ComEd 2015 Annual Report Download - page 83

Table of Contents
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Exelon
Executive Overview
Exelon, a utility services holding company, operates through the following principal subsidiaries:
• whose 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.
• As a result of the Constellation merger, Generation owns a 50.01% interest in CENG. During 2014, Generation assumed the
operating licenses and corresponding operational control of CENG’s nuclear fleet. As a result, Exelon and Generation fully
consolidated CENG’s financial position and results of operations into their financial statements since April 1, 2014.
• whose business consists of the purchase and regulated retail sale of electricity and the provision of electricity transmission and
distribution services in northern Illinois, including the City of Chicago.
• whose business consists of the purchase and regulated retail sale of electricity and the provision of electricity distribution and
transmission services in southeastern Pennsylvania, including the City of Philadelphia, and the purchase and regulated retail sale of
natural gas and the provision of distribution services in the Pennsylvania counties surrounding the City of Philadelphia.
• whose business consists of the purchase and regulated retail sale of electricity and natural gas and the provision of electricity
distribution and transmission and gas distribution services in central Maryland, including the City of Baltimore.
Exelon has nine reportable segments consisting of Generation’s six power marketing reportable segments (Mid-Atlantic, Midwest, New
England, New York, ERCOT and Other Power Regions in Generation), ComEd, PECO and BGE. See Note 25—Segment Information of the
Combined Notes to Consolidated Financial Statements for additional information regarding Exelon’s reportable segments.
Through its business services subsidiary BSC, Exelon provides its operating subsidiaries with a variety of support services at cost. The
costs of these services are directly charged or allocated to the applicable operating segments. Additionally, the results of Exelon’s corporate
operations include costs for corporate governance and interest costs and income from various investment and financing activities.
Exelon’s consolidated financial information includes the results of its four separate operating subsidiary registrants, Generation, ComEd,
PECO and BGE, which, along with Exelon, are collectively referred to as the Registrants. The following combined Management’s Discussion and
Analysis of Financial Condition and Results of Operations is separately filed by Exelon, Generation, ComEd, PECO and BGE. However, none of
the Registrants makes any representation as to information related solely to any of the other Registrants.
Financial Results. The following consolidated financial results reflect the results of Exelon for the year ended December 31, 2015 compared
to the same period in 2014. The 2014 financial results only include the operations of CENG on a fully consolidated basis from the date Generation
assumed
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Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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