ComEd 2013 Annual Report Download - page 99

Short-Term Borrowings. Short-termborrowings incurred(repaid) during2013,2012 and2011 by Registrant were asfollows:
2013 2012 2011
Generation .................................................................................. $ 13 $(52)$—
ComEd ..................................................................................... 184 — —
BGE ....................................................................................... 135— —
Other (a).................................................................................... — (140)161
Exelon ..................................................................................... $332 $(192)$161
(a)Other primarilyconsistsofcorporate operationsand BSC.
Retirement of Long-Term Debt to Financing Affiliates. There were no retirementsoflong-termdebttofinancingaffiliatesduring
2013,2012 and2011 by theRegistrants.
Contributions from Parent/Member. ContributionsfromParent/Member (Exelon)during2013,2012 and2011 by Registrant were
asfollows:
2013 2012 2011
Generation .................................................................................. $ 26 $48 $ 30
ComEd (a).................................................................................... 176 11 11
PECO ...................................................................................... 27918
BGE........................................................................................ — 66 —
(a)In 2013,representsindemnification fromExelon in relation to thelike-kindexchange transaction.
Other. Other significant financingactivitiesfor Exelon for 2013,2012 and2011 were asfollows:
•Exelon receivedproceeds fromemployee stock plansof $47 million,$72million and$38million during2013,2012 and2011,
respectively.
Credit Matters
Market Conditions
TheRegistrantsf
undliquidityneeds for capital investment,workingcapital,energy hedgingandother financial commitmentsthrough
cash flows fromcontinuingoperations, public debtofferings, commercial paper marketsandlarge, diversifiedcreditfacilities. The
creditfacilitiesinclude$8.4 billion inaggregate total commitmentsof which $6.6 billion wasavailable asofDecember 31,2013,and
of which no financial institution hasmore than 8% oftheaggregate commitmentsfor Exelon,Generation,ComEd, PECO and BGE.
TheRegistrantshadaccess to thecommercial paper market during2013 to fundtheirshort-termliquidityneeds, when necessary.
TheRegistrantsroutinelyreviewthesufficiency oftheirliquidityposition,includingappropriate sizingofcreditfacilitycommitments,
by performingvariousstress testscenarios, such ascommoditypricemovements, increasesinmargin-relatedtransactions, changes
inhedginglevelsandtheimpactsofhypothetical creditdowngrades. TheRegistrantshavecontinuedto closelymonitor eventsinthe
financial marketsandthefinancial institutionsassociatedwiththecreditfacilities, includingmonitoringcredit ratings andoutlooks,
creditdefault swap levels, capital raisingandmerger activity. See PART I. ITEM 1A Risk Factorsfor further information regardingthe
effectsofuncertaintyinthecapital andcreditmarkets.
TheRegistrantsbelievetheircash flowfromoperatingactivities, access to creditmarketsandtheircreditfacilitiesprovidesufficient
liquidity. If Generation lostitsinvestment gradecredit ratingasofDecember 31,2013,itwouldhavebeen requiredto provide
incremental collateral of$2.0billion ofcollateral obligationsfor derivatives, non-derivatives, normal purchase normal salescontracts
andapplicable payablesandreceivables, net ofthecontractual rightofoffset under master nettingagreements, which is well within
itscurrent available creditfacilitycapacitiesof $4.3billion.IfComEd lostitsinvestment gradecredit ratings asofDecember 31,
2013,itwouldhavebeen requiredto provideincremental collateral of$6million, which is well withinitscurrent available creditfacility
capacityof$816million, which takesinto account commercial paper borrowings asofDecember 31,2013. If PECO lostits
investment gradecredit ratingasofDecember 31,2013 itwouldnot berequiredto providecollateral pursuant to PJM’s credit policy
andcouldhavebeen requiredto providecollateral of$42million relatedto itsnatural gasprocurement contracts, which, inthe
aggregate,are well withinPECO’s current available creditfacilitycapacityof $599 million. If BGE lostitsinvestment gradecredit
ratingasofDecember 31,2013,itwouldhavebeen requiredto providecollateral of$2million pursuant to PJM’s credit policy and
couldhavebeen requiredto providecollateral of $85 million relatedto itsnatural gasprocurement contracts, which, inthe
aggregate,are well withinBGE’s current available creditfacilitycapacityof $465 million.
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