ComEd 2015 Annual Report Download - page 170

Table of Contents
provide collateral of $6 million pursuant to PJM’s credit policy and could have been required to provide collateral of $35 million related to its natural
gas procurement contracts, which, in the aggregate, are well within BGE’s current available credit facility capacity of $600 million.
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Exelon, ComEd and BGE meet their short-term liquidity requirements primarily through the issuance of commercial paper. Generation and
PECO meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the intercompany
money pool. The Registrants may use their respective credit facilities for general corporate purposes, including meeting short-term funding
requirements and the issuance of letters of credit. See Note 14—Debt and Credit Agreements of the Combined Notes to Consolidated Financial
Statements for discussion of the Registrants’ credit facilities and short term borrowing activity.
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Capital Structure. At December 31, 2015, the capital structures of the Registrants consisted of the following:
Exelon Generation ComEd PECO BGE
Long-term debt 47% 37% 43% 43% 34%
Long-term debt to affiliates 1% 4% 1% 3% 5%
Common equity 51% — 54% 54% 53%
Member’s equity — 59% — — —
Preference Stock — — — — 4%
Commercial paper and notes payable 1% — 2% — 4%
(a) Includes approximately $641 million, $205 million, $184 million and $252 million owed to unconsolidated affiliates of Exelon, ComEd, PECO and BGE respectively. These special
purpose entities were created for the sole purposes of issuing mandatorily redeemable trust preferred securities of ComEd, PECO and BGE. See Note 2—Variable Interest Entities
of the Combined Notes to Consolidated Financial Statements for additional information regarding the authoritative guidance for VIEs.
Intercompany Money Pool. To provide an additional short-term borrowing option that will generally be more favorable to the borrowing
participants than the cost of external financing, Exelon operates an intercompany money pool. Maximum amounts contributed to and borrowed
from the money pool by participants during the year ended December 31, 2015, in addition to the net contribution or borrowing as of December 31,
2015, are presented in the following table:
Maximum
Contributed
Maximum
Borrowed
December 31, 2015
Contributed
(Borrowed)
Generation $ 3 $ 1,709 $ (1,252)
PECO — 100 —
BSC — 413 (226)
Exelon Corporate 2,008 — 1,478
Investments in Nuclear Decommissioning Trust Funds. Exelon, Generation and CENG maintain trust funds, as required by the NRC, to
fund certain costs of decommissioning nuclear plants. The mix of securities in the trust funds is designed to provide returns to be used to fund
decommissioning and to offset inflationary increases in decommissioning costs. Generation actively monitors the investment performance of the
trust funds and periodically reviews asset allocations in accordance with Generation’s NDT fund investment policy. Generation’s and CENG’s
investment policies establish limits on the concentration of holdings in any one company and also in any one
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(a)
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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