Home » ComEd Annual Reports » 2015 Annual Report

ComEd 2015 Annual Report Download

Download and view the complete annual report

Please find the complete 2015 ComEd annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

℠

FORM 10-K

BALTIMORE GAS & ELECTRIC CO - EXC

Filed: February 10, 2016 (period: December 31, 2015)

Annual report with a comprehensive overview of the company

The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user

assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be

limited or excluded by applicable law. Past financial performance is no guarantee of future results.

Page 1
...10-K BALTIMORE GAS & ELECTRIC CO - EXC Filed: February 10, 2016 (period: December 31, 2015) Annual report with a comprehensive overview of the company The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes...

Page 2
..., by Baltimore Gas and Electric Company Securities registered pursuant to Section 12(g) of the Act: New York COMMONWEALTH EDISON COMPANY: Common Stock Purchase Warrants, 1971 Warrants and Series B Warrants Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar...

Page 3
... Commonwealth Edison Company 2016 information statement are incorporated by reference in Part III. Exelon Generation Company, LLC, PECO Energy Company and Baltimore Gas and Electric Company meet the conditions set forth in General Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 4
Exelon Generation Company, LLC, PECO Energy Company and Baltimore Gas and Electric Company meet the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and are therefore filing this Form in the reduced disclosure format. Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, ...

Page 5
... Exelon Corporation Exelon Generation Company, LLC Commonwealth Edison Company PECO Energy Company Baltimore Gas and Electric Company MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Exelon Corporation Executive Overview Critical Accounting Policies and Estimates...

Page 6
... Company Baltimore Gas and Electric Company FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Exelon Corporation Exelon Generation Company, LLC Commonwealth Edison Company PECO Energy Company Baltimore Gas and Electric Company Combined Notes to Consolidated Financial Statements 1. Significant Accounting...

Page 7
... PRINCIPAL ACCOUNTING FEES AND SERVICES EXHIBITS, FINANCIAL STATEMENT SCHEDULES Exelon Corporation Exelon Generation Company, LLC Commonwealth Edison Company PECO Energy Company Baltimore Gas and Electric Company 437 438 439 440 441 442 476 476 477 478 479 480 Source: BALTIMORE GAS & ELECTRIC CO...

Page 8
... Other Terms and Abbreviations Exelon Corporation Exelon Generation Company, LLC Commonwealth Edison Company PECO Energy Company Baltimore Gas and Electric Company Exelon Business Services Company, LLC Exelon's holding company Constellation Energy Nuclear Group, LLC Constellation Energy Group...

Page 9
... Exchange Illinois Electric Service Customer Choice and Rate Relief Law of 1997 Illinois Environmental Protection Agency Legislation enacted in 2007 affecting electric utilities in Illinois Integrys Energy Services, Inc. Illinois Power Agency Internal Revenue Code 2 Source: BALTIMORE GAS & ELECTRIC...

Page 10
...Investor Service Minimum Offer Price Rule Market-Related Value Megawatt Megawatt Hour National Ambient Air Quality Standards not meaningful Net Asset Value Nuclear Decommissioning Trust Nuclear Electric Insurance Limited North American Electric Reliability Corporation Natural Gas Supplier New Jersey...

Page 11
... Responsible Parties Public Service Enterprise Group Incorporated Pennsylvania Public Realty Tax Act Photovoltaic Resource Conservation and Recovery Act of 1976, as amended Renewable Energy Credit which is issued for each megawatt hour of generation from a qualified renewable energy source Nuclear...

Page 12
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 13
... corporation named Commonwealth Edison Company, which was incorporated in 1907. ComEd's principal executive offices are located at 440 South LaSalle Street, Chicago, Illinois 60605, and its telephone number is 312-394-4321. PECO PECO's energy delivery business consists of the purchase and regulated...

Page 14
..., including its nuclear plants which consistently operate at high capacity factors, also provides geographic and supply source diversity. These factors help Generation mitigate the challenging conditions emanating from competitive energy markets. Generation's customers include distribution utilities...

Page 15
... generation and customer supply operations. 8 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user...

Page 16
...Type of Capacity MW Owned generation assets (a)(b) Nuclear Fossil (primarily natural gas) Renewable (c) Owned generation assets Long-term power purchase contracts Total generating resources (a) (b) (c) See "Fuel" for sources of fuels used in electric generation. Net generation capacity is stated at...

Page 17
... wholesale and retail power marketing activities. See ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS for further discussion of Generation's electric supply sources. Nuclear Operations. Capacity factors, which are significantly affected by the number and...

Page 18
... with the Atomic Energy Act, the regulations under such Act or the terms of the operating licenses. Changes in regulations by the NRC may require a substantial increase in capital expenditures for nuclear generating facilities and/or increased operating costs of nuclear generating units. On March...

Page 19
... unit began commercial operations. In December 2014, Generation submitted applications to the NRC to extend the operating licenses of LaSalle Units 1 and 2 by 20 years. Stations for which the NRC has issued renewed operating licenses. Although timing has been delayed, Generation currently plans to...

Page 20
... provide operational and managerial support services for the Fort Calhoun Station and a licensing agreement for use of the Exelon Nuclear Management Model. The terms for both agreements are 20 years. OPPD will continue to own the plant and remain the NRC licensee. Nuclear Uprate Program. Generation...

Page 21
... OF OPERATIONS-Exelon Corporation, Executive Overview; ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Critical Accounting Policies and Estimates, Nuclear Decommissioning, Asset Retirement Obligations and Nuclear Decommissioning Trust Fund Investments...

Page 22
... retail power marketing activities. For additional information regarding Generation's electric generating facilities, see ITEM 2. PROPERTIES-Exelon Generation Company, LLC and ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS- Exelon Corporation, Executive...

Page 23
... by owned generation assets, Generation sources electricity and other related output from plants it does not own under long-term contracts. The following tables summarize Generation's long-term contracts to purchase unit-specific physical power with an original term in excess of one year in duration...

Page 24
...retail customers and assisting customers to meet renewable portfolio standards. Generation may also buy power in the market to meet the energy demand of its customers. Generation sells electricity, natural gas, and related products and solutions to various customers, including distribution utilities...

Page 25
... prices, which routinely change in the market. The corporate risk management group and Exelon's RMC monitor the financial risks of the wholesale and retail power marketing activities. Generation also uses financial and commodity contracts for proprietary trading purposes, but this activity accounts...

Page 26
...the purchase and regulated retail sale of electricity and the provision of electricity distribution and transmission services to retail customers in northern Illinois. ComEd is a public utility under the Illinois Public Utilities Act subject to regulation by the ICC related to distribution rates and...

Page 27
...with electric and natural gas distribution services and earn a return on those capital expenditures, subject to commission approval. ComEd recovers costs through a performance-based rate formula, pursuant to EIMA. ComEd is required to file an update to the performance-based rate formula on an annual...

Page 28
... revenues or purchased power and fuel expense related to the electric and natural gas procurement costs. ComEd, PECO and BGE remain the distribution service providers for all customers in their respective service territories and charge a regulated rate for distribution service. Retail customers...

Page 29
... the utilities and customers. PECO and BGE make these sales as part of a program to balance its supply and cost of natural gas. Energy Efficiency Programs. ComEd, PECO and BGE are also allowed to recover costs associated with energy efficiency and demand response programs. Each commission approved...

Page 30
...'s order establishes the agreed-upon treatment of costs and revenues in the determination of network service transmission rates and the process for updating the formula rate calculation on an annual basis. PECO's customers are charged for PECO's PJM retail transmission services on a full and current...

Page 31
... as well as two other 3-year agreements: New England ENEH, UWUA Local 369, which will expire in 2017; and New Energy IUOE Local 95-95A, which will expire in 2016. Other includes shared services employees at BSC. Environmental Regulation General Exelon, Generation, ComEd, PECO and BGE are subject to...

Page 32
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 33
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 34
... fuel generation of electricity used to power its facilities. Despite its focus on low-carbon generation, Exelon believes its operations could be significantly affected by the possible physical risks of climate change and by mandatory programs to reduce GHG emissions. See ITEM 1A. RISK FACTORS for...

Page 35
... Climate Action Work Plans for the residential, commercial and industrial sectors. The Climate Change Action Plan does not impose any requirements on Generation or PECO at this time. The Maryland Commission on Climate Change was chartered in 2007 and released a greenhouse gas reduction strategy...

Page 36
... costs of RECs from retail customers without mark-up through rates. The AEPS Act became effective for PECO on January 1, 2011. During 2015, PECO was required to supply approximately 5.0% of electric energy generated from Tier I alternative energy resources (including solar, wind power, low...

Page 37
... related to the use of alternative energy resources; however, the wholesale suppliers that supply power to BGE through SOS procurement auctions have the obligation, by contract with BGE, to meet the RPS requirements. Similar to ComEd, PECO and BGE, Generation's retail electric business must source...

Page 38
..., Exelon Nuclear; Senior Vice President and Chief Nuclear Officer, Generation Chief Operating Officer, Exelon Nuclear 31 2013 - Present 2013 - Present 2012 - 2013 2012 - 2013 2008 - 2012 2013 - Present 2012 - 2013 2010 - 2012 2015 - Present 2010 - 2015 2007 - 2010 Source: BALTIMORE GAS & ELECTRIC...

Page 39
..., Exelon Chief Operating Officer, Exelon Transmission Company Senior Vice President, Mid- Atlantic Operations, Exelon Nuclear Senior Vice President and Chief Financial Officer, Generation Senior Vice President, Corporate Finance, Exelon Chief Accounting Officer, Constellation Energy Vice President...

Page 40
..., PECO Vice President, Customer Operations, PECO Director of Energy and Marketing Services, PECO Vice President and General Counsel, PECO Vice President, Governmental and External Affairs, PECO Vice President and Controller, PECO Assistant Controller, Generation Director of Accounting, Power Team...

Page 41
..., Customer Operations and Chief Customer Officer, BGE Vice President, Gas Distribution, BGE Director, Gas and Electric Field Services, BGE Vice President and General Counsel, BGE Vice President and Controller, BGE Vice President of Power Finance, Exelon Power Director, FP&A and Retail, Constellation...

Page 42
... Factors. Exelon's and Generation's results of operations are affected by price fluctuations in the energy markets. Power prices are a function of supply and demand, which in turn are driven by factors such as (1) the price of fuels, in particular the price of natural gas, which affects the prices...

Page 43
...exceed demand during some hours of the day, resulting in loss of revenue for base-load generating plants. Increased supply in excess of demand is furthered by the continuation of RPS mandates and subsidies for renewable energy. Retail Competition: Generation's retail operations compete for customers...

Page 44
... affect the price of energy, could affect energy deliveries as customer-owned generation becomes more cost-effective, could require further improvements to our distribution systems to address changing load demands and could make portions of our electric system power supply and transmission and/or...

Page 45
... ComEd, PECO and BGE customers, the results of operations and financial positions of ComEd, PECO and BGE could be negatively affected. Ultimately, if the Registrants are unable to manage the investments within the NDT funds and benefit plan assets, and are unable to manage the related benefit plan...

Page 46
... and related collateral. ComEd's, PECO's and BGE's operating agreements with PJM and PECO's and BGE's natural gas procurement contracts contain collateral provisions that are affected by their credit rating and market prices. If certain wholesale market conditions were to exist and ComEd, PECO and...

Page 47
... effectively manage its power portfolio. (Exelon and Generation) A significant portion of Generation's power portfolio is used to provide power under procurement contracts with ComEd, PECO, BGE and other customers. To the extent portions of the power portfolio 40 Source: BALTIMORE GAS & ELECTRIC CO...

Page 48
...'s results from operations or cash flows. (Exelon, Generation, ComEd, PECO and BGE) ComEd's, PECO's and BGE's current procurement plans include purchasing power through contracted suppliers and in the spot market. ComEd's and PECO's costs of purchased power are charged to customers without a return...

Page 49
.... Purchased power and natural gas prices fluctuate based on their relevant supply and demand. Significantly higher rates related to purchased power and natural gas could result in declines in customer usage, lower revenues and potentially additional uncollectible accounts expense for ComEd, PECO and...

Page 50
... (Exelon, Generation, ComEd, PECO and BGE) The Registrants' businesses are capital intensive and require significant investments by Generation in electric generating facilities and by ComEd, PECO and BGE in transmission and 43 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by...

Page 51
... other similarly regulated rates, and Exelon's, ComEd's, PECO's and BGE's operating results and cash flows are heavily dependent on the ability of ComEd, PECO and BGE to recover their costs for the retail purchase and distribution of power to their customers. 44 Source: BALTIMORE GAS & ELECTRIC CO...

Page 52
... addressing climate change through an RPS could also increase the pace of development of wind energy facilities in the Midwest, which could put downward pressure on wholesale market prices for electricity from Generation's Midwest nuclear assets, partially offsetting any additional value Exelon...

Page 53
... ComEd, PECO and BGE and its sales to each of them. In periods of rising utility rates, particularly when driven by increased costs of energy production and supply, those officials and advocacy groups may question or challenge costs and transactions incurred by 46 Source: BALTIMORE GAS & ELECTRIC...

Page 54
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 55
... requires the use of renewable and alternate fuel sources, such as wind, solar, biomass and geothermal, could significantly impact Generation, ComEd, PECO and BGE, especially if timely cost recovery is not allowed. The impact could include increased costs for RECs and purchased power and increased...

Page 56
... Balance Sheets and the recognition of a one-time charge in their Consolidated Statements of Operations and Comprehensive Income. The impact of not meeting the criteria of the authoritative guidance could be material to the financial statements of Exelon, ComEd, PECO and BGE. At December 31, 2015...

Page 57
... by possible Nuclear Regulatory Commission actions that could affect the operations and profitability of its nuclear generating fleet. (Exelon and Generation) Regulatory risk. A change in the Atomic Energy Act or the applicable regulations or licenses could require a substantial increase in capital...

Page 58
... lose revenue and incur increased fuel and purchased power expense to meet supply commitments. Operational Factors The Registrants' employees, contractors, customers and the general public could be exposed to a risk of injury due to the nature of the energy industry. (Exelon, Generation, ComEd, PECO...

Page 59
...at low variable costs due to nuclear fuel costs typically being lower than fossil fuel costs. Consequently, to be successful, Generation must consistently operate its nuclear facilities at high capacity factors. Lower capacity 52 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 60
... factors increase Generation's operating costs by requiring Generation to produce additional energy from primarily its fossil facilities or purchase additional energy in the spot or forward markets in order to satisfy Generation's obligations to committed third-party sales, including ComEd, PECO...

Page 61
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 62
...'s, PECO's and BGE's service areas could stress available transmission capacity requiring alternative routing or curtailment of electricity usage with consequent effects on operating costs, revenues and results of operations. Also, insufficient availability of electric supply to meet customer demand...

Page 63
.... ComEd's, PECO's and BGE's deployment of smart meters throughout their service territories may increase the risk of damage from an intentional disruption of the system by third parties. In addition, new or updated security regulations or unforeseen threat sources could require changes in current...

Page 64
... it is possible that FERC, state public utility commissions or others could impose certain other restrictions on such transactions. All of these factors could result in higher costs or lower revenues than expected, resulting in lower than planned returns on investment. ComEd, PECO and BGE face risks...

Page 65
... plans. Exelon expects that the elimination of costs, as well as the realization of other efficiencies related to the integration of the businesses, will exceed incremental transaction and Merger-related costs over time. 58 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 66
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 67
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 68
... the Merger. In addition, Exelon could choose to waive requirements of the Merger Agreement, including some conditions to closing of the Merger. ITEM 1B. None. 61 UNRESOLVED STAFF COMMENTS Exelon, Generation, ComEd, PECO and BGE Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 69
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 70
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 71
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 72
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 73
...propane-air plant located in Chester, Pennsylvania, with a tank storage capacity of 150 mmcf and a peaking capability of 25 mmcf/day. In addition, PECO owns 31 natural gas city gate stations and direct pipeline customer delivery points at various locations throughout its gas service territory. First...

Page 74
... owns 12 natural gas city gate stations and 20 direct pipeline customer delivery points at various locations throughout its gas service territory. Property Insurance BGE owns its principal headquarters building located in downtown Baltimore. BGE maintains property insurance against loss or damage to...

Page 75
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 76
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 77
... loss recorded at Generation, ComEd, PECO or BGE may limit the dividends that these companies can distribute to Exelon. The Federal Power Act declares it to be unlawful for any officer or director of any public utility "to participate in the making or paying of any dividends of such public utility...

Page 78
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 79
... of operations on a fully consolidated basis. 2012 financial results include the activity of Constellation from the merger effective date of March 12, 2012 through December 31, 2012. December 31, 2013 (In millions) 2015 2014 2012 2011 Balance Sheet data: Current assets Property, plant and...

Page 80
... of operations on a fully consolidated basis. 2012 financial results include the activity of Constellation from the merger effective date of March 12, 2012 through December 31, 2012. December 31, 2013 (In millions) 2015 2014 2012 2011 Balance Sheet data: Current assets Property, plant and...

Page 81
...) 2015 For the Years Ended December 31, 2014 2013 2012 2011 Statement of Operations data: Operating revenues Operating income Net income (In millions) $4,905 1,017 426 2015 $4,564 980 408 2014 $4,464 954 249 December 31, 2013 $5,443 886 379 2012 $6,056 982 416 2011 Balance Sheet data: Current...

Page 82
... revenues Operating income Net income Net income (loss) attributable to common shareholder (In millions) $3,135 558 288 275 2015 $3,165 439 211 198 2014 $3,065 449 210 197 December 31, 2013 $2,735 132 4 (9) 2012 (a) $3,068 314 136 123 2011 (a) Balance Sheet data: Current assets Property, plant...

Page 83
... of operations into their financial statements since April 1, 2014. â€¢ â€¢ ComEd, whose business consists of the purchase and regulated retail sale of electricity and the provision of electricity transmission and distribution services in northern Illinois, including the City of Chicago. PECO...

Page 84
... below are before the impact of income taxes, except as noted. The Years Ended December 31, 2015 ComEd PECO BGE Other 2014 Exelon (a) Favorable (Unfavorable) Variance Generation Exelon Operating revenues Purchased power and fuel expense Revenue net of purchased power and fuel expense (b) Other...

Page 85
...a result of the electric and natural gas distribution rate case order issued by the Maryland PSC and increased transmission revenue. The year-over-year increase in operating revenue net of purchased power and fuel expense was partially offset by the following unfavorable factors: â€¢ Decrease of $38...

Page 86
... related to financing activities associated with the pending PHI merger. Other, net decreased by $501 million primarily at Generation as a result of the change in realized and unrealized gains and losses on NDT funds. Exelon's effective income tax rates for the years ended December 31, 2015 and 2014...

Page 87
... Statements for additional detail related to Generation's hedging activities. Reflects the impact of unrealized losses (gains) for the years ended December 31, 2015 and 2014 (net of taxes of $148 million and $77 million, respectively) on Generation's NDT fund investments for Non-Regulatory Agreement...

Page 88
... in 2015, and in 2014 the impact of unrealized gains and losses on NDT fund investments, costs incurred associated with the integration, non-cash amortization of intangible assets, net, related to commodity contracts, mark-to-market activity, and changes in asset retirement obligations. Merger and...

Page 89
... billion. The direct investment estimate includes $95 million to $120 million for the requirement to cause construction of a headquarters building in Baltimore for Generation's competitive energy businesses. On March 20, 2013, Generation signed a twenty year lease agreement for office space that was...

Page 90
... its nuclear plants which consistently operate at high capacity factors, also provide geographic and supply source diversity. These factors help Generation mitigate the current challenging conditions in competitive energy markets. Exelon's financial priorities are to maintain investment grade credit...

Page 91
... the merger after modifying a number of the conditions in the settlements, resulting in total rate credits of $66 million, funding for energy efficiency programs of $43.2 million, a Green Sustainability Fund of $14.4 million, 20 MWs of renewable generation development and increased penalties related...

Page 92
... of residential customer base rate increases of $26 million, one-time direct bill credits of $14 million, low-income energy assistance of $16 million, improved reliability, a cleaner and greener D.C. through funding energy efficiency programs and development of renewable energy, and investment in...

Page 93
... at Generation (after-tax proceeds of approximately $1.4 billion) and the remaining balance from cash on hand and/or short-term borrowings available to Exelon. Exelon will have sufficient cash to fund the all-cash purchase price, acquisition and integration related costs, and merger commitments...

Page 94
...While there are a number of Generation's nuclear plants that are at risk of early retirement, the following table provides the balance sheet amounts as of December 31, 2015 for significant assets and liabilities associated with the three nuclear plants currently considered by management to be at the...

Page 95
... required to pay for spent fuel management costs of up to $180 million, net of taxes, but Quad Cities is better positioned to pass the test than the other two plants. Power Markets Price of Fuels. The use of new technologies to recover natural gas from shale deposits is increasing natural gas supply...

Page 96
... generation, including low-carbon generation such as wind and solar energy, in the markets in which Generation's output is sold can negatively impact wholesale power prices, and in turn, Generation's results of operations. 89 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 97
... cycle gas turbine in Waldorf, Maryland, that it projected would be in commercial operation by June 1, 2015. CPV subsequently sought to extend that date. The CfD mandated that utilities (including BGE) pay (or receive) the difference between CPV's contract price and the revenues it receives for...

Page 98
... in projected load for electricity for ComEd. BGE, PECO and ComEd are projecting load volumes to increase (decrease) by 1.5%, 0.4% and (0.3)%, respectively, in 2016 compared 2015. Retail Competition. Generation's retail operations compete for customers in a competitive environment, which affect the...

Page 99
... 31, 2015, Generation has currently approved plans to invest a total of approximately $2 billion in 2016 through 2018 on capital growth projects (primarily new plant construction and distributed generation). 92 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar...

Page 100
... use of other financing structures (e.g., joint ventures, minority partners, etc.). The Registrants expect cash flows to be sufficient to meet operating expenses, financing costs and capital expenditure requirements. Exelon, Generation, ComEd, PECO and BGE have unsecured syndicated revolving credit...

Page 101
.... The final rule, known as MATS, requires coal-fired electric generation plants to achieve high removal rates of mercury, acid gases and other metals, and to make capital investments in pollution control equipment and incur higher operating expenses. The initial compliance deadline to meet the new...

Page 102
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 103
... (Exelon, Generation and ComEd). In March 2015, the Low Carbon Portfolio Standard (LCPS) was introduced in the Illinois General Assembly. The legislation would require ComEd and Ameren to purchase low carbon energy credits to match 70 percent of the electricity used on the distribution system...

Page 104
... Statements for further information related to distribution formula updates. 2015 Pennsylvania Electric Distribution Rate Case (Exelon and PECO). On March 27, 2015, PECO filed a petition with the PAPUC requesting an increase of $190 million to its annual service revenues for electric delivery...

Page 105
...1000, the FERC required public utility transmission providers to enhance their transmission planning procedures and their cost allocation methods applicable to certain new regional and interregional transmission 98 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar...

Page 106
... had previously been reserved for the PJM Transmission Owners, potentially reducing ComEd PECO and BGE's financial return on new investments in energy transmission facilities. Numerous parties sought rehearing of the FERC's March 22, 2013 order, including the PJM Transmission Owners. On May 15, 2014...

Page 107
... into gas distribution rates. Irrespective of the cap, BGE is required to file a gas rate case every five years under this legislation. On August 2, 2013, BGE filed its infrastructure replacement plan and associated surcharge. On January 29, 2014, the MDPSC issued a decision conditionally approving...

Page 108
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 109
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 110
.... The probability-weighted estimated future cash flows using these various scenarios are discounted using credit-adjusted, risk-free rates (CARFR) applicable to the various businesses in which each of the nuclear units originally operated. The accounting guidance required Generation to establish an...

Page 111
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 112
... business climate, including decline in energy prices, condition of the asset, specific regulatory disallowance, or plans to dispose of a long-lived asset significantly before the end of its useful life, among others. 105 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 113
...from the customer supply and risk management activities, including cash flows from related intangible assets and liabilities on the balance sheet. In certain cases, generating assets may be evaluated on an individual basis where those assets are contracted on a long-term basis with a third party and...

Page 114
...(Exelon, Generation, ComEd, PECO and BGE) The Registrants have significant investments in electric generation assets and electric and natural gas transmission and distribution assets. Depreciation of these assets is generally provided over their estimated service lives on a straight-line basis using...

Page 115
... its electric distribution and gas assets. Revisions to depreciation rates from this filing were finalized and effective December 15, 2014. Defined Benefit Pension and Other Postretirement Employee Benefits (Exelon, Generation, ComEd, PECO and BGE) Exelon sponsors defined benefit pension plans and...

Page 116
...annual actuarial valuation. Health Care Cost Trend Rate. Assumed health care cost trend rates impact the costs reported for Exelon's other postretirement benefit plans for participant populations with plan designs that do not 109 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 117
...service period of postretirement benefit plan 110 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user...

Page 118
...benefit plan participants related to expected retirement was 9.7 years, 10.1 years and 9.8 years for the years ended December 31, 2015, 2014 and 2013, respectively. Regulatory Accounting (Exelon, ComEd, PECO and BGE) Exelon, ComEd, PECO and BGE account for their regulated electric and gas operations...

Page 119
...interest rates related to planned future debt issuances and changes in the fair value of outstanding debt. Generation uses a variety of derivative and non-derivative instruments to manage the commodity price risk of its electric generation facilities, including power sales, fuel and energy purchases...

Page 120
... using models that take into account inputs such as contract terms, including maturity, and market parameters, and assumptions of the future prices of energy, interest rates, volatility, credit worthiness and credit spread. For derivatives that trade in liquid 113 Source: BALTIMORE GAS & ELECTRIC...

Page 121
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 122
... costs that will be shared with other parties, the timing of the remediation work, changes in technology, regulations and the requirements of local governmental authorities. Periodic studies are conducted at ComEd, PECO and BGE to determine future remediation requirements and estimates are adjusted...

Page 123
... unbilled revenue is affected by the following factors: daily customer usage measured by generation or gas throughput volume, customer usage by class, losses of energy during delivery to customers and applicable customer rates. Increases or decreases in volumes delivered to the utilities' customers...

Page 124
.... Loss rates applied to the accounts receivable balances are based on historical average charge-offs as a percentage of accounts receivable in each risk segment. ComEd, PECO and BGE customers' accounts are generally considered delinquent if the amount billed is not received by the time the next bill...

Page 125
...increased income tax expense. The increase in 118 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user...

Page 126
...and increased energy efficiency projects. The decrease in other income is primarily the result of the change in realized and unrealized gains and losses on NDT fund investments in 2015 as compared to 2014. Year Ended December 31, 2014 Compared to Year Ended December 31, 2013. Generation's net income...

Page 127
...GAAP measurement. Generation's operating revenues include all sales to third parties and affiliated sales to ComEd, PECO and BGE. Purchased power costs include all costs associated with the procurement and supply of electricity including capacity, energy and ancillary services. Fuel expense includes...

Page 128
...$450 million of purchased power from CENG in the Mid-Atlantic and New York regions, respectively, for the year ended December 31, 2013. See Note 26-Related Party Transactions of the Combined Notes to Consolidated Financial Statements for additional information. Generation's supply sources by region...

Page 129
... energy prices related to executing Generation's ratable hedging strategy. New England Year Ended December 31, 2015 Compared to Year Ended December 31, 2014. The increase in revenue net of purchased power and fuel expense in New England of $110 million was primarily due to the benefit of lower cost...

Page 130
... energy prices, the absence of the 2014 fuel optimization opportunities, partially offset by increased generation from power purchase agreements, and decreased fuel costs. Year Ended December 31, 2014 Compared to Year Ended December 31, 2013. The $126 million increase in revenue net of purchased...

Page 131
... Consolidated Financial Statements for information regarding energy contract intangibles. Nuclear Fleet Capacity Factor The following table presents nuclear fleet operating data for 2015, as compared to 2014 and 2013, for the Generation-operated plants. The nuclear fleet capacity factor presented in...

Page 132
... The changes in operating and maintenance expense for 2015 compared to 2014, consisted of the following: Increase (Decrease) (a) Impairment and related charges of certain generating assets (b) Maryland merger commitments Merger and integration costs Midwest Generation bankruptcy charges Decrease...

Page 133
... Statements for additional information. Year Ended December 31, 2014 Compared to Year Ended December 31, 2013. The increase in gain (loss) on sales of assets is primarily related to $411 million of gains recorded on the sale of 126 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016...

Page 134
...Statements for additional information regarding NDT fund investments. Year Ended December 31, 2014 Compared to Year Ended December 31, 2013. The increase in Other, net primarily reflects $31 million of favorable tax settlements related to Constellation's pre-acquisition tax returns and the increased...

Page 135
... Financial Statements for additional information regarding the components of the effective income tax rates. Results of Operations-ComEd Favorable (Unfavorable) 2015 vs. 2014 Variance Favorable (Unfavorable) 2014 vs. 2013 Variance 2015 2014 2013 Operating revenue Purchased power expense Revenue...

Page 136
... deliveries, but do affect ComEd's Operating revenue related to supplied energy, which is fully offset in Purchased power expense. Therefore, customer choice programs have no impact on Revenue net of purchased power expense. Retail deliveries purchased from competitive electric generation suppliers...

Page 137
...Increase (Decrease) 2015 vs. 2014 Increase (Decrease) 2014 vs. 2013 Weather Volume Electric distribution revenue Transmission revenue Regulatory required programs Uncollectible accounts recovery, net Pricing and customer mix Revenue subject to refund Other Increase in revenue net of purchased power...

Page 138
... Statements for additional information. Regulatory Required Programs. This represents the change in Operating revenue collected under approved riders to recover costs incurred for regulatory programs such as ComEd's energy efficiency and demand response and purchased power administrative costs...

Page 139
... materials (a) Pension and non-pension postretirement benefits expense (b) Storm-related costs Uncollectible accounts expense-provision (c) Uncollectible accounts expense-recovery, net (c) Other(d) Regulatory required programs Energy efficiency and demand response programs Increase in operating and...

Page 140
... 31, 2015 and 2014. See Note 14-Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information on ComEd's debt obligations. Effective Income Tax Rate ComEd's effective income tax rates for the years ended December 31, 2015, 2014 and 2013, were...

Page 141
... Change % Change 2014 vs 2013 WeatherNormal % Change Retail Deliveries to customers (in GWhs) 2015 2014 2013 Retail Deliveries (a) Residential Small commercial & industrial Large commercial & industrial Public authorities & electric railroads Total retail deliveries Number of Electric Customers...

Page 142
... the same period in 2013, primarily due to an increase in Operating and maintenance expense due to an increase in storm costs partially offset by an increase in Operating revenue net of purchase power and fuel expense and a decrease in Income tax expense. 135 Source: BALTIMORE GAS & ELECTRIC CO, 10...

Page 143
... 2013 % of total retail Number of customers customers Electric Natural Gas 563,400 81,100 35% 16% 546,900 78,400 34% 16% 531,500 66,400 34% 13% The changes in PECO's Operating revenue net of purchased power and fuel expense for the years ended December 31, 2015 and December 31, 2014 compared...

Page 144
... for electric. Pricing. The increase in electric operating revenue net of purchased power expense as a result of pricing for the year ended December 31, 2015 is primarily attributable to increased monthly customer demand in the commercial and industrial classes. The increase in natural gas operating...

Page 145
... benefits, contracting and materials Storm-related costs Pension and non-pension postretirement benefits expense Merger integration costs Corporate allocation Uncollectible accounts expense Other Regulatory required programs Smart meter Energy efficiency Other Increase (decrease) in operating and...

Page 146
... the change in effective income tax rates. PECO Electric Operating Statistics and Revenue Detail % Change 2015 vs. 2014 WeatherNormal % Change % Change 2014 vs. 2013 WeatherNormal % Change Retail Deliveries to Customers (in GWhs) 2015 2014 2013 Retail Deliveries (a) Residential Small commercial...

Page 147
... a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenue also reflects the cost of energy and transmission. Other revenue includes transmission revenue from PJM and wholesale electric revenue. PECO Gas...

Page 148
... from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. Results of Operations-BGE Favorable (unfavorable) 2015 vs. 2014 variance Favorable (unfavorable) 2014 vs. 2013...

Page 149
...Years Ended December 31, 2014 2013 Electric Natural Gas 61% 56% 60% 53% 61% 54% Retail customers purchasing electric generation and natural gas from competitive electric generation and natural gas suppliers at December 31, 2015, 2014 and 2013 consisted of the following: December 31, 2015 Number...

Page 150
... gas distribution rate case order. The increase in distribution revenue for the year ended December 31, 2014 was primarily due to the impact of new electric and natural gas distribution rates charged to customers that became 143 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 151
... gas distribution rate case orders. See Note 3 -Regulatory Matters of the Combined Notes to the Consolidated Financial Statements for further information. Regulatory Required Programs. This represents the change in revenue collected under approved riders to recover costs incurred for the energy...

Page 152
... related to demand response programs and revised recovery periods for certain regulatory assets in accordance with the MDPSC approved December 2014 electric and natural gas distribution rate case order. Taxes Other Than Income The change in taxes other than income for 2015 compared to 2014 and 2014...

Page 153
... effective income tax rates. BGE Electric Operating Statistics and Revenue Detail % Change 2015 vs. 2014 WeatherNormal % Change % Change 2014 vs. 2013 WeatherNormal % Change Retail Deliveries to customers (in GWhs) 2015 2014 2013 Retail Deliveries (a) Residential Small commercial & industrial...

Page 154
...purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenue also reflects the cost of energy and transmission. BGE Gas Operating Statistics and Revenue Detail % Change 2015 vs. 2014...

Page 155
...general corporate purposes. Cash Flows from Operating Activities General Generation's cash flows from operating activities primarily result from the sale of electric energy and energy-related products and services to customers. Generation's future cash flows from operating 148 Source: BALTIMORE GAS...

Page 156
... recovery). Exelon expects to make other postretirement benefit plan contributions, including benefit payments related to unfunded plans, of approximately $35 million in 2016, of which Generation, ComEd, PECO, and BGE 149 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by...

Page 157
... benefits and increasing income tax expense by approximately $65 million in 2015. Due to the extension of bonus depreciation, ComEd's 2015 revenue requirement decreased by approximately $10 million (after-tax). 150 â€¢ â€¢ â€¢ Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 158
...operating activity. Changes in working capital and other noncurrent assets and liabilities exclude the changes in commercial paper, income taxes and the current portion of long-term debt. On April 1, 2014, Generation assumed operational control of CENG's nuclear fleet. As a result, the 2015 and 2014...

Page 159
... year over year primarily due to higher RPM credit requirements and higher PJM billings resulting from increased load being served by ComEd as a result of City of Chicago customers switching back to ComEd. â€¢ PECO â€¢ During 2015, 2014 and 2013, PECO's payables to Generation for energy purchases...

Page 160
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 161
... Notes to Consolidated Financial Statements. Cash Flows from Financing Activities Cash flows provided by (used in) financing activities for the year ended December 31, 2015, 2014, and 2013 by Registrant were as follows: 2015 2014 2013 Exelon (a) Generation (a) ComEd PECO BGE (a) $4,830 (479) 467...

Page 162
... issuances and retirements. Debt activity for 2015, 2014 and 2013 by Registrant was as follows: During the year ended December 31, 2015, the following long term debt was issued: Company Type Interest Rate (a) Maturity Amount Use of Proceeds Exelon Corporate Senior Unsecured Notes 1.55% June...

Page 163
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 164
... the year ended December 31, 2014, the following long term debt was issued: Company Type Interest Rate Maturity Amount Use of Proceeds Exelon Corporate Generation Generation Generation Generation Junior Subordinated Notes 2.50% June 1, 2024 $ 1,150 Finance a portion of the pending merger with...

Page 165
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 166
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 167
...June 15, 2013. Exelon and subsidiaries of Generation (former Constellation subsidiaries) assumed intercompany loan agreements that mirror the terms and amounts of the third-party debt obligations of Exelon, which are eliminated in consolidation on Exelon's Consolidated Balance Sheets. The debentures...

Page 168
... options to reduce debt on their respective balance sheets. Dividends. Cash dividend payments and distributions for the year ended December 31, 2015, 2014 and 2013 by Registrant were as follows: 2015 2014 2013 Exelon (a) Generation (a) ComEd PECO BGE (b) (a) (b) $1,105 2,474 299 279 171 $1,486...

Page 169
... related to its natural gas procurement contracts, which, in the aggregate, are well within PECO's current available credit facility capacity of $599 million. If BGE lost its investment grade credit rating as of December 31, 2015 it would have been required to 162 Source: BALTIMORE GAS & ELECTRIC...

Page 170
... gas procurement contracts, which, in the aggregate, are well within BGE's current available credit facility capacity of $600 million. Exelon Credit Facilities Exelon, ComEd and BGE meet their short-term liquidity requirements primarily through the issuance of commercial paper. Generation and PECO...

Page 171
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 172
...final appellate decision which could take several years. Excludes Generation's contingent operating lease payments associated with contracted generation agreements. These amounts are included within purchase power obligations. Includes estimated cash payments for service fees related to PECO's meter...

Page 173
..., storage capacity and services, procure electric supply, and purchase AECs and curtailment services. Primarily related to ComEd 20-year contracts for renewable energy and RECs beginning in June 2012. ComEd is permitted to recover its renewable energy and REC costs from retail customers with no mark...

Page 174
... ComEd's expected portion of the costs to pay for the completion of the required construction projects. See Note 3-Regulatory Matters of Combined Notes to Consolidated Financial Statements for additional information. 167 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 175
... Financial Statements. Represents commitments to purchase natural gas and related transportation, storage capacity and services, procure electric supply, and curtailment services. Represents the future estimated value at December 31, 2015 of the cash flows associated with all contracts, both...

Page 176
... Exelon Utilities, chief commercial officer, chief financial officer and chief executive officer of Constellation. The RMC reports to the Finance and Risk Committee of the Exelon Board of Directors on the scope of the risk management activities. Commodity Price Risk (Exelon, Generation, ComEd, PECO...

Page 177
... Generation Normal Operations and Hedging Activities. Electricity available from Generation's owned or contracted generation supply in excess of Generation's obligations to customers, including portions of ComEd's, PECO's and BGE's retail load, is sold into the wholesale markets. To reduce price...

Page 178
... for on an accrual basis of accounting. Under the DSP Programs, PECO is permitted to recover its electric supply procurement costs from retail customers with no markup. 171 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information...

Page 179
... of Exelon's, Generation's and ComEd's trading and non-trading marketing activities is included to address the recommended disclosures by the energy industry's Committee of Chief Risk Officers (CCRO). 172 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar...

Page 180
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 181
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 182
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 183
... tariffs to adjust rates annually through a rider mechanism to reflect increases or decreases in annual uncollectible accounts expense. ComEd's power procurement contracts provide suppliers with a certain amount of unsecured credit. The credit position is based on forward market prices compared to...

Page 184
... customer rates. As of December 31, 2015, ComEd's credit exposure to energy suppliers was immaterial. PECO Credit risk for PECO is managed by credit and collection policies, which are consistent with state regulatory requirements. PECO is currently obligated to provide service to all retail electric...

Page 185
... gas cost adjustment clause. At December 31, 2015, BGE had credit exposure of $4 million related to off-system sales which is mitigated by parental guarantees, letters of credit, or right to offset clauses within other contracts with those third-party suppliers. Collateral (Exelon, Generation, ComEd...

Page 186
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 187
... given increases in estimated long-term operating and maintenance costs in the 2015 annual review and reduced long-term energy and capacity price expectations in the 2014 annual review. As a result, Exelon recorded a $24 million pre-tax impairment charge in 2015 and 2014 for these stations. See...

Page 188
... discussed changes in interest rates and equity prices. See ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS for further discussion of equity price risk as a result of the current capital and credit market conditions. 181 Source: BALTIMORE GAS & ELECTRIC...

Page 189
... Financial Statements of this Form 10-K for further discussion. Capital resources are used primarily to fund Generation's capital requirements, including construction, retirement of debt, the payment of distributions to Exelon, contributions to Exelon's pension plans and investments in new and...

Page 190
..., commercial commitments and off-balance sheet arrangements is set forth under "Contractual Obligations and Off-Balance Sheet Arrangements" in "EXELON CORPORATION-Liquidity and Capital Resources" of this Form 10-K. Critical Accounting Policies and Estimates See Exelon, Generation, ComEd, PECO and...

Page 191
...FINANCIAL CONDITION AND RESULTS OF OPERATIONS ComEd General ComEd operates in a single business segment and its operations consist of the purchase and regulated retail sale of electricity and the provision of distribution and transmission services to retail customers in northern Illinois, including...

Page 192
..., commercial commitments and off-balance sheet arrangements is set forth under "Contractual Obligations and Off-Balance Sheet Arrangements" in "EXELON CORPORATION-Liquidity and Capital Resources" of this Form 10-K. Critical Accounting Policies and Estimates See Exelon, Generation, ComEd, PECO and...

Page 193
... ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS PECO General PECO operates in a single business segment and its operations consist of the purchase and regulated retail sale of electricity and the provision of distribution and transmission services in...

Page 194
..., commercial commitments and off-balance sheet arrangements is set forth under "Contractual Obligations and Off-Balance Sheet Arrangements" in "EXELON CORPORATION-Liquidity and Capital Resources" of this Form 10-K. Critical Accounting Policies and Estimates See Exelon, Generation, ComEd, PECO and...

Page 195
... ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS BGE General BGE operates in a single business segment and its operations consist of the purchase and regulated retail sale of electricity and the provision of distribution and transmission services in...

Page 196
..., commercial commitments and off-balance sheet arrangements is set forth under "Contractual Obligations and Off-Balance Sheet Arrangements" in "EXELON CORPORATION-Liquidity and Capital Resources" of this Form 10-K. Critical Accounting Policies and Estimates See Exelon, Generation, ComEd, PECO and...

Page 197
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 198
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 199
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 200
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 201
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 202
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 203
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 204
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 205
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 206
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 207
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 208
... Exelon Corporation and Subsidiary Companies Consolidated Statements of Operations and Comprehensive Income For the Years Ended December 31, 2015 2014 2013 (In millions, except per share data) Operating revenues Competitive businesses revenues Rate-regulated utility revenues Total operating...

Page 209
... Deferred income taxes and amortization of investment tax credits Net fair value changes related to derivatives Net realized and unrealized losses (gains) on nuclear decommissioning trust fund investments Other non-cash operating activities Changes in assets and liabilities: Accounts receivable...

Page 210
... Exelon Corporation and Subsidiary Companies Consolidated Balance Sheets (In millions) December 31, 2015 2014 ASSETS Current assets Cash and cash equivalents Restricted cash and cash equivalents Accounts receivable, net Customer Other Mark-to-market derivative assets Unamortized energy contract...

Page 211
Table of Contents Exelon Corporation and Subsidiary Companies Consolidated Balance Sheets (In millions) December 31, 2015 2014 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term borrowings Long-term debt due within one year Accounts payable Accrued expenses Payables to affiliates ...

Page 212
... taxes Balance, December 31, 2013 Net income Long-term incentive plan activity Employee stock purchase plan issuances Tax benefit on stock compensation Acquisition of noncontrolling interest Common stock dividends Preferred and preference stock dividends Fair value of financing contract payments...

Page 213
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 214
... Companies Consolidated Statements of Operations and Comprehensive Income For the Years Ended December 31, 2014 (In millions) 2015 2013 Operating revenues Operating revenues Operating revenues from affiliates Total operating revenues Operating expenses Purchased power and fuel Purchased power...

Page 215
... income taxes and amortization of investment tax credits Net fair value changes related to derivatives Net realized and unrealized losses (gains) on nuclear decommissioning trust fund investments Other non-cash operating activities Changes in assets and liabilities: Accounts receivable Receivables...

Page 216
Table of Contents Exelon Generation Company, LLC and Subsidiary Companies Consolidated Balance Sheets December 31, 2015 2014 (In millions) ASSETS Current assets Cash and cash equivalents Restricted cash and cash equivalents Accounts receivable, net Customer Other Mark-to-market derivative assets ...

Page 217
...of Contents Exelon Generation Company, LLC and Subsidiary Companies Consolidated Balance Sheets (In millions) December 31, 2015 2014 LIABILITIES AND EQUITY Current liabilities Short-term borrowings Long-term debt due within one year Long-term debt to affiliates due within one year Accounts payable...

Page 218
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 219
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 220
... Companies Consolidated Statements of Operations and Comprehensive Income For the Years Ended December 31, 2014 2013 (in millions) 2015 Operating revenues Electric operating revenues Operating revenues from affiliates Total operating revenues Operating expenses Purchased power Purchased power...

Page 221
... Contents Commonwealth Edison Company and Subsidiary Companies Consolidated Statements of Cash Flows (In millions) 2015 For the Years Ended 2014 2013 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation...

Page 222
Table of Contents Commonwealth Edison Company and Subsidiary Companies Consolidated Balance Sheet (In millions) December 31, 2015 2014 ASSETS Current assets Cash and cash equivalents Restricted cash Accounts receivable, net Customer Other Receivables from affiliates Inventories, net Regulatory ...

Page 223
... Commonwealth Edison Company and Subsidiary Companies Consolidated Balance Sheets (In millions) December 31, 2015 2014 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term borrowings Long-term debt due within one year Accounts payable Accrued expenses Payables to affiliates Customer...

Page 224
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 225
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 226
... of Contents PECO Energy Company and Subsidiary Companies Consolidated Statements of Operations and Comprehensive Income For the Years Ended December 31, 2014 2013 (In millions) 2015 Operating revenues Electric operating revenues Natural gas operating revenues Operating revenues from affiliates...

Page 227
... PECO Energy Company and Subsidiary Companies Consolidated Statements of Cash Flows For the Years Ended December 31, 2014 2013 (In millions) 2015 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation...

Page 228
... Consolidated Balance Sheets December 31, 2015 2014 (In millions) ASSETS Current assets Cash and cash equivalents Restricted cash and cash equivalents Accounts receivable, net Customer Other Receivables from affiliates Inventories, net Fossil fuel Materials and supplies Prepaid utility taxes...

Page 229
Table of Contents PECO Energy Company and Subsidiary Companies Consolidated Balance Sheets (In millions) December 31, 2015 2014 LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities Long-term debt due within one year Accounts payable Accrued expenses Payables to affiliates Customer deposits ...

Page 230
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 231
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 232
... Statements of Operations and Comprehensive Income For the Years Ended December 31, 2014 2013 (In millions) 2015 Operating revenues Electric operating revenues Natural gas operating revenues Operating revenues from affiliates Total operating revenues Operating expenses Purchased power Purchased...

Page 233
Table of Contents Baltimore Gas and Electric Company and Subsidiary Companies Consolidated Statements of Cash Flows For the Years Ended December 31, 2014 2013 (In millions) 2015 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash flows provided by ...

Page 234
...Gas and Electric Company and Subsidiary Companies Consolidated Balance Sheets (In millions) December 31, 2015 2014 ASSETS Current assets Cash and cash equivalents Restricted cash and cash equivalents Accounts receivable, net Customer Other Inventories, net Gas held in storage Materials and supplies...

Page 235
... Gas and Electric Company and Subsidiary Companies Consolidated Balance Sheets (In millions) December 31, 2015 2014 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term borrowings Long-term debt due within one year Accounts payable Accrued expenses Payables to affiliates Customer...

Page 236
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 237
..., Generation, ComEd, PECO and BGE) Exelon is a utility services holding company engaged through its principal subsidiaries in the energy generation and energy delivery businesses. On April 1, 2014, Generation assumed the operating licenses and corresponding operational control of CENG's nuclear...

Page 238
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 239
... "Competitive businesses revenues" on the face of Exelon's consolidated Statement of Operations and Comprehensive Income for all periods presented. Similarly, Exelon will separately present rate-regulated purchased power and fuel expense and non-rate regulated 232 Source: BALTIMORE GAS & ELECTRIC...

Page 240
... final rate order is a separate and distinct event that has future impacts on the parties affected by the order. Revenues (Exelon, Generation, ComEd, PECO and BGE) Operating Revenues. Operating revenues are recorded as service is rendered or energy is delivered to customers. At the end of each month...

Page 241
... activities, which require energy revenues and costs related to energy trading contracts to be presented on a net basis in the income statement. Commodity derivatives used for trading purposes are accounted for using the mark-to-market method with unrealized gains and losses recognized in operating...

Page 242
.... Loss rates applied to the accounts receivable balances are based on historical average charge-offs as a percentage of accounts receivable in each risk segment. ComEd, PECO and BGE customers' accounts are generally considered delinquent if the amount billed is not received by the time the next bill...

Page 243
... weighted average cost or market and charged to fuel expense as they are used in operations. Marketable Securities (Exelon, Generation, ComEd, PECO and BGE) All marketable securities are reported at fair value. Marketable securities held in the NDT funds are classified as trading securities and all...

Page 244
... at ComEd and PECO. Realized and unrealized gains and losses, net of tax, on Generation's NDT funds associated with the NonRegulatory Agreement Units are included in earnings at Exelon and Generation. Unrealized gains and losses, net of tax, for Exelon's available-forsale securities are reported in...

Page 245
... were expensed by Exelon and Generation for the years ended December 31, 2015, 2014, and 2013, respectively. These costs are related to the possible development of new power generating facilities. 238 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document...

Page 246
... Statements of Operations and Comprehensive Income. Amortization of ComEd's distribution formula rate regulatory asset and ComEd's and BGE's transmission formula rate regulatory assets is recorded to Operating revenues. 239 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 247
... and AFUDC (Exelon, Generation, ComEd, PECO and BGE) During construction, Exelon and Generation capitalize the costs of debt funds used to finance non-regulated construction projects. Capitalization of debt funds is recorded as a charge to construction work in progress and as a non-cash credit to...

Page 248
... with cash flows generated from the customer supply and risk management activities, including cash flows from related intangible assets and liabilities on the balance sheet. In certain cases, generating assets 241 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar...

Page 249
... in revenue, purchased power and fuel, interest expense or other, net on the Consolidated Statement of Operations based on the activity the transaction is economically hedging. For energy-related derivatives entered into for proprietary trading purposes, which are subject to Exelon's Risk Management...

Page 250
... Pronouncements (Exelon, Generation, ComEd, PECO and BGE) Exelon has identified the following new accounting standards that have been recently adopted that management believes may significantly affect the Registrants. 243 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by...

Page 251
... 31, 2014 in the Consolidated Balance Sheets of the Registrants: For the year ended December 31, 2014 Increase (Decrease) Exelon Generation ComEd PECO BGE Current assets-Deferred income taxes Deferred debits and other assets-Other Current liabilities-Deferred income taxes Deferred credits and other...

Page 252
... 31, 2014, from Other long-term assets to Long-term debt, including Long-term debt to financing trusts, in the Consolidated Balance Sheets of Exelon, Generation, ComEd, PECO and BGE, respectively. The standard did not impact the Consolidated Statements of Operations and Comprehensive Income and...

Page 253
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 254
... Balance Sheets, Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Cash Flows and disclosures as well as the transition method that they will use to adopt the guidance. Exelon is considering the impacts of the new guidance on our ability to recognize revenue...

Page 255
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 256
... retail power and gas companies. These entities are included in Generation's consolidated financial statements, and the consolidation of the VIEs do not have a material impact on Generation's financial results or financial condition. Wind Project Entity Group. Generation owns and operates a number...

Page 257
...was accounted for as an equity method investment. On April 1, 2014, Generation, CENG, and subsidiaries of CENG executed the Nuclear Operating Services Agreement (NOSA) pursuant to which Generation now conducts all activities associated with the operations of the CENG fleet and provides corporate and...

Page 258
... CENG member rights of EDF, under the Power Services Agency Agreement (PSAA), Generation provides scheduling, asset management, and billing services to the CENG fleet for the remaining operating life of the CENG nuclear plants, under power purchase agreements with CENG, Generation purchased or will...

Page 259
... of the VIEs did not have recourse to Exelon's, Generation's or BGE's general credit. As of December 31, 2015 and 2014, ComEd and PECO did not have any material consolidated VIEs. 252 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The...

Page 260
... CNEG retail gas pension obligation, which is presented as a net asset balance within the Prepaid pension asset line item on Generation's balance sheet. See Note 17-Retirement Benefits for additional details. 253 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar...

Page 261
... Investments. For the energy purchase and sale contracts (commercial agreements), the carrying amount of assets and liabilities in Exelon's and Generation's Consolidated Balance Sheets that relate to their involvement with the VIEs are predominately related to working capital accounts and generally...

Page 262
... of another distributed energy company. Separate from the equity investment, Generation provided $27 million in cash to the other (10%) equity holder in the distributed energy company in exchange for a convertible 255 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by...

Page 263
... Energy Infrastructure Modernization Act (Exelon and ComEd). Background Since 2011, ComEd's electric distribution rates are established through a performance-based rate formula, pursuant to EIMA. EIMA also provides a structure for substantial capital investment by utilities to modernize Illinois...

Page 264
... for low-income customers, which will not be recoverable through rates. Annual Electric Distribution Filings For each of the following years, the ICC approved the following total increases/(decreases) in ComEd's electric distributions formula rate filings: Annual Distribution Filings 2015 2014 2013...

Page 265
... than year-end rate base for determining any ROE collar adjustment. On November 26, 2013, the ICC issued its final order in the Investigation, rejecting two of the proposed changes but accepting the proposed change to eliminate the income tax gross-up on the weighted average cost of capital used to...

Page 266
... ComEd to procure power for retail customers purchasing electricity from competitive electric generation suppliers. On July 22, 2014, the Illinois Appellate Court issued its ruling re-affirming the ICC's order requiring ComEd to enter into the sourcing agreement with FutureGen and allowing the use...

Page 267
... retail customers without mark-up through rates. Pennsylvania Regulatory Matters 2015 Pennsylvania Electric Distribution Rate Case (Exelon and PECO). On March 27, 2015, PECO filed a petition with the PAPUC requesting an increase of $190 million to its annual service revenues for electric delivery...

Page 268
... of PECO's electric and natural gas distribution rate cases, which were filed in March 2010, providing increases in annual service revenue of $225 million and $20 million, respectively. The settlements included a stipulation regarding how tax benefits related to the application of any new IRS...

Page 269
... Charges incurred for electric supply procured through contracts with Generation are included in purchased power from affiliates on PECO's Consolidated Statement of Operations and Comprehensive Income. On March 12, 2015, PECO settled the CAP Design with the Office of Consumer Advocates (OCA) and Low...

Page 270
... credits through full requirements contracts and its existing long-term solar contracts to meet the annual AEPS compliance requirements. All AEPS compliance costs are being recovered on a full and current basis from default service customers through the GSA. 263 Source: BALTIMORE GAS & ELECTRIC...

Page 271
... to receive unexpectedly high utility bills. In response to a significant number of customer complaints throughout Pennsylvania, on April 3, 2014, the PAPUC unanimously voted to adopt two rulemaking orders to address the issue. The first rulemaking order requires electric generation suppliers to...

Page 272
...short-term reliability improvement plan (the "ERI initiative") in response to a MDPSC order through a surcharge separate from base rates. On December 13, 2013, the MDPSC issued an order in BGE's 2013 electric and natural gas distribution rate case for increases in annual distribution service revenue...

Page 273
... combined-cycle generation plant in Waldorf, Maryland, that CPV projected will be in commercial operation by June 1, 2015. CPV subsequently sought to extend that date. The initial term of the proposed contract is 20 years. The CfD mandates that BGE and the other utilities pay (or receive) the...

Page 274
..., 2013 requiring BGE and other Maryland utilities to file several comprehensive reports with short-term and long-term plans to improve reliability and grid resiliency that were due at various times before August 30, 2013. 267 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by...

Page 275
... and Generation). Ginna Nuclear Power Plant's (Ginna) prior period fixed-price PPA contract with Rochester Gas & Electric Company (RG&E) expired in June 2014. In light of the expiration of the PPA and prevailing market conditions, in January 2014, Ginna advised the New York Public Service Commission...

Page 276
... provide reliability service after March 31, 2017, and Ginna continues to operate after June 14, 2017, Ginna would be required to make certain refund payments related to capital expenditures to RG&E. 269 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document...

Page 277
... asset associated with transmission true-up is amortized to Operating revenues within their Consolidated Statements of Operations of Comprehensive Income as the associated amounts are recovered through rates. 270 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar...

Page 278
...Statements-(Continued) (Dollars in millions, except per share data unless otherwise noted) For each of the following years, the following total increases/(decreases) were included in ComEd's and BGE's electric transmission formula rate filings: Annual Transmission Filings Initial revenue requirement...

Page 279
... per share data unless otherwise noted)-(Continued) PJM Transmission Rate Design and Operating Agreements (Exelon, ComEd, PECO and BGE). PJM Transmission Rate Design specifies the rates for transmission service charged to customers within PJM. Currently, ComEd, PECO and BGE incur costs based on...

Page 280
... day ahead and real-time wholesale energy markets. Under Order No. 745, buyers in ISO and RTO markets were required to pay demand response resources the full Locational Marginal Price when the demand response replaced a generation resource and was costeffective. On January 25, 2016, the U.S. Supreme...

Page 281
... Exelon's and Generation's results of operations and financial position through an increase in capital expenditures and operating costs. The FERC license for Conowingo expired on September 1, 2014. Under the Federal Power Act, FERC is required to issue an annual license for a facility until the new...

Page 282
...term debt Severance Asset retirement obligations MGP remediation costs Under-recovered uncollectible accounts Renewable energy Energy and transmission programs Deferred storm costs Electric generation-related regulatory asset Rate stabilization deferral Energy efficiency and demand response programs...

Page 283
...term debt Severance Asset retirement obligations MGP remediation costs Under-recovered uncollectible accounts Renewable energy Energy and transmission programs Deferred storm costs Electric generation-related regulatory asset Rate stabilization deferral Energy efficiency and demand response programs...

Page 284
... and 2015 rate case settlement agreements. See Note 15-Income Taxes and Note 17-Retirement Benefits for additional information. ComEd, PECO and BGE are not earning a return on the regulatory asset in base rates. AMI programs. For ComEd, this amount represents meter costs associated with ComEd's AMI...

Page 285
... of Constellation merger and integration related costs. See Energy Infrastructure Modernization Act above for further details. Debt costs. Consistent with rate recovery for ratemaking purposes, ComEd's, PECO's and BGE's recoverable losses on reacquired longterm debt related to regulated operations...

Page 286
...months, in accordance with the MDPSC approved 2014 electric and natural gas distribution rate case order. See Note 23-Commitments and Contingencies for additional information. Under recovered uncollectible accounts. These amounts represent the difference between ComEd's annual uncollectible accounts...

Page 287
... customers. As of December 31, 2015, PECO had a regulatory liability that included $35 million related to the DSP program, $22 million related to over-recovered natural gas supply costs under the PGC and $3 million related to over-recovered electric transmission costs. As of December 31, 2014, PECO...

Page 288
... Balance Sheets equal to the difference between the costs to purchase power and the revenues collected from customers, as well as related carrying charges based on short-term interest rates from July 1, 2006 to May 31, 2007. In addition, as required by Senate Bill 1, the MDPSC approved a plan...

Page 289
...-year period. Credits began being reflected in customer bills on January 1, 2012. PECO's 2015 electric distribution rate case settlement requires PECO to pay interest on the unamortized balance of the tax-effected catch-up deduction beginning January 1, 2016. 282 Source: BALTIMORE GAS & ELECTRIC...

Page 290
... regulations in Illinois, Pennsylvania and Maryland, respectively, to purchase certain receivables from retail electric and natural gas suppliers. For retail suppliers participating in the utilities' consolidated billing, ComEd, PECO and BGE must purchase their customer accounts receivables. ComEd...

Page 291
... included in Other non-current assets on Exelon's Consolidated Balance Sheet. PHI has the right to redeem the preferred securities at its option for the purchase price paid plus accrued dividends, if any. On November 2, 2015, Exelon and PHI each filed a new Notification and Report Form with the DOJ...

Page 292
... of residential customer base rate increases of $26 million, one-time direct bill credits of $14 million, low-income energy assistance of $16 million, improved reliability, a cleaner and greener D.C. through funding energy efficiency programs and development of renewable energy, and investment in...

Page 293
...we recorded to Exelon's Consolidated Balance Sheets. Acquisition, Integration and Financing Costs (a) For the year ended, 2015 2014 Exelon Generation ComEd PECO BGE 286 $ 80 25 10 5 5 $ 179 11 4 2 2 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document...

Page 294
.... (Exelon and Generation) On November 1, 2014, Generation acquired the competitive retail electric and natural gas business activities of Integrys Energy Group, Inc. through the purchase of all of the stock of its wholly owned subsidiary, Integrys Energy Services, Inc. (IES) for a purchase price of...

Page 295
..., respectively, of merger and integration related costs which are included within Operating and maintenance expense in Exelon's and Generation's Consolidated Statements of Operations and Comprehensive Income. 288 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar...

Page 296
...Generation's Statements of Operations and Comprehensive Income for the year ended December 31, 2014. See Note 8-Impairment of Long-Lived Assets for further information. Included within Other current liabilities on Exelon's and Generation's Consolidated Balance Sheets. 5. Investment in Constellation...

Page 297
... related to pre-transfer service of employees, including the underfunded balance of the pension and other postretirement welfare benefit plans measured as of July 14, 2014 by making periodic payments to Generation. These payments will be made on an agreed 290 Source: BALTIMORE GAS & ELECTRIC...

Page 298
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 299
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 300
... Statements of Operations and Comprehensive Income. PECO Installment Plan Receivables (Exelon and PECO). PECO enters into payment agreements with certain delinquent customers, primarily residential, seeking to restore their service, as required by the PAPUC. Customers with past due balances...

Page 301
... 31, 2015 and 2014 include balances not yet presented on the customer bill, accounts currently billed and an immaterial amount of past due receivables. When a customer defaults on its payment agreement, the terms of which are defined by plan type, the entire balance of the agreement becomes due...

Page 302
... per share data unless otherwise noted) The following table presents the annual depreciation provisions as a percentage of average service life for each asset category. Average Service Life Percentage by Asset Category 2015 2014 2013 Electric-transmission and distribution Electric-generation Gas...

Page 303
... land held for future use and non-utility property. The annual depreciation provisions as a percentage of average service life for electric transmission and distribution assets were 3.03%, 3.05% and 2.97% for the years ended December 31, 2015, 2014 and 2013, respectively. PECO The following table...

Page 304
... share data unless otherwise noted) BGE The following table presents a summary of property, plant and equipment by asset category as of December 31, 2015 and 2014: Average Service Life (years) 2015 2014 Asset Category Electric-transmission and distribution Gas-distribution Common-electric and gas...

Page 305
... conditions prompted Generation to cancel the previously deferred extended power uprate projects at the LaSalle and Limerick nuclear stations. During 2013, Exelon and Generation recorded a pre-tax charge to Operating and maintenance expense and Interest expense within their Statements of Operations...

Page 306
... in estimated long-term operating and maintenance costs in the 2015 annual review and reduced long-term energy and capacity price expectations in the 2014 annual review. As a result, Exelon recorded $24 million pre-tax impairment charges in both 2015 and 299 Source: BALTIMORE GAS & ELECTRIC CO...

Page 307
... per share data unless otherwise noted) 2014 for these stations. These impairment charges were recorded within Investments and Operating and maintenance expense in Exelon's Consolidated Balance Sheets and the Consolidated Statements of Operations and Comprehensive Income, respectively. Changes in...

Page 308
... year. 10. Jointly Owned Electric Utility Plant (Exelon, Generation, PECO and BGE) Exelon, Generation, PECO and BGE's undivided ownership interests in jointly owned electric plants and transmission facilities at December 31, 2015 and 2014 were as follows: Fossil Fuel Nuclear Generation Generation...

Page 309
... Note 5-Investment in Constellation Energy Nuclear Group, LLC for additional information. Exelon's, Generation's, PECO's and BGE'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...

Page 310
...ComEd's business, as well as, changes in certain market conditions, including the discount rate and regulated utility peer company EBITDA multiples, while also considering the passing margin from its last quantitative assessment performed as of November 1, 2013. 303 Source: BALTIMORE GAS & ELECTRIC...

Page 311
... Exelon continuing as the surviving corporation pursuant to the transactions contemplated by the Agreement and Plan of Merger. Since the merger transaction, Generation includes the former Constellation generation and customer supply operations. See Note 5-Investment in Constellation Energy Nuclear...

Page 312
... in relation to the present value of the underlying cash flows as of the acquisition dates through either Operating revenues or Purchase power and fuel expense within Exelon's and Generation's Consolidated Statement of Operations and Comprehensive Income. 305 Source: BALTIMORE GAS & ELECTRIC CO...

Page 313
... expense within Exelon's and Generation's Consolidated Statements of Operations and Comprehensive Income. Renewable Energy Credits and Alternative Energy Credits (Exelon, Generation, ComEd and PECO). Exelon's, Generation's, ComEd's and PECO's other intangible assets, included in Other current assets...

Page 314
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 315
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 316
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 317
... fair value on Exelon's and Generation's Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2015 and 2014: As of December 31, 2015 Assets Cash equivalents (a) Nuclear decommissioning trust fund investments Cash equivalents (b) Equities...

Page 318
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 319
... 31, 2015 and 2014, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, repurchase agreement obligations, and payables related to pending securities purchases. The repurchase agreements are generally short-term in nature with...

Page 320
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 321
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 322
... 31, 2015 and 2014: Generation Purchased Power and Fuel Exelon Purchased Power and Fuel Operating Revenues Other, net (a) Operating Revenues Other, net (a) Total gains (losses) included in net income for the year ended December 31, 2015 Change in the unrealized gains (losses) relating to assets...

Page 323
... otherwise noted) Generation Purchased Power and Fuel Exelon Purchased Power and Fuel Operating Revenues Other, net (a) Operating Revenues Other, net (a) Total gains (losses) included in net income for the year ended December 31, 2014 Change in the unrealized gains (losses) relating to assets...

Page 324
... lending, corporate debt securities, private equity investments, and real estate investments of approximately $266 million. These commitments will be funded by Generation's existing nuclear decommissioning trust funds. 317 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by...

Page 325
...discussion on the NDT fund investments. Rabbi Trust Investments (Exelon, Generation, PECO and BGE). The Rabbi trusts were established to hold assets related to deferred compensation plans existing for certain active and retired members of Exelon's executive management and directors. The Rabbi trusts...

Page 326
...executive officer of Exelon Utilities, chief commercial officer, chief financial officer and chief executive officer of Constellation. The RMC reports to the Finance and Risk Committee of the Exelon Board of Directors on the scope of the risk management activities. Forward price curves for the power...

Page 327
... modeling assumptions. The modeling assumptions include using natural gas heat rates to project long term forward power curves adjusted by a renewable factor that incorporates time of day and seasonality factors to reflect accurate renewable energy pricing. In addition, marketability reserves are...

Page 328
..., an increase in natural gas pricing would potentially have a similar impact on forward power markets. Nuclear Decommissioning Trust Fund Investments and Pledged Assets for Zion Station Decommissioning (Exelon and Generation). For middle market lending, certain corporate debt securities, real estate...

Page 329
... fund managers. 13. Derivative Financial Instruments (Exelon, Generation, ComEd, PECO and BGE) The Registrants use derivative instruments to manage commodity price risk, foreign currency exchange rate risk, and interest rate risk related to ongoing business operations. Commodity Price Risk (Exelon...

Page 330
... for energy procurement and related costs from retail customers, the change in fair value each period is recorded by ComEd as a regulatory asset or liability. See Note 3-Regulatory Matters for additional information. 323 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by...

Page 331
... of operations as natural gas costs are fully recovered from customers under the PGC. BGE has contracts to procure SOS electric supply that are executed through a competitive procurement process approved by the MDPSC. The SOS rates charged recover BGE's wholesale power supply costs and include...

Page 332
... an approximately $6 million decrease in Exelon Consolidated pre-tax income for the year ended December 31, 2015. To manage foreign exchange rate exposure associated with international energy purchases in currencies other than U.S. dollars, Generation utilizes foreign currency derivatives, which are...

Page 333
... recognized in current earnings. Exelon includes the gain or loss on the hedged items and the offsetting loss or gain on the related interest rate swaps in interest expense as follows: Year Ended December 31, Income Statement Location 2015 2014 2013 Gain (Loss) on Swaps 2015 2014 2013 Gain (Loss) on...

Page 334
... Generation, entered into a floating-to-fixed interest rate swap to manage a portion of its interest rate exposure in connection with the long-term borrowings. See Note 14-Debt and Credit Agreements for additional information 327 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 335
... exchange rate swaps that are marked-to-market to manage the exposure associated with international purchases of commodities in currencies other than U.S. dollars. Fair Value Measurement and Accounting for the Offsetting of Amounts Related to Certain Contracts (Exelon Generation, ComEd, PECO and...

Page 336
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 337
... at December 31, 2014. Includes current and noncurrent liabilities relating to floating-to-fixed energy swap contracts with unaffiliated suppliers. Cash Flow Hedges (Exelon, Generation and ComEd). As discussed previously, effective prior to the Constellation merger, Generation dedesignated all of...

Page 338
... is net of related income tax expense of $4 million for the year ended December 31, 2015. During the years ended December 31, 2015, 2014, and 2013, Generation's former energy-related cash flow hedge activity impact to pre-tax earnings based on the reclassification adjustment from Accumulated OCI...

Page 339
... For the years ended December 31, 2015, 2014 and 2013, the following net pre-tax markto-market gains (losses) of certain purchase and sale contracts were reported in Operating revenues or Purchased power and fuel expense, or Interest expense at Exelon and Generation in the Consolidated Statements of...

Page 340
... Constellation merger, the five-year financial swap contract between Generation and ComEd was de-designated. As a result, all prospective changes in fair value were recorded to operating revenues and eliminated in consolidation. Proprietary Trading Activities (Exelon and Generation). For the years...

Page 341
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 342
...electric supply through its PAPUC-approved DSP Program. PECO's counterparty credit risk is mitigated by its ability to recover realized energy costs through customer rates. See Note 3-Regulatory Matters for additional information. PECO's natural gas procurement plan is reviewed and approved annually...

Page 343
..., 2015, BGE had credit exposure of $4 million related to off-system sales which is mitigated by parental guarantees, letters of credit, or right to offset clauses within other contracts with those third-party suppliers. Collateral and Contingent-Related Features (Exelon, Generation, ComEd, PECO and...

Page 344
... any of these agreements. If PECO lost its investment grade credit rating as of December 31, 2015, PECO could have been required to post approximately $25 million of collateral to its counterparties. PECO's supplier master agreements that govern the terms of its DSP Program contracts do not contain...

Page 345
..., 2015 and 2014: Maximum Program Size at December 31, 2015 (a) 2014 (a) (b) (b) Outstanding Commercial Paper at December 31, 2015 2014 Average Interest Rate on Commercial Paper Borrowings for the Year Ended December 31, 2015 2014 Commercial Paper Issuer Exelon Corporate Generation ComEd PECO BGE...

Page 346
... Wind. As of December 31, 2015, there were no borrowings under the Registrants' credit facilities. The following tables present the short-term borrowings activity for Exelon, Generation, ComEd, and BGE during 2015, 2014 and 2013. PECO did not have any short-term borrowings during 2015, 2014 or 2013...

Page 347
... two years. This facility has been utilized by CENG to fund working capital and capital projects. This facility does not back Generation's commercial paper program. On January 5, 2016, Generation entered into a credit agreement establishing a $150 million bilateral credit facility, scheduled to...

Page 348
...changes in working capital, distributions on preferred securities of subsidiaries and, in the case of Exelon and Generation, interest on the debt of its project subsidiaries. The following table summarizes the minimum thresholds reflected in the credit agreements for the year ended December 31, 2015...

Page 349
...term debt at Exelon, Generation, ComEd, PECO and BGE as of December 31, 2015 and 2014: Exelon Rates Maturity Date December 31, 2015 2014 Long-term debt Rate stabilization bonds First mortgage bonds (a) Senior unsecured notes Unsecured bonds Pollution control notes Nuclear fuel procurement contracts...

Page 350
... trusts are recorded as Long-term debt to financing trusts within Exelon's Consolidated Balance Sheets. Generation Rates Maturity Date December 31, 2015 2014 Long-term debt Senior unsecured notes Pollution control notes Nuclear fuel procurement contracts Notes payable and other (a)(b) Nonrecourse...

Page 351
... related to simplifying the presentation of debt costs. See Note 1-Significant Accounting Policies for additional information. Amount owed to this financing trust is recorded as Long-term debt to financing trust within ComEd's Consolidated Balance Sheets. PECO Rates Maturity Date December 31, 2015...

Page 352
...timing of permanent financing. In June 2015, the remaining $3.2 billion bridge credit facility was terminated as a result of Exelon's issuance of $4.2 billion of long-term debt to fund a portion of the purchase price and related costs and expenses for the pending PHI merger and for general corporate...

Page 353
... in Exelon's Consolidated Statement of Operations and Comprehensive Income. During 2015, contract payments of $44 million related to the Contract Payment Obligation were included within Retirements of long-term debt in Exelon's Consolidated Statements of Cash Flows. During 2014, the Contract Payment...

Page 354
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 355
.... 15. Income Taxes (Exelon, Generation, ComEd, PECO and BGE) Income tax expense (benefit) from continuing operations is comprised of the following components: For the Year Ended December 31, 2015 Exelon Generation ComEd PECO BGE Included in operations: Federal Current Deferred Investment tax credit...

Page 356
... the following: For the Year Ended December 31, 2015 Exelon Generation ComEd PECO BGE U.S. Federal statutory rate Increase (decrease) due to: State income taxes, net of Federal income tax benefit Qualified nuclear decommissioning trust fund loss Domestic production activities deduction Health care...

Page 357
... share data unless otherwise noted) For the Year Ended December 31, 2013 Exelon Generation ComEd PECO BGE U.S. Federal statutory rate Increase (decrease) due to: State income taxes, net of Federal income tax benefit Qualified nuclear decommissioning trust fund income Domestic production activities...

Page 358
... tax benefits as of December 31, 2015, 2014 and 2013: Exelon Generation ComEd PECO BGE Unrecognized tax benefits at January 1, 2015 Increases based on tax positions related to 2015 Change to positions that only affect timing Increases based on tax positions prior to 2015 Decreases based on tax...

Page 359
... Financial Statements-(Continued) (Dollars in millions, except per share data unless otherwise noted) Exelon Generation ComEd PECO BGE Unrecognized tax benefits at January 1, 2014 Increases based on tax positions related to 2014 Change to positions that only affect timing Increases based on tax...

Page 360
... tax positions. Net interest expense (income) for the years ended Exelon Generation ComEd PECO BGE December 31, 2015 December 31, 2014 December 31, 2013 353 $ (13) (36) 391 $ (31) (50) 17 $ 7 6 281 $- - (1) $- 1 - Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 361
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 362
...tax years before the court. A final appellate decision could take several years. Accounting for Generation Repairs (Exelon and Generation) On April 30, 2013, the IRS issued Revenue Procedure 2013-24 providing guidance for determining the appropriate tax treatment of costs incurred to repair electric...

Page 363
... Federal tax benefits from Exelon under the Tax Sharing Agreement as a result of tax net operating losses. During 2013, Generation and PECO recorded an allocation of Federal tax benefits from Exelon under the Tax Sharing Agreement of $26 million and $27 million, respectively. During 2013, ComEd and...

Page 364
... on Exelon's and Generation's Consolidated Balance Sheets, from January 1, 2014 to December 31, 2015: Exelon and Generation Nuclear decommissioning ARO at January 1, 2014 Consolidation of CENG (a) Accretion expense Net increase due to changes in, and timing of, estimated future cash flows Costs...

Page 365
...regulated rates, and these collections are scheduled through the operating lives of the former PECO plants. The amounts collected from PECO customers are remitted to Generation and deposited into the NDT funds for the unit for which funds are collected. Every five years, PECO files a rate adjustment...

Page 366
...Consolidated Balance Sheets. Net unrealized gains (losses) related to Generation's NDT funds with Non-Regulatory Agreement Units are included within Other, net in Exelon's and Generation's Consolidated Statements of Operations and Comprehensive Income. Interest and dividends on NDT fund investments...

Page 367
... the total estimated decommissioning obligation, decommissioning-related activities, including realized and unrealized gains and losses on the NDT funds and accretion of the decommissioning obligation, are generally offset within Exelon's and Generation's Consolidated Statements of Operations and...

Page 368
...Funds. The NDT Funds will be utilized to satisfy the tax obligations as gains and losses are realized. Included in Other current liabilities within Exelon's and Generation's Consolidated Balance Sheets. Includes project expenses to decommission Zion Station and estimated tax payments on Zion Station...

Page 369
... of the units; and (6) an estimated targeted annual pre-tax return on the NDT funds of 6.1% to 6.3% (as compared to a historical 5-year annual average pre-tax return of approximately 7%). 362 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Research...

Page 370
... from PECO customers for decommissioning the former PECO units, the NRC minimum funding status of those plants could change at subsequent NRC filing dates. Non-Nuclear Asset Retirement Obligations (Exelon, Generation, ComEd, PECO and BGE) Generation has AROs for plant closure costs associated...

Page 371
...AROs reflected on the Registrants' Consolidated Balance Sheets from January 1, 2014 to December 31, 2015: Exelon Generation ComEd PECO BGE Non-nuclear AROs at January 1, 2014 Net increase (decrease) due to changes in, and timing of, estimated future cash flows (a) Development projects (b) Accretion...

Page 372
... Gas & Electric Company Executive Benefit Plan (b) Baltimore Gas & Electric Company Manager Benefit Plan (b) Other Postretirement Benefit Plans: PECO Energy Company Retiree Medical Plan (a) Exelon Corporation Health Care Program (a) Exelon Corporation Employees' Life Insurance Plan (a) Constellation...

Page 373
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 374
... 5-Investment in Constellation Energy Nuclear Group, LLC for further information. Exelon presents its benefit obligations and plan assets net on its balance sheet within the following line items: Pension Benefits 2015 2014 Other Postretirement Benefits 2015 2014 Other current liabilities Pension...

Page 375
... combined. Pension Benefits 2014 2013 Other Postretirement Benefits 2015 2014 2013 2015 Changes in plan assets and benefit obligations recognized in AOCI and regulatory assets (liabilities): Current year actuarial loss (gain) Amortization of actuarial loss Current year prior service (credit) cost...

Page 376
... related to plan participants include the incidence of mortality, the expected remaining service period, the level of compensation and rate of compensation increases, employee age and length of service, among other factors. 369 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 377
..., 2015, 2014 and 2013. Assumptions used to determine year-end benefit obligations are the assumptions used to estimate the subsequent year's net periodic benefit costs. 2015 Pension Benefits 2014 2013 2015 Other Postretirement Benefits 2014 2013 Discount rate Rate of compensation increase Mortality...

Page 378
... See Note 5-Investment in Constellation Energy Nuclear Group, LLC for further information. The discount rates above represent the initial discounts rates used to establish Exelon's pension and other postretirement benefits costs for the year ended December 31, 2013. Certain of the benefit plans were...

Page 379
...4 20 24 5 83 Exelon's and Generation's pension contributions include $36 million and $43 million related to the legacy CENG plans that was funded by CENG as provided in an Employee Matters Agreement (EMA) between Exelon and CENG for the years ended December 31, 2015 and 2014, respectively. Includes...

Page 380
... 244 1,341 2,488 Generation, ComEd, PECO, and BGE account for their participation in Exelon's pension and other postretirement benefit plans by applying multi-employer accounting. Employee-related assets and 373 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar...

Page 381
... plans are managed in a diversified investment strategy that prioritizes maximizing liquidity and returns while minimizing asset volatility. Exelon used an EROA of 7.00% and 6.71% to estimate its 2016 pension and other postretirement benefit costs, respectively. 374 Source: BALTIMORE GAS & ELECTRIC...

Page 382
... 31, 2015 2014 Equity securities Fixed income securities Alternative investments (a) Total (a) Alternative investments include private equity, hedge funds, real estate, and private credit. 39% 26% 35% 43% 27 30 100% 42% 34 24 100% Concentrations of Credit Risk. Exelon evaluated its pension and...

Page 383
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 384
... 2014, respectively, which are required to reconcile to the fair value of net plan assets. These items consist primarily of receivables related to pending securities sales, interest and dividends receivable, and payables related to pending securities purchases. 377 Source: BALTIMORE GAS & ELECTRIC...

Page 385
... postretirement benefit plans for the years ended December 31, 2015 and 2014: Hedge funds Private equity Real estate Fixed income Equities Private Credit Total Pension Assets Balance as of January 1, 2015 Actual return on plan assets: Relating to assets still held at the reporting date Relating to...

Page 386
... December 31, 2015 for the pension and other postretirement benefit plan assets. Valuation Techniques Used to Determine Fair Value Cash equivalents . Investments with maturities of three months or less when purchased, including certain short-term fixed income securities and money market funds, are...

Page 387
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 388
... the savings plan for the years ended December 31, 2015, 2014 and 2013: For the Year Ended December 31, Exelon (a) Generation (a) ComEd PECO BGE BSC (b) 2015 2014 2013 (a) (b) $ 148 103 85 $ 80 51 40 $ 32 26 22 $ 11 8 8 $14 8 8 $ 11 10 7 Includes $9 million and $5 million related to CENG...

Page 389
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 390
... issuance under the LTIP. For the years ended December 31, 2015, 2014 and 2013, exercised and distributed stock-based awards were primarily issued from authorized but unissued common stock shares. The Compensation Committee of Exelon's Board of Directors changed the mix of awards granted under the...

Page 391
... are not included in the Generation, ComEd, PECO and BGE amounts above. There were no significant stock-based compensation costs capitalized during the years ended December 31, 2015, 2014 and 2013. 384 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document...

Page 392
... service period, Exelon recognizes the tax benefit related to compensation costs. The following table presents information regarding Exelon's tax benefits for the years ended December 31, 2015, 2014 and 2013: Year Ended December 31, 2014 2015 2013 Realized tax benefit when exercised/distributed...

Page 393
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 394
... requirements are satisfied. The performance shares granted prior to 2012 generally vest and settle over a three-year period with the holders receiving shares of common stock and/or cash annually during the vesting period. 387 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 395
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 396
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 397
... and (Losses) on Marketable Securities Pension and Non-Pension Postretirement Benefit Plan Items For the Year Ended December 31, 2015 Foreign Currency Items AOCI of Equity Investments Total Exelon (a) Beginning balance OCI before reclassifications Amounts reclassified from AOCI (b) Net current...

Page 398
... (Losses) on Marketable Securities Pension and Non-Pension Postretirement Benefit Plan items For the Year Ended December 31, 2014 Foreign Currency Items AOCI of Equity Investments Total Exelon (a) Beginning balance OCI before reclassifications Amounts reclassified from AOCI Net current-period...

Page 399
... Exelon (a) Generation Gains and (losses) on cash flow hedges Terminated interest rate swaps Energy related hedges Other cash flow hedges Total before tax Tax benefit Net of tax Amortization of pension and other postretirement benefit plan items Prior service costs (b) Actuarial losses (b) Total...

Page 400
...noted) For the Year Ended December 31, 2014 Details about AOCI components Items reclassified out of AOCI (a) Exelon Generation Affected line item in the Statements of Operations and Comprehensive Income Gains and (losses) on cash flow hedges Energy related hedges Total before tax Tax expense Net of...

Page 401
...2014: For the Years Ended December 31, 2015 2014 2013 Exelon Pension and non-pension postretirement benefit plans: Prior service benefit reclassified to periodic benefit cost Actuarial loss reclassified to periodic cost Pension and non-pension postretirement benefit plan valuation adjustment Change...

Page 402
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 403
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 404
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 405
... December 31, 2015, 2014 and 2013: For the Year Ended December 31, Exelon Generation (a) ComEd PECO BGE 2015 2014 2013 (a) $ 922 865 806 $ 851 806 744 $ 12 15 15 $ 9 14 21 $32 12 11 Includes contingent operating lease payments associated with contracted generation agreements that are not...

Page 406
... the CENG nuclear plants or their operations. Exelon guarantees Generation's obligations under this indemnity. See Note 5- Investment in Constellation Energy Nuclear Group, LLC for additional information on Generation's operations relating to CENG. Generation is required each year to report to the...

Page 407
... by CENG). Until such time as a new fee structure is in effect, Exelon and Generation will not accrue any further costs related to SNF disposal fees. This fee may be adjusted prospectively in order to ensure full cost recovery. The NWPA and the Standard Contracts required the DOE to begin taking...

Page 408
... Unit 2 generating facilities. The Standard Contracts with the DOE also required the payment to the DOE of a one-time fee applicable to nuclear generation through April 6, 1983. The fee related to the former PECO units has been paid. Pursuant to the Standard Contracts, ComEd previously elected to...

Page 409
... current liabilities and Other deferred credits and other liabilities within their respective Consolidated Balance Sheets: Total environmental investigation and remediation reserve December 31, 2015 Portion of total related to MGP investigation and remediation (a) Exelon Generation ComEd PECO...

Page 410
... of remedial activity. Management determines its best estimate of remediation costs using all available information at the time of each study, including probabilistic and deterministic modeling for ComEd and PECO, and the remediation standards currently required by the applicable state environmental...

Page 411
...generating stations, ComEd (and Generation, through its agreement in Exelon's 2001 corporate restructuring to assume ComEd's rights and obligations associated with its former generation business) could face liability (along with any other potentially responsible parties) for environmental conditions...

Page 412
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 413
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 414
... an annual basis. On a quarterly basis, Generation monitors actual experience against the number of forecasted claims to be received and expected claim payments and evaluates whether an adjustment to the reserve is necessary. 407 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 415
...'s ruling in November 2013, Exelon, Generation, and PECO have experienced an increase in asbestos-related personal injury claims brought by former PECO employees, all of which have been reserved against on a claim by claim basis. Those additional claims are taken into account in projecting estimated...

Page 416
... payments to the class commencing in the fourth quarter 2015. Fund Transfer Restrictions (Exelon, Generation, ComEd, PECO and BGE) Under applicable law, Exelon may borrow or receive an extension of credit from its subsidiaries. Under the terms of Exelon's intercompany money pool agreement, Exelon...

Page 417
... recorded an accrual for payment of franchise fees for past periods as a range of loss, if any, cannot be reasonably estimated at this time. Franchise fees assessed in future periods may be material to BGE's results of operations and cash flows. General (Exelon, Generation, ComEd, PECO and BGE) The...

Page 418
... receipts taxes related to their operating revenues. The offsetting collection of utility taxes from customers is recorded in revenues on the Registrants' Consolidated Statements of Operations and Comprehensive Income. 411 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by...

Page 419
... per share data unless otherwise noted) For the year ended December 31, 2015 Exelon Generation ComEd PECO BGE Other, Net Decommissioning-related activities: Net realized income on decommissioning trust funds (a)- Regulatory agreement units Non-regulatory agreement units Net unrealized losses on...

Page 420
... Financial Statements-(Continued) (Dollars in millions, except per share data unless otherwise noted) For the year ended December 31, 2013 Exelon Generation ComEd PECO BGE Other, Net Decommissioning-related activities: Net realized income on decommissioning trust funds (a)- Regulatory agreement...

Page 421
... Statements of Operations and Comprehensive Income. 414 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely...

Page 422
... December 31, 2015 Exelon Generation ComEd PECO BGE Cash paid (refunded) during the year: Interest (net of amount capitalized) Income taxes (net of refunds) Other non-cash operating activities: Pension and non-pension postretirement benefit costs Loss from equity method investments Provision for...

Page 423
... December 31, 2014 Exelon Generation ComEd PECO BGE Cash paid (refunded) during the year: Interest (net of amount capitalized) Income taxes (net of refunds) Other non-cash operating activities: Pension and non-pension postretirement benefit costs Loss from equity method investments Provision for...

Page 424
... December 31, 2013 Exelon Generation ComEd PECO BGE Cash paid (refunded) during the year: Interest (net of amount capitalized) Income taxes (net of refunds) Other non-cash operating activities: Pension and non-pension postretirement benefit costs Gain from equity method investments Provision for...

Page 425
... Balance Sheet Information The following tables provide additional information about assets and liabilities of the Registrants at December 31, 2015 and 2014. December 31, 2015 Exelon Generation ComEd PECO BGE Investments Equity method investments: Financing trusts (a) Bloom Net Power Other...

Page 426
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 427
...elsewhere in this report. Generation's operating revenues include all sales to third parties and affiliated sales to ComEd, PECO, and BGE. Purchased power costs include all costs associated with the procurement and supply of electricity including capacity, energy and ancillary services. Fuel expense...

Page 428
... Competitive businesses other revenues Rate-regulated electric revenues Rate-regulated natural gas revenues Shared service and other revenues Intersegment revenues (d) : 2015 2014 2013 Depreciation and amortization 2015 2014 2013 Operating expenses (c) : 2015 2014 2013 Equity in earnings (losses...

Page 429
... mark-to-market losses related to the ComEd swap, which eliminate upon consolidation. Other primarily includes Exelon's corporate operations, shared service entities and other financing and investment activities. For the years ended December 31, 2015, 2014 and 2013, utility taxes of $105 million...

Page 430
... to Generation Total RNF for 2013 or 2014. 423 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user...

Page 431
... per share data unless otherwise noted) 26. Related Party Transactions (Exelon, Generation, ComEd, PECO and BGE) Exelon The financial statements of Exelon include related party transactions as presented in the tables below: For the Years Ended December 31, 2015 2014 2013 Operating revenues from...

Page 432
...is an agreement under which Generation provides scheduling, asset management and billing services to the CENG plants for a specified monthly fee. The charges for services reflect the cost of the services. On April 1, 2014, Generation and CENG entered into a Nuclear Operating Services Agreement (NOSA...

Page 433
... The financial statements of Generation include related party transactions as presented in the tables below: For the Years Ended December 31, 2015 2014 2013 Operating revenues from affiliates: ComEd (a) PECO (b) BGE (c) CENG (d) BSC Other Total operating revenues from affiliates Purchase power and...

Page 434
... Statements-(Continued) (Dollars in millions, except per share data unless otherwise noted) December 31, 2015 2014 Receivables from affiliates (current): ComEd (a) PECO (b) BGE (c) Other Total receivables from affiliates (current) Intercompany money pool (current): Exelon Corporate Long-term...

Page 435
... consolidation on Exelon's Consolidated Balance Sheets. (i) (j) (k) (l) ComEd The financial statements of ComEd include related party transactions as presented in the tables below: For the Years Ended December 31, 2015 2014 2013 Operating revenues from affiliates Generation Purchased power from...

Page 436
... than the applicable ARO at the end of decommissioning, such amounts are due back to ComEd for payment to ComEd's customers. Represents indemnification from Exelon Corporate related to the like-kind exchange transaction. 429 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by...

Page 437
... share data unless otherwise noted) PECO The financial statements of PECO include related party transactions as presented in the tables below: For the Years Ended December 31, 2015 2014 2013 Operating revenues from affiliates: Generation (a) Purchased power from affiliate Generation (b) Operating...

Page 438
... for payment to PECO's customers. (e) BGE The financial statements of BGE include related party transactions as presented in the tables below: For the Years Ended December 31, 2015 2014 2013 Operating revenues from affiliates: Generation (a) Purchased power from affiliate Generation (b) Operating...

Page 439
... technology and supply management services. All services are provided at cost, including applicable overhead. A portion of such services is capitalized. The voluntary employee benefit association trusts covering active employees are included in corporate operations and are funded by the Registrants...

Page 440
... of 2014, ComEd reclassified $1 million to Operating income for presentation purposes in ComEd's Consolidated Statements of Operations and Comprehensive Income. The reclassifications did not affect ComEd's Net (Loss) Income. 433 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 441
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 442
...and 1.08%, respectively, of Exelon's and Generation's related consolidated financial statement amounts as of and for the year ended December 31, 2015. Exelon, Generation, ComEd, PECO and BGE-Internal Control Over Financial Reporting Management is required to assess and report on the effectiveness of...

Page 443
... was effective. Management's Report on Internal Control Over Financial Reporting is included in ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. ITEM 9B. None. 436 OTHER INFORMATION Exelon, Generation, ComEd, PECO and BGE Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by...

Page 444
...PART III Exelon Generation Company, LLC, Baltimore Gas and Electric Company, and PECO Energy Company meet the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K for a reduced disclosure format. Accordingly, all items in this section relating to Generation, BGE, and PECO are not...

Page 445
... required by this item will be set forth under Executive Compensation Data and Report of the Compensation Committee in the 2016 Exelon Proxy Statement or the ComEd 2016 Information Statement and incorporated herein by reference. 438 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016...

Page 446
... rights shown in column [C] would be $46.68. Includes 22,289,000 shares available for issuance from the company's employee stock purchase plan. No ComEd securities are authorized for issuance under equity compensation plans. 439 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 447
...information required by this item will be set forth under Related Persons Transactions and Director Independence in the 2016 Exelon Proxy Statement or the ComEd 2016 Information Statement and incorporated herein by reference. 440 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 448
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 449
... Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2015, 2014 and 2013 Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013 Consolidated Balance Sheets at December 31, 2015 and 2014 Consolidated Statements of Changes...

Page 450
Table of Contents Exelon Corporation and Subsidiary Companies Schedule I - Condensed Financial Information of Parent (Exelon Corporate) Condensed Statements of Operations and Other Comprehensive Income For the Years Ended December 31, 2014 2013 (In millions) 2015 Operating expenses Operating and...

Page 451
... Corporation and Subsidiary Companies Schedule I - Condensed Financial Information of Parent (Exelon Corporate) Condensed Statements of Cash Flows For the Years Ended December 31, 2014 (In millions) 2015 2013 Net cash flows provided by operating activities Cash flows from investing activities...

Page 452
...Exelon Corporation and Subsidiary Companies Schedule I - Condensed Financial Information of Parent (Exelon Corporate) Condensed Balance Sheets (In millions) December 31, 2015 2014 ASSETS Current assets Cash and cash equivalents Accounts receivable, net Other accounts receivable Accounts receivable...

Page 453
... Corporation and Subsidiary Companies Schedule I - Condensed Financial Information of Parent (Exelon Corporate) Condensed Balance Sheets (In millions) December 31, 2015 2014 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term borrowings Long-term debt due within one year Accounts...

Page 454
... for Commonwealth Edison Company (ComEd), of which Exelon Corporate owns more than 99%, and BGE, of which Exelon owns 100% of the common stock but none of BGE's preferred stock. Exelon owned none of PECO's preference securities, which PECO redeemed in 2013. 2. Mergers On April 29, 2014, Exelon and...

Page 455
... Notes to Consolidated Financial Statements for Exelon Corporate's commitments and contingencies related to environmental matters and fund transfer restrictions. 448 $ 45 569 - - 1,450 3,789 $5,853 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document...

Page 456
... statements of Exelon Corporate include related party transactions as presented in the tables below: For the Years Ended December 31, 2014 2013 (In millions) 2015 Operating and maintenance from affiliates: BSC (a) Interest income from affiliates, net: Generation Equity in earnings of investments...

Page 457
... and supply management services. All services are provided at cost, including applicable overhead. Exelon Energy Delivery Company, LLC consists of ComEd, PECO and BGE. Exelon Ventures Company, LLC primarily consisted of Generation and was fully dissolved as of December 31, 2014. Exelon Enterprises...

Page 458
...58 Excludes the non-current allowance for uncollectible accounts related to PECO's installment plan receivables of $8 million, $8 million, and $9 million for the years ended December 31, 2015, 2014, and 2013, respectively. Includes charges for late payments and non-service receivables. Write-off of...

Page 459
... Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2015, 2014 and 2013 Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013 Consolidated Balance Sheets at December 31, 2015 and 2014 Consolidated Statements of Changes...

Page 460
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 461
... Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2015, 2014 and 2013 Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013 Consolidated Balance Sheets at December 31, 2015 and 2014 Consolidated Statements of Changes...

Page 462
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 463
... Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2015, 2014 and 2013 Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013 Consolidated Balance Sheets at December 31, 2015 and 2014 Consolidated Statements of Changes...

Page 464
... accounts related to PECO's installment plan receivables of $8 million, $8 million, and $9 million for the years ended December 31, 2015, 2014, and 2013, respectively. Primarily charges for late payments. Write-off of individual accounts receivable. 457 Source: BALTIMORE GAS & ELECTRIC...

Page 465
... Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2015, 2014 and 2013 Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013 Consolidated Balance Sheets at December 31, 2015 and 2014 Consolidated Statements of Changes...

Page 466
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 467
... Gas and Electric Company Utility), Inc. (Designated as Exhibit No. 99.3 to the Current Report on Form 8-K dated February 4, 2010, filed by Constellation Energy Group, Inc., File Nos. 1-12869 and 1-1910). Agreement and Plan of Merger, dated as of April 29, 2014, by and among Exelon Corporation...

Page 468
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 469
...4(e)-89 4-1-1 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1 Exelon Corporation Direct Stock Purchase Plan (Registration Statement No. 333-206474, Form S-3, Prospectus). Mortgage of Commonwealth Edison Company to Illinois Merchants Trust Company, Trustee (BNY Mellon Trust Company of Illinois, as current successor...

Page 470
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 471
... of 6.000% Senior Secured Notes due 2033 issued by Exelon Generation Company, LLC (File No. 333-85496, Form 8-K dated September 30, 2013, Exhibit No. 4.2). 464 4-3-3 4-4 4-5 4-6 4-7 4-8 4-9 4-10 4-11 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document...

Page 472
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 473
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 474
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 475
... Employee Stock Purchase Plan, as amended and restated effective July 1, 2013. (File No. 1-16169, Schedule 14A dated March 14, 2013 Appendix A). Exelon Corporation 2006 Long-Term Incentive Plan (Registration Statement No. 333-122704, Form S-4, Joint Proxy StatementProspectus pursuant to Rule...

Page 476
...Exelon Corporation Long-Term Incentive Program, as amended and restated as of January 1, 2015. Amendment Number Two to the Exelon Corporation 2011 Long-Term Incentive Plan (As Amended and Restated Effective January 21, 2014), Effective October 26, 2015. Form of Change in Control Employment Agreement...

Page 477
...-Employee Directors, as amended and restated. * (Designated as Exhibit No. 10(c) to the Constellation Annual Report on Form 10-K for the year ended December 31, 2008, filed by Constellation Energy Group, Inc., File Nos. 1-12869 and 1-1910). Constellation Energy Group, Inc. Benefits Restoration Plan...

Page 478
... the Annual Report on Form 10-K for the year ended December 31, 2010, filed by Constellation Energy Group, Inc., File Nos. 1-12869 and 1-1910). Rate Stabilization Property Servicing Agreement dated as of June 29, 2007 by and between RSB BondCo LLC and Baltimore Gas and Electric Company, as servicer...

Page 479
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 480
... Exelon Generation Company, LLC Commonwealth Edison Company PECO Energy Company Baltimore Gas and Electric Company Consent of Independent Registered Public Accountants Exelon Corporation Exelon Generation Company, LLC Commonwealth Edison Company PECO Energy Company Baltimore Gas and Electric Company...

Page 481
... for Exelon Generation Company, LLC 474 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes...

Page 482
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 483
... of Illinois on the 10th day of February, 2016. EXELON CORPORATION By: Name: Title: /S/ CHRISTOPHER M. CRANE Christopher M. Crane President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on...

Page 484
... of Illinois on the 10th day of February, 2016. EXELON GENERATION COMPANY, LLC By: Name: Title: /S/ KENNETH W. CORNEW Kenneth W. Cornew President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons...

Page 485
... of Illinois on the 10th day of February, 2016. COMMONWEALTH EDISON COMPANY By: Name: Title: /s/ ANNE R. PRAMAGGIORE Anne R. Pramaggiore President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons...

Page 486
... Chicago and State of Illinois on the 10th day of February, 2016. PECO ENERGY COMPANY By: Name: Title: /s/ CRAIG L. ADAMS Craig L. Adams President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons...

Page 487
... of Illinois on the 10th day of February, 2016. BALTIMORE GAS AND ELECTRIC COMPANY By: Name: Title: /s/ CALVIN G. BUTLER, J R. Calvin G. Butler, Jr. Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on...

Page 488
... accounts of Plan participants. 2. Eligibility. All Directors of Exelon (other than full-time employees of Exelon or its subsidiaries) shall be eligible to participate in the Plan. Effective as of January 1, 2011, all Directors of Commonwealth Edison Company ("ComEd") and PECO Energy Company ("PECO...

Page 489
...For purposes of measuring the earnings or losses credited to a participant's Deferral Account, the participant may select, from among the investment funds available from time to time under the Exelon Corporation Employee Savings Plan (the "Savings Plan"), the investment funds in which all or part of...

Page 490
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 491
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 492
... at least five years after the date on which such distributions were previously scheduled to commence. No more than one such election change shall be permissible with respect to the portion of a Director's account attributable to service with any Board. -5- Source: BALTIMORE GAS & ELECTRIC CO, 10...

Page 493
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 494
...in its discretion, terminate the Plan with respect to Exelon, ComEd, PECO and/or BGE and accelerate the payment of all Deferral Accounts to the extent related to service on the Board for which the Plan is terminated: (a) within 12 months of a corporate dissolution taxed under Section 331 of the Code...

Page 495
... to the Plan. 10. Governing Law. The Plan shall be governed by the law of the Commonwealth of Pennsylvania to the extent not preempted by applicable federal law. EXELON CORPORATION Executive Vice President -8- Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar...

Page 496
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 497
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 498
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 499
... the Company's normal payroll practices, net of applicable taxes and other deductions. Participant Level Salary Continuation Period Senior Executive Management Senior Vice Presidents of Exelon Other Executives (b) 24 months 18 months 15 months Participants Employed for Less Than Two Years. Each...

Page 500
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 501
...other age and service requirement then in effect under the Exelon Corporation Severance Benefit Plan or any successor plan as of the relevant time set forth in such plan) under the terms of the Pension Plan (or who, pursuant to the terms of an offer of employment or employment agreement or under any...

Page 502
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 503
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 504
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 505
...amounts charged for coverage, and the other terms, conditions and limitations under the Company's group health care programs or plans shall remain subject to the Company's right to amend, change or terminate such programs or plans at any time. 9 (ii) (iii) (iv) Source: BALTIMORE GAS & ELECTRIC CO...

Page 506
... to peer executives of the Company from time to time. (g) (h) 5.2. Termination During an Imminent Control Change Period. If, during an Imminent Control Change Period, a Participant has a Termination of Employment, then 10 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by...

Page 507
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 508
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 509
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 510
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 511
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 512
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 513
... loss to, or material damage to the reputation of, Exelon or any of its affiliates, or that compromise the safety of any employee or other person; the Executive's commission of a felony or any crime involving dishonesty or moral turpitude; 17 7.10. 7.11. (b) (c) Source: BALTIMORE GAS & ELECTRIC...

Page 514
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 515
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 516
..., operations or senior management of the Company or of the business unit that employs the Executive or (B) that generally places the Executive in substantially the same level of responsibility. Notwithstanding the foregoing, no change in the position or level of officer to whom an Executive reports...

Page 517
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 518
... Plan" means the Exelon Corporation Annual Incentive Award Plan, or such other annual cash bonus arrangement of the Company in which the Executive is a participant in lieu of the Annual Incentive Award Plan, but excluding any supplemental incentive plans. 22 Source: BALTIMORE GAS & ELECTRIC...

Page 519
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 520
... Plan. "Senior Executive Management" means (a) an Executive whose title with respect to Exelon is Executive Vice President or above, (b) an Executive whose title is President or Chief Executive Officer with respect to Baltimore Gas & Electric Company, Commonwealth Edison Company, Exelon Generation...

Page 521
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 522
...the right only as a general creditor to receive benefits from the Company on the terms and conditions provided in the Plan. 9. ADMINISTRATION OF THE PLAN The Plan shall be administered on a day-to-day basis by the Vice President, Corporate Compensation of Exelon (the "Plan Administrator"). The Plan...

Page 523
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 524
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 525
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 526
... year. The right to reimbursement pursuant to this Plan shall not be subject to liquidation or exchange for any other benefit. EXELON CORPORATION By: /s/ Amy E. Best Amy E. Best Senior Vice President and Chief Human Resources Officer 30 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016...

Page 527
... change in control agreement, the meaning of such term specified in such agreement, (b) with respect to an employee whose entitlement to severance benefits upon termination of employment is governed by the Exelon Corporation Senior Management Severance Plan or any other executive severance plan...

Page 528
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 529
... benefits upon termination of employment is governed by the Exelon Corporation Senior Management Severance Plan or any other executive severance plan, as in effect from time to time, the meaning of such term specified in such plan. "Incentive Stock Option" shall mean an option to purchase shares...

Page 530
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 531
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 532
... the terms of this Plan, interpret this Plan and the application thereof, establish rules and regulations it deems necessary or desirable for the administration of this Plan and may impose, incidental to the grant of an award, 6 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 533
... competitive employment or other activities. All such interpretations, rules, regulations and conditions shall be conclusive and binding on all parties. The Committee may delegate some or all of its power and authority hereunder to the Board or, subject to applicable law, to the Chief Executive...

Page 534
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 535
... with payment therefor in full, and without any extension of credit, either (A) in cash, (B) by delivery (either actual delivery or by attestation procedures established by the Company) to the Company of previously owned whole shares of Common Stock having a 9 Source: BALTIMORE GAS & ELECTRIC CO...

Page 536
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 537
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 538
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 539
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 540
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 541
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 542
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 543
...year by the Chief Executive Officer, the number and class of securities subject to each outstanding option and the purchase price per security, and the terms of each outstanding SAR, Restricted Stock Award, Restricted Stock Unit Award, Performance Share Award and 17 Source: BALTIMORE GAS & ELECTRIC...

Page 544
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 545
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 546
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 547
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 548
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 549
... or the Program summary. (d) "Board" shall mean the board of directors of the Company. (e) "Transition Award" shall mean a Performance Share Unit Award granted on a one-time basis in 2013 (or 2014, in certain cases such as new hires, promotions or transfers) in order to transition from a one-year...

Page 550
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 551
... a Transition Award (u) "Utility Company" shall mean Baltimore Gas & Electric Company, Commonwealth Edison Company, PECO Energy Company and the Exelon Utility Group within Exelon Business Services Company, LLC. 3. Long Term Performance Share Award and Performance Cash Award Program. (a) Granting of...

Page 552
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 553
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 554
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 555
... are employed (i) in a Vice President or other executive position (including without limitation Nuclear Plant Managers) below the Senior Vice President level, and (ii) key managers and other select management employees, in each case as selected by the Committee in its sole discretion. (b) Terms of...

Page 556
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 557
... Program. (a) Granting of Awards. The Committee may grant Option Awards to employees who are employed in a Senior Vice President or more senior position, as selected by the Committee in its sole discretion or, to the extent permitted by the Plan, the Chief Executive Officer of the Company. (b) Terms...

Page 558
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 559
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 560
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 561
... courier service; provided, however, that if a notice, request or other communication is not received during regular business hours, it shall be deemed to be received on the next succeeding business day of the Company. 13 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by...

Page 562
...The terms of this Program may be amended by the Committee or the Board (or their respective delegates), provided that the Chief Human Resources Officer or the Vice President, Corporate Compensation, of the Company may amend the Program to comply with applicable law, to make administrative changes or...

Page 563
... instrument to be executed by its Senior Vice President & Chief Human Resources Officer, effective as of January 1, 2014. EXELON CORPORATION By: Senior Vice President & Chief Human Resources Officer 15 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document...

Page 564
... or the Program summary. (d) "Board" shall mean the board of directors of the Company. (e) "Transition Award" shall mean a Performance Share Unit Award granted on a one-time basis in 2013 (or 2014, in certain cases such as new hires, promotions or transfers) in order to transition from a one-year...

Page 565
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 566
... a Transition Award (v) "Utility Company" shall mean Baltimore Gas & Electric Company, Commonwealth Edison Company, PECO Energy Company and the Exelon Utility Group within Exelon Business Services Company, LLC. 3. Long Term Performance Share Award and Performance Cash Award Program. (a) Granting of...

Page 567
... of such year and (ii) the per person limit set forth in Section 1.6 of the Plan. For purposes of this Section 3(b), the "Operating Income" of the Company for such year shall be as reported in the Company's financial statements for such year according to generally accepted accounting principles and...

Page 568
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 569
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 570
... are employed (i) in a Vice President or other executive position (including without limitation Nuclear Plant Managers) below the Senior Vice President level, and (ii) key managers and other select management employees, in each case as selected by the Committee in its sole discretion. (b) Terms of...

Page 571
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 572
... Program. (a) Granting of Awards. The Committee may grant Option Awards to employees who are employed in a Senior Vice President or more senior position, as selected by the Committee in its sole discretion or, to the extent permitted by the Plan, the Chief Executive Officer of the Company. (b) Terms...

Page 573
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 574
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 575
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 576
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 577
...The terms of this Program may be amended by the Committee or the Board (or their respective delegates), provided that the Chief Human Resources Officer or the Vice President, Corporate Compensation, of the Company may amend the Program to comply with applicable law, to make administrative changes or...

Page 578
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 579
... Company is 'executive vice president' or higher" therein. IN WITNESS WHEREOF, the Company has caused this amendment to be executed this 18 th day of December, 2015. Exelon Corporation By: /s/ Amy Best Amy Best Senior Vice President & Chief Human Resources Officer Source: BALTIMORE GAS & ELECTRIC...

Page 580
... factor. Exelon Corporation Ratio of Earnings to Fixed Charges and Preferred Stock Dividends Years Ended December n1, 2012 201n 2014 2011 2015 Pre-tax income from continuing operations Plus: Loss from equity investees Less: Capitalized interest Preference security dividend requirements Pre-tax...

Page 581
...12.2 Exelon Generation Company, LLC Ratio of Earnings to Fixed Charges Years Ended December 31, 2012 2013 2014 2011 2015 Pre-tax income from continuing operations Plus: (Income) or loss from equity investees Less: Capitalized interest Pre-tax income from continuing operations after adjustment for...

Page 582
... Commonwealth Edison Company Ratio of Earnings to Fixed Charges Years Ended December 31, 2012 2013 2014 2015 2011 Pre-tax income from continuing operations Plus: Loss from equity investees Less:Capitalized interest Pre-tax income from continuing operations after adjustment for income or loss from...

Page 583
...rental expense relating to operating leases, which is a reasonable approximation of the interest factor. PECO Energy Company Ratio of Earnings to Fixed Charges and Preferred Stock Dividends Years Ended December 31, 2012 2013 2014 2015 2011 Pre-tax income from continuing operations Plus: Loss from...

Page 584
... and Preference Stock Dividends Years Ended December 31, 2012 2013 2014 2015 2011 Pre-tax income from continuing operations Less: Capitalized interest Preference security dividend requirements Pre-tax income from continuing operations after adjustment for income or loss from equity investees and...

Page 585
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 586
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 587
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 588
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 589
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 590
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 591
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 592
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 593
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 594
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 595
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 596
...ComEd Financing III Commonwealth Edison Company of Indianag Inc. RITELine Illinoisg LLC Delaware Indiana Illinois Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed...

Page 597
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 598
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 599
...10, 2016 relating to the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting of Exelon Corporation, which appears in this Form 10-K. /s/ EricewaterhouseCoopers LLE Chicago, Illinois February 10, 2016 Source: BALTIMORE GAS & ELECTRIC...

Page 600
... statement schedule and the effectiveness of internal control over financial reporting of Exelon Generation Company, LLC, which appears in this Form 10-K. /s/ EricewaterhouseCoopers LLE Baltimore, Maryland February 10, 2016 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 601
... relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting of Commonwealth Edison Company, which appears in this Form 10-K. /s/ EricewaterhouseCoopers LLE Chicago, Illinois February 10, 2016 Source: BALTIMORE GAS & ELECTRIC...

Page 602
...relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting of EECO Energy Company, which appears in this Form 10-K. /s/ EricewaterhouseCoopers LLE Ehiladelphia, Eennsylvania February 10, 2016 Source: BALTIMORE GAS & ELECTRIC...

Page 603
... REGISTERED EUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (No. 333-196220-01) of Baltimore Gas and Electric Company of our report dated February 10, 2016 relating to the financial statements, financial statement schedule and the...

Page 604
...of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 605
...of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 606
...of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 607
...Bradford attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 608
...of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 609
...of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 610
...of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 611
...of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 612
...of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 613
...of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 614
...of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 615
...of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 616
...of them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Exelon Corporation, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 617
...attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 618
...attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 619
...attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 620
...attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 621
...attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 622
...attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 623
...attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 624
...attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Commonwealth Edison Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 625
..., Jr. attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 626
... them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 627
... them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 628
... them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 629
... them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 630
... them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 631
... them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 632
... them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 633
... them, attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of PECO Energy Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 634
... for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 635
... for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 636
... for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 637
..., for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 638
... attorney for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all...

Page 639
... for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 640
... for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 641
... for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 642
... for me and in my name and on my behalf to sign the annual Securities and Exchange Commission report on Form 10-K for 2015 of Baltimore Gas & Electric Company, together with any amendments thereto, to be filed with the Securities and Exchange Commission, and generally to do and perform all things...

Page 643
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 644
... management or other employees who have a significant role in the registrant's internal control over financial reporting. /S/ J ONATHAN W. THAYER Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: February 10, 2016 482 Source: BALTIMORE GAS & ELECTRIC...

Page 645
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 646
...that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /S/ BRYAN P. WRIGHT Senior Vice President and Chief Financial Officer (Principal Financial Officer) Date: February 10, 2016 484 Source: BALTIMORE GAS & ELECTRIC CO...

Page 647
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 648
... or other employees who have a significant role in the registrant's internal control over financial reporting. /S/ J OSEPH R. TRPIK, J R. Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) Date: February 10, 2016 486 Source: BALTIMORE GAS & ELECTRIC CO, 10...

Page 649
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 650
... management or other employees who have a significant role in the registrant's internal control over financial reporting. /S/ PHILLIP S. BARNETT Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) Date: February 10, 2016 488 Source: BALTIMORE GAS & ELECTRIC...

Page 651
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 652
... involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /S/ DAVID M. VAHOS Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) Date: February 10, 2016 490 Source: BALTIMORE GAS & ELECTRIC CO...

Page 653
... report fairly presents, in all material respects, the financial condition and results of operations of Exelon Corporation. /S/ CHRISTOPHER M. CRANE Christopher M. Crane President and Chief Executive Officer Date: Fedruary 10, 2016 491 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016...

Page 654
... in the report fairly presents, in all material respects, the financial condition and results of operations of Exelon Corporation. /S/ J ONATHAN W. THAYER Jonathan W. Thayer Senior Executive Vice President and Chief Financial Officer Date: Fedruary 10, 2016 492 Source: BALTIMORE GAS & ELECTRIC CO...

Page 655
... contained in the report fairly presents, in all material respects, the financial condition and results of operations of Exelon Generation Company, LLC. /S/ KENNETH W. CORNEW Kenneth W. Cornew President and Chief Executive Officer Date: Fedruary 10, 2016 493 Source: BALTIMORE GAS & ELECTRIC CO, 10...

Page 656
... in the report fairly presents, in all material respects, the financial condition and results of operations of Exelon Generation Company, LLC. /S/ BRYAN P. WRIGHT Bryan P. Wright Senior Vice President and Chief Financial Officer Date: Fedruary 10, 2016 494 Source: BALTIMORE GAS & ELECTRIC CO, 10...

Page 657
...contained in the report fairly presents, in all material respects, the financial condition and results of operations of Commonwealth Edison Company. /S/ ANNE R. PRAMAGGIORE Anne R. Pramaggiore President and Chief Executive Officer Date: Fedruary 10, 2016 495 Source: BALTIMORE GAS & ELECTRIC CO, 10...

Page 658
..., the financial condition and results of operations of Commonwealth Edison Company. /S/ J OSEPH R. TRPIK, J R. Joseph R. Trpik, Jr. Senior Vice President, Chief Financial Officer and Treasurer Date: Fedruary 10, 2016 496 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by...

Page 659
... the report fairly presents, in all material respects, the financial condition and results of operations of PECO Energy Company. /S/ CRAIG L. ADAMS Craig L. Adams President and Chief Executive Officer Date: Fedruary 10, 2016 497 Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered...

Page 660
... in the report fairly presents, in all material respects, the financial condition and results of operations of PECO Energy Company. /S/ PHILLIP S. BARNETT Phillip S. Barnett Senior Vice President, Chief Financial Officer and Treasurer Date: Fedruary 10, 2016 498 Source: BALTIMORE GAS & ELECTRIC CO...

Page 661
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

Page 662
... in the report fairly presents, in all material respects, the financial condition and results of operations of Baltimore Gas and Electric Company. /S/ DAVID M. VAHOS David M. Vahos Vice President, Chief Financial Officer and Treasurer Date: Fedruary 10, 2016 500 Source: BALTIMORE GAS & ELECTRIC CO...

Page 663
... GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by MorningstarÂ® Document Researchâ„ The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use...

ComEd 2015 Annual Report Download

Download and view the complete annual report

Table of contents