ComEd 2015 Annual Report Download - page 366

Table of Contents
Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
the former ComEd and PECO units, any funds remaining in the NDTs after all decommissioning has been completed are required to be refunded to
ComEd’s or PECO’s customers, subject to certain limitations that allow sharing of excess funds with Generation related to the former PECO units.
With respect to Generation’s other nuclear units, Generation retains any funds remaining after decommissioning. However, in connection with
CENG’s acquisition of the Nine Mile Point and Ginna plants and settlements with certain regulatory agencies, CENG is subject to certain
conditions pertaining to nuclear decommissioning trust funds that, if met, could possibly result in obligations to make payments to certain third
parties (clawbacks). For Nine Mile Point and Ginna, the clawback provisions are triggered only in the event that the required decommissioning
activities are discontinued or not started or completed in a timely manner. In the event that the clawback provisions are triggered for Nine Mile
Point, then, depending upon the triggering event, an amount equal to 50% of the total amount withdrawn from the funds for non-decommissioning
activities or 50% of any excess funds in the trust funds above the amounts required for decommissioning (including spent fuel management and
decommissioning) is to be paid to the Nine Mile Point sellers. In the event that the clawback provisions are triggered for Ginna, then an amount
equal to any estimated cost savings realized by not completing any of the required decommissioning activities is to be paid to the Ginna sellers.
Generation expects to comply with applicable regulations and timely commence and complete all required decommissioning activities.
At December 31, 2015, and 2014, Exelon and Generation had NDT fund investments totaling $10,342 million and $10,537 million,
respectively. For additional information related to the NDT fund investments, refer to Note 12—Fair Value of Financial Assets and Liabilities.
The following table provides unrealized gains on NDT funds for 2015, 2014 and 2013:
Exelon and Generation
For the Years Ended December 31,
2015 2014 2013
Net unrealized gains (losses) on decommissioning trust funds—Regulatory Agreement Units $ (282) $ 180 $ 406
Net unrealized gains (losses) on decommissioning trust funds—
Non-Regulatory Agreement Units (197) 134 146
(a) Net unrealized gains (losses) related to Generation’s NDT funds associated with Regulatory Agreement Units are included in Regulatory liabilities on Exelon’s Consolidated
Balance Sheets and Noncurrent payables to affiliates on Generation’s Consolidated Balance Sheets.
(b) Excludes $7 million, $29 million and $7 million of net unrealized gains related to the Zion Station pledged assets in 2015, 2014 and 2013, respectively. Net unrealized gains
related to Zion Station pledged assets are included in the Payable for Zion Station decommissioning on Exelon’s and Generation’s Consolidated Balance Sheets.
(c) 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 are recognized when earned and are included in Other, net in Exelon’s and Generation’s
Consolidated Statements of Operations and Comprehensive Income. Interest and dividends earned on the NDT fund investments for the
Regulatory Agreement Units are eliminated within Other, net in Exelon’s and Generation’s Consolidated Statement of Operations and
Comprehensive Income.
. Based on the regulatory agreement with the ICC that
dictates Generation’s obligations related to the shortfall or
359
(a)
(b)(c)
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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