ComEd 2013 Annual Report Download - page 191

BGE’s natural gasprocurement contractscontain provisionsthat couldrequire BGE to postcollateral. This collateral maybeposted
intheformofcash or creditsupport withthresholds contingent upon BGE’s credit ratingfromthemajor credit ratingagencies. The
collateral andcreditsupport requirementsvarybycontractandbycounterparty. AsofDecember 31,2013, BGE wasnot requiredto
postcollateral for anyoftheseagreements. If BGE lostitsinvestment gradecredit ratingasofDecember 31,2013, BGE couldhave
been requiredto post approximately $85 million ofcollateral to itscounterparties.
13. Debt and Credit Agreements
Short-Term Borrowings
Exelon,ComEd and BGE meet theirshort-termliquidityrequirementsprimarilythrough theissuanceofcommercial paper.
Generation and PECO meet theirshort-termliquidityrequirementsprimarilythrough theissuanceofcommercial paper and
borrowings fromtheintercompanymoneypool.
Exelon,Generation,ComEd, PECO and BGE hadthefollowingamountsofcommercial paper borrowings at December 31,2013 and
2012:
Maximum
Program Size at
December 31,
Outstanding
Commercial
Paper at
December 31,
Average Interest Rate on
Commercial Paper Borrowings for
the Year Ended December 31,
Commercial Paper Issuer 2013 (a) 2012 (a) 2013 2012 2013 2012
Exelon Corporate ..................................... $ 500 $500 $— $— 0.27% 0.47%
Generation ........................................... 5,600 5,600 —— 0.32%0.45%
ComEd.............................................. 1,000 1,000 184 — 0.40%0.50%
PECO ............................................... 600 600 —— n.a.n.a.
BGE ................................................ 600 600 135— 0.31%0.43%
Total ............................................... $8,300 $8,300 $319$—
(a)Equalsaggregate bankcommitmentsunder therevolvingandbilateral creditagreements (withtheexception ofa$75 million bilateral agreement)that backstop the
commercial paper program. See discussion belowandCreditAgreementstable belowfor items affectingeffective program size.
Inorder to maintaintheirrespectivecommercial paper programs intheamountsindicatedabove,each Registrant musthave
revolvingcreditfacilitiesin place,at leastequal to theamount ofitscommercial paper program. While theamount ofitsoutstanding
commercial paper doesnot reduceavailable capacityunder a Registrant’s creditagreement,aRegistrant doesnot issue commercial
paper inanaggregate amount exceedingthethen available capacityunder itscreditagreement.
At December 31,2013,theRegistrantshadthefollowingaggregate bankcommitments, creditfacilityborrowings andavailable
capacityunder theirrespectivecreditagreements:
Available Capacity at
December 31, 2013
Borrower
Aggregate Bank
Commitment (a) Facility Draws
Outstanding
Letters of Credit Actual
To Support
Additional
Commercial
Paper (b)
Exelon Corporate ................................. $ 500 $— $ 2$ 498 $ 498
Generation ...................................... 5,675 — 1,413 4,2624,187
ComEd ......................................... 1,000 ——1,000 816
PECO .......................................... 600 —1599 599
BGE ........................................... 600 ——600 465
Total ........................................... $8,375 $— $1,416 $6,959 $6,565
(a) Excludesadditional creditfacilityagreementsfor Generation,ComEd, PECO and BGE withaggregate commitmentsof$50million,$34million,$34million and$5
million,respectively, arrangedwithminorityandcommunitybanks locatedprimarilywithinComEd’s, PECO’s and BGE’s service territories. Thesefacilitiesexpire on
October 17, 2014andare solelyfor issuinglettersofcredit.AsofDecember 31,2013,lettersofcreditissuedunder theseagreementstotaled$20 million,$18million,
$21 million and$1million for Generation,ComEd, PECO and BGE, respectively.
(b) Excludes $75 million bilateral creditfacilitythat doesnot back Generation’s commercial paper program.
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