ComEd 2015 Annual Report Download - page 296

Table of Contents
Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
Asset Divestitures (Exelon and Generation)
Including the Quail Run generating facility that was sold on January 21, 2015, Generation has sold certain generating assets with a total net
book value of approximately $1.8 billion prior to consideration of asset impairments (See Note 8—Impairment of Long-Lived Assets for further
information), for total pre-tax proceeds of approximately $1.8 billion (after-tax proceeds of approximately $1.4 billion), which resulted in cumulative
pre-tax gains on sale of approximately $412 million, which are included in Gain (loss) on sales of assets on Exelon’s and Generation’s
Consolidated Statement of Operations and Comprehensive Income for the year ended December 31, 2014. The proceeds are expected to be used
primarily to finance a portion of the merger with PHI.
Station
Net
Generation
Capacity Location Operating Segment
Percent
Owned
Fore River 726 MW North Weymouth, MA New England 100%
West Valley 185 MW Salt Lake City, UT Other 100%
Keystone 714 MW Shelocta, PA Mid-Atlantic 41.98%
Conemaugh 532 MW New Florence, PA Mid-Atlantic 31.28%
Safe Harbor 278 MW Conestoga, PA Mid-Atlantic 66.7%
Quail Run 488 MW Odessa, TX ERCOT 100%
At December 31, 2014, the assets and liabilities of the Quail Run generating facility were reported as Assets held for sale and within Other
current liabilities on Exelon’s and Generation’s Consolidated Balance Sheets. The table below presents the major classes of assets and liabilities
held for sale at December 31, 2014. Assets held for sale at December 31, 2015 are not material.
December 31, 2014
Assets
Property, plant and equipment, net $ 143
Inventory 4
Total assets held for sale $ 147
Liabilities
Accrued expenses $ 1
Asset retirement obligations 4
Total liabilities held for sale $ 5
(a) The total aggregate book value of property, plant and equipment is net of a $50 million pre-tax impairment loss recorded within Operating and maintenance expense on Exelon’s
and 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.
(b) Included within Other current liabilities on Exelon’s and Generation’s Consolidated Balance Sheets.
5. Investment in Constellation Energy Nuclear Group, LLC (Exelon and Generation)
Generation owns a 50.01% interest in CENG, a nuclear generation business. Generation has historically had various agreements with CENG
to purchase power and to provide certain services. For further information regarding these agreements, see Note 26—Related Party Transactions.
On April 1, 2014, Generation and subsidiaries of Generation and CENG entered into a Nuclear Operating Services Agreement (NOSA)
pursuant to which Generation will operate the CENG nuclear generation fleet owned by CENG subsidiaries and provide corporate and
administrative services for
289
(a)
(b)
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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