ComEd 2015 Annual Report Download - page 180

Table of Contents
The following table provides detail on changes in Exelon’s, Generation’s, and ComEd’s commodity mark-to-market net asset or liability
balance sheet position from January 1, 2014 to December 31, 2015. It indicates the drivers behind changes in the balance sheet amounts. This
table incorporates the mark-to-market activities that are immediately recorded in earnings, as well as the settlements from OCI to earnings and
changes in fair value for the cash flow hedging activities that are recorded in Accumulated OCI on the Consolidated Balance Sheets. This table
excludes all normal purchase and normal sales contracts and does not segregate proprietary trading activity. See Note 13—Derivative Financial
Instruments of the Combined Notes to Consolidated Financial Statements for additional information on the balance sheet classification of the
mark-to-market energy contract net assets (liabilities) recorded as of December 31, 2015 and December 31, 2014.
Generation ComEd Exelon
Total mark-to-market energy contract net assets (liabilities) at January 1, 2014 $ 1,047 $ (193) $ 854
Contracts acquired at merger date 128 — 128
Total change in fair value during 2014 of contracts recorded in result of operations (608) — (608)
Reclassification to realized at settlement of contracts recorded in results of operations (21) — (21)
Reclassification to realized at settlement from accumulated OCI (195) — (195)
Changes in fair value—energy derivatives — (14) (14)
Changes in allocated collateral 1,503 1,503
Changes in net option premium paid/(received) (38) — (38)
Option premium amortization (122) — (122)
Other balance sheet reclassifications 18 — 18
Total mark-to-market energy contract net assets (liabilities) at December 31, 2014 1,712 (207) 1,505
Total change in fair value during 2015 of contracts recorded in result of operations 412 — 412
Reclassification to realized at settlement of contracts recorded in results of operations (168) — (168)
Reclassification to realized at settlement from accumulated OCI (2) — (2)
Changes in fair value—energy derivatives — (40) (40)
Changes in allocated collateral (172) — (172)
Changes in net option premium paid/(received) (58) — (58)
Option premium amortization (21) — (21)
Other balance sheet reclassifications 50 — 50
Total mark-to-market energy contract net assets (liabilities) at December 31, 2015 $ 1,753 $ (247) $1,506
(a) Amounts are shown net of cash collateral paid to and received from counterparties.
(b) For ComEd, the changes in fair value are recorded as a change in regulatory assets or liabilities. As of December 31, 2015 and 2014, ComEd recorded a regulatory liability of
$247 million and $207 million, respectively, related to its mark-to-market derivative liabilities with Generation and unaffiliated suppliers. Includes $55 million of decreases in fair
value and an increase for realized losses due to settlements off $(15) million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with
unaffiliated suppliers for the year ended December 31, 2015. Includes $13 million of decreases in fair value and a reduction for realized gains due to settlements of $1 million for
the year ended December 31, 2014.
(c) Includes $81 million of fair value from contracts acquired and $47 million of cash collateral as a result of the Integrys acquisition.
(d) Other balance sheet reclassifications include derivative contracts acquired or sold by Generation through upfront payments or receipts of cash, excluding option premiums.
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(a)
(c)
(b)
(d)
(a)
(b)
(d)
(a)
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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