ComEd 2015 Annual Report Download - page 189

Table of Contents
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Generation
General
Generation’s integrated business consists of the generation, physical delivery and marketing of power across multiple geographical regions
through its customer-facing business, Constellation, which sells electricity and natural gas to both wholesale and retail customers. Generation also
sells renewable energy and other energy-related products and services, and engages in natural gas and oil exploration and production activities.
Generation has six reportable segments consisting of the Mid-Atlantic, Midwest, New England, New York, ERCOT and Other Power Regions.
These segments are discussed in further detail in “ITEM 1. BUSINESS—Exelon Generation Company, LLC” of this Form 10-K.
Executive Overview
A discussion of items pertinent to Generation’s executive overview is set forth under “ITEM 7. MANAGEMENT’S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS—Exelon Corporation—Executive Overview” of this Form 10-K.
Results of Operations
Year Ended December 31, 2015 Compared To Year Ended December 31, 2014 and Year Ended December 31, 2014 Compared to Year
Ended December 31, 2013
A discussion of Generation’s results of operations for 2015 compared to 2014 and 2014 compared to 2013 is set forth under “Results of
Operations—Generation” in “EXELON CORPORATION—Results of Operations” of this Form 10-K.
Liquidity and Capital Resources
Generation’s business is capital intensive and requires considerable capital resources. Generation’s capital resources are primarily provided
by internally generated cash flows from operations and, to the extent necessary, external financing, including the issuance of long-term debt,
commercial paper, participation in the intercompany money pool or capital contributions from Exelon. Generation’s access to external financing at
reasonable terms is dependent on its credit ratings and general business conditions, as well as that of the utility industry in general. If these
conditions deteriorate to where Generation no longer has access to the capital markets at reasonable terms, Generation has access to credit
facilities in the aggregate of $5.7 billion that Generation currently utilizes to support its commercial paper program and to issue letters of credit.
See the “EXELON CORPORATION—Liquidity and Capital Resources” and Note 14 of the Combined Notes to Consolidated 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 existing ventures. Future acquisitions could require
external financing or borrowings or capital contributions from Exelon.
Cash Flows from Operating Activities
A discussion of items pertinent to Generation’s cash flows from operating activities is set forth under “Cash Flows from Operating Activities”
in “EXELON CORPORATION—Liquidity and Capital Resources” of this Form 10-K.
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Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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