belowinvestment grade.Finally, BGE must notify theMDPSC that itintends to declare a dividendon itscommon sharesat least30
days before such adividendispaid. There are no other limitationson BGE payingcommon stock dividends unless: (1) BGE elects
to defer interestpaymentson the6.20%Deferrable InterestSubordinatedDebenturesdue 2043,andanydeferredinterestremains
unpaid; or (2)any dividends (andanyredemption payments) due on BGE’s preferencestock have not been paid. At December 31,
2013,Exelon hadretainedearnings of$10,358 million,includingGeneration’s undistributedearnings of$3,613 million,ComEd’s
retainedearnings of $750million consistingofretainedearnings appropriatedfor future dividends of$2,389 million partiallyoffset by
$1,639million ofunappropriatedretaineddeficit, PECO’s retainedearnings of $649 million and BGE’s retainedearnings $1,005
million.See Note 22 oftheCombinedNotesto ConsolidatedFinancial Statementsfor additional information regardingfundtransfer
restrictions.
Contractual Obligations
ThefollowingtablessummarizetheRegistrants’ future estimatedcash paymentsasofDecember 31,2013 under existing
contractual obligations, includingpaymentsdue by period. See Note 22 oftheCombinedNotesto ConsolidatedFinancial
Statementsfor information regardingtheRegistrants’ commercial andother commitments, representingcommitmentspotentially
triggeredbyfuture events.
Exelon
Payment due within
Total 2014
2015-
2016
2017-
2018
Due 2019
and beyond
All
Other
Long-termdebt(a)........................................... $19,367 $1,424$2,953$2,731 $12,259 $ —
Interestpaymentson long-termdebt(b) ......................... 12,845 9251,6921,396 8,832 —
Liabilityandinterestfor uncertaintaxpositions(c) ................. 1,255 — — — — 1,255
Capital leases.............................................. 414810 19—
Operatingleases(d) ......................................... 826103 180145 398 —
Purchasepower obligations(e)................................ 3,046 1,378 852367 449 —
Fuel purchaseagreements(f) ................................. 9,6061,520 2,622 1,967 3,497 —
Electric supplyprocurement (f) ................................ 1,8801,062678 140——
AEC purchasecommitments(f) ................................ 6 122 1—
Curtailment servicescommitments(f) ........................... 132 45 74 13 ——
Long-termrenewable energy andREC commitments(g) ........... 1,589 721501601,207—
PJM regional transmission expansion commitments(h) ............ 1,019208 597 214——
Spent nuclear fuel obligation .................................. 1,021 ———1,021 —
Pension minimumfundingrequirement (i) ....................... 1,223 264 444 42689—
Total contractual obligations .................................. $53,856 $7,006$10,252$7,571$27,772$1,255
(a)Includes $648 million due after 2016to ComEd, PECO and BGE financingtrusts.
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