Exelon 2015 Annual Report Download - page 191

Table of Contents
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ComEd
General
ComEd operates in a single business segment and its operations consist of the purchase and regulated retail sale of electricity and the
provision of distribution and transmission services to retail customers in northern Illinois, including the City of Chicago. This segment is discussed
in further detail in “ITEM 1. BUSINESS—ComEd” of this Form 10-K.
Executive Overview
A discussion of items pertinent to ComEd’s executive overview is set forth under “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 ComEd’s results of operations for 2015 compared to 2014 and for 2014 compared to 2013 is set forth under “Results of
Operations—ComEd” in “EXELON CORPORATION—Results of Operations” of this Form 10-K.
Liquidity and Capital Resources
ComEd’s business is capital intensive and requires considerable capital resources. ComEd’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 or credit facility borrowings. ComEd’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. At December 31, 2015, ComEd had access to a revolving credit
facility with aggregate bank commitments of $1 billion. See the “Credit Matters” section of “Liquidity and Capital Resources” for additional
discussion.
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 ComEd’s capital requirements, including construction, retirement of debt, and contributions to
Exelon’s pension plans. Additionally, ComEd operates in rate-regulated environments in which the amount of new investment recovery may be
limited and where such recovery takes place over an extended period of time.
Cash Flows from Operating Activities
A discussion of items pertinent to ComEd’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.
Cash Flows from Investing Activities
A discussion of items pertinent to ComEd’s cash flows from investing activities is set forth under “Cash Flows from Investing 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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