Exelon 2014 Annual Report Download - page 105

Generation
Approximately 33% and 7% of the projected 2015 capital expenditures at Generation are for the acquisition of nuclear fuel and
investments in renewable energy and natural gas generation, respectively, with the remaining amounts reflecting additions and
upgrades to existing facilities (including material condition improvements during nuclear refueling outages). Generation anticipates
that they will fund capital expenditures with internally generated funds and borrowings.
ComEd, PECO and BGE
Approximately 85%, 95% and 96% of the projected 2014 capital expenditures at ComEd, PECO and BGE, respectively, are for
continuing projects to maintain and improve operations, including enhancing reliability and adding capacity to the transmission and
distribution systems such as ComEd’s reliability related investments required under EIMA, and ComEd’s, PECO’s and BGE’s
construction commitments under PJM’s RTEP. ComEd’s capital expenditures include smart grid/smart meter technology required
under EIMA. PECO’s and BGE’s capital expenditures include investments related to their respective smart meter programs. The
remaining amounts are for capital additions to support new business and customer growth. See Notes 3 and 7 of the Combined
Notes to Consolidated Financial Statements for additional information.
In 2010, NERC provided guidance to transmission owners that recommends ComEd, PECO, and BGE, perform assessments of
their transmission lines. In compliance with this guidance, ComEd, PECO and BGE submitted their final bi-annual reports to NERC
in January 2014. ComEd, PECO and BGE will be incurring incremental capital expenditures associated with this guidance following
the completion of the assessments. Specific projects and expenditures are identified as the assessments are completed. ComEd’s,
PECO’s and BGE’s forecasted 2015 capital expenditures above reflect capital spending for remediation to be completed in 2017.
ComEd, PECO and BGE anticipate that they will fund capital expenditures with internally generated funds and borrowings, including
ComEd’s capital expenditures associated with EIMA as further discussed in Note 3 of the Combined Notes to Consolidated Financial
Statements.
Cash Flows from Financing Activities
Cash flows provided by (used in) financing activities for the year ended December 31, 2014, 2013, and 2012 by Registrant were as
follows:
2014 2013 2012
Exelon (a)(b) .................................................................................. 411 (826) (1,085)
Generation (a)(b) .............................................................................. (537) (384) (777)
ComEd ..................................................................................... 359 61 (212)
PECO ...................................................................................... (250) (361) (382)
BGE (b) ..................................................................................... (85) (48) 128
(a) On April 1, 2014, Generation assumed operational control of CENG’s nuclear fleet. As a result, the 2014 activity includes CENG on a fully consolidated basis
beginning April 1, 2014.
(b) Exelon’s and Generation’s 2012 activity includes the activity of Constellation, and BGE in the case of Exelon, from the merger effective date of March 12, 2012
through December 31, 2012. BGE’s 2012 activity includes its activity for the twelve months ended December 31, 2012.
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