☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number | Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number | IRS Employer Identification Number | ||||||||||||
EXELON CORPORATION | 23-2990190 | |||||||||||||
(a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 (800) 483-3220 | ||||||||||||||
COMMONWEALTH EDISON COMPANY | 36-0938600 | |||||||||||||
(an Illinois corporation) Chicago, Illinois (312) 394-4321 | ||||||||||||||
000-16844 | PECO ENERGY COMPANY | 23-0970240 | ||||||||||||
(a Pennsylvania corporation) P.O. Box 8699 2301 Market Street Philadelphia, Pennsylvania 19101-8699 (215) 841-4000 | ||||||||||||||
BALTIMORE GAS AND ELECTRIC COMPANY | 52-0280210 | |||||||||||||
(a Maryland corporation) 2 Center Plaza 110 West Fayette Street Baltimore, Maryland 21201-3708 (410) 234-5000 | ||||||||||||||
001-31403 | PEPCO HOLDINGS LLC | 52-2297449 | ||||||||||||
(a Delaware limited liability company) 701 Ninth Street, N.W. Washington, District of Columbia (202) 872-2000 | ||||||||||||||
001-01072 | POTOMAC ELECTRIC POWER COMPANY | 53-0127880 | ||||||||||||
(a District of Columbia and Virginia corporation) 701 Ninth Street, N.W. Washington, District of Columbia (202) 872-2000 | ||||||||||||||
001-01405 | DELMARVA POWER & LIGHT COMPANY | 51-0084283 | ||||||||||||
(a Delaware and Virginia corporation) 500 North Wakefield Drive Newark, Delaware (202) 872-2000 | ||||||||||||||
001-03559 | ATLANTIC CITY ELECTRIC COMPANY | 21-0398280 | ||||||||||||
(a New Jersey corporation) 500 North Wakefield Drive Newark, Delaware (202) 872-2000 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
EXELON CORPORATION: | ||||||||||||||
Common stock, without par value | EXC | The Nasdaq Stock Market LLC | ||||||||||||
PECO ENERGY COMPANY: | ||||||||||||||
Trust Receipts of PECO Energy Capital Trust III, each representing a 7.38% Cumulative Preferred Security, Series D, $25 stated value, issued by PECO Energy Capital, L.P. and unconditionally guaranteed by PECO Energy Company | EXC/28 | New York Stock Exchange |
Exelon Corporation | Large Accelerated Filer | x | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | ||||||||||||||||||||||
Commonwealth Edison Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||||||||||||||
PECO Energy Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||||||||||||||
Baltimore Gas and Electric Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||||||||||||||
Pepco Holdings LLC | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||||||||||||||
Potomac Electric Power Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||||||||||||||
Delmarva Power & Light Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||||||||||||||
Atlantic City Electric Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
Exelon Corporation Common Stock, without par value | |||||
Commonwealth Edison Company Common Stock, $12.50 par value | |||||
PECO Energy Company Common Stock, without par value | 170,478,507 | ||||
Baltimore Gas and Electric Company Common Stock, without par value | 1,000 | ||||
Pepco Holdings LLC | not applicable | ||||
Potomac Electric Power Company Common Stock, | 100 | ||||
Delmarva Power & Light Company Common Stock, $2.25 par value | 1,000 | ||||
Atlantic City Electric Company Common Stock, $3.00 par value | 8,546,017 |
Page No. | ||||||||
Page No. | ||||||||
Page No. | ||||||||
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||||||
Baltimore Gas and Electric Company | |||||||||
Baltimore Gas and Electric Company | |||||||||
GLOSSARY OF TERMS AND ABBREVIATIONS | ||||||||
Exelon Corporation and Related Entities | ||||||||
Exelon | Exelon Corporation | |||||||
ComEd | Commonwealth Edison Company | |||||||
PECO | PECO Energy Company | |||||||
BGE | Baltimore Gas and Electric Company | |||||||
Pepco Holdings or PHI | Pepco Holdings LLC | |||||||
Pepco | Potomac Electric Power Company | |||||||
DPL | Delmarva Power & Light Company | |||||||
ACE | Atlantic City Electric Company | |||||||
Registrants | Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, collectively | |||||||
Utility Registrants | ComEd, PECO, BGE, Pepco, DPL, and ACE, collectively | |||||||
Exelon Business Services Company, LLC | ||||||||
Exelon Corporate | Exelon in its corporate capacity as a holding company | |||||||
PCI | Potomac Capital Investment Corporation and its subsidiaries | |||||||
PECO Trust III | PECO Energy Capital Trust III | |||||||
PECO Trust IV | PECO Energy Capital Trust IV | |||||||
PHI Corporate | PHI in its corporate capacity as a holding company | |||||||
PHI Service Company | ||||||||
Former Related Entities | ||||||||
Constellation | Constellation Energy Corporation | |||||||
Generation | Constellation Energy Generation, LLC (formerly Exelon Generation | |||||||
Exelon | ||||||||
prior to separation on February 1, 2022) | ||||||||
GLOSSARY OF TERMS AND ABBREVIATIONS | ||||||||
Other Terms and Abbreviations | ||||||||
Note | Reference to specific Combined Note to Consolidated Financial Statements within | |||||||
Alternative Energy | ||||||||
Allowance for Funds Used During Construction | ||||||||
Advanced Metering Infrastructure | ||||||||
AOCI | Accumulated Other Comprehensive Income (Loss) | |||||||
Asset Retirement Obligation | ||||||||
BGS | Basic Generation Service | |||||||
Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended | ||||||||
DC PLUG | District of Columbia Power Line Undergrounding Initiative | |||||||
Delaware Public Service Commission |
DOEE | District of Columbia Department of Energy & Environment | |||||||
Deferred Prosecution Agreement | ||||||||
Deferred Purchase Price | ||||||||
Energy Infrastructure Modernization Act (Illinois Senate Bill 1652 and Illinois House Bill 3036) | ||||||||
United States Environmental Protection Agency | ||||||||
Electric Reliability Council of Texas | ||||||||
ERISA | Employee Retirement Income Security Act of 1974, as amended | |||||||
FEJA | Illinois Public Act 99-0906 or Future Energy Jobs Act | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
Generally Accepted Accounting Principles in the United States | ||||||||
GCR | Gas Cost Rate | |||||||
Generation Supply Adjustment | ||||||||
Gigawatt | ||||||||
Illinois Commerce Commission | ||||||||
Illinois Settlement Legislation | Legislation enacted in 2007 affecting electric utilities in Illinois | |||||||
Illinois Power Agency | ||||||||
Inflation Reduction Act | ||||||||
IRC | Internal Revenue Code | |||||||
IRS | Internal Revenue Service | |||||||
GLOSSARY OF TERMS AND ABBREVIATIONS | ||||||||
Other Terms and Abbreviations | ||||||||
Maryland Public Service Commission | ||||||||
MGP | Manufactured Gas Plant | |||||||
Million Cubic Feet | ||||||||
Megawatt hour | ||||||||
Net Asset Value | ||||||||
NDT | Nuclear Decommissioning Trust | |||||||
New Jersey Board of Public Utilities | ||||||||
Other Comprehensive Income | ||||||||
Other Postretirement Employee Benefits | ||||||||
Pennsylvania Public Utility Commission | ||||||||
PGC | Purchased Gas Cost Clause | |||||||
PJM | PJM Interconnection, LLC |
POLR | ||||||||
Provider of Last Resort | ||||||||
Power Purchase Agreement | ||||||||
Potentially Responsible Parties | ||||||||
Renewable Energy Credit which is issued for each megawatt hour of generation from a qualified renewable energy source | ||||||||
Regulatory Agreement Units | Nuclear generating units or portions thereof whose decommissioning-related activities are subject to contractual elimination under regulatory accounting | |||||||
Request for Proposal | ||||||||
Rider | Reconcilable Surcharge Recovery Mechanism | |||||||
Return on equity | ||||||||
RPS | Renewable Energy Portfolio Standards | |||||||
Regional Transmission Organization | ||||||||
United States Securities and Exchange Commission | ||||||||
Standard Offer Service | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric operating revenues | $ | 5,684 | $ | 4,557 | $ | 14,579 | $ | 12,972 | |||||||||||||||
Natural gas operating revenues | 188 | 224 | 1,268 | 1,348 | |||||||||||||||||||
Revenues from alternative revenue programs | 108 | 64 | 513 | 92 | |||||||||||||||||||
Total operating revenues | 5,980 | 4,845 | 16,360 | 14,412 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Purchased power | 2,364 | 1,404 | 5,766 | 4,152 | |||||||||||||||||||
Purchased fuel | 33 | 80 | 449 | 524 | |||||||||||||||||||
Purchased power and fuel from affiliates | — | — | — | 159 | |||||||||||||||||||
Operating and maintenance | 1,187 | 1,148 | 3,535 | 3,436 | |||||||||||||||||||
Depreciation and amortization | 890 | 825 | 2,616 | 2,472 | |||||||||||||||||||
Taxes other than income taxes | 383 | 377 | 1,063 | 1,061 | |||||||||||||||||||
Total operating expenses | 4,857 | 3,834 | 13,429 | 11,804 | |||||||||||||||||||
Loss on sale of assets and businesses | — | — | — | (2) | |||||||||||||||||||
Operating income | 1,123 | 1,011 | 2,931 | 2,606 | |||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (431) | (359) | (1,259) | (1,044) | |||||||||||||||||||
Interest expense to affiliates | (6) | (6) | (18) | (19) | |||||||||||||||||||
Other, net | 81 | 122 | 331 | 435 | |||||||||||||||||||
Total other income and (deductions) | (356) | (243) | (946) | (628) | |||||||||||||||||||
Income from continuing operations before income taxes | 767 | 768 | 1,985 | 1,978 | |||||||||||||||||||
Income taxes | 67 | 92 | 274 | 356 | |||||||||||||||||||
Net income from continuing operations after income taxes | 700 | 676 | 1,711 | 1,622 | |||||||||||||||||||
Net income from discontinued operations after income taxes (Note 2) | — | — | — | 117 | |||||||||||||||||||
Net income | 700 | 676 | 1,711 | 1,739 | |||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | 1 | |||||||||||||||||||
Net income attributable to common shareholders | $ | 700 | $ | 676 | $ | 1,711 | $ | 1,738 | |||||||||||||||
Amounts attributable to common shareholders: | |||||||||||||||||||||||
Net income from continuing operations | 700 | 676 | 1,711 | 1,622 | |||||||||||||||||||
Net income from discontinued operations | — | — | — | 116 | |||||||||||||||||||
Net income attributable to common shareholders | $ | 700 | $ | 676 | $ | 1,711 | $ | 1,738 | |||||||||||||||
Comprehensive income, net of income taxes | |||||||||||||||||||||||
Net income | $ | 700 | $ | 676 | $ | 1,711 | $ | 1,739 | |||||||||||||||
Other comprehensive income, net of income taxes | |||||||||||||||||||||||
Pension and non-pension postretirement benefit plans: | |||||||||||||||||||||||
Actuarial losses reclassified to periodic benefit cost | 16 | 9 | 22 | 33 | |||||||||||||||||||
Pension and non-pension postretirement benefit plans valuation adjustments | (3) | — | (16) | 2 | |||||||||||||||||||
Unrealized gains on cash flow hedges | 21 | — | 36 | — | |||||||||||||||||||
Other comprehensive income | 34 | 9 | 42 | 35 | |||||||||||||||||||
Comprehensive income | 734 | 685 | 1,753 | 1,774 | |||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 1 | |||||||||||||||||||
Comprehensive income attributable to common shareholders | $ | 734 | $ | 685 | $ | 1,753 | $ | 1,773 | |||||||||||||||
Average shares of common stock outstanding: | |||||||||||||||||||||||
Basic | 996 | 988 | 996 | 983 | |||||||||||||||||||
Assumed exercise and/or distributions of stock-based awards | 1 | 1 | — | 1 | |||||||||||||||||||
Diluted | 997 | 989 | 996 | 984 | |||||||||||||||||||
Earnings per average common share from continuing operations | |||||||||||||||||||||||
Basic | $ | 0.70 | $ | 0.68 | $ | 1.72 | $ | 1.65 | |||||||||||||||
Diluted | $ | 0.70 | $ | 0.68 | $ | 1.72 | $ | 1.65 | |||||||||||||||
Earnings per average common share from discontinued operations | |||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.12 | |||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.12 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions, except per share data) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Competitive businesses revenues | $ | 4,456 | $ | 4,535 | $ | 12,924 | $ | 12,243 | |||||||
Rate-regulated utility revenues | 4,313 | 4,467 | 12,225 | 11,243 | |||||||||||
Total operating revenues | 8,769 | 9,002 | 25,149 | 23,486 | |||||||||||
Operating expenses | |||||||||||||||
Competitive businesses purchased power and fuel | 2,316 | 2,584 | 7,268 | 6,599 | |||||||||||
Rate-regulated utility purchased power and fuel | 1,226 | 1,170 | 3,259 | 2,863 | |||||||||||
Operating and maintenance | 2,300 | 2,338 | 7,732 | 7,677 | |||||||||||
Depreciation and amortization | 1,002 | 1,195 | 2,814 | 2,821 | |||||||||||
Taxes other than income | 456 | 449 | 1,313 | 1,168 | |||||||||||
Total operating expenses | 7,300 | 7,736 | 22,386 | 21,128 | |||||||||||
(Loss) Gain on sales of assets | (1 | ) | 1 | 4 | 41 | ||||||||||
Bargain purchase gain | 7 | — | 233 | — | |||||||||||
Operating income | 1,475 | 1,267 | 3,000 | 2,399 | |||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (377 | ) | (506 | ) | (1,165 | ) | (1,148 | ) | |||||||
Interest expense to affiliates | (9 | ) | (10 | ) | (29 | ) | (31 | ) | |||||||
Other, net | 237 | 120 | 725 | 377 | |||||||||||
Total other income and (deductions) | (149 | ) | (396 | ) | (469 | ) | (802 | ) | |||||||
Income before income taxes | 1,326 | 871 | 2,531 | 1,597 | |||||||||||
Income taxes | 452 | 340 | 595 | 625 | |||||||||||
Equity in losses of unconsolidated affiliates | (7 | ) | (5 | ) | (25 | ) | (16 | ) | |||||||
Net income | 867 | 526 | 1,911 | 956 | |||||||||||
Net income attributable to noncontrolling interests and preference stock dividends | 43 | 36 | 12 | 26 | |||||||||||
Net income attributable to common shareholders | $ | 824 | $ | 490 | $ | 1,899 | $ | 930 | |||||||
Comprehensive income, net of income taxes | |||||||||||||||
Net income | $ | 867 | $ | 526 | $ | 1,911 | $ | 956 | |||||||
Other comprehensive income (loss), net of income taxes | |||||||||||||||
Pension and non-pension postretirement benefit plans: | |||||||||||||||
Prior service benefit reclassified to periodic benefit cost | (14 | ) | (12 | ) | (42 | ) | (35 | ) | |||||||
Actuarial loss reclassified to periodic benefit cost | 49 | 47 | 147 | 140 | |||||||||||
Pension and non-pension postretirement benefit plan valuation adjustment | 3 | — | (55 | ) | (3 | ) | |||||||||
Unrealized gain (loss) on cash flow hedges | — | 3 | 5 | (4 | ) | ||||||||||
Unrealized gain (loss) on equity investments | 1 | (4 | ) | 5 | (10 | ) | |||||||||
Unrealized gain on foreign currency translation | 4 | 2 | 7 | 8 | |||||||||||
Unrealized gain on marketable securities | 1 | — | 2 | — | |||||||||||
Other comprehensive income | 44 | 36 | 69 | 96 | |||||||||||
Comprehensive income | 911 | 562 | 1,980 | 1,052 | |||||||||||
Comprehensive income attributable to noncontrolling interests and preference stock dividends | 43 | 31 | 10 | 21 | |||||||||||
Comprehensive income attributable to common shareholders | $ | 868 | $ | 531 | $ | 1,970 | $ | 1,031 | |||||||
Average shares of common stock outstanding: | |||||||||||||||
Basic | 962 | 925 | 941 | 924 | |||||||||||
Diluted | 965 | 927 | 943 | 926 | |||||||||||
Earnings per average common share: | |||||||||||||||
Basic | $ | 0.86 | $ | 0.53 | $ | 2.02 | $ | 1.01 | |||||||
Diluted | $ | 0.85 | $ | 0.53 | $ | 2.01 | $ | 1.00 | |||||||
Dividends declared per common share | $ | 0.33 | $ | 0.32 | $ | 0.98 | $ | 0.95 |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 1,711 | $ | 1,739 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization | 2,616 | 2,679 | |||||||||
Asset impairments | — | 46 | |||||||||
Gain on sales of assets and businesses | — | (8) | |||||||||
Deferred income taxes and amortization of investment tax credits | 210 | 256 | |||||||||
Net fair value changes related to derivatives | 21 | (59) | |||||||||
Net realized and unrealized losses on NDT funds | — | 205 | |||||||||
Net unrealized losses on equity investments | — | 16 | |||||||||
Other non-cash operating activities | (237) | 265 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 82 | (1,049) | |||||||||
Inventories | (8) | (121) | |||||||||
Accounts payable and accrued expenses | (454) | 823 | |||||||||
Option premiums paid, net | — | (39) | |||||||||
Collateral (paid) received, net | (183) | 1,456 | |||||||||
Income taxes | 50 | 3 | |||||||||
Regulatory assets and liabilities, net | (395) | (689) | |||||||||
Pension and non-pension postretirement benefit contributions | (97) | (596) | |||||||||
Other assets and liabilities | (24) | (786) | |||||||||
Net cash flows provided by operating activities | 3,292 | 4,141 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (5,540) | (5,179) | |||||||||
Proceeds from NDT fund sales | — | 488 | |||||||||
Investment in NDT funds | — | (516) | |||||||||
Collection of DPP | — | 169 | |||||||||
Proceeds from sales of assets and businesses | — | 16 | |||||||||
Other investing activities | 25 | 36 | |||||||||
Net cash flows used in investing activities | (5,515) | (4,986) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | (1,116) | (335) | |||||||||
Proceeds from short-term borrowings with maturities greater than 90 days | 400 | 1,150 | |||||||||
Repayments on short-term borrowings with maturities greater than 90 days | (150) | (925) | |||||||||
Issuance of long-term debt | 5,300 | 5,801 | |||||||||
Retirement of long-term debt | (1,209) | (2,067) | |||||||||
Issuance of common stock | — | 563 | |||||||||
Dividends paid on common stock | (1,074) | (999) | |||||||||
Proceeds from employee stock plans | 30 | 26 | |||||||||
Transfer of cash, restricted cash, and cash equivalents to Constellation | — | (2,594) | |||||||||
Other financing activities | (101) | (121) | |||||||||
Net cash flows provided by financing activities | 2,080 | 499 | |||||||||
Decrease in cash, restricted cash, and cash equivalents | (143) | (346) | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | 1,090 | 1,619 | |||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | 947 | $ | 1,273 | |||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | (169) | $ | (147) | |||||||
Increase in DPP | — | 348 | |||||||||
(Decrease) increase in PP&E related to ARO update | (4) | 331 |
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income | $ | 1,911 | $ | 956 | |||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization | 3,999 | 4,009 | |||||
Impairment of long-lived assets and losses on regulatory assets | 488 | 274 | |||||
Gain on sales of assets | (5 | ) | (41 | ) | |||
Bargain purchase gain | (233 | ) | — | ||||
Deferred income taxes and amortization of investment tax credits | 439 | 623 | |||||
Net fair value changes related to derivatives | 149 | 100 | |||||
Net realized and unrealized gains on nuclear decommissioning trust fund investments | (429 | ) | (243 | ) | |||
Other non-cash operating activities | 603 | 1,224 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 224 | (296 | ) | ||||
Inventories | (87 | ) | 21 | ||||
Accounts payable and accrued expenses | (593 | ) | 296 | ||||
Option premiums received (paid), net | 35 | (24 | ) | ||||
Collateral (posted) received, net | (100 | ) | 757 | ||||
Income taxes | 167 | 527 | |||||
Pension and non-pension postretirement benefit contributions | (344 | ) | (283 | ) | |||
Other assets and liabilities | (547 | ) | (537 | ) | |||
Net cash flows provided by operating activities | 5,677 | 7,363 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (5,556 | ) | (6,368 | ) | |||
Proceeds from nuclear decommissioning trust fund sales | 6,848 | 7,914 | |||||
Investment in nuclear decommissioning trust funds | (7,044 | ) | (8,093 | ) | |||
Acquisition of businesses, net | (208 | ) | (6,896 | ) | |||
Proceeds from sales of long-lived assets | 219 | 49 | |||||
Proceeds from termination of direct financing lease investment | — | 360 | |||||
Changes in restricted cash | (67 | ) | (75 | ) | |||
Other investing activities | (2 | ) | (110 | ) | |||
Net cash flows used in investing activities | (5,810 | ) | (13,219 | ) | |||
Cash flows from financing activities | |||||||
Changes in short-term borrowings | (570 | ) | (1,014 | ) | |||
Proceeds from short-term borrowings with maturities greater than 90 days | 621 | 195 | |||||
Repayments on short-term borrowings with maturities greater than 90 days | (610 | ) | (452 | ) | |||
Issuance of long-term debt | 2,616 | 4,488 | |||||
Retirement of long-term debt | (1,728 | ) | (944 | ) | |||
Retirement of long-term debt to financing trust | (250 | ) | — | ||||
Restricted proceeds from issuance of long-term debt | — | (30 | ) | ||||
Redemption of preference stock | — | (190 | ) | ||||
Sale of noncontrolling interest | 396 | — | |||||
Dividends paid on common stock | (921 | ) | (873 | ) | |||
Common stock issued from treasury stock | 1,150 | — | |||||
Proceeds from employee stock plans | 61 | 36 | |||||
Other financing activities | (64 | ) | 35 | ||||
Net cash flows provided by financing activities | 701 | 1,251 | |||||
Increase (Decrease) in cash and cash equivalents | 568 | (4,605 | ) | ||||
Cash and cash equivalents at beginning of period | 635 | 6,502 | |||||
Cash and cash equivalents at end of period | $ | 1,203 | $ | 1,897 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 300 | $ | 407 | |||||||
Restricted cash and cash equivalents | 435 | 566 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 2,575 | 2,544 | |||||||||
Customer allowance for credit losses | (341) | (327) | |||||||||
Customer accounts receivable, net | 2,234 | 2,217 | |||||||||
Other accounts receivable | 1,168 | 1,426 | |||||||||
Other allowance for credit losses | (88) | (82) | |||||||||
Other accounts receivable, net | 1,080 | 1,344 | |||||||||
Inventories, net | |||||||||||
Fossil fuel | 105 | 208 | |||||||||
Materials and supplies | 657 | 547 | |||||||||
Regulatory assets | 2,307 | 1,641 | |||||||||
Other | 401 | 406 | |||||||||
Total current assets | 7,519 | 7,336 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $16,836 and $15,930 as of September 30, 2023 and December 31, 2022, respectively) | 72,458 | 69,076 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 8,128 | 8,037 | |||||||||
Goodwill | 6,630 | 6,630 | |||||||||
Receivable related to Regulatory Agreement Units | 2,923 | 2,897 | |||||||||
Investments | 246 | 232 | |||||||||
Other | 1,355 | 1,141 | |||||||||
Total deferred debits and other assets | 19,282 | 18,937 | |||||||||
Total assets | $ | 99,259 | $ | 95,349 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 1,203 | $ | 635 | |||
Restricted cash and cash equivalents | 320 | 253 | |||||
Deposit with IRS | 1,250 | 1,250 | |||||
Accounts receivable, net | |||||||
Customer | 3,854 | 4,158 | |||||
Other | 950 | 1,201 | |||||
Mark-to-market derivative assets | 699 | 917 | |||||
Unamortized energy contract assets | 81 | 88 | |||||
Inventories, net | |||||||
Fossil fuel and emission allowances | 387 | 364 | |||||
Materials and supplies | 1,281 | 1,274 | |||||
Regulatory assets | 1,264 | 1,342 | |||||
Other | 1,435 | 930 | |||||
Total current assets | 12,724 | 12,412 | |||||
Property, plant and equipment, net | 73,067 | 71,555 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 10,238 | 10,046 | |||||
Nuclear decommissioning trust funds | 12,966 | 11,061 | |||||
Investments | 634 | 629 | |||||
Goodwill | 6,677 | 6,677 | |||||
Mark-to-market derivative assets | 426 | 492 | |||||
Unamortized energy contract assets | 407 | 447 | |||||
Pledged assets for Zion Station decommissioning | 57 | 113 | |||||
Other | 1,277 | 1,472 | |||||
Total deferred debits and other assets | 32,682 | 30,937 | |||||
Total assets(a) | $ | 118,473 | $ | 114,904 |
(In millions) | September 30, 2017 | December 31, 2016 | (In millions) | September 30, 2023 | December 31, 2022 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities | Current liabilities | |||||||||||||||||
Short-term borrowings | $ | 710 | $ | 1,267 | Short-term borrowings | $ | 1,720 | $ | 2,586 | |||||||||
Long-term debt due within one year | 3,164 | 2,430 | Long-term debt due within one year | 1,654 | 1,802 | |||||||||||||
Accounts payable | 3,132 | 3,441 | Accounts payable | 2,684 | 3,382 | |||||||||||||
Accrued expenses | 3,080 | 3,460 | Accrued expenses | 1,315 | 1,226 | |||||||||||||
Payables to affiliates | 5 | 8 | Payables to affiliates | 5 | 5 | |||||||||||||
Regulatory liabilities | 553 | 602 | Regulatory liabilities | 437 | 437 | |||||||||||||
Mark-to-market derivative liabilities | 178 | 282 | Mark-to-market derivative liabilities | 44 | 8 | |||||||||||||
Unamortized energy contract liabilities | 283 | 407 | Unamortized energy contract liabilities | 8 | 10 | |||||||||||||
Renewable energy credit obligation | 261 | 428 | ||||||||||||||||
PHI merger related obligation | 96 | 151 | ||||||||||||||||
Other | 933 | 981 | Other | 933 | 1,155 | |||||||||||||
Total current liabilities | 12,395 | 13,457 | Total current liabilities | 8,800 | 10,611 | |||||||||||||
Long-term debt | 31,701 | 31,575 | Long-term debt | 39,431 | 35,272 | |||||||||||||
Long-term debt to financing trusts | 389 | 641 | Long-term debt to financing trusts | 390 | 390 | |||||||||||||
Deferred credits and other liabilities | Deferred credits and other liabilities | |||||||||||||||||
Deferred income taxes and unamortized investment tax credits | 19,250 | 18,138 | Deferred income taxes and unamortized investment tax credits | 11,792 | 11,250 | |||||||||||||
Asset retirement obligations | 9,733 | 9,111 | ||||||||||||||||
Regulatory liabilities | Regulatory liabilities | 9,236 | 9,112 | |||||||||||||||
Pension obligations | 4,055 | 4,248 | Pension obligations | 1,085 | 1,109 | |||||||||||||
Non-pension postretirement benefit obligations | 1,977 | 1,848 | Non-pension postretirement benefit obligations | 515 | 507 | |||||||||||||
Spent nuclear fuel obligation | 1,142 | 1,024 | ||||||||||||||||
Regulatory liabilities | 4,549 | 4,187 | ||||||||||||||||
Asset retirement obligations | Asset retirement obligations | 269 | 269 | |||||||||||||||
Mark-to-market derivative liabilities | 410 | 392 | Mark-to-market derivative liabilities | 113 | 83 | |||||||||||||
Unamortized energy contract liabilities | 656 | 830 | Unamortized energy contract liabilities | 29 | 35 | |||||||||||||
Payable for Zion Station decommissioning | — | 14 | ||||||||||||||||
Other | 1,899 | 1,827 | Other | 2,129 | 1,967 | |||||||||||||
Total deferred credits and other liabilities | 43,671 | 41,619 | Total deferred credits and other liabilities | 25,168 | 24,332 | |||||||||||||
Total liabilities(a) | 88,156 | 87,292 | ||||||||||||||||
Total liabilities | Total liabilities | 73,789 | 70,605 | |||||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||
Shareholders’ equity | Shareholders’ equity | |||||||||||||||||
Common stock (No par value, 2000 shares authorized, 961 shares and 924 shares outstanding at September 30, 2017 and December 31, 2016, respectively) | 18,862 | 18,794 | ||||||||||||||||
Treasury stock, at cost (2 shares and 35 shares at September 30, 2017 and December 31, 2016, respectively) | (123 | ) | (2,327 | ) | ||||||||||||||
Common stock (No par value, 2,000 shares authorized, 995 shares and 994 shares outstanding as of September 30, 2023 and December 31, 2022, respectively) | Common stock (No par value, 2,000 shares authorized, 995 shares and 994 shares outstanding as of September 30, 2023 and December 31, 2022, respectively) | 20,956 | 20,908 | |||||||||||||||
Treasury stock, at cost (2 shares as of September 30, 2023 and December 31, 2022) | Treasury stock, at cost (2 shares as of September 30, 2023 and December 31, 2022) | (123) | (123) | |||||||||||||||
Retained earnings | 11,950 | 12,030 | Retained earnings | 5,233 | 4,597 | |||||||||||||
Accumulated other comprehensive loss, net | (2,589 | ) | (2,660 | ) | Accumulated other comprehensive loss, net | (596) | (638) | |||||||||||
Total shareholders’ equity | 28,100 | 25,837 | Total shareholders’ equity | 25,470 | 24,744 | |||||||||||||
Noncontrolling interests | 2,217 | 1,775 | ||||||||||||||||
Total equity | 30,317 | 27,612 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 118,473 | $ | 114,904 | Total liabilities and shareholders’ equity | $ | 99,259 | $ | 95,349 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
(In millions, shares in thousands) | Issued Shares | Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss, net | Noncontrolling Interests | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 995,830 | $ | 20,908 | $ | (123) | $ | 4,597 | $ | (638) | $ | — | $ | 24,744 | ||||||||||||||||||||||||||||
Net income | — | — | — | 669 | — | — | 669 | ||||||||||||||||||||||||||||||||||
Long-term incentive plan activity | 306 | 1 | — | — | — | — | 1 | ||||||||||||||||||||||||||||||||||
Employee stock purchase plan issuances | 266 | 12 | — | — | — | — | 12 | ||||||||||||||||||||||||||||||||||
Common stock dividends ($0.36/common share) | — | — | — | (359) | — | (359) | |||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of income taxes | — | — | — | — | (1) | — | (1) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 996,402 | $ | 20,921 | $ | (123) | $ | 4,907 | $ | (639) | $ | — | $ | 25,066 | ||||||||||||||||||||||||||||
Net income | — | — | — | 343 | — | — | 343 | ||||||||||||||||||||||||||||||||||
Long-term incentive plan activity | 372 | 9 | — | — | — | — | 9 | ||||||||||||||||||||||||||||||||||
Employee stock purchase plan issuances | 278 | 11 | — | — | — | — | 11 | ||||||||||||||||||||||||||||||||||
Common stock dividends ($0.36/common share) | — | — | — | (359) | — | — | (359) | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 9 | — | 9 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 997,052 | $ | 20,941 | $ | (123) | $ | 4,891 | $ | (630) | $ | — | $ | 25,079 | ||||||||||||||||||||||||||||
Net income | — | — | — | 700 | — | — | 700 | ||||||||||||||||||||||||||||||||||
Long-term incentive plan activity | (84) | 3 | — | — | — | — | 3 | ||||||||||||||||||||||||||||||||||
Employee stock purchase plan issuances | 302 | 12 | — | — | — | — | 12 | ||||||||||||||||||||||||||||||||||
Common stock dividends ($0.36/common share) | — | — | — | (358) | — | — | (358) | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 34 | — | 34 | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | 997,270 | $ | 20,956 | $ | (123) | $ | 5,233 | $ | (596) | $ | — | $ | 25,470 |
(In millions, shares in thousands) | Issued Shares | Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss, net | Noncontrolling Interests | Total Shareholders' Equity | |||||||||||||||||||
Balance, December 31, 2016 | 958,778 | $ | 18,794 | $ | (2,327 | ) | $ | 12,030 | $ | (2,660 | ) | $ | 1,775 | $ | 27,612 | |||||||||||
Net income | — | — | — | 1,899 | — | 12 | 1,911 | |||||||||||||||||||
Long-term incentive plan activity | 2,911 | 43 | — | — | — | — | 43 | |||||||||||||||||||
Employee stock purchase plan issuances | 996 | 61 | — | — | — | — | 61 | |||||||||||||||||||
Common stock issued from treasury stock | — | — | 2,204 | (1,054 | ) | — | — | 1,150 | ||||||||||||||||||
Changes in equity of noncontrolling interests | — | — | — | — | — | (11 | ) | (11 | ) | |||||||||||||||||
Sale of noncontrolling interests | — | (36 | ) | — | — | — | 443 | 407 | ||||||||||||||||||
Common stock dividends | — | — | — | (925 | ) | — | — | (925 | ) | |||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | 71 | (2 | ) | 69 | ||||||||||||||||||
Balance, September 30, 2017 | 962,685 | $ | 18,862 | $ | (123 | ) | $ | 11,950 | $ | (2,589 | ) | $ | 2,217 | $ | 30,317 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
(In millions, shares in thousands) | Issued Shares | Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss, net | Noncontrolling Interests | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 981,291 | $ | 20,324 | $ | (123) | $ | 16,942 | $ | (2,750) | $ | 402 | $ | 34,795 | ||||||||||||||||||||||||||||
Net income | — | — | — | 597 | — | 1 | 598 | ||||||||||||||||||||||||||||||||||
Long-term incentive plan activity | 540 | (13) | — | — | — | — | (13) | ||||||||||||||||||||||||||||||||||
Employee stock purchase plan issuances | 211 | 9 | — | — | — | — | 9 | ||||||||||||||||||||||||||||||||||
Changes in equity of noncontrolling interests | — | — | — | — | — | (7) | (7) | ||||||||||||||||||||||||||||||||||
Distribution of Constellation (Note 2) | — | (21) | — | (13,179) | 2,023 | (396) | (11,573) | ||||||||||||||||||||||||||||||||||
Common stock dividends ($0.34/common share) | — | — | — | (332) | — | — | (332) | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 14 | — | 14 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 982,042 | $ | 20,299 | $ | (123) | $ | 4,028 | $ | (713) | $ | — | $ | 23,491 | ||||||||||||||||||||||||||||
Net income | — | — | — | 465 | — | — | 465 | ||||||||||||||||||||||||||||||||||
Long-term incentive plan activity | 21 | 10 | — | — | — | — | 10 | ||||||||||||||||||||||||||||||||||
Employee stock purchase plan issuances | 242 | 10 | — | — | — | — | 10 | ||||||||||||||||||||||||||||||||||
Common stock dividends ($0.34/common share) | — | — | — | (332) | — | — | (332) | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 12 | — | 12 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 982,305 | $ | 20,319 | $ | (123) | $ | 4,161 | $ | (701) | $ | — | $ | 23,656 | ||||||||||||||||||||||||||||
Net Income | — | — | — | 676 | — | — | 676 | ||||||||||||||||||||||||||||||||||
Long-term incentive plan activity | — | 3 | — | — | — | — | 3 | ||||||||||||||||||||||||||||||||||
Employee stock purchase plan issuances | 275 | 10 | — | — | — | — | 10 | ||||||||||||||||||||||||||||||||||
Issuance of common stock | 12,995 | 563 | 563 | ||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.34/common share) | — | — | — | (335) | — | — | (335) | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 9 | — | 9 | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | 995,575 | $ | 20,895 | $ | (123) | $ | 4,502 | $ | (692) | $ | — | $ | 24,582 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Operating revenues | $ | 4,455 | $ | 4,533 | $ | 12,918 | $ | 12,234 | |||||||
Operating revenues from affiliates | 296 | 502 | 894 | 1,129 | |||||||||||
Total operating revenues | 4,751 | 5,035 | 13,812 | 13,363 | |||||||||||
Operating expenses | |||||||||||||||
Purchased power and fuel | 2,315 | 2,584 | 7,267 | 6,599 | |||||||||||
Purchased power and fuel from affiliates | 16 | 5 | 19 | 10 | |||||||||||
Operating and maintenance | 1,203 | 1,189 | 4,335 | 3,855 | |||||||||||
Operating and maintenance from affiliates | 171 | 147 | 536 | 478 | |||||||||||
Depreciation and amortization | 410 | 632 | 1,046 | 1,329 | |||||||||||
Taxes other than income | 141 | 136 | 425 | 380 | |||||||||||
Total operating expenses | 4,256 | 4,693 | 13,628 | 12,651 | |||||||||||
(Loss) gain on sales of assets | (2 | ) | — | 3 | 31 | ||||||||||
Bargain purchase gain | 7 | — | 233 | — | |||||||||||
Operating income | 500 | 342 | 420 | 743 | |||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (103 | ) | (67 | ) | (313 | ) | (243 | ) | |||||||
Interest expense to affiliates | (10 | ) | (10 | ) | (29 | ) | (30 | ) | |||||||
Other, net | 209 | 185 | 648 | 395 | |||||||||||
Total other income and (deductions) | 96 | 108 | 306 | 122 | |||||||||||
Income before income taxes | 596 | 450 | 726 | 865 | |||||||||||
Income taxes | 240 | 173 | 209 | 293 | |||||||||||
Equity in losses of unconsolidated affiliates | (8 | ) | (6 | ) | (26 | ) | (16 | ) | |||||||
Net income | 348 | 271 | 491 | 556 | |||||||||||
Net income attributable to noncontrolling interests | 43 | 35 | 12 | 18 | |||||||||||
Net income attributable to membership interest | $ | 305 | $ | 236 | $ | 479 | $ | 538 | |||||||
Comprehensive income, net of income taxes | |||||||||||||||
Net income | $ | 348 | $ | 271 | $ | 491 | $ | 556 | |||||||
Other comprehensive income (loss), net of income taxes | |||||||||||||||
Unrealized gain (loss) on cash flow hedges | — | 1 | 5 | (3 | ) | ||||||||||
Unrealized gain (loss) on equity investments | — | — | 4 | (4 | ) | ||||||||||
Unrealized gain on foreign currency translation | 4 | 2 | 7 | 8 | |||||||||||
Unrealized gain on marketable securities | — | 1 | — | 1 | |||||||||||
Other comprehensive income | 4 | 4 | 16 | 2 | |||||||||||
Comprehensive income | 352 | 275 | 507 | 558 | |||||||||||
Comprehensive income attributable to noncontrolling interests | 43 | 30 | 10 | 13 | |||||||||||
Comprehensive income attributable to membership interest | $ | 309 | $ | 245 | $ | 497 | $ | 545 |
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income | $ | 491 | $ | 556 | |||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization | 2,231 | 2,516 | |||||
Impairment of long-lived assets | 485 | 209 | |||||
Gain on sales of assets | (3 | ) | (31 | ) | |||
Bargain purchase gain | (233 | ) | — | ||||
Deferred income taxes and amortization of investment tax credits | (184 | ) | (133 | ) | |||
Net fair value changes related to derivatives | 160 | 112 | |||||
Net realized and unrealized gains on nuclear decommissioning trust fund investments | (429 | ) | (243 | ) | |||
Other non-cash operating activities | 132 | 129 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 106 | 26 | |||||
Receivables from and payables to affiliates, net | 27 | (56 | ) | ||||
Inventories | (43 | ) | 18 | ||||
Accounts payable and accrued expenses | (257 | ) | 9 | ||||
Option premiums received (paid), net | 35 | (24 | ) | ||||
Collateral (posted) received, net | (77 | ) | 759 | ||||
Income taxes | 154 | 202 | |||||
Pension and non-pension postretirement benefit contributions | (122 | ) | (122 | ) | |||
Other assets and liabilities | (203 | ) | (204 | ) | |||
Net cash flows provided by operating activities | 2,270 | 3,723 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (1,654 | ) | (2,651 | ) | |||
Proceeds from nuclear decommissioning trust fund sales | 6,848 | 7,914 | |||||
Investment in nuclear decommissioning trust funds | (7,044 | ) | (8,093 | ) | |||
Acquisition of businesses, net | (208 | ) | (255 | ) | |||
Proceeds from sale of long-lived assets | 218 | 30 | |||||
Changes in restricted cash | (28 | ) | (39 | ) | |||
Other investing activities | (35 | ) | (184 | ) | |||
Net cash flows used in investing activities | (1,903 | ) | (3,278 | ) | |||
Cash flows from financing activities | |||||||
Changes in short-term borrowings | (620 | ) | — | ||||
Proceeds from short-term borrowings with maturities greater than 90 days | 121 | 195 | |||||
Repayments of short-term borrowings with maturities greater than 90 days | (110 | ) | (152 | ) | |||
Issuance of long-term debt | 789 | 338 | |||||
Retirement of long-term debt | (541 | ) | (164 | ) | |||
Changes in Exelon intercompany money pool | 91 | (785 | ) | ||||
Distributions to member | (494 | ) | (167 | ) | |||
Contributions from member | 102 | 142 | |||||
Sale of noncontrolling interest | 396 | — | |||||
Other financing activities | (31 | ) | 92 | ||||
Net cash flows used in financing activities | (297 | ) | (501 | ) | |||
Increase (Decrease) in cash and cash equivalents | 70 | (56 | ) | ||||
Cash and cash equivalents at beginning of period | 290 | 431 | |||||
Cash and cash equivalents at end of period | $ | 360 | $ | 375 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 360 | $ | 290 | |||
Restricted cash and cash equivalents | 186 | 158 | |||||
Accounts receivable, net | |||||||
Customer | 2,339 | 2,433 | |||||
Other | 275 | 558 | |||||
Mark-to-market derivative assets | 699 | 917 | |||||
Receivables from affiliates | 127 | 156 | |||||
Unamortized energy contract assets | 81 | 88 | |||||
Inventories, net | |||||||
Fossil fuel and emission allowances | 298 | 292 | |||||
Materials and supplies | 917 | 935 | |||||
Other | 1,157 | 701 | |||||
Total current assets | 6,439 | 6,528 | |||||
Property, plant and equipment, net | 24,793 | 25,585 | |||||
Deferred debits and other assets | |||||||
Nuclear decommissioning trust funds | 12,966 | 11,061 | |||||
Investments | 429 | 418 | |||||
Goodwill | 47 | 47 | |||||
Mark-to-market derivative assets | 416 | 476 | |||||
Prepaid pension asset | 1,535 | 1,595 | |||||
Pledged assets for Zion Station decommissioning | 57 | 113 | |||||
Unamortized energy contract assets | 406 | 447 | |||||
Deferred income taxes | 8 | 16 | |||||
Other | 648 | 688 | |||||
Total deferred debits and other assets | 16,512 | 14,861 | |||||
Total assets(a) | $ | 47,744 | $ | 46,974 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
LIABILITIES AND EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | 92 | $ | 699 | |||
Long-term debt due within one year | 1,659 | 1,117 | |||||
Accounts payable | 1,492 | 1,610 | |||||
Accrued expenses | 797 | 989 | |||||
Payables to affiliates | 136 | 137 | |||||
Borrowings from Exelon intercompany money pool | 146 | 55 | |||||
Mark-to-market derivative liabilities | 158 | 263 | |||||
Unamortized energy contract liabilities | 52 | 72 | |||||
Renewable energy credit obligation | 261 | 428 | |||||
Other | 266 | 313 | |||||
Total current liabilities | 5,059 | 5,683 | |||||
Long-term debt | 6,956 | 7,202 | |||||
Long-term debt to affiliate | 913 | 922 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | 5,596 | 5,585 | |||||
Asset retirement obligations | 9,548 | 8,922 | |||||
Non-pension postretirement benefit obligations | 919 | 930 | |||||
Spent nuclear fuel obligation | 1,142 | 1,024 | |||||
Payables to affiliates | 2,972 | 2,608 | |||||
Mark-to-market derivative liabilities | 153 | 153 | |||||
Unamortized energy contract liabilities | 57 | 80 | |||||
Payable for Zion Station decommissioning | — | 14 | |||||
Other | 632 | 595 | |||||
Total deferred credits and other liabilities | 21,019 | 19,911 | |||||
Total liabilities(a) | 33,947 | 33,718 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Member’s equity | |||||||
Membership interest | 9,357 | 9,261 | |||||
Undistributed earnings | 2,260 | 2,275 | |||||
Accumulated other comprehensive loss, net | (36 | ) | (54 | ) | |||
Total member’s equity | 11,581 | 11,482 | |||||
Noncontrolling interests | 2,216 | 1,774 | |||||
Total equity | 13,797 | 13,256 | |||||
Total liabilities and equity | $ | 47,744 | $ | 46,974 |
Member’s Equity | |||||||||||||||||||
(In millions) | Membership Interest | Undistributed Earnings | Accumulated Other Comprehensive Loss, net | Noncontrolling Interests | Total Equity | ||||||||||||||
Balance, December 31, 2016 | $ | 9,261 | $ | 2,275 | $ | (54 | ) | $ | 1,774 | $ | 13,256 | ||||||||
Net income | — | 479 | — | 12 | 491 | ||||||||||||||
Changes in equity of noncontrolling interests | — | — | — | (11 | ) | (11 | ) | ||||||||||||
Sale of noncontrolling interest | (36 | ) | — | — | 443 | 407 | |||||||||||||
Distribution of net retirement benefit obligation to member | 33 | — | — | — | 33 | ||||||||||||||
Allocation of tax benefit from member | 99 | — | — | — | 99 | ||||||||||||||
Distributions to member | — | (494 | ) | — | — | (494 | ) | ||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | 18 | (2 | ) | 16 | |||||||||||||
Balance, September 30, 2017 | $ | 9,357 | $ | 2,260 | $ | (36 | ) | $ | 2,216 | $ | 13,797 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric operating revenues | $ | 2,124 | $ | 1,284 | $ | 5,417 | $ | 4,359 | |||||||||||||||
Revenues from alternative revenue programs | 135 | 88 | 405 | 163 | |||||||||||||||||||
Operating revenues from affiliates | 9 | 6 | 14 | 14 | |||||||||||||||||||
Total operating revenues | 2,268 | 1,378 | 5,836 | 4,536 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Purchased power | 896 | 121 | 2,068 | 982 | |||||||||||||||||||
Purchased power from affiliate | — | — | — | 59 | |||||||||||||||||||
Operating and maintenance | 293 | 286 | 814 | 809 | |||||||||||||||||||
Operating and maintenance from affiliates | 92 | 69 | 263 | 236 | |||||||||||||||||||
Depreciation and amortization | 357 | 333 | 1,045 | 982 | |||||||||||||||||||
Taxes other than income taxes | 100 | 104 | 282 | 289 | |||||||||||||||||||
Total operating expenses | 1,738 | 913 | 4,472 | 3,357 | |||||||||||||||||||
Loss on sale of assets | — | — | — | (2) | |||||||||||||||||||
Operating income | 530 | 465 | 1,364 | 1,177 | |||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (116) | (101) | (347) | (298) | |||||||||||||||||||
Interest expense to affiliates | (3) | (3) | (10) | (10) | |||||||||||||||||||
Other, net | 16 | 14 | 50 | 40 | |||||||||||||||||||
Total other income and (deductions) | (103) | (90) | (307) | (268) | |||||||||||||||||||
Income before income taxes | 427 | 375 | 1,057 | 909 | |||||||||||||||||||
Income taxes | 94 | 84 | 235 | 203 | |||||||||||||||||||
Net income | $ | 333 | $ | 291 | $ | 822 | $ | 706 | |||||||||||||||
Comprehensive income | $ | 333 | $ | 291 | $ | 822 | $ | 706 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Electric operating revenues | $ | 1,568 | $ | 1,493 | $ | 4,215 | $ | 4,019 | |||||||
Operating revenues from affiliates | 3 | 4 | 12 | 12 | |||||||||||
Total operating revenues | 1,571 | 1,497 | 4,227 | 4,031 | |||||||||||
Operating expenses | |||||||||||||||
Purchased power | 489 | 435 | 1,178 | 1,104 | |||||||||||
Purchased power from affiliate | 40 | 19 | 63 | 37 | |||||||||||
Operating and maintenance | 277 | 327 | 897 | 950 | |||||||||||
Operating and maintenance from affiliate | 69 | 50 | 199 | 163 | |||||||||||
Depreciation and amortization | 212 | 196 | 631 | 574 | |||||||||||
Taxes other than income | 80 | 82 | 223 | 222 | |||||||||||
Total operating expenses | 1,167 | 1,109 | 3,191 | 3,050 | |||||||||||
Gain on sales of assets | — | 1 | — | 6 | |||||||||||
Operating income | 404 | 389 | 1,036 | 987 | |||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (86 | ) | (194 | ) | (265 | ) | (364 | ) | |||||||
Interest expense to affiliates | (3 | ) | (3 | ) | (10 | ) | (10 | ) | |||||||
Other, net | 5 | (80 | ) | 14 | (72 | ) | |||||||||
Total other income and (deductions) | (84 | ) | (277 | ) | (261 | ) | (446 | ) | |||||||
Income before income taxes | 320 | 112 | 775 | 541 | |||||||||||
Income taxes | 131 | 75 | 328 | 244 | |||||||||||
Net income | $ | 189 | $ | 37 | $ | 447 | $ | 297 | |||||||
Comprehensive income | $ | 189 | $ | 37 | $ | 447 | $ | 297 |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 822 | $ | 706 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | 1,045 | 982 | |||||||||
Deferred income taxes and amortization of investment tax credits | 164 | 192 | |||||||||
Other non-cash operating activities | (392) | (89) | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | (111) | (351) | |||||||||
Receivables from and payables to affiliates, net | (12) | (54) | |||||||||
Inventories | (64) | (9) | |||||||||
Accounts payable and accrued expenses | (199) | 226 | |||||||||
Collateral received, net | 28 | 69 | |||||||||
Income taxes | 50 | — | |||||||||
Regulatory assets and liabilities, net | (248) | (499) | |||||||||
Pension and non-pension postretirement benefit contributions | (26) | (179) | |||||||||
Other assets and liabilities | (72) | (152) | |||||||||
Net cash flows provided by operating activities | 985 | 842 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (1,926) | (1,801) | |||||||||
Other investing activities | 8 | 21 | |||||||||
Net cash flows used in investing activities | (1,918) | (1,780) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | (150) | 233 | |||||||||
Proceeds from short-term borrowings with maturities greater than 90 days | 400 | — | |||||||||
Repayments on short-term borrowings with maturities greater than 90 days | (150) | — | |||||||||
Issuance of long-term debt | 975 | 750 | |||||||||
Dividends paid on common stock | (560) | (434) | |||||||||
Contributions from parent | 570 | 503 | |||||||||
Other financing activities | (12) | (10) | |||||||||
Net cash flows provided by financing activities | 1,073 | 1,042 | |||||||||
Increase in cash, restricted cash, and cash equivalents | 140 | 104 | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | 511 | 384 | |||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | 651 | $ | 488 | |||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | (27) | $ | (30) | |||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income | $ | 447 | $ | 297 | |||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | 631 | 574 | |||||
Deferred income taxes and amortization of investment tax credits | 455 | 398 | |||||
Other non-cash operating activities | 112 | 122 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 31 | (55 | ) | ||||
Receivables from and payables to affiliates, net | 346 | (9 | ) | ||||
Inventories | 6 | 4 | |||||
Accounts payable and accrued expenses | (706 | ) | 145 | ||||
Collateral posted, net | (22 | ) | (2 | ) | |||
Income taxes | (205 | ) | 206 | ||||
Pension and non-pension postretirement benefit contributions | (38 | ) | (35 | ) | |||
Other assets and liabilities | 63 | 104 | |||||
Net cash flows provided by operating activities | 1,120 | 1,749 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (1,698 | ) | (1,950 | ) | |||
Changes in restricted cash | (50 | ) | — | ||||
Other investing activities | 17 | 31 | |||||
Net cash flows used in investing activities | (1,731 | ) | (1,919 | ) | |||
Cash flows from financing activities | |||||||
Changes in short-term borrowings | — | (284 | ) | ||||
Issuance of long-term debt | 1,000 | 1,200 | |||||
Retirement of long-term debt | (425 | ) | (665 | ) | |||
Contributions from parent | 567 | 188 | |||||
Dividends paid on common stock | (316 | ) | (275 | ) | |||
Other financing activities | (14 | ) | (17 | ) | |||
Net cash flows provided by financing activities | 812 | 147 | |||||
Increase (Decrease) in cash and cash equivalents | 201 | (23 | ) | ||||
Cash and cash equivalents at beginning of period | 56 | 67 | |||||
Cash and cash equivalents at end of period | $ | 257 | $ | 44 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 79 | $ | 67 | |||||||
Restricted cash and cash equivalents | 360 | 327 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 842 | 558 | |||||||||
Customer allowance for credit losses | (76) | (59) | |||||||||
Customer accounts receivable, net | 766 | 499 | |||||||||
Other accounts receivable | 249 | 441 | |||||||||
Other allowance for credit losses | (20) | (17) | |||||||||
Other accounts receivable, net | 229 | 424 | |||||||||
Receivables from affiliates | 3 | 3 | |||||||||
Inventories, net | 260 | 196 | |||||||||
Regulatory assets | 1,439 | 775 | |||||||||
Other | 113 | 92 | |||||||||
Total current assets | 3,249 | 2,383 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $7,061 and $6,673 as of September 30, 2023 and December 31, 2022, respectively) | 28,678 | 27,513 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 2,736 | 2,667 | |||||||||
Goodwill | 2,625 | 2,625 | |||||||||
Receivable related to Regulatory Agreement Units | 2,716 | 2,660 | |||||||||
Investments | 6 | 6 | |||||||||
Prepaid pension asset | 1,220 | 1,206 | |||||||||
Other | 812 | 601 | |||||||||
Total deferred debits and other assets | 10,115 | 9,765 | |||||||||
Total assets | $ | 42,042 | $ | 39,661 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 257 | $ | 56 | |||
Restricted cash | 52 | 2 | |||||
Accounts receivable, net | |||||||
Customer | 496 | 528 | |||||
Other | 172 | 218 | |||||
Receivables from affiliates | 18 | 356 | |||||
Inventories, net | 152 | 159 | |||||
Regulatory assets | 187 | 190 | |||||
Other | 67 | 45 | |||||
Total current assets | 1,401 | 1,554 | |||||
Property, plant and equipment, net | 20,353 | 19,335 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 1,387 | 977 | |||||
Investments | 6 | 6 | |||||
Goodwill | 2,625 | 2,625 | |||||
Receivables from affiliates | 2,438 | 2,170 | |||||
Prepaid pension asset | 1,236 | 1,343 | |||||
Other | 203 | 325 | |||||
Total deferred debits and other assets | 7,895 | 7,446 | |||||
Total assets | $ | 29,649 | $ | 28,335 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | 677 | $ | 577 | |||||||
Accounts payable | 850 | 1,010 | |||||||||
Accrued expenses | 405 | 415 | |||||||||
Payables to affiliates | 62 | 74 | |||||||||
Customer deposits | 115 | 108 | |||||||||
Regulatory liabilities | 189 | 226 | |||||||||
Mark-to-market derivative liabilities | 21 | 5 | |||||||||
Other | 201 | 191 | |||||||||
Total current liabilities | 2,520 | 2,606 | |||||||||
Long-term debt | 11,484 | 10,518 | |||||||||
Long-term debt to financing trust | 205 | 205 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | 5,269 | 5,021 | |||||||||
Regulatory liabilities | 7,190 | 6,913 | |||||||||
Asset retirement obligations | 151 | 148 | |||||||||
Non-pension postretirement benefits obligations | 172 | 165 | |||||||||
Mark-to-market derivative liabilities | 113 | 79 | |||||||||
Other | 740 | 642 | |||||||||
Total deferred credits and other liabilities | 13,635 | 12,968 | |||||||||
Total liabilities | 27,844 | 26,297 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity | |||||||||||
Common stock | 1,588 | 1,588 | |||||||||
Other paid-in capital | 10,316 | 9,746 | |||||||||
Retained earnings | 2,294 | 2,030 | |||||||||
Total shareholders’ equity | 14,198 | 13,364 | |||||||||
Total liabilities and shareholders’ equity | $ | 42,042 | $ | 39,661 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Long-term debt due within one year | $ | 840 | $ | 425 | |||
Accounts payable | 579 | 645 | |||||
Accrued expenses | 305 | 1,250 | |||||
Payables to affiliates | 51 | 65 | |||||
Customer deposits | 114 | 121 | |||||
Regulatory liabilities | 249 | 329 | |||||
Mark-to-market derivative liability | 20 | 19 | |||||
Other | 88 | 84 | |||||
Total current liabilities | 2,246 | 2,938 | |||||
Long-term debt | 6,760 | 6,608 | |||||
Long-term debt to financing trust | 205 | 205 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | 6,091 | 5,364 | |||||
Asset retirement obligations | 110 | 119 | |||||
Non-pension postretirement benefits obligations | 224 | 239 | |||||
Regulatory liabilities | 3,735 | 3,369 | |||||
Mark-to-market derivative liability | 257 | 239 | |||||
Other | 577 | 529 | |||||
Total deferred credits and other liabilities | 10,994 | 9,859 | |||||
Total liabilities | 20,205 | 19,610 | |||||
Commitments and contingencies | |||||||
Shareholders’ equity | |||||||
Common stock | 1,588 | 1,588 | |||||
Other paid-in capital | 6,738 | 6,150 | |||||
Retained deficit unappropriated | (1,639 | ) | (1,639 | ) | |||
Retained earnings appropriated | 2,757 | 2,626 | |||||
Total shareholders’ equity | 9,444 | 8,725 | |||||
Total liabilities and shareholders’ equity | $ | 29,649 | $ | 28,335 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||
(In millions) | Common Stock | Other Paid-In Capital | Retained Earnings | Total Shareholders’ Equity | |||||||||||||||||||
Balance at December 31, 2022 | $ | 1,588 | $ | 9,746 | $ | 2,030 | $ | 13,364 | |||||||||||||||
Net income | — | — | 241 | 241 | |||||||||||||||||||
Common stock dividends | — | — | (187) | (187) | |||||||||||||||||||
Contributions from parent | — | 186 | — | 186 | |||||||||||||||||||
Balance at March 31, 2023 | $ | 1,588 | $ | 9,932 | $ | 2,084 | $ | 13,604 | |||||||||||||||
Net income | — | — | 249 | 249 | |||||||||||||||||||
Common stock dividends | — | — | (187) | (187) | |||||||||||||||||||
Contributions from parent | — | 186 | — | 186 | |||||||||||||||||||
Balance at June 30, 2023 | $ | 1,588 | $ | 10,118 | $ | 2,146 | $ | 13,852 | |||||||||||||||
Net income | — | — | 333 | 333 | |||||||||||||||||||
Common stock dividends | — | — | (185) | (185) | |||||||||||||||||||
Contributions from parent | — | 198 | — | 198 | |||||||||||||||||||
Balance at September 30, 2023 | $ | 1,588 | $ | 10,316 | $ | 2,294 | $ | 14,198 | |||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
(In millions) | Common Stock | Other Paid-In Capital | Retained Earnings | Total Shareholders’ Equity | |||||||||||||||||||
Balance at December 31, 2021 | $ | 1,588 | $ | 9,076 | $ | 1,691 | $ | 12,355 | |||||||||||||||
Net income | — | — | 188 | 188 | |||||||||||||||||||
Common stock dividends | — | — | (144) | (144) | |||||||||||||||||||
Contributions from parent | — | 167 | — | 167 | |||||||||||||||||||
Balance at March 31, 2022 | $ | 1,588 | $ | 9,243 | $ | 1,735 | $ | 12,566 | |||||||||||||||
Net income | — | — | 227 | 227 | |||||||||||||||||||
Common stock dividends | — | — | (145) | (145) | |||||||||||||||||||
Contributions from parent | — | 168 | — | 168 | |||||||||||||||||||
Balance at June 30, 2022 | $ | 1,588 | $ | 9,411 | $ | 1,817 | $ | 12,816 | |||||||||||||||
Net income | — | — | 291 | 291 | |||||||||||||||||||
Common stock dividends | — | — | (145) | (145) | |||||||||||||||||||
Contributions from parent | — | 168 | — | 168 | |||||||||||||||||||
Balance at September 30, 2022 | $ | 1,588 | $ | 9,579 | $ | 1,963 | $ | 13,130 |
(In millions) | Common Stock | Other Paid-In Capital | Retained Deficit Unappropriated | Retained Earnings Appropriated | Total Shareholders’ Equity | ||||||||||||||
Balance, December 31, 2016 | $ | 1,588 | $ | 6,150 | $ | (1,639 | ) | $ | 2,626 | $ | 8,725 | ||||||||
Net income | — | — | 447 | — | 447 | ||||||||||||||
Appropriation of retained earnings for future dividends | — | — | (447 | ) | 447 | — | |||||||||||||
Common stock dividends | — | — | — | (316 | ) | (316 | ) | ||||||||||||
Contributions from parent | — | 567 | — | — | 567 | ||||||||||||||
Parent tax matter indemnification | — | 21 | — | — | 21 | ||||||||||||||
Balance, September 30, 2017 | $ | 1,588 | $ | 6,738 | $ | (1,639 | ) | $ | 2,757 | $ | 9,444 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric operating revenues | $ | 957 | $ | 943 | $ | 2,478 | $ | 2,384 | |||||||||||||||
Natural gas operating revenues | 67 | 73 | 492 | 487 | |||||||||||||||||||
Revenues from alternative revenue programs | 11 | (5) | 1 | 1 | |||||||||||||||||||
Operating revenues from affiliates | 2 | 3 | 6 | 5 | |||||||||||||||||||
Total operating revenues | 1,037 | 1,014 | 2,977 | 2,877 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Purchased power | 396 | 377 | 994 | 850 | |||||||||||||||||||
Purchased fuel | 15 | 26 | 203 | 210 | |||||||||||||||||||
Purchased power from affiliate | — | — | — | 33 | |||||||||||||||||||
Operating and maintenance | 217 | 197 | 622 | 561 | |||||||||||||||||||
Operating and maintenance from affiliates | 60 | 46 | 164 | 144 | |||||||||||||||||||
Depreciation and amortization | 100 | 92 | 297 | 277 | |||||||||||||||||||
Taxes other than income taxes | 59 | 60 | 156 | 155 | |||||||||||||||||||
Total operating expenses | 847 | 798 | 2,436 | 2,230 | |||||||||||||||||||
Operating income | 190 | 216 | 541 | 647 | |||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (51) | (42) | (142) | (120) | |||||||||||||||||||
Interest expense to affiliates | (1) | (3) | (7) | (9) | |||||||||||||||||||
Other, net | 11 | 8 | 26 | 23 | |||||||||||||||||||
Total other income and (deductions) | (41) | (37) | (123) | (106) | |||||||||||||||||||
Income before income taxes | 149 | 179 | 418 | 541 | |||||||||||||||||||
Income taxes | 3 | 44 | 8 | 67 | |||||||||||||||||||
Net income | $ | 146 | $ | 135 | $ | 410 | $ | 474 | |||||||||||||||
Comprehensive income | $ | 146 | $ | 135 | $ | 410 | $ | 474 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Electric operating revenues | $ | 660 | $ | 738 | $ | 1,798 | $ | 1,966 | |||||||
Natural gas operating revenues | 53 | 48 | 338 | 322 | |||||||||||
Operating revenues from affiliates | 2 | 2 | 5 | 5 | |||||||||||
Total operating revenues | 715 | 788 | 2,141 | 2,293 | |||||||||||
Operating expenses | |||||||||||||||
Purchased power | 190 | 171 | 483 | 466 | |||||||||||
Purchased fuel | 14 | 10 | 126 | 110 | |||||||||||
Purchased power from affiliate | 31 | 91 | 110 | 233 | |||||||||||
Operating and maintenance | 161 | 168 | 488 | 501 | |||||||||||
Operating and maintenance from affiliates | 36 | 31 | 107 | 103 | |||||||||||
Depreciation and amortization | 72 | 67 | 213 | 201 | |||||||||||
Taxes other than income | 42 | 46 | 116 | 126 | |||||||||||
Total operating expenses | 546 | 584 | 1,643 | 1,740 | |||||||||||
Operating income | 169 | 204 | 498 | 553 | |||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (28 | ) | (27 | ) | (84 | ) | (83 | ) | |||||||
Interest expense to affiliates | (3 | ) | (3 | ) | (9 | ) | (9 | ) | |||||||
Other, net | 2 | 2 | 6 | 6 | |||||||||||
Total other income and (deductions) | (29 | ) | (28 | ) | (87 | ) | (86 | ) | |||||||
Income before income taxes | 140 | 176 | 411 | 467 | |||||||||||
Income taxes | 28 | 54 | 84 | 121 | |||||||||||
Net income | $ | 112 | $ | 122 | $ | 327 | $ | 346 | |||||||
Comprehensive income | $ | 112 | $ | 122 | $ | 327 | $ | 346 |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 410 | $ | 474 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | 297 | 277 | |||||||||
Deferred income taxes and amortization of investment tax credits | (44) | 49 | |||||||||
Other non-cash operating activities | 2 | 14 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 135 | (49) | |||||||||
Receivables from and payables to affiliates, net | (2) | (34) | |||||||||
Inventories | 35 | (59) | |||||||||
Accounts payable and accrued expenses | (132) | 25 | |||||||||
Income taxes | 76 | 30 | |||||||||
Regulatory assets and liabilities, net | 1 | (27) | |||||||||
Pension and non-pension postretirement benefit contributions | (1) | (13) | |||||||||
Other assets and liabilities | — | (31) | |||||||||
Net cash flows provided by operating activities | 777 | 656 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (1,068) | (991) | |||||||||
Changes in Exelon intercompany money pool | (51) | — | |||||||||
Other investing activities | 1 | 8 | |||||||||
Net cash flows used in investing activities | (1,118) | (983) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | (239) | — | |||||||||
Issuance of long-term debt | 575 | 775 | |||||||||
Retirement of long-term debt | (50) | (350) | |||||||||
Dividends paid on common stock | (303) | (299) | |||||||||
Contributions from parent | 348 | 274 | |||||||||
Other financing activities | (6) | (14) | |||||||||
Net cash flows provided by financing activities | 325 | 386 | |||||||||
(Decrease) increase in cash, restricted cash, and cash equivalents | (16) | 59 | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | 68 | 44 | |||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | 52 | $ | 103 | |||||||
Supplemental cash flow information | |||||||||||
(Decrease) increase in capital expenditures not paid | $ | (22) | $ | 7 | |||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income | $ | 327 | $ | 346 | |||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | 213 | 201 | |||||
Deferred income taxes and amortization of investment tax credits | 37 | 69 | |||||
Other non-cash operating activities | 38 | 49 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 45 | (50 | ) | ||||
Receivables from and payables to affiliates, net | (10 | ) | 9 | ||||
Inventories | (5 | ) | 5 | ||||
Accounts payable and accrued expenses | (41 | ) | (12 | ) | |||
Income taxes | 51 | 43 | |||||
Pension and non-pension postretirement benefit contributions | (23 | ) | (29 | ) | |||
Other assets and liabilities | (29 | ) | (49 | ) | |||
Net cash flows provided by operating activities | 603 | 582 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (537 | ) | (448 | ) | |||
Changes in Exelon intercompany money pool | 74 | — | |||||
Other investing activities | 6 | 10 | |||||
Net cash flows used in investing activities | (457 | ) | (438 | ) | |||
Cash flows from financing activities | |||||||
Issuance of long-term debt | 325 | 300 | |||||
Restricted proceeds from issuance of long-term debt | — | (30 | ) | ||||
Contributions from parent | 16 | 18 | |||||
Dividends paid on common stock | (216 | ) | (208 | ) | |||
Other financing activities | (4 | ) | (3 | ) | |||
Net cash flows provided by financing activities | 121 | 77 | |||||
Increase in cash and cash equivalents | 267 | 221 | |||||
Cash and cash equivalents at beginning of period | 63 | 295 | |||||
Cash and cash equivalents at end of period | $ | 330 | $ | 516 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 43 | $ | 59 | |||||||
Restricted cash and cash equivalents | 9 | 9 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 467 | 635 | |||||||||
Customer allowance for credit losses | (95) | (105) | |||||||||
Customer accounts receivable, net | 372 | 530 | |||||||||
Other accounts receivable | 136 | 153 | |||||||||
Other allowance for credit losses | (8) | (9) | |||||||||
Other accounts receivable, net | 128 | 144 | |||||||||
Receivables from affiliates | 1 | 4 | |||||||||
Receivable from Exelon intercompany money pool | 51 | — | |||||||||
Inventories, net | |||||||||||
Fossil fuel | 56 | 99 | |||||||||
Materials and supplies | 60 | 52 | |||||||||
Prepaid utility taxes | 17 | — | |||||||||
Regulatory assets | 120 | 80 | |||||||||
Other | 52 | 38 | |||||||||
Total current assets | 909 | 1,015 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,056 and $4,078 as of September 30, 2023 and December 31, 2022, respectively) | 12,895 | 12,125 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 762 | 652 | |||||||||
Receivable related to Regulatory Agreement Units | 206 | 237 | |||||||||
Investments | 34 | 30 | |||||||||
Prepaid pension asset | 425 | 413 | |||||||||
Other | 28 | 30 | |||||||||
Total deferred debits and other assets | 1,455 | 1,362 | |||||||||
Total assets | $ | 15,259 | $ | 14,502 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 330 | $ | 63 | |||
Restricted cash and cash equivalents | 4 | 4 | |||||
Accounts receivable, net | |||||||
Customer | 240 | 306 | |||||
Other | 125 | 131 | |||||
Receivables from affiliates | — | 4 | |||||
Receivable from Exelon intercompany pool | 57 | 131 | |||||
Inventories, net | |||||||
Fossil fuel | 36 | 35 | |||||
Materials and supplies | 31 | 27 | |||||
Prepaid utility taxes | 41 | 9 | |||||
Regulatory assets | 36 | 29 | |||||
Other | 16 | 18 | |||||
Total current assets | 916 | 757 | |||||
Property, plant and equipment, net | 7,875 | 7,565 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 1,773 | 1,681 | |||||
Investments | 24 | 25 | |||||
Receivable from affiliates | 533 | 438 | |||||
Prepaid pension asset | 347 | 345 | |||||
Other | 12 | 20 | |||||
Total deferred debits and other assets | 2,689 | 2,509 | |||||
Total assets | $ | 11,480 | $ | 10,831 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | — | $ | 239 | |||||||
Long-term debt due within one year | — | 50 | |||||||||
Accounts payable | 543 | 668 | |||||||||
Accrued expenses | 183 | 142 | |||||||||
Payables to affiliates | 37 | 42 | |||||||||
Customer deposits | 77 | 63 | |||||||||
Regulatory liabilities | 112 | 75 | |||||||||
Other | 49 | 32 | |||||||||
Total current liabilities | 1,001 | 1,311 | |||||||||
Long-term debt | 5,133 | 4,562 | |||||||||
Long-term debt to financing trusts | 184 | 184 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | 2,286 | 2,213 | |||||||||
Regulatory liabilities | 239 | 270 | |||||||||
Asset retirement obligations | 27 | 28 | |||||||||
Non-pension postretirement benefits obligations | 287 | 286 | |||||||||
Other | 85 | 85 | |||||||||
Total deferred credits and other liabilities | 2,924 | 2,882 | |||||||||
Total liabilities | 9,242 | 8,939 | |||||||||
Commitments and contingencies | |||||||||||
Shareholder’s equity | |||||||||||
Common stock | 4,050 | 3,702 | |||||||||
Retained earnings | 1,967 | 1,861 | |||||||||
Total shareholder’s equity | 6,017 | 5,563 | |||||||||
Total liabilities and shareholder's equity | $ | 15,259 | $ | 14,502 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||
Current liabilities | |||||||
Long-term debt due within one year | $ | 500 | $ | — | |||
Accounts payable | 285 | 342 | |||||
Accrued expenses | 132 | 104 | |||||
Payables to affiliates | 48 | 63 | |||||
Customer deposits | 64 | 61 | |||||
Regulatory liabilities | 159 | 127 | |||||
Other | 28 | 30 | |||||
Total current liabilities | 1,216 | 727 | |||||
Long-term debt | 2,402 | 2,580 | |||||
Long-term debt to financing trusts | 184 | 184 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | 3,170 | 3,006 | |||||
Asset retirement obligations | 27 | 28 | |||||
Non-pension postretirement benefits obligations | 289 | 289 | |||||
Regulatory liabilities | 560 | 517 | |||||
Other | 90 | 85 | |||||
Total deferred credits and other liabilities | 4,136 | 3,925 | |||||
Total liabilities | 7,938 | 7,416 | |||||
Commitments and contingencies | |||||||
Shareholder’s equity | |||||||
Common stock | 2,489 | 2,473 | |||||
Retained earnings | 1,052 | 941 | |||||
Accumulated other comprehensive income, net | 1 | 1 | |||||
Total shareholder’s equity | 3,542 | 3,415 | |||||
Total liabilities and shareholder's equity | $ | 11,480 | $ | 10,831 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance at December 31, 2022 | $ | 3,702 | $ | 1,861 | $ | 5,563 | |||||||||||||||||
Net income | — | 166 | 166 | ||||||||||||||||||||
Common stock dividends | — | (101) | (101) | ||||||||||||||||||||
Contributions from parent | 330 | — | 330 | ||||||||||||||||||||
Balance at March 31, 2023 | $ | 4,032 | $ | 1,926 | $ | 5,958 | |||||||||||||||||
Net income | — | 97 | 97 | ||||||||||||||||||||
Common stock dividends | — | (101) | (101) | ||||||||||||||||||||
Balance at June 30, 2023 | $ | 4,032 | $ | 1,922 | $ | 5,954 | |||||||||||||||||
Net income | — | 146 | 146 | ||||||||||||||||||||
Common stock dividends | — | (101) | (101) | ||||||||||||||||||||
Contributions from parent | 18 | — | 18 | ||||||||||||||||||||
Balance at September 30, 2023 | $ | 4,050 | $ | 1,967 | $ | 6,017 | |||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance at December 31, 2021 | $ | 3,428 | $ | 1,684 | $ | 5,112 | |||||||||||||||||
Net income | — | 206 | 206 | ||||||||||||||||||||
Common stock dividends | — | (100) | (100) | ||||||||||||||||||||
Contributions from parent | 227 | — | 227 | ||||||||||||||||||||
Balance at March 31, 2022 | $ | 3,655 | $ | 1,790 | $ | 5,445 | |||||||||||||||||
Net income | — | 133 | 133 | ||||||||||||||||||||
Common stock dividends | — | (100) | (100) | ||||||||||||||||||||
Balance at June 30, 2022 | $ | 3,655 | $ | 1,823 | $ | 5,478 | |||||||||||||||||
Net income | — | 135 | 135 | ||||||||||||||||||||
Common stock dividends | — | (99) | (99) | ||||||||||||||||||||
Contributions from parent | 47 | — | 47 | ||||||||||||||||||||
Balance at September 30, 2022 | $ | 3,702 | $ | 1,859 | $ | 5,561 |
(In millions) | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income, net | Total Shareholder's Equity | |||||||||||
Balance, December 31, 2016 | $ | 2,473 | $ | 941 | $ | 1 | $ | 3,415 | |||||||
Net income | — | 327 | — | 327 | |||||||||||
Common stock dividends | — | (216 | ) | — | (216 | ) | |||||||||
Allocation of tax benefit from parent | 16 | — | — | 16 | |||||||||||
Balance, September 30, 2017 | $ | 2,489 | $ | 1,052 | $ | 1 | $ | 3,542 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric operating revenues | $ | 856 | $ | 761 | $ | 2,306 | $ | 2,138 | |||||||||||||||
Natural gas operating revenues | 96 | 114 | 627 | 699 | |||||||||||||||||||
Revenues from alternative revenue programs | (22) | (8) | 47 | (40) | |||||||||||||||||||
Operating revenues from affiliates | 2 | 3 | 6 | 13 | |||||||||||||||||||
Total operating revenues | 932 | 870 | 2,986 | 2,810 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Purchased power | 371 | 320 | 975 | 846 | |||||||||||||||||||
Purchased fuel | 9 | 30 | 170 | 229 | |||||||||||||||||||
Purchased power from affiliate | — | — | — | 18 | |||||||||||||||||||
Operating and maintenance | 156 | 185 | 467 | 506 | |||||||||||||||||||
Operating and maintenance from affiliates | 58 | 50 | 165 | 152 | |||||||||||||||||||
Depreciation and amortization | 161 | 148 | 487 | 470 | |||||||||||||||||||
Taxes other than income taxes | 80 | 77 | 239 | 225 | |||||||||||||||||||
Total operating expenses | 835 | 810 | 2,503 | 2,446 | |||||||||||||||||||
Operating income | 97 | 60 | 483 | 364 | |||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (47) | (39) | (135) | (110) | |||||||||||||||||||
Other, net | 6 | 5 | 14 | 16 | |||||||||||||||||||
Total other income and (deductions) | (41) | (34) | (121) | (94) | |||||||||||||||||||
Income before income taxes | 56 | 26 | 362 | 270 | |||||||||||||||||||
Income taxes | 11 | (7) | 76 | 3 | |||||||||||||||||||
Net income | $ | 45 | $ | 33 | $ | 286 | $ | 267 | |||||||||||||||
Comprehensive income | $ | 45 | $ | 33 | $ | 286 | $ | 267 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Electric operating revenues | $ | 657 | $ | 733 | $ | 1,890 | $ | 1,993 | |||||||
Natural gas operating revenues | 78 | 72 | 461 | 412 | |||||||||||
Operating revenues from affiliates | 3 | 7 | 12 | 16 | |||||||||||
Total operating revenues | 738 | 812 | 2,363 | 2,421 | |||||||||||
Operating expenses | |||||||||||||||
Purchased power | 159 | 164 | 407 | 399 | |||||||||||
Purchased fuel | 13 | 14 | 118 | 109 | |||||||||||
Purchased power from affiliate | 97 | 182 | 328 | 486 | |||||||||||
Operating and maintenance | 138 | 150 | 421 | 494 | |||||||||||
Operating and maintenance from affiliates | 37 | 28 | 111 | 94 | |||||||||||
Depreciation and amortization | 109 | 101 | 348 | 307 | |||||||||||
Taxes other than income | 61 | 58 | 180 | 172 | |||||||||||
Total operating expenses | 614 | 697 | 1,913 | 2,061 | |||||||||||
Operating income | 124 | 115 | 450 | 360 | |||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (24 | ) | (24 | ) | (69 | ) | (64 | ) | |||||||
Interest expense to affiliates | (2 | ) | (4 | ) | (11 | ) | (12 | ) | |||||||
Other, net | 4 | 5 | 12 | 16 | |||||||||||
Total other income and (deductions) | (22 | ) | (23 | ) | (68 | ) | (60 | ) | |||||||
Income before income taxes | 102 | 92 | 382 | 300 | |||||||||||
Income taxes | 40 | 36 | 151 | 109 | |||||||||||
Net income | 62 | 56 | 231 | 191 | |||||||||||
Preference stock dividends | — | 2 | — | 8 | |||||||||||
Net income attributable to common shareholder | $ | 62 | $ | 54 | $ | 231 | $ | 183 | |||||||
Comprehensive income | $ | 62 | $ | 56 | $ | 231 | $ | 191 | |||||||
Comprehensive income attributable to preference stock dividends | — | 2 | — | 8 | |||||||||||
Comprehensive income attributable to common shareholder | $ | 62 | $ | 54 | $ | 231 | $ | 183 |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 286 | $ | 267 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | 487 | 470 | |||||||||
Asset impairments | — | 46 | |||||||||
Deferred income taxes and amortization of investment tax credits | 41 | 1 | |||||||||
Other non-cash operating activities | — | 101 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 194 | 18 | |||||||||
Receivables from and payables to affiliates, net | (7) | (9) | |||||||||
Inventories | 45 | (74) | |||||||||
Accounts payable and accrued expenses | (38) | 15 | |||||||||
Collateral (paid) received, net | (22) | 125 | |||||||||
Income taxes | 19 | (20) | |||||||||
Regulatory assets and liabilities, net | (151) | (113) | |||||||||
Pension and non-pension postretirement benefit contributions | (15) | (64) | |||||||||
Other assets and liabilities | 46 | 14 | |||||||||
Net cash flows provided by operating activities | 885 | 777 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (986) | (918) | |||||||||
Other investing activities | 6 | 7 | |||||||||
Net cash flows used in investing activities | (980) | (911) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | (349) | 26 | |||||||||
Issuance of long-term debt | 700 | 500 | |||||||||
Retirement of long-term debt | (300) | (250) | |||||||||
Dividends paid on common stock | (237) | (225) | |||||||||
Contributions from parent | 237 | 186 | |||||||||
Other financing activities | (7) | (8) | |||||||||
Net cash flows provided by financing activities | 44 | 229 | |||||||||
(Decrease) increase in cash, restricted cash, and cash equivalents | (51) | 95 | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | 67 | 55 | |||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | 16 | $ | 150 | |||||||
Supplemental cash flow information | |||||||||||
(Decrease) increase in capital expenditures not paid | $ | (17) | $ | 12 | |||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income | $ | 231 | $ | 191 | |||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | 348 | 307 | |||||
Impairment of long-lived assets and losses on regulatory assets | — | 52 | |||||
Deferred income taxes and amortization of investment tax credits | 141 | 54 | |||||
Other non-cash operating activities | 52 | 109 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 95 | (50 | ) | ||||
Receivables from and payables to affiliates, net | (13 | ) | (10 | ) | |||
Inventories | (18 | ) | (7 | ) | |||
Accounts payable and accrued expenses | (25 | ) | 43 | ||||
Income taxes | 12 | 19 | |||||
Pension and non-pension postretirement benefit contributions | (50 | ) | (46 | ) | |||
Other assets and liabilities | (69 | ) | (2 | ) | |||
Net cash flows provided by operating activities | 704 | 660 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (615 | ) | (611 | ) | |||
Changes in restricted cash | 23 | (22 | ) | ||||
Other investing activities | 6 | 19 | |||||
Net cash flows used in investing activities | (586 | ) | (614 | ) | |||
Cash flows from financing activities | |||||||
Changes in short-term borrowings | (45 | ) | (210 | ) | |||
Issuance of long-term debt | 300 | 850 | |||||
Retirement of long-term debt | (41 | ) | (39 | ) | |||
Retirement of long-term debt to financing trust | (250 | ) | — | ||||
Redemption of preference stock | — | (190 | ) | ||||
Dividends paid on preference stock | — | (8 | ) | ||||
Dividends paid on common stock | (148 | ) | (134 | ) | |||
Contributions from parent | 77 | 28 | |||||
Other financing activities | (5 | ) | (11 | ) | |||
Net cash flows (used in) provided by financing activities | (112 | ) | 286 | ||||
Increase in cash and cash equivalents | 6 | 332 | |||||
Cash and cash equivalents at beginning of period | 23 | 9 | |||||
Cash and cash equivalents at end of period | $ | 29 | $ | 341 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 15 | $ | 43 | |||||||
Restricted cash and cash equivalents | 1 | 24 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 438 | 617 | |||||||||
Customer allowance for credit losses | (52) | (54) | |||||||||
Customer accounts receivable, net | 386 | 563 | |||||||||
Other accounts receivable | 110 | 132 | |||||||||
Other allowance for credit losses | (9) | (10) | |||||||||
Other accounts receivable, net | 101 | 122 | |||||||||
Inventories, net | |||||||||||
Fossil fuel | 41 | 91 | |||||||||
Materials and supplies | 70 | 65 | |||||||||
Prepaid utility taxes | 1 | 52 | |||||||||
Regulatory assets | 227 | 177 | |||||||||
Other | 19 | 13 | |||||||||
Total current assets | 861 | 1,150 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,679 and $4,583 as of September 30, 2023 and December 31, 2022, respectively) | 11,893 | 11,338 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 591 | 527 | |||||||||
Investments | 9 | 7 | |||||||||
Prepaid pension asset | 259 | 291 | |||||||||
Other | 36 | 37 | |||||||||
Total deferred debits and other assets | 895 | 862 | |||||||||
Total assets | $ | 13,649 | $ | 13,350 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 29 | $ | 23 | |||
Restricted cash and cash equivalents | 1 | 24 | |||||
Accounts receivable, net | |||||||
Customer | 288 | 395 | |||||
Other | 86 | 102 | |||||
Inventories, net | |||||||
Gas held in storage | 46 | 30 | |||||
Materials and supplies | 40 | 38 | |||||
Prepaid utility taxes | — | 15 | |||||
Regulatory assets | 208 | 208 | |||||
Other | 4 | 7 | |||||
Total current assets | 702 | 842 | |||||
Property, plant and equipment, net | 7,418 | 7,040 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 497 | 504 | |||||
Investments | 5 | 12 | |||||
Prepaid pension asset | 297 | 297 | |||||
Other | 4 | 9 | |||||
Total deferred debits and other assets | 803 | 822 | |||||
Total assets(a) | $ | 8,923 | $ | 8,704 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | 59 | $ | 408 | |||||||
Long-term debt due within one year | — | 300 | |||||||||
Accounts payable | 364 | 462 | |||||||||
Accrued expenses | 224 | 159 | |||||||||
Payables to affiliates | 33 | 39 | |||||||||
Customer deposits | 111 | 105 | |||||||||
Regulatory liabilities | 36 | 47 | |||||||||
Other | 34 | 55 | |||||||||
Total current liabilities | 861 | 1,575 | |||||||||
Long-term debt | 4,601 | 3,907 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | 1,905 | 1,832 | |||||||||
Regulatory liabilities | 787 | 816 | |||||||||
Asset retirement obligations | 32 | 30 | |||||||||
Non-pension postretirement benefits obligations | 160 | 166 | |||||||||
Other | 81 | 88 | |||||||||
Total deferred credits and other liabilities | 2,965 | 2,932 | |||||||||
Total liabilities | 8,427 | 8,414 | |||||||||
Commitments and contingencies | |||||||||||
Shareholder's equity | |||||||||||
Common stock | 3,098 | 2,861 | |||||||||
Retained earnings | 2,124 | 2,075 | |||||||||
Total shareholder's equity | 5,222 | 4,936 | |||||||||
Total liabilities and shareholder's equity | $ | 13,649 | $ | 13,350 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | — | $ | 45 | |||
Long-term debt due within one year | — | 41 | |||||
Accounts payable | 218 | 205 | |||||
Accrued expenses | 147 | 175 | |||||
Payables to affiliates | 42 | 55 | |||||
Customer deposits | 114 | 110 | |||||
Regulatory liabilities | 63 | 50 | |||||
Other | 28 | 26 | |||||
Total current liabilities | 612 | 707 | |||||
Long-term debt | 2,577 | 2,281 | |||||
Long-term debt to financing trust | — | 252 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | 2,366 | 2,219 | |||||
Asset retirement obligations | 23 | 21 | |||||
Non-pension postretirement benefits obligations | 201 | 205 | |||||
Regulatory liabilities | 84 | 110 | |||||
Other | 52 | 61 | |||||
Total deferred credits and other liabilities | 2,726 | 2,616 | |||||
Total liabilities(a) | 5,915 | 5,856 | |||||
Commitments and contingencies | |||||||
Shareholders’ equity | |||||||
Common stock | 1,498 | 1,421 | |||||
Retained earnings | 1,510 | 1,427 | |||||
Total shareholders' equity | 3,008 | 2,848 | |||||
Total liabilities and shareholders’ equity | $ | 8,923 | $ | 8,704 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 2,861 | $ | 2,075 | $ | 4,936 | |||||||||||||||||||||||
Net income | — | 200 | 200 | ||||||||||||||||||||||||||
Common stock dividends | — | (80) | (80) | ||||||||||||||||||||||||||
Contributions from parent | 237 | — | 237 | ||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | 3,098 | $ | 2,195 | $ | 5,293 | |||||||||||||||||||||||
Net income | — | 42 | 42 | ||||||||||||||||||||||||||
Common stock dividends | — | (79) | (79) | ||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | 3,098 | $ | 2,158 | $ | 5,256 | |||||||||||||||||||||||
Net income | — | 45 | 45 | ||||||||||||||||||||||||||
Common stock dividends | — | (79) | (79) | ||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | 3,098 | $ | 2,124 | $ | 5,222 | |||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 2,575 | $ | 1,995 | $ | 4,570 | |||||||||||||||||||||||
Net income | — | 198 | 198 | ||||||||||||||||||||||||||
Common stock dividends | — | (76) | (76) | ||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 2,575 | $ | 2,117 | $ | 4,692 | |||||||||||||||||||||||
Net income | — | 37 | 37 | ||||||||||||||||||||||||||
Common stock dividends | — | (75) | (75) | ||||||||||||||||||||||||||
Contributions from parent | 186 | — | 186 | ||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 2,761 | $ | 2,079 | $ | 4,840 | |||||||||||||||||||||||
Net income | — | 33 | 33 | ||||||||||||||||||||||||||
Common stock dividends | — | (75) | (75) | ||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | 2,761 | $ | 2,037 | $ | 4,798 |
(In millions) | Common Stock | Retained Earnings | Total Shareholders’ Equity | ||||||||
Balance, December 31, 2016 | $ | 1,421 | $ | 1,427 | $ | 2,848 | |||||
Net income | — | 231 | 231 | ||||||||
Common stock dividends | — | (148 | ) | (148 | ) | ||||||
Contributions from parent | 77 | — | 77 | ||||||||
Balance, September 30, 2017 | $ | 1,498 | $ | 1,510 | $ | 3,008 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric operating revenues | $ | 1,762 | $ | 1,568 | $ | 4,399 | $ | 4,090 | |||||||||||||||
Natural gas operating revenues | 24 | 38 | 150 | 157 | |||||||||||||||||||
Revenues from alternative revenue programs | (15) | (11) | 59 | (33) | |||||||||||||||||||
Operating revenues from affiliates | 2 | 3 | 7 | 9 | |||||||||||||||||||
Total operating revenues | 1,773 | 1,598 | 4,615 | 4,223 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Purchased power | 701 | 586 | 1,729 | 1,474 | |||||||||||||||||||
Purchased fuel | 9 | 24 | 76 | 85 | |||||||||||||||||||
Purchased power from affiliate | — | — | — | 50 | |||||||||||||||||||
Operating and maintenance | 288 | 237 | 815 | 729 | |||||||||||||||||||
Operating and maintenance from affiliates | 51 | 40 | 137 | 138 | |||||||||||||||||||
Depreciation and amortization | 257 | 238 | 741 | 697 | |||||||||||||||||||
Taxes other than income taxes | 134 | 129 | 366 | 362 | |||||||||||||||||||
Total operating expenses | 1,440 | 1,254 | 3,864 | 3,535 | |||||||||||||||||||
Operating income | 333 | 344 | 751 | 688 | |||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (80) | (72) | (238) | (216) | |||||||||||||||||||
Other, net | 28 | 19 | 80 | 56 | |||||||||||||||||||
Total other income and (deductions) | (52) | (53) | (158) | (160) | |||||||||||||||||||
Income before income taxes | 281 | 291 | 593 | 528 | |||||||||||||||||||
Income taxes | 49 | 2 | 103 | 10 | |||||||||||||||||||
Net income | $ | 232 | $ | 289 | $ | 490 | $ | 518 | |||||||||||||||
Comprehensive income | $ | 232 | $ | 289 | $ | 490 | $ | 518 |
Successor | Predecessor | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | March 24 to September 30, | January 1 to March 23, | ||||||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | 2016 | ||||||||||||||||
Operating revenues | |||||||||||||||||||||
Electric operating revenues | $ | 1,280 | $ | 1,366 | $ | 3,417 | $ | 2,485 | $ | 1,096 | |||||||||||
Natural gas operating revenues | 18 | 17 | 105 | 46 | 57 | ||||||||||||||||
Operating revenues from affiliates | 12 | 11 | 35 | 34 | — | ||||||||||||||||
Total operating revenues | 1,310 | 1,394 | 3,557 | 2,565 | 1,153 | ||||||||||||||||
Operating expenses | |||||||||||||||||||||
Purchased power | 354 | 370 | 901 | 658 | 471 | ||||||||||||||||
Purchased fuel | 7 | 6 | 46 | 17 | 26 | ||||||||||||||||
Purchased power and fuel from affiliates | 112 | 207 | 371 | 362 | — | ||||||||||||||||
Operating and maintenance | 214 | 200 | 666 | 870 | 294 | ||||||||||||||||
Operating and maintenance from affiliates | 37 | 26 | 108 | 51 | — | ||||||||||||||||
Depreciation and amortization | 179 | 182 | 511 | 355 | 152 | ||||||||||||||||
Taxes other than income | 122 | 124 | 344 | 248 | 105 | ||||||||||||||||
Total operating expenses | 1,025 | 1,115 | 2,947 | 2,561 | 1,048 | ||||||||||||||||
Gain on sales of assets | — | — | 1 | — | — | ||||||||||||||||
Operating income | 285 | 279 | 611 | 4 | 105 | ||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||
Interest expense, net | (62 | ) | (64 | ) | (183 | ) | (135 | ) | (65 | ) | |||||||||||
Other, net | 13 | 19 | 40 | 31 | (4 | ) | |||||||||||||||
Total other income and (deductions) | (49 | ) | (45 | ) | (143 | ) | (104 | ) | (69 | ) | |||||||||||
Income (loss) before income taxes | 236 | 234 | 468 | (100 | ) | 36 | |||||||||||||||
Income taxes | 83 | 68 | 109 | (9 | ) | 17 | |||||||||||||||
Net income (loss) | $ | 153 | $ | 166 | $ | 359 | $ | (91 | ) | $ | 19 | ||||||||||
Comprehensive income (loss), net of income taxes | |||||||||||||||||||||
Net income (loss) | $ | 153 | $ | 166 | $ | 359 | $ | (91 | ) | $ | 19 | ||||||||||
Other comprehensive income, net of income taxes | |||||||||||||||||||||
Pension and non-pension postretirement benefit plans: | |||||||||||||||||||||
Actuarial loss reclassified to periodic cost | — | — | — | — | 1 | ||||||||||||||||
Other comprehensive income | — | — | — | — | 1 | ||||||||||||||||
Comprehensive income (loss) | $ | 153 | $ | 166 | $ | 359 | $ | (91 | ) | $ | 20 |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 490 | $ | 518 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | 741 | 697 | |||||||||
Deferred income taxes and amortization of investment tax credits | 44 | (2) | |||||||||
Other non-cash operating activities | 80 | 112 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | (160) | (143) | |||||||||
Receivables from and payables to affiliates, net | (8) | (49) | |||||||||
Inventories | (22) | (35) | |||||||||
Accounts payable and accrued expenses | 23 | (15) | |||||||||
Collateral (paid) received, net | (191) | 230 | |||||||||
Income taxes | 37 | (3) | |||||||||
Regulatory assets and liabilities, net | (2) | (82) | |||||||||
Pension and non-pension postretirement benefit contributions | (15) | (75) | |||||||||
Other assets and liabilities | (98) | (71) | |||||||||
Net cash flows provided by operating activities | 919 | 1,082 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (1,510) | (1,174) | |||||||||
Other investing activities | 8 | 5 | |||||||||
Net cash flows used in investing activities | (1,502) | (1,169) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | (241) | (468) | |||||||||
Issuance of long-term debt | 550 | 925 | |||||||||
Retirement of long-term debt | — | (310) | |||||||||
Changes in Exelon intercompany money pool | 18 | 36 | |||||||||
Distributions to member | (410) | (625) | |||||||||
Contributions from member | 475 | 787 | |||||||||
Other financing activities | (36) | (18) | |||||||||
Net cash flows provided by financing activities | 356 | 327 | |||||||||
(Decrease) increase in cash, restricted cash, and cash equivalents | (227) | 240 | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | 373 | 213 | |||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | 146 | $ | 453 | |||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | (96) | $ | (8) | |||||||
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, | March 24 to September 30, | January 1 to March 23, | ||||||||||
(In millions) | 2017 | 2016 | 2016 | |||||||||
Cash flows from operating activities | ||||||||||||
Net income (loss) | $ | 359 | $ | (91 | ) | $ | 19 | |||||
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: | ||||||||||||
Depreciation and amortization | 511 | 355 | 152 | |||||||||
Deferred income taxes and amortization of investment tax credits | 190 | 237 | 19 | |||||||||
Net fair value changes related to derivatives | — | — | 18 | |||||||||
Other non-cash operating activities | 66 | 441 | 46 | |||||||||
Changes in assets and liabilities: | ||||||||||||
Accounts receivable | (42 | ) | (94 | ) | (28 | ) | ||||||
Receivables from and payables to affiliates, net | (13 | ) | 39 | — | ||||||||
Inventories | (29 | ) | — | (4 | ) | |||||||
Accounts payable and accrued expenses | (49 | ) | (23 | ) | 42 | |||||||
Income taxes | 82 | (57 | ) | 12 | ||||||||
Pension and non-pension postretirement benefit contributions | (74 | ) | (13 | ) | (4 | ) | ||||||
Other assets and liabilities | (204 | ) | (248 | ) | (8 | ) | ||||||
Net cash flows provided by operating activities | 797 | 546 | 264 | |||||||||
Cash flows from investing activities | ||||||||||||
Capital expenditures | (995 | ) | (624 | ) | (273 | ) | ||||||
Proceeds from sales of long-lived assets | 1 | 19 | — | |||||||||
Changes in restricted cash | (1 | ) | (39 | ) | 3 | |||||||
Purchases of investments | — | — | (68 | ) | ||||||||
Other investing activities | 4 | 13 | (5 | ) | ||||||||
Net cash flows used in investing activities | (991 | ) | (631 | ) | (343 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Changes in short-term borrowings | 96 | (520 | ) | (121 | ) | |||||||
Proceeds from short-term borrowings with maturities greater than 90 days | — | — | 500 | |||||||||
Repayments of short-term borrowings with maturities greater than 90 days | (500 | ) | (300 | ) | — | |||||||
Issuance of long-term debt | 202 | 2 | — | |||||||||
Retirement of long-term debt | (127 | ) | (29 | ) | (11 | ) | ||||||
Common stock issued for the Direct Stock Purchase and Dividend Reinvestment Plan and employee-related compensation | — | — | 2 | |||||||||
Distributions to member | (267 | ) | (174 | ) | — | |||||||
Contributions from member | 758 | 1,088 | — | |||||||||
Change in Exelon intercompany money pool | 1 | 1 | — | |||||||||
Other financing activities | (2 | ) | (3 | ) | 2 | |||||||
Net cash flows provided by financing activities | 161 | 65 | 372 | |||||||||
(Decrease) Increase in cash and cash equivalents | (33 | ) | (20 | ) | 293 | |||||||
Cash and cash equivalents at beginning of period | 170 | 319 | 26 | |||||||||
Cash and cash equivalents at end of period | $ | 137 | $ | 299 | $ | 319 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 121 | $ | 198 | |||||||
Restricted cash and cash equivalents | 25 | 175 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 828 | 734 | |||||||||
Customer allowance for credit losses | (118) | (109) | |||||||||
Customer accounts receivable, net | 710 | 625 | |||||||||
Other accounts receivable | 331 | 300 | |||||||||
Other allowance for credit losses | (51) | (46) | |||||||||
Other accounts receivable, net | 280 | 254 | |||||||||
Receivables from affiliates | 3 | 2 | |||||||||
Inventories, net | |||||||||||
Fossil fuel | 9 | 18 | |||||||||
Materials and supplies | 267 | 236 | |||||||||
Regulatory assets | 366 | 455 | |||||||||
Other | 77 | 96 | |||||||||
Total current assets | 1,858 | 2,059 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $3,044 and $2,618 as of September 30, 2023 and December 31, 2022, respectively) | 18,577 | 17,686 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 1,568 | 1,610 | |||||||||
Goodwill | 4,005 | 4,005 | |||||||||
Investments | 143 | 138 | |||||||||
Prepaid pension asset | 289 | 353 | |||||||||
Other | 216 | 231 | |||||||||
Total deferred debits and other assets | 6,221 | 6,337 | |||||||||
Total assets | $ | 26,656 | $ | 26,082 |
Successor | |||||||
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 137 | $ | 170 | |||
Restricted cash and cash equivalents | 43 | 43 | |||||
Accounts receivable, net | |||||||
Customer | 490 | 496 | |||||
Other | 209 | 283 | |||||
Inventories, net | |||||||
Gas held in storage | 9 | 6 | |||||
Materials and supplies | 141 | 116 | |||||
Regulatory assets | 568 | 653 | |||||
Other | 59 | 71 | |||||
Total current assets | 1,656 | 1,838 | |||||
Property, plant and equipment, net | 12,219 | 11,598 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 2,692 | 2,851 | |||||
Investments | 132 | 133 | |||||
Goodwill | 4,005 | 4,005 | |||||
Long-term note receivable | 4 | 4 | |||||
Prepaid pension asset | 510 | 509 | |||||
Deferred income taxes | 6 | 6 | |||||
Other | 77 | 81 | |||||
Total deferred debits and other assets | 7,426 | 7,589 | |||||
Total assets(a) | $ | 21,301 | $ | 21,025 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND MEMBER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | 173 | $ | 414 | |||||||
Long-term debt due within one year | 1,146 | 591 | |||||||||
Accounts payable | 664 | 771 | |||||||||
Accrued expenses | 324 | 260 | |||||||||
Payables to affiliates | 59 | 66 | |||||||||
Borrowings from Exelon intercompany money pool | 61 | 44 | |||||||||
Customer deposits | 98 | 88 | |||||||||
Regulatory liabilities | 87 | 76 | |||||||||
Unamortized energy contract liabilities | 8 | 10 | |||||||||
PPA termination obligation | 61 | 87 | |||||||||
Other | 129 | 330 | |||||||||
Total current liabilities | 2,810 | 2,737 | |||||||||
Long-term debt | 7,491 | 7,529 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | 3,023 | 2,895 | |||||||||
Regulatory liabilities | 924 | 1,011 | |||||||||
Asset retirement obligations | 54 | 59 | |||||||||
Non-pension postretirement benefit obligations | 45 | 50 | |||||||||
Unamortized energy contract liabilities | 29 | 35 | |||||||||
Other | 495 | 536 | |||||||||
Total deferred credits and other liabilities | 4,570 | 4,586 | |||||||||
Total liabilities | 14,871 | 14,852 | |||||||||
Commitments and contingencies | |||||||||||
Member's equity | |||||||||||
Membership interest | 12,057 | 11,582 | |||||||||
Undistributed losses | (272) | (352) | |||||||||
Total member's equity | 11,785 | 11,230 | |||||||||
Total liabilities and member's equity | $ | 26,656 | $ | 26,082 |
Successor | |||||||
(In millions) | September 30, 2017 | December 31, 2016 | |||||
LIABILITIES AND MEMBER'S EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | 118 | $ | 522 | |||
Long-term debt due within one year | 159 | 253 | |||||
Accounts payable | 397 | 458 | |||||
Accrued expenses | 294 | 272 | |||||
Payables to affiliates | 79 | 94 | |||||
Unamortized energy contract liabilities | 231 | 335 | |||||
Borrowings from Exelon intercompany money pool | 1 | — | |||||
Customer deposits | 119 | 123 | |||||
Merger related obligation | 53 | 101 | |||||
Regulatory liabilities | 65 | 79 | |||||
Other | 41 | 47 | |||||
Total current liabilities | 1,557 | 2,284 | |||||
Long-term debt | 5,771 | 5,645 | |||||
Deferred credits and other liabilities | |||||||
Regulatory liabilities | 146 | 158 | |||||
Deferred income taxes and unamortized investment tax credits | 4,003 | 3,775 | |||||
Asset retirement obligations | 17 | 14 | |||||
Non-pension postretirement benefit obligations | 128 | 134 | |||||
Unamortized energy contract liabilities | 599 | 750 | |||||
Other | 214 | 249 | |||||
Total deferred credits and other liabilities | 5,107 | 5,080 | |||||
Total liabilities(a) | 12,435 | 13,009 | |||||
Commitments and contingencies | |||||||
Member's equity | |||||||
Membership interest | 8,835 | 8,077 | |||||
Undistributed earnings (losses) | 31 | (61 | ) | ||||
Total member's equity | 8,866 | 8,016 | |||||
Total liabilities and member's equity | $ | 21,301 | $ | 21,025 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||
(In millions) | Membership Interest | Undistributed (Losses)/Gains | Total Member's Equity | ||||||||||||||||||||
Balance at December 31, 2022 | $ | 11,582 | $ | (352) | $ | 11,230 | |||||||||||||||||
Net income | — | 155 | 155 | ||||||||||||||||||||
Distributions to member | — | (112) | (112) | ||||||||||||||||||||
Contributions from member | 405 | — | 405 | ||||||||||||||||||||
Balance at March 31, 2023 | $ | 11,987 | $ | (309) | $ | 11,678 | |||||||||||||||||
Net income | — | 103 | 103 | ||||||||||||||||||||
Distributions to member | — | (100) | (100) | ||||||||||||||||||||
Balance at June 30, 2023 | $ | 11,987 | $ | (306) | $ | 11,681 | |||||||||||||||||
Net income | — | 232 | 232 | ||||||||||||||||||||
Distributions to member | — | (198) | (198) | ||||||||||||||||||||
Contributions from member | 70 | — | 70 | ||||||||||||||||||||
Balance at September 30, 2023 | $ | 12,057 | $ | (272) | $ | 11,785 |
(In millions) | Membership Interest | Undistributed Earnings (Losses) | Member's Equity | ||||||||
Successor | |||||||||||
Balance, December 31, 2016 | $ | 8,077 | $ | (61 | ) | $ | 8,016 | ||||
Net income | — | 359 | 359 | ||||||||
Distribution to member | — | (267 | ) | (267 | ) | ||||||
Contribution from member | 751 | — | 751 | ||||||||
Allocation of tax benefit from member | 7 | — | 7 | ||||||||
Balance, September 30, 2017 | $ | 8,835 | $ | 31 | $ | 8,866 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
(In millions) | Membership Interest | Undistributed (Losses)/Gains | Total Member's Equity | ||||||||||||||||||||
Balance at December 31, 2021 | $ | 10,795 | $ | (210) | $ | 10,585 | |||||||||||||||||
Net income | — | 130 | 130 | ||||||||||||||||||||
Distributions to member | — | (102) | (102) | ||||||||||||||||||||
Contributions from member | 704 | — | 704 | ||||||||||||||||||||
Balance at March 31, 2022 | $ | 11,499 | $ | (182) | $ | 11,317 | |||||||||||||||||
Net income | — | 100 | 100 | ||||||||||||||||||||
Distributions to member | — | (293) | (293) | ||||||||||||||||||||
Balance at June 30, 2022 | $ | 11,499 | $ | (375) | $ | 11,124 | |||||||||||||||||
Net income | — | 289 | 289 | ||||||||||||||||||||
Distributions to member | — | (230) | (230) | ||||||||||||||||||||
Contributions from member | 83 | — | 83 | ||||||||||||||||||||
Balance at September 30, 2022 | $ | 11,582 | $ | (316) | $ | 11,266 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||||
Electric operating revenues | $ | 839 | $ | 730 | $ | 2,141 | $ | 1,930 | |||||||||||||||||||||||||||
Revenues from alternative revenue programs | (18) | (8) | 28 | (15) | |||||||||||||||||||||||||||||||
Operating revenues from affiliates | 1 | 2 | 5 | 4 | |||||||||||||||||||||||||||||||
Total operating revenues | 822 | 724 | 2,174 | 1,919 | |||||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Purchased power | 288 | 230 | 750 | 566 | |||||||||||||||||||||||||||||||
Purchased power from affiliate | — | — | — | 39 | |||||||||||||||||||||||||||||||
Operating and maintenance | 89 | 69 | 264 | 214 | |||||||||||||||||||||||||||||||
Operating and maintenance from affiliates | 60 | 52 | 176 | 166 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 112 | 99 | 329 | 312 | |||||||||||||||||||||||||||||||
Taxes other than income taxes | 109 | 105 | 291 | 291 | |||||||||||||||||||||||||||||||
Total operating expenses | 658 | 555 | 1,810 | 1,588 | |||||||||||||||||||||||||||||||
Operating income | 164 | 169 | 364 | 331 | |||||||||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (41) | (37) | (122) | (111) | |||||||||||||||||||||||||||||||
Other, net | 18 | 14 | 50 | 39 | |||||||||||||||||||||||||||||||
Total other income and (deductions) | (23) | (23) | (72) | (72) | |||||||||||||||||||||||||||||||
Income before income taxes | 141 | 146 | 292 | 259 | |||||||||||||||||||||||||||||||
Income taxes | 21 | 1 | 43 | (2) | |||||||||||||||||||||||||||||||
Net income | $ | 120 | $ | 145 | $ | 249 | $ | 261 | |||||||||||||||||||||||||||
Comprehensive income | $ | 120 | $ | 145 | $ | 249 | $ | 261 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Electric operating revenues | $ | 603 | $ | 634 | $ | 1,645 | $ | 1,692 | |||||||
Operating revenues from affiliates | 1 | 1 | 4 | 3 | |||||||||||
Total operating revenues | 604 | 635 | 1,649 | 1,695 | |||||||||||
Operating expenses | |||||||||||||||
Purchased power | 111 | 84 | 268 | 340 | |||||||||||
Purchased power from affiliates | 57 | 129 | 210 | 223 | |||||||||||
Operating and maintenance | 89 | 100 | 296 | 488 | |||||||||||
Operating and maintenance from affiliates | 14 | 9 | 40 | 20 | |||||||||||
Depreciation and amortization | 82 | 76 | 242 | 221 | |||||||||||
Taxes other than income | 102 | 105 | 282 | 287 | |||||||||||
Total operating expenses | 455 | 503 | 1,338 | 1,579 | |||||||||||
Gain on sales of assets | — | — | 1 | 8 | |||||||||||
Operating income | 149 | 132 | 312 | 124 | |||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (31 | ) | (30 | ) | (89 | ) | (98 | ) | |||||||
Other, net | 7 | 12 | 22 | 28 | |||||||||||
Total other income and (deductions) | (24 | ) | (18 | ) | (67 | ) | (70 | ) | |||||||
Income before income taxes | 125 | 114 | 245 | 54 | |||||||||||
Income taxes | 38 | 35 | 57 | 34 | |||||||||||
Net income | $ | 87 | $ | 79 | $ | 188 | $ | 20 | |||||||
Comprehensive income | $ | 87 | $ | 79 | $ | 188 | $ | 20 |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 249 | $ | 261 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | 329 | 312 | |||||||||
Deferred income taxes and amortization of investment tax credits | 22 | (5) | |||||||||
Other non-cash operating activities | 38 | 20 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | (84) | (87) | |||||||||
Receivables from and payables to affiliates, net | (2) | (31) | |||||||||
Inventories | (12) | (19) | |||||||||
Accounts payable and accrued expenses | 33 | 11 | |||||||||
Collateral (paid) received, net | (26) | 46 | |||||||||
Income taxes | 15 | (25) | |||||||||
Regulatory assets and liabilities, net | (7) | (44) | |||||||||
Pension and non-pension postretirement benefit contributions | (9) | (9) | |||||||||
Other assets and liabilities | (13) | (29) | |||||||||
Net cash flows provided by operating activities | 533 | 401 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (710) | (595) | |||||||||
Changes in PHI intercompany money pool | (7) | — | |||||||||
Other investing activities | 8 | 2 | |||||||||
Net cash flows used in investing activities | (709) | (593) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | (299) | (175) | |||||||||
Issuance of long-term debt | 350 | 625 | |||||||||
Retirement of long-term debt | — | (310) | |||||||||
Changes in PHI intercompany money pool | — | 25 | |||||||||
Dividends paid on common stock | (200) | (400) | |||||||||
Contributions from parent | 308 | 465 | |||||||||
Other financing activities | (26) | (8) | |||||||||
Net cash flows provided by financing activities | 133 | 222 | |||||||||
(Decrease) increase in cash, restricted cash, and cash equivalents | (43) | 30 | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | 99 | 68 | |||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | 56 | $ | 98 | |||||||
Supplemental cash flow information | |||||||||||
(Decrease) increase in capital expenditures not paid | $ | (39) | $ | 2 | |||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income | $ | 188 | $ | 20 | |||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | 242 | 221 | |||||
Deferred income taxes and amortization of investment tax credits | 90 | 96 | |||||
Other non-cash operating activities | 8 | 168 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (43 | ) | (105 | ) | |||
Receivables from and payables to affiliates, net | (10 | ) | 44 | ||||
Inventories | (15 | ) | 3 | ||||
Accounts payable and accrued expenses | (24 | ) | 7 | ||||
Income taxes | 80 | 139 | |||||
Pension and non-pension postretirement benefit contributions | (69 | ) | (6 | ) | |||
Other assets and liabilities | (99 | ) | (83 | ) | |||
Net cash flows provided by operating activities | 348 | 504 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (439 | ) | (392 | ) | |||
Proceeds from sale of long-lived asset | 1 | 12 | |||||
Purchases of investments | — | (32 | ) | ||||
Changes in restricted cash | (1 | ) | (31 | ) | |||
Other investing activities | — | 8 | |||||
Net cash flows used in investing activities | (439 | ) | (435 | ) | |||
Cash flows from financing activities | |||||||
Changes in short-term borrowings | (23 | ) | (64 | ) | |||
Issuance of long-term debt | 202 | 2 | |||||
Retirement of long-term debt | (7 | ) | (5 | ) | |||
Dividends paid on common stock | (133 | ) | (92 | ) | |||
Contribution from parent | 161 | 187 | |||||
Other financing activities | (1 | ) | — | ||||
Net cash flows provided by financing activities | 199 | 28 | |||||
Increase in cash and cash equivalents | 108 | 97 | |||||
Cash and cash equivalents at beginning of period | 9 | 5 | |||||
Cash and cash equivalents at end of period | $ | 117 | $ | 102 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 31 | $ | 45 | |||||||
Restricted cash and cash equivalents | 25 | 54 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 414 | 351 | |||||||||
Customer allowance for credit losses | (56) | (47) | |||||||||
Customer accounts receivable, net | 358 | 304 | |||||||||
Other accounts receivable | 189 | 180 | |||||||||
Other allowance for credit losses | (29) | (25) | |||||||||
Other accounts receivable, net | 160 | 155 | |||||||||
Receivable from PHI intercompany money pool | 7 | — | |||||||||
Inventories, net | 147 | 135 | |||||||||
Regulatory assets | 187 | 235 | |||||||||
Other | 16 | 53 | |||||||||
Total current assets | 931 | 981 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,231 and $4,067 as of September 30, 2023 and December 31, 2022, respectively) | 9,274 | 8,794 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 422 | 437 | |||||||||
Investments | 124 | 119 | |||||||||
Prepaid pension asset | 252 | 273 | |||||||||
Other | 58 | 53 | |||||||||
Total deferred debits and other assets | 856 | 882 | |||||||||
Total assets | $ | 11,061 | $ | 10,657 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 117 | $ | 9 | |||
Restricted cash and cash equivalents | 34 | 33 | |||||
Accounts receivable, net | |||||||
Customer | 265 | 235 | |||||
Other | 92 | 150 | |||||
Inventories, net | 78 | 63 | |||||
Regulatory assets | 181 | 162 | |||||
Other | 10 | 32 | |||||
Total current assets | 777 | 684 | |||||
Property, plant and equipment, net | 5,866 | 5,571 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 699 | 690 | |||||
Investments | 102 | 102 | |||||
Prepaid pension asset | 327 | 282 | |||||
Other | 4 | 6 | |||||
Total deferred debits and other assets | 1,132 | 1,080 | |||||
Total assets | $ | 7,775 | $ | 7,335 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | — | $ | 299 | |||||||
Long-term debt due within one year | 405 | 4 | |||||||||
Accounts payable | 346 | 382 | |||||||||
Accrued expenses | 163 | 125 | |||||||||
Payables to affiliates | 32 | 34 | |||||||||
Customer deposits | 45 | 39 | |||||||||
Regulatory liabilities | 24 | 6 | |||||||||
Merger related obligation | 26 | 26 | |||||||||
Other | 49 | 93 | |||||||||
Total current liabilities | 1,090 | 1,008 | |||||||||
Long-term debt | 3,690 | 3,747 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | 1,456 | 1,382 | |||||||||
Regulatory liabilities | 394 | 455 | |||||||||
Asset retirement obligations | 36 | 39 | |||||||||
Other | 256 | 244 | |||||||||
Total deferred credits and other liabilities | 2,142 | 2,120 | |||||||||
Total liabilities | 6,922 | 6,875 | |||||||||
Commitments and contingencies | |||||||||||
Shareholder's equity | |||||||||||
Common stock | 3,075 | 2,767 | |||||||||
Retained earnings | 1,064 | 1,015 | |||||||||
Total shareholder's equity | 4,139 | 3,782 | |||||||||
Total liabilities and shareholder's equity | $ | 11,061 | $ | 10,657 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | — | $ | 23 | |||
Long-term debt due within one year | 19 | 16 | |||||
Accounts payable | 168 | 209 | |||||
Accrued expenses | 153 | 113 | |||||
Payables to affiliates | 64 | 74 | |||||
Customer deposits | 53 | 53 | |||||
Regulatory liabilities | 5 | 11 | |||||
Merger related obligation | 42 | 68 | |||||
Other | 20 | 29 | |||||
Total current liabilities | 524 | 596 | |||||
Long-term debt | 2,527 | 2,333 | |||||
Deferred credits and other liabilities | |||||||
Regulatory liabilities | 21 | 20 | |||||
Deferred income taxes and unamortized investment tax credits | 2,024 | 1,910 | |||||
Non-pension postretirement benefit obligations | 37 | 43 | |||||
Other | 126 | 133 | |||||
Total deferred credits and other liabilities | 2,208 | 2,106 | |||||
Total liabilities | 5,259 | 5,035 | |||||
Commitments and contingencies | |||||||
Shareholder's equity | |||||||
Common stock | 1,470 | 1,309 | |||||
Retained earnings | 1,046 | 991 | |||||
Total shareholder's equity | 2,516 | 2,300 | |||||
Total liabilities and shareholder's equity | $ | 7,775 | $ | 7,335 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance at December 31, 2022 | $ | 2,767 | $ | 1,015 | $ | 3,782 | |||||||||||||||||
Net income | — | 65 | 65 | ||||||||||||||||||||
Common stock dividends | — | (48) | (48) | ||||||||||||||||||||
Contributions from parent | 243 | — | 243 | ||||||||||||||||||||
Balance at March 31, 2023 | $ | 3,010 | $ | 1,032 | $ | 4,042 | |||||||||||||||||
Net income | — | 64 | 64 | ||||||||||||||||||||
Common stock dividends | — | (67) | (67) | ||||||||||||||||||||
Balance at June 30, 2023 | $ | 3,010 | $ | 1,029 | $ | 4,039 | |||||||||||||||||
Net income | — | 120 | 120 | ||||||||||||||||||||
Common stock dividends | — | (85) | (85) | ||||||||||||||||||||
Contributions from parent | 65 | — | 65 | ||||||||||||||||||||
Balance at September 30, 2023 | $ | 3,075 | $ | 1,064 | $ | 4,139 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance at December 31, 2021 | $ | 2,302 | $ | 1,173 | $ | 3,475 | |||||||||||||||||
Net income | — | 46 | 46 | ||||||||||||||||||||
Common stock dividends | — | (42) | (42) | ||||||||||||||||||||
Contributions from parent | 387 | — | 387 | ||||||||||||||||||||
Balance at March 31, 2022 | $ | 2,689 | $ | 1,177 | $ | 3,866 | |||||||||||||||||
Net income | — | 70 | 70 | ||||||||||||||||||||
Common stock dividends | — | (258) | (258) | ||||||||||||||||||||
Balance at June 30, 2022 | $ | 2,689 | $ | 989 | $ | 3,678 | |||||||||||||||||
Net income | — | 145 | 145 | ||||||||||||||||||||
Common stock dividends | — | (100) | (100) | ||||||||||||||||||||
Contributions from parent | 78 | — | 78 | ||||||||||||||||||||
Balance at September 30, 2022 | $ | 2,767 | $ | 1,034 | $ | 3,801 |
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||
Balance, December 31, 2016 | $ | 1,309 | $ | 991 | $ | 2,300 | |||||
Net income | — | 188 | 188 | ||||||||
Common stock dividends | — | (133 | ) | (133 | ) | ||||||
Contributions from parent | 161 | — | 161 | ||||||||
Balance, September 30, 2017 | $ | 1,470 | $ | 1,046 | $ | 2,516 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric operating revenues | $ | 426 | $ | 373 | $ | 1,108 | $ | 1,017 | |||||||||||||||
Natural gas operating revenues | 24 | 38 | 150 | 157 | |||||||||||||||||||
Revenues from alternative revenue programs | (2) | — | 10 | (3) | |||||||||||||||||||
Operating revenues from affiliates | 2 | 1 | 5 | 5 | |||||||||||||||||||
Total operating revenues | 450 | 412 | 1,273 | 1,176 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Purchased power | 192 | 159 | 486 | 412 | |||||||||||||||||||
Purchased fuel | 9 | 24 | 76 | 85 | |||||||||||||||||||
Purchased power from affiliate | — | — | — | 10 | |||||||||||||||||||
Operating and maintenance | 60 | 45 | 150 | 142 | |||||||||||||||||||
Operating and maintenance from affiliates | 44 | 39 | 128 | 124 | |||||||||||||||||||
Depreciation and amortization | 62 | 59 | 182 | 172 | |||||||||||||||||||
Taxes other than income taxes | 19 | 19 | 57 | 54 | |||||||||||||||||||
Total operating expenses | 386 | 345 | 1,079 | 999 | |||||||||||||||||||
Operating income | 64 | 67 | 194 | 177 | |||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (18) | (16) | (53) | (48) | |||||||||||||||||||
Other, net | 5 | 3 | 12 | 9 | |||||||||||||||||||
Total other income and (deductions) | (13) | (13) | (41) | (39) | |||||||||||||||||||
Income before income taxes | 51 | 54 | 153 | 138 | |||||||||||||||||||
Income taxes | 8 | 2 | 25 | 8 | |||||||||||||||||||
Net income | $ | 43 | $ | 52 | $ | 128 | $ | 130 | |||||||||||||||
Comprehensive income | $ | 43 | $ | 52 | $ | 128 | $ | 130 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Electric operating revenues | $ | 307 | $ | 312 | $ | 860 | $ | 866 | |||||||
Natural gas operating revenues | 18 | 17 | 105 | 102 | |||||||||||
Operating revenues from affiliates | 2 | 2 | 6 | 6 | |||||||||||
Total operating revenues | 327 | 331 | 971 | 974 | |||||||||||
Operating expenses | |||||||||||||||
Purchased power | 75 | 81 | 215 | 297 | |||||||||||
Purchased fuel | 7 | 6 | 46 | 41 | |||||||||||
Purchased power from affiliate | 47 | 63 | 138 | 110 | |||||||||||
Operating and maintenance | 71 | 50 | 204 | 327 | |||||||||||
Operating and maintenance from affiliates | 8 | 5 | 23 | 11 | |||||||||||
Depreciation and amortization | 45 | 44 | 124 | 120 | |||||||||||
Taxes other than income | 15 | 14 | 43 | 42 | |||||||||||
Total operating expenses | 268 | 263 | 793 | 948 | |||||||||||
Gain on sale of asset | — | 4 | — | 4 | |||||||||||
Operating income | 59 | 72 | 178 | 30 | |||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (13 | ) | (12 | ) | (38 | ) | (37 | ) | |||||||
Other, net | 4 | 3 | 10 | 9 | |||||||||||
Total other income and (deductions) | (9 | ) | (9 | ) | (28 | ) | (28 | ) | |||||||
Income before income taxes | 50 | 63 | 150 | 2 | |||||||||||
Income taxes | 19 | 19 | 43 | 18 | |||||||||||
Net income (loss) | $ | 31 | $ | 44 | $ | 107 | $ | (16 | ) | ||||||
Comprehensive income (loss) | $ | 31 | $ | 44 | $ | 107 | $ | (16 | ) |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 128 | $ | 130 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | 182 | 172 | |||||||||
Deferred income taxes and amortization of investment tax credits | 4 | 9 | |||||||||
Other non-cash operating activities | 11 | 22 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 9 | (3) | |||||||||
Receivables from and payables to affiliates, net | 3 | (8) | |||||||||
Inventories | 2 | (11) | |||||||||
Accounts payable and accrued expenses | (1) | — | |||||||||
Collateral (paid) received, net | (120) | 114 | |||||||||
Income taxes | 15 | 4 | |||||||||
Regulatory assets and liabilities, net | 33 | (23) | |||||||||
Pension and non-pension postretirement benefit contributions | — | (1) | |||||||||
Other assets and liabilities | 8 | 23 | |||||||||
Net cash flows provided by operating activities | 274 | 428 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (416) | (294) | |||||||||
Changes in PHI intercompany money pool | (10) | (25) | |||||||||
Other investing activities | — | 2 | |||||||||
Net cash flows used in investing activities | (426) | (317) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | (115) | (149) | |||||||||
Issuance of long-term debt | 125 | 125 | |||||||||
Dividends paid on common stock | (97) | (95) | |||||||||
Contributions from parent | 99 | 147 | |||||||||
Other financing activities | (6) | (4) | |||||||||
Net cash flows provided by financing activities | 6 | 24 | |||||||||
(Decrease) increase in cash, restricted cash, and cash equivalents | (146) | 135 | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | 152 | 71 | |||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | 6 | $ | 206 | |||||||
Supplemental cash flow information | |||||||||||
Increase in capital expenditures not paid | $ | — | $ | 2 | |||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income (loss) | $ | 107 | $ | (16 | ) | ||
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | 124 | 120 | |||||
Deferred income taxes and amortization of investment tax credits | 61 | 69 | |||||
Other non-cash operating activities | 6 | 99 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 7 | 8 | |||||
Receivables from and payables to affiliates, net | — | 12 | |||||
Inventories | (6 | ) | — | ||||
Accounts payable and accrued expenses | — | (8 | ) | ||||
Collateral received | — | 1 | |||||
Income Taxes | 33 | 52 | |||||
Other assets and liabilities | (40 | ) | (70 | ) | |||
Net cash flows provided by operating activities | 292 | 267 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (294 | ) | (260 | ) | |||
Proceeds from sale of long-lived asset | — | 4 | |||||
Other investing activities | 1 | 2 | |||||
Net cash flows used in investing activities | (293 | ) | (254 | ) | |||
Cash flows from financing activities | |||||||
Changes in short-term borrowings | 54 | (88 | ) | ||||
Retirement of long-term debt | (14 | ) | — | ||||
Dividends paid on common stock | (82 | ) | (39 | ) | |||
Contribution from parent | — | 113 | |||||
Net cash flows used in financing activities | (42 | ) | (14 | ) | |||
Decrease in cash and cash equivalents | (43 | ) | (1 | ) | |||
Cash and cash equivalents at beginning of period | 46 | 5 | |||||
Cash and cash equivalents at end of period | $ | 3 | $ | 4 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 5 | $ | 31 | |||||||
Restricted cash and cash equivalents | 1 | 121 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 179 | 204 | |||||||||
Customer allowance for credit losses | (23) | (21) | |||||||||
Customer accounts receivable, net | 156 | 183 | |||||||||
Other accounts receivable | 59 | 52 | |||||||||
Other allowance for credit losses | (9) | (7) | |||||||||
Other accounts receivable, net | 50 | 45 | |||||||||
Receivable from PHI intercompany pool | 10 | — | |||||||||
Inventories, net | |||||||||||
Fossil fuel | 9 | 18 | |||||||||
Materials and supplies | 65 | 58 | |||||||||
Prepaid utility taxes | 30 | 23 | |||||||||
Regulatory assets | 55 | 80 | |||||||||
Other | 9 | 14 | |||||||||
Total current assets | 390 | 573 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $1,893 and $1,772 as of September 30, 2023 and December 31, 2022, respectively) | 5,079 | 4,820 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 210 | 202 | |||||||||
Prepaid pension asset | 140 | 153 | |||||||||
Other | 51 | 54 | |||||||||
Total deferred debits and other assets | 401 | 409 | |||||||||
Total assets | $ | 5,870 | $ | 5,802 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 3 | $ | 46 | |||
Accounts receivable, net | |||||||
Customer | 118 | 136 | |||||
Other | 36 | 63 | |||||
Receivables from affiliates | — | 3 | |||||
Inventories, net | |||||||
Gas held in storage | 9 | 7 | |||||
Materials and supplies | 35 | 32 | |||||
Regulatory assets | 69 | 59 | |||||
Other | 16 | 24 | |||||
Total current assets | 286 | 370 | |||||
Property, plant and equipment, net | 3,480 | 3,273 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 300 | 289 | |||||
Goodwill | 8 | 8 | |||||
Prepaid pension asset | 197 | 206 | |||||
Other | 5 | 7 | |||||
Total deferred debits and other assets | 510 | 510 | |||||
Total assets | $ | 4,276 | $ | 4,153 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | — | $ | 115 | |||||||
Long-term debt due within one year | 584 | 584 | |||||||||
Accounts payable | 161 | 172 | |||||||||
Accrued expenses | 63 | 41 | |||||||||
Payables to affiliates | 25 | 22 | |||||||||
Customer deposits | 31 | 29 | |||||||||
Regulatory liabilities | 55 | 44 | |||||||||
Other | 21 | 136 | |||||||||
Total current liabilities | 940 | 1,143 | |||||||||
Long-term debt | 1,476 | 1,354 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | 896 | 869 | |||||||||
Regulatory liabilities | 368 | 380 | |||||||||
Asset retirement obligations | 12 | 13 | |||||||||
Non-pension postretirement benefits obligations | 9 | 9 | |||||||||
Other | 89 | 84 | |||||||||
Total deferred credits and other liabilities | 1,374 | 1,355 | |||||||||
Total liabilities | 3,790 | 3,852 | |||||||||
Commitments and contingencies | |||||||||||
Shareholder's equity | |||||||||||
Common stock | 1,455 | 1,356 | |||||||||
Retained earnings | 625 | 594 | |||||||||
Total shareholder's equity | 2,080 | 1,950 | |||||||||
Total liabilities and shareholder's equity | $ | 5,870 | $ | 5,802 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | 54 | $ | — | |||
Long-term debt due within one year | 109 | 119 | |||||
Accounts payable | 95 | 88 | |||||
Accrued expenses | 52 | 36 | |||||
Payables to affiliates | 35 | 38 | |||||
Customer deposits | 35 | 36 | |||||
Regulatory liabilities | 42 | 43 | |||||
Merger related obligation | 3 | 13 | |||||
Other | 7 | 8 | |||||
Total current liabilities | 432 | 381 | |||||
Long-term debt | 1,217 | 1,221 | |||||
Deferred credits and other liabilities | |||||||
Regulatory liabilities | 86 | 97 | |||||
Deferred income taxes and unamortized investment tax credits | 1,125 | 1,056 | |||||
Non-pension postretirement benefit obligations | 17 | 19 | |||||
Other | 48 | 53 | |||||
Total deferred credits and other liabilities | 1,276 | 1,225 | |||||
Total liabilities | 2,925 | 2,827 | |||||
Commitments and contingencies | |||||||
Shareholder's equity | |||||||
Common stock | 764 | 764 | |||||
Retained earnings | 587 | 562 | |||||
Total shareholder's equity | 1,351 | 1,326 | |||||
Total liabilities and shareholder's equity | $ | 4,276 | $ | 4,153 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance at December 31, 2022 | $ | 1,356 | $ | 594 | $ | 1,950 | |||||||||||||||||
Net income | — | 60 | 60 | ||||||||||||||||||||
Common stock dividends | — | (42) | (42) | ||||||||||||||||||||
Contributions from parent | 99 | — | 99 | ||||||||||||||||||||
Balance at March 31, 2023 | $ | 1,455 | $ | 612 | $ | 2,067 | |||||||||||||||||
Net income | — | 25 | 25 | ||||||||||||||||||||
Common stock dividends | — | (18) | (18) | ||||||||||||||||||||
Balance at June 30, 2023 | $ | 1,455 | $ | 619 | $ | 2,074 | |||||||||||||||||
Net income | — | 43 | 43 | ||||||||||||||||||||
Common stock dividends | — | (37) | (37) | ||||||||||||||||||||
Balance at September 30, 2023 | $ | 1,455 | $ | 625 | $ | 2,080 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance at December 31, 2021 | $ | 1,209 | $ | 568 | $ | 1,777 | |||||||||||||||||
Net income | — | 56 | 56 | ||||||||||||||||||||
Common stock dividends | — | (41) | (41) | ||||||||||||||||||||
Contributions from parent | 144 | — | 144 | ||||||||||||||||||||
Balance at March 31, 2022 | $ | 1,353 | $ | 583 | $ | 1,936 | |||||||||||||||||
Net income | — | 21 | 21 | ||||||||||||||||||||
Common stock dividends | — | (15) | (15) | ||||||||||||||||||||
Balance at June 30, 2022 | $ | 1,353 | $ | 589 | $ | 1,942 | |||||||||||||||||
Net income | — | 52 | 52 | ||||||||||||||||||||
Common stock dividends | — | (39) | (39) | ||||||||||||||||||||
Contributions from parent | 3 | — | 3 | ||||||||||||||||||||
Balance, September 30, 2022 | $ | 1,356 | $ | 602 | $ | 1,958 |
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||
Balance, December 31, 2016 | $ | 764 | $ | 562 | $ | 1,326 | |||||
Net income | — | 107 | 107 | ||||||||
Common stock dividends | — | (82 | ) | (82 | ) | ||||||
Balance, September 30, 2017 | $ | 764 | $ | 587 | $ | 1,351 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric operating revenues | $ | 497 | $ | 465 | $ | 1,150 | $ | 1,132 | |||||||||||||||
Revenues from alternative revenue programs | 5 | (3) | 21 | (14) | |||||||||||||||||||
Operating revenues from affiliates | — | — | 1 | 2 | |||||||||||||||||||
Total operating revenues | 502 | 462 | 1,172 | 1,120 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Purchased power | 221 | 197 | 493 | 495 | |||||||||||||||||||
Purchased power from affiliate | — | — | — | 2 | |||||||||||||||||||
Operating and maintenance | 56 | 47 | 147 | 145 | |||||||||||||||||||
Operating and maintenance from affiliates | 38 | 33 | 112 | 106 | |||||||||||||||||||
Depreciation and amortization | 77 | 74 | 212 | 192 | |||||||||||||||||||
Taxes other than income taxes | 2 | 2 | 7 | 7 | |||||||||||||||||||
Total operating expenses | 394 | 353 | 971 | 947 | |||||||||||||||||||
Operating income | 108 | 109 | 201 | 173 | |||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (19) | (17) | (52) | (49) | |||||||||||||||||||
Other, net | 5 | 3 | 13 | 9 | |||||||||||||||||||
Total other income and (deductions) | (14) | (14) | (39) | (40) | |||||||||||||||||||
Income before income taxes | 94 | 95 | 162 | 133 | |||||||||||||||||||
Income taxes | 23 | 1 | 40 | 2 | |||||||||||||||||||
Net income | $ | 71 | $ | 94 | $ | 122 | $ | 131 | |||||||||||||||
Comprehensive income | $ | 71 | $ | 94 | $ | 122 | $ | 131 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Electric operating revenues | $ | 370 | $ | 420 | $ | 913 | $ | 979 | |||||||
Operating revenues from affiliates | — | 1 | 2 | 3 | |||||||||||
Total operating revenues | 370 | 421 | 915 | 982 | |||||||||||
Operating expenses | |||||||||||||||
Purchased power | 169 | 206 | 418 | 491 | |||||||||||
Purchased power from affiliates | 7 | 15 | 24 | 29 | |||||||||||
Operating and maintenance | 66 | 62 | 205 | 336 | |||||||||||
Operating and maintenance from affiliates | 6 | 5 | 20 | 10 | |||||||||||
Depreciation and amortization | 41 | 49 | 113 | 130 | |||||||||||
Taxes other than income | 2 | 1 | 6 | 6 | |||||||||||
Total operating expenses | 291 | 338 | 786 | 1,002 | |||||||||||
Gain on sale of assets | — | — | — | 1 | |||||||||||
Operating income (loss) | 79 | 83 | 129 | (19 | ) | ||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (15 | ) | (15 | ) | (46 | ) | (47 | ) | |||||||
Other, net | 1 | 2 | 6 | 8 | |||||||||||
Total other income and (deductions) | (14 | ) | (13 | ) | (40 | ) | (39 | ) | |||||||
Income (loss) before income taxes | 65 | 70 | 89 | (58 | ) | ||||||||||
Income taxes | 24 | 23 | 12 | (8 | ) | ||||||||||
Net income (loss) | $ | 41 | $ | 47 | $ | 77 | $ | (50 | ) | ||||||
Comprehensive income (loss) | $ | 41 | $ | 47 | $ | 77 | $ | (50 | ) |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 122 | $ | 131 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | 212 | 192 | |||||||||
Deferred income taxes and amortization of investment tax credits | 24 | 2 | |||||||||
Other non-cash operating activities | (2) | 36 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | (85) | (53) | |||||||||
Receivables from and payables to affiliates, net | (6) | (10) | |||||||||
Inventories | (11) | (6) | |||||||||
Accounts payable and accrued expenses | (4) | (10) | |||||||||
Collateral (paid) received, net | (45) | 70 | |||||||||
Income taxes | 6 | 7 | |||||||||
Regulatory assets and liabilities, net | (28) | (6) | |||||||||
Pension and non-pension postretirement benefit contributions | (1) | (7) | |||||||||
Other assets and liabilities | (80) | (54) | |||||||||
Net cash flows provided by operating activities | 102 | 292 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (376) | (284) | |||||||||
Other investing activities | — | 1 | |||||||||
Net cash flows used in investing activities | (376) | (283) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | 173 | (144) | |||||||||
Issuance of long-term debt | 75 | 175 | |||||||||
Changes in PHI intercompany money pool | 17 | — | |||||||||
Dividends paid on common stock | (111) | (128) | |||||||||
Contributions from parent | 65 | 175 | |||||||||
Other financing activities | (3) | (4) | |||||||||
Net cash flows provided by financing activities | 216 | 74 | |||||||||
(Decrease) increase in cash and cash equivalents | (58) | 83 | |||||||||
Cash and cash equivalents at beginning of period | 72 | 29 | |||||||||
Cash and cash equivalents at end of period | $ | 14 | $ | 112 | |||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | (56) | $ | (12) | |||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income (loss) | $ | 77 | $ | (50 | ) | ||
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | 113 | 130 | |||||
Deferred income taxes and amortization of investment tax credits | 28 | 14 | |||||
Other non-cash operating activities | 21 | 138 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (7 | ) | (32 | ) | |||
Receivables from and payables to affiliates, net | (5 | ) | 9 | ||||
Inventories | (7 | ) | (1 | ) | |||
Accounts payable and accrued expenses | 9 | 10 | |||||
Income taxes | (9 | ) | 184 | ||||
Other assets and liabilities | (62 | ) | (87 | ) | |||
Net cash flows provided by operating activities | 158 | 315 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (242 | ) | (227 | ) | |||
Proceeds from sale of long-lived asset | — | 2 | |||||
Changes in restricted cash | 1 | (4 | ) | ||||
Other investing activities | — | 2 | |||||
Net cash flows used in investing activities | (241 | ) | (227 | ) | |||
Cash flows from financing activities | |||||||
Changes in short-term borrowings | 65 | (5 | ) | ||||
Retirement of long-term debt | (25 | ) | (35 | ) | |||
Dividends paid on common stock | (53 | ) | (24 | ) | |||
Contribution from parent | — | 139 | |||||
Other financing activities | — | (1 | ) | ||||
Net cash flows (used in) provided by financing activities | (13 | ) | 74 | ||||
(Decrease) Increase in cash and cash equivalents | (96 | ) | 162 | ||||
Cash and cash equivalents at beginning of period | 101 | 3 | |||||
Cash and cash equivalents at end of period | $ | 5 | $ | 165 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 14 | $ | 72 | |||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 235 | 179 | |||||||||
Customer allowance for credit losses | (39) | (41) | |||||||||
Customer accounts receivable, net | 196 | 138 | |||||||||
Other accounts receivable | 84 | 70 | |||||||||
Other allowance for credit losses | (13) | (14) | |||||||||
Other accounts receivable, net | 71 | 56 | |||||||||
Receivables from affiliates | 3 | 1 | |||||||||
Inventories, net | 54 | 43 | |||||||||
Prepaid utility taxes | 15 | — | |||||||||
Regulatory assets | 113 | 130 | |||||||||
Other | 5 | 3 | |||||||||
Total current assets | 471 | 443 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $1,651 and $1,551 as of September 30, 2023 and December 31, 2022, respectively) | 4,155 | 3,990 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 490 | 494 | |||||||||
Prepaid pension asset | 7 | 18 | |||||||||
Other | 32 | 34 | |||||||||
Total deferred debits and other assets | 529 | 546 | |||||||||
Total assets | $ | 5,155 | $ | 4,979 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 5 | $ | 101 | |||
Restricted cash and cash equivalents | 9 | 9 | |||||
Accounts receivable, net | |||||||
Customer | 107 | 125 | |||||
Other | 54 | 44 | |||||
Inventories, net | 29 | 22 | |||||
Prepaid utility taxes | 15 | — | |||||
Regulatory assets | 87 | 96 | |||||
Other | 3 | 2 | |||||
Total current assets | 309 | 399 | |||||
Property, plant and equipment, net | 2,662 | 2,521 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 417 | 405 | |||||
Long-term note receivable | 4 | 4 | |||||
Prepaid pension asset | 76 | 84 | |||||
Other | 42 | 44 | |||||
Total deferred debits and other assets | 539 | 537 | |||||
Total assets(a) | $ | 3,510 | $ | 3,457 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | 173 | $ | — | |||||||
Long-term debt due within one year | 153 | 3 | |||||||||
Accounts payable | 149 | 206 | |||||||||
Accrued expenses | 51 | 47 | |||||||||
Payables to affiliates | 22 | 26 | |||||||||
Borrowings from PHI intercompany money pool | 17 | — | |||||||||
Customer deposits | 23 | 21 | |||||||||
Regulatory liabilities | 9 | 26 | |||||||||
PPA termination obligation | 61 | 87 | |||||||||
Other | 15 | 58 | |||||||||
Total current liabilities | 673 | 474 | |||||||||
Long-term debt | 1,680 | 1,754 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | 766 | 734 | |||||||||
Regulatory liabilities | 144 | 156 | |||||||||
Non-pension postretirement benefit obligations | 6 | 8 | |||||||||
Other | 57 | 100 | |||||||||
Total deferred credits and other liabilities | 973 | 998 | |||||||||
Total liabilities | 3,326 | 3,226 | |||||||||
Commitments and contingencies | |||||||||||
Shareholder's equity | |||||||||||
Common stock | 1,830 | 1,765 | |||||||||
Retained deficit | (1) | (12) | |||||||||
Total shareholder's equity | 1,829 | 1,753 | |||||||||
Total liabilities and shareholder's equity | $ | 5,155 | $ | 4,979 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | 65 | $ | — | |||
Long-term debt due within one year | 32 | 35 | |||||
Accounts payable | 122 | 132 | |||||
Accrued expenses | 39 | 38 | |||||
Payables to affiliates | 24 | 29 | |||||
Customer deposits | 31 | 33 | |||||
Regulatory liabilities | 18 | 25 | |||||
Merger related obligation | 8 | 20 | |||||
Other | 6 | 8 | |||||
Total current liabilities | 345 | 320 | |||||
Long-term debt | 1,098 | 1,120 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | 951 | 917 | |||||
Non-pension postretirement benefit obligations | 33 | 34 | |||||
Other | 25 | 32 | |||||
Total deferred credits and other liabilities | 1,009 | 983 | |||||
Total liabilities(a) | 2,452 | 2,423 | |||||
Commitments and contingencies | |||||||
Shareholder's equity | |||||||
Common stock | 912 | 912 | |||||
Retained earnings | 146 | 122 | |||||
Total shareholder's equity | 1,058 | 1,034 | |||||
Total liabilities and shareholder's equity | $ | 3,510 | $ | 3,457 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained (Deficit) Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance at December 31, 2022 | $ | 1,765 | $ | (12) | $ | 1,753 | |||||||||||||||||
Net income | — | 33 | 33 | ||||||||||||||||||||
Common stock dividends | — | (21) | (21) | ||||||||||||||||||||
Contributions from parent | 63 | — | 63 | ||||||||||||||||||||
Balance at March 31, 2023 | $ | 1,828 | $ | — | $ | 1,828 | |||||||||||||||||
Net income | — | 18 | 18 | ||||||||||||||||||||
Common stock dividends | — | (15) | (15) | ||||||||||||||||||||
Balance at June 30, 2023 | $ | 1,828 | $ | 3 | $ | 1,831 | |||||||||||||||||
Net income | — | 71 | 71 | ||||||||||||||||||||
Common stock dividends | — | (75) | (75) | ||||||||||||||||||||
Contributions from parent | 2 | — | 2 | ||||||||||||||||||||
Balance at September 30, 2023 | $ | 1,830 | $ | (1) | $ | 1,829 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Deficit | Total Shareholder's Equity | ||||||||||||||||||||
Balance at December 31, 2021 | $ | 1,590 | $ | (15) | $ | 1,575 | |||||||||||||||||
Net income | — | 26 | 26 | ||||||||||||||||||||
Common stock dividends | — | (19) | (19) | ||||||||||||||||||||
Contributions from parent | 173 | — | 173 | ||||||||||||||||||||
Balance at March 31, 2022 | $ | 1,763 | $ | (8) | $ | 1,755 | |||||||||||||||||
Net income | — | 11 | 11 | ||||||||||||||||||||
Common stock dividends | — | (19) | (19) | ||||||||||||||||||||
Balance at June 30, 2022 | $ | 1,763 | $ | (16) | $ | 1,747 | |||||||||||||||||
Net income | — | 94 | 94 | ||||||||||||||||||||
Common stock dividends | — | (90) | (90) | ||||||||||||||||||||
Contributions from parent | 2 | — | 2 | ||||||||||||||||||||
Balance, September 30, 2022 | $ | 1,765 | $ | (12) | $ | 1,753 |
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||
Balance, December 31, 2016 | $ | 912 | $ | 122 | $ | 1,034 | |||||
Net income | — | 77 | 77 | ||||||||
Common stock dividends | — | (53 | ) | (53 | ) | ||||||
Balance, September 30, 2017 | $ | 912 | $ | 146 | $ | 1,058 |
Registrant | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
Exelon Corporation | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . |
Exelon Generation Company, LLC | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | ||
Commonwealth Edison Company | . | . | . | . | . | . | . | . | . | . | . | . | . | |||||||
PECO Energy Company | . | . | . | . | . | . | . | . | . | . | . | . | . | . | ||||||
Baltimore Gas and Electric Company | . | . | . | . | . | . | . | . | . | . | . | . | . | |||||||
Pepco Holdings LLC | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | ||||
Potomac Electric Power Company | . | . | . | . | . | . | . | . | . | . | . | . | . | . | ||||||
Delmarva Power & Light Company | . | . | . | . | . | . | . | . | . | . | . | . | . | . | ||||||
Atlantic City Electric Company | . | . | . | . | . | . | . | . | . | . | . | . | . |
Name of Registrant | Business | Service Territories | ||||||||||||
Commonwealth Edison Company | Purchase and regulated retail sale of electricity | Northern Illinois, including the City of Chicago | ||||||||||||
Transmission and distribution of electricity to retail customers | ||||||||||||||
PECO Energy Company | Purchase and regulated retail sale of electricity and natural gas | Southeastern Pennsylvania, including the City of Philadelphia (electricity) | ||||||||||||
Transmission and distribution of electricity and distribution of natural gas to retail customers | Pennsylvania counties surrounding the City of Philadelphia (natural gas) | |||||||||||||
Baltimore Gas and Electric Company | Purchase and regulated retail sale of electricity and natural gas | Central Maryland, including the City of Baltimore (electricity and natural gas) | ||||||||||||
Transmission and distribution of electricity and distribution of natural gas to retail customers | ||||||||||||||
Pepco Holdings LLC | Utility services holding company engaged, through its reportable segments Pepco, DPL, and ACE | Service Territories of Pepco, DPL, and ACE | ||||||||||||
Potomac Electric Power Company | Purchase and regulated retail sale of electricity | District of Columbia, and major portions of Montgomery and Prince George’s Counties, Maryland | ||||||||||||
Transmission and distribution of electricity to retail customers | ||||||||||||||
Delmarva Power & Light Company | Purchase and regulated retail sale of electricity and natural gas | Portions of Delaware and Maryland (electricity) | ||||||||||||
Transmission and distribution of electricity and distribution of natural gas to retail customers | Portions of New Castle County, Delaware (natural gas) | |||||||||||||
Atlantic City Electric Company | Purchase and regulated retail sale of electricity | Portions of Southern New Jersey | ||||||||||||
Transmission and distribution of electricity to retail customers |
Nine Months Ended September 30, | |||||||||||
2022 | |||||||||||
Operating revenues | |||||||||||
Competitive business revenues | $ | 1,855 | |||||||||
Competitive business revenues from affiliates | 161 | ||||||||||
Total operating revenues | 2,016 | ||||||||||
Operating expenses | |||||||||||
Competitive businesses purchased power and fuel | 1,138 | ||||||||||
Operating and maintenance(a) | 371 | ||||||||||
Depreciation and amortization | 94 | ||||||||||
Taxes other than income taxes | 44 | ||||||||||
Total operating expenses | 1,647 | ||||||||||
Gain on sales of assets and businesses | 10 | ||||||||||
Operating income | 379 | ||||||||||
Other income and (deductions) | |||||||||||
Interest expense, net | (20) | ||||||||||
Other, net | (281) | ||||||||||
Total other income and (deductions) | (301) | ||||||||||
Income before income taxes | 78 | ||||||||||
Income taxes | (40) | ||||||||||
Equity in losses of unconsolidated affiliates | (1) | ||||||||||
Net income | 117 | ||||||||||
Net income attributable to noncontrolling interests | 1 | ||||||||||
Net income from discontinued operations | $ | 116 |
Nine Months Ended September 30, | |||||
2022 | |||||
Non-cash items included in net income from discontinued operations: | |||||
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization | $ | 207 | |||
Loss on sales of assets and businesses | 9 | ||||
Deferred income taxes and amortization of investment tax credits | (143) | ||||
Net fair value changes related to derivatives | (59) | ||||
Net realized and unrealized losses on NDT fund investments | 205 | ||||
Net unrealized losses on equity investments | 16 | ||||
Other decommissioning-related activity | 36 | ||||
Cash flows from investing activities: | |||||
Capital expenditures | (227) | ||||
Collection of DPP | 169 | ||||
Supplemental cash flow information: | |||||
Decrease in capital expenditures not paid | (128) | ||||
Increase in DPP | 348 | ||||
Increase in PP&E related to ARO update | 335 | ||||
Registrant/Jurisdiction | Filing Date | Service | Requested Revenue Requirement Increase | Approved Revenue Requirement Increase | Approved ROE | Approval Date | Rate Effective Date | |||||||||||||||||||||||||||||||||||||
ComEd - Illinois(a) | April 15, 2022 | Electric | $ | 199 | $ | 199 | 7.85 | % | November 17, 2022 | January 1, 2023 | ||||||||||||||||||||||||||||||||||
PECO - Pennsylvania | March 31, 2022 | Natural Gas | 82 | 55 | N/A(b) | October 27, 2022 | January 1, 2023 | |||||||||||||||||||||||||||||||||||||
BGE - Maryland(c) | May 15, 2020 (amended September 11, 2020) | Electric | 203 | 140 | 9.50 | % | December 16, 2020 | January 1, 2021 | ||||||||||||||||||||||||||||||||||||
Natural Gas | 108 | 74 | 9.65 | % | ||||||||||||||||||||||||||||||||||||||||
Pepco - Maryland(d) | October 26, 2020 (amended March 31, 2021) | Electric | 104 | 52 | 9.55 | % | June 28, 2021 | June 28, 2021 | ||||||||||||||||||||||||||||||||||||
DPL - Maryland(e) | May 19, 2022 | Electric | 38 | 29 | 9.60 | % | December 14, 2022 | January 1, 2023 | ||||||||||||||||||||||||||||||||||||
Registrant/Jurisdiction | Filing Date | Service | Requested Revenue Requirement Increase | Requested ROE | Expected Approval Timing | |||||||||||||||||||||||||||
ComEd - Illinois(a) | January 17, 2023 | Electric | $ | 1,487 | 10.50% to 10.65% | Fourth quarter of 2023 | ||||||||||||||||||||||||||
ComEd - Illinois(b) | April 21, 2023 | Electric | 247 | 8.91% | Fourth quarter of 2023 | |||||||||||||||||||||||||||
BGE - Maryland(c) | February 17, 2023 | Electric | 313 | 10.40% | Fourth quarter of 2023 | |||||||||||||||||||||||||||
Natural Gas | 289 | 10.40% | ||||||||||||||||||||||||||||||
Pepco - District of Columbia(d) | April 13, 2023 | Electric | 191 | 10.50% | Second quarter of 2024 | |||||||||||||||||||||||||||
Pepco - Maryland(e) | May 16, 2023 | Electric | 214 | 10.50% | Second quarter of 2024 | |||||||||||||||||||||||||||
DPL - Delaware(f) | December 15, 2022 (amended September 29, 2023) | Electric | 39 | 10.50% | Second quarter of 2024 | |||||||||||||||||||||||||||
ACE - New Jersey(g) | February 15, 2023 (amended August 21, 2023) | Electric | 92 | 10.50% | Fourth quarter of 2023 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||||||
Successor | Successor | ||||||||||||||||||||||||||||||||||
Exelon(a) | Generation | PHI (a) | ACE | Exelon(a)(b) | Generation | BGE | PHI (a) | ACE | |||||||||||||||||||||||||||
Current assets | $ | 657 | $ | 644 | $ | 13 | $ | 9 | $ | 954 | $ | 916 | $ | 23 | $ | 14 | $ | 9 | |||||||||||||||||
Noncurrent assets | 9,252 | 9,222 | 30 | 22 | 8,563 | 8,525 | 3 | 35 | 23 | ||||||||||||||||||||||||||
Total assets | $ | 9,909 | $ | 9,866 | $ | 43 | $ | 31 | $ | 9,517 | $ | 9,441 | $ | 26 | $ | 49 | $ | 32 | |||||||||||||||||
Current liabilities | $ | 404 | $ | 367 | $ | 37 | $ | 33 | $ | 885 | $ | 802 | $ | 42 | $ | 42 | $ | 37 | |||||||||||||||||
Noncurrent liabilities | 3,290 | 3,215 | 75 | 67 | 2,713 | 2,612 | — | 101 | 89 | ||||||||||||||||||||||||||
Total liabilities | $ | 3,694 | $ | 3,582 | $ | 112 | $ | 100 | $ | 3,598 | $ | 3,414 | $ | 42 | $ | 143 | $ | 126 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||||||
Successor | Successor | ||||||||||||||||||||||||||||||||||
Exelon (a) | Generation | PHI (a) | ACE | Exelon(a)(b) | Generation | BGE | PHI (a) | ACE | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 130 | $ | 130 | $ | — | $ | — | $ | 150 | $ | 150 | $ | — | $ | — | $ | — | |||||||||||||||||
Restricted cash | 85 | 76 | 9 | 9 | 59 | 27 | 23 | 9 | 9 | ||||||||||||||||||||||||||
Accounts receivable, net | |||||||||||||||||||||||||||||||||||
Customer | 139 | 139 | — | — | 371 | 371 | — | — | — | ||||||||||||||||||||||||||
Other | 25 | 25 | — | — | 48 | 48 | — | — | — | ||||||||||||||||||||||||||
Mark-to-market derivatives assets | — | — | — | — | 31 | 31 | — | — | — | ||||||||||||||||||||||||||
Inventory | |||||||||||||||||||||||||||||||||||
Materials and supplies | 196 | 196 | — | — | 199 | 199 | — | — | — | ||||||||||||||||||||||||||
Other current assets | 56 | 52 | 4 | — | 50 | 44 | — | 5 | — | ||||||||||||||||||||||||||
Total current assets | 631 | 618 | 13 | 9 | 908 | 870 | 23 | 14 | 9 | ||||||||||||||||||||||||||
Property, plant and equipment, net | 6,213 | 6,213 | — | — | 5,415 | 5,415 | — | — | — | ||||||||||||||||||||||||||
Nuclear decommissioning trust funds | 2,415 | 2,415 | — | — | 2,185 | 2,185 | — | — | — | ||||||||||||||||||||||||||
Goodwill | — | — | — | — | 47 | 47 | — | — | — | ||||||||||||||||||||||||||
Mark-to-market derivative assets | — | — | — | — | 23 | 23 | — | — | — | ||||||||||||||||||||||||||
Other noncurrent assets | 261 | 231 | 30 | 22 | 315 | 277 | 3 | 35 | 23 | ||||||||||||||||||||||||||
Total noncurrent assets | 8,889 | 8,859 | 30 | 22 | 7,985 | 7,947 | 3 | 35 | 23 | ||||||||||||||||||||||||||
Total assets | $ | 9,520 | $ | 9,477 | $ | 43 | $ | 31 | $ | 8,893 | $ | 8,817 | $ | 26 | $ | 49 | $ | 32 | |||||||||||||||||
Long-term debt due within one year | $ | 182 | $ | 146 | $ | 36 | $ | 32 | $ | 181 | $ | 99 | $ | 41 | $ | 40 | $ | 35 | |||||||||||||||||
Accounts payable | 104 | 104 | — | — | 269 | 269 | — | — | — | ||||||||||||||||||||||||||
Accrued expenses | 90 | 89 | 1 | 1 | 119 | 116 | 1 | 2 | 2 | ||||||||||||||||||||||||||
Mark-to-market derivative liabilities | — | — | — | — | 60 | 60 | — | — | — | ||||||||||||||||||||||||||
Unamortized energy contract liabilities | 17 | 17 | — | — | 15 | 15 | — | — | — | ||||||||||||||||||||||||||
Other current liabilities | 11 | 11 | — | — | 30 | 30 | — | — | — | ||||||||||||||||||||||||||
Total current liabilities | 404 | 367 | 37 | 33 | 674 | 589 | 42 | 42 | 37 | ||||||||||||||||||||||||||
Long-term debt | 1,172 | 1,097 | 75 | 67 | 641 | 540 | — | 101 | 89 | ||||||||||||||||||||||||||
Asset retirement obligations | 2,009 | 2,009 | — | — | 1,904 | 1,904 | — | — | — | ||||||||||||||||||||||||||
Pension obligation(c) | — | — | — | — | 9 | 9 | — | — | — | ||||||||||||||||||||||||||
Unamortized energy contract liabilities | 9 | 9 | — | — | 22 | 22 | — | — | — | ||||||||||||||||||||||||||
Other noncurrent liabilities | 94 | 94 | — | — | 106 | 106 | — | — | — | ||||||||||||||||||||||||||
Total noncurrent liabilities | 3,284 | 3,209 | 75 | 67 | 2,682 | 2,581 | — | 101 | 89 | ||||||||||||||||||||||||||
Total liabilities | $ | 3,688 | $ | 3,576 | $ | 112 | $ | 100 | $ | 3,356 | $ | 3,170 | $ | 42 | $ | 143 | $ | 126 |
September 30, 2017 | Commercial Agreement VIEs | Equity Investment VIEs | Total | ||||||||
Total assets(a) | $ | 635 | $ | 519 | $ | 1,154 | |||||
Total liabilities(a) | 39 | 229 | 268 | ||||||||
Exelon's ownership interest in VIE(a) | — | 259 | 259 | ||||||||
Other ownership interests in VIE(a) | 596 | 31 | 627 | ||||||||
Registrants’ maximum exposure to loss: | |||||||||||
Carrying amount of equity method investments | — | 259 | 259 | ||||||||
Contract intangible asset | 9 | — | 9 | ||||||||
Debt and payment guarantees | — | — | — | ||||||||
Net assets pledged for Zion Station decommissioning(b) | 4 | — | 4 |
December 31, 2016 | Commercial Agreement VIEs | Equity Investment VIEs | Total | ||||||||
Total assets(a) | $ | 638 | $ | 567 | $ | 1,205 | |||||
Total liabilities(a) | 215 | 287 | 502 | ||||||||
Exelon's ownership interest in VIE(a) | — | 248 | 248 | ||||||||
Other ownership interests in VIE(a) | 423 | 32 | 455 | ||||||||
Registrants’ maximum exposure to loss: | |||||||||||
Carrying amount of equity method investments | — | 264 | 264 | ||||||||
Contract intangible asset | 9 | — | 9 | ||||||||
Debt and payment guarantees | — | 3 | 3 | ||||||||
Net assets pledged for Zion Station decommissioning(b) | 9 | — | 9 |
Cash paid for purchase price | $ | 110 | ||
Cash paid for net cost reimbursement | 125 | |||
Nuclear fuel transfer | 54 | |||
Total consideration transferred | $ | 289 | ||
Identifiable assets acquired and liabilities assumed | ||||
Current assets | $ | 60 | ||
Property, plant and equipment | 298 | |||
Nuclear decommissioning trust funds | 807 | |||
Other assets(a) | 114 | |||
Total assets | $ | 1,279 | ||
Current liabilities | $ | 6 | ||
Nuclear decommissioning ARO | 444 | |||
Pension and OPEB obligations | 33 | |||
Deferred income taxes | 149 | |||
Spent nuclear fuel obligation | 110 | |||
Other liabilities | 15 | |||
Total liabilities | $ | 757 | ||
Total net identifiable assets, at fair value | $ | 522 | ||
Bargain purchase gain (after-tax) | $ | 233 |
Total consideration transferred | $ | 257 | ||
Identifiable assets acquired and liabilities assumed | ||||
Working capital assets | $ | 204 | ||
Property, plant and equipment | 2 | |||
Mark-to-market derivative assets | 6 | |||
Unamortized energy contract assets | 100 | |||
Customer relationships | 9 | |||
Other assets | 1 | |||
Total assets | $ | 322 | ||
Mark-to-market derivative liabilities | $ | 65 | ||
Total liabilities | $ | 65 | ||
Total net identifiable assets, at fair value | $ | 257 |
Expected Payment Period | Successor | ||||||||||||||||||||
Description | Pepco | DPL | ACE | PHI | Exelon | ||||||||||||||||
Rate credits | 2016 - 2017 | $ | 91 | $ | 67 | $ | 101 | $ | 259 | $ | 259 | ||||||||||
Energy efficiency | 2016 - 2021 | — | — | — | — | 122 | |||||||||||||||
Charitable contributions | 2016 - 2026 | 28 | 12 | 10 | 50 | 50 | |||||||||||||||
Delivery system modernization | Q2 2017 | — | — | — | — | 22 | |||||||||||||||
Green sustainability fund | Q2 2017 | — | — | — | — | 14 | |||||||||||||||
Workforce development | 2016 - 2020 | — | — | — | — | 17 | |||||||||||||||
Other | 1 | 5 | — | 6 | 29 | ||||||||||||||||
Total | $ | 120 | $ | 84 | $ | 111 | $ | 315 | $ | 513 |
(In millions of dollars, except per share data) | Total Consideration | ||
Cash paid to PHI shareholders at $27.25 per share (254 million shares outstanding at March 23, 2016) | $ | 6,933 | |
Cash paid for PHI preferred stock | 180 | ||
Cash paid for PHI stock-based compensation equity awards(a) | 29 | ||
Total purchase price | $ | 7,142 |
Purchase Price Allocation(a) | |||
Current assets | $ | 1,441 | |
Property, plant and equipment | 11,088 | ||
Regulatory assets | 5,015 | ||
Other assets | 248 | ||
Goodwill | 4,005 | ||
Total assets | $ | 21,797 | |
Current liabilities | $ | 2,752 | |
Unamortized energy contracts | 1,515 | ||
Regulatory liabilities | 297 | ||
Long-term debt, including current maturities | 5,636 | ||
Deferred income taxes | 3,447 | ||
Pension and OPEB obligations | 821 | ||
Other liabilities | 187 | ||
Total liabilities | $ | 14,655 | |
Total purchase price | $ | 7,142 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating revenues | $ | 1,347 | $ | 1,437 | $ | 3,679 | $ | 2,656 | |||||||
Net income (loss) | 176 | 169 | 382 | (92 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Acquisition, Integration and Financing Costs(a) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Exelon | $ | (8 | ) | $ | 20 | $ | 10 | $ | 123 | ||||||
Generation | 5 | 9 | 18 | 29 | |||||||||||
ComEd(b) | — | — | 1 | (6 | ) | ||||||||||
PECO | 1 | 1 | 3 | 3 | |||||||||||
BGE(c) | 1 | 1 | 3 | (3 | ) | ||||||||||
Pepco(d) | (8 | ) | 3 | (6 | ) | 26 | |||||||||
DPL(e) | 1 | 2 | (6 | ) | 18 | ||||||||||
ACE(f) | (8 | ) | 2 | (6 | ) | 17 |
Successor | Predecessor | |||||||||||||||||||
Acquisition, Integration and Financing Costs(a) | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | |||||||||||||||
PHI(g) | $ | (15 | ) | $ | 7 | $ | (17 | ) | $ | 63 | $ | 29 |
Three Months Ended September 30, | Nine Months Ended September 30, | Year Ended December 31, | |||||||||
2016(a) | 2016(a) | 2016(b) | |||||||||
Total operating revenues | $ | 9,002 | $ | 24,468 | $ | 32,342 | |||||
Net income attributable to common shareholders | 501 | 1,346 | 1,562 | ||||||||
Basic earnings per share | $ | 0.54 | $ | 1.46 | $ | 1.69 | |||||
Diluted earnings per share | 0.54 | 1.45 | 1.69 |
Registrant(a) | Initial Revenue Requirement Increase | Annual Reconciliation Increase (Decrease) | Total Revenue Requirement Increase | Allowed Return on Rate Base(b) | Allowed ROE(c) | |||||||||||||||||||||||||||
ComEd | $ | 20 | $ | 63 | $ | 83 | 8.09 | % | 11.50 | % | ||||||||||||||||||||||
PECO | 24 | 23 | 47 | 7.41 | % | 10.35 | % | |||||||||||||||||||||||||
BGE | 19 | (12) | 4 | (d) | 7.34 | % | 10.50 | % | ||||||||||||||||||||||||
Pepco | 37 | (5) | 32 | 7.57 | % | 10.50 | % | |||||||||||||||||||||||||
DPL | 32 | (3) | 29 | 7.08 | % | 10.50 | % | |||||||||||||||||||||||||
ACE | 41 | (12) | 29 | 7.08 | % | 10.50 | % |
Initial Revenue Requirement Increase | Annual Reconciliation Increase | Total Revenue Requirement Increase | Requested Return on Rate Base(a) | Requested ROE | ||||||||||||||||||||||
$ | 87 | $ | 31 | $ | 118 | 6.48 | % | 8.91 | % |
2017 | |||||||||||||||||||
Annual Transmission Filings(a) | ComEd | BGE | Pepco | DPL | ACE | ||||||||||||||
Initial revenue requirement increase | $ | 44 | $ | 31 | $ | 5 | $ | 6 | $ | 20 | |||||||||
Annual reconciliation (decrease) increase | (33 | ) | 3 | 15 | 8 | 22 | |||||||||||||
Dedicated facilities decrease(b) | — | (8 | ) | — | — | — | |||||||||||||
Total revenue requirement increase | $ | 11 | $ | 26 | $ | 20 | $ | 14 | $ | 42 | |||||||||
Allowed return on rate base(c) | 8.43 | % | 7.47 | % | 7.92 | % | 7.16 | % | 8.02 | % | |||||||||
Allowed ROE(d) | 11.50 | % | 10.50 | % | 10.50 | % | 10.50 | % | 10.50 | % |
Successor | |||||||||||||||||||||||||||||||
September 30, 2017 | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||
Regulatory assets | |||||||||||||||||||||||||||||||
Pension and other postretirement benefits(a) | $ | 4,020 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Deferred income taxes(b) | 2,423 | 347 | 1,678 | 100 | 298 | 195 | 45 | 58 | |||||||||||||||||||||||
AMI programs | 660 | 159 | 40 | 219 | 242 | 163 | 79 | — | |||||||||||||||||||||||
Under-recovered distribution service costs(c) | 256 | 256 | — | — | — | — | — | — | |||||||||||||||||||||||
Energy efficiency costs | 78 | 78 | — | — | — | — | — | — | |||||||||||||||||||||||
Debt costs | 120 | 38 | 1 | 12 | 75 | 16 | 8 | 5 | |||||||||||||||||||||||
Fair value of long-term debt | 773 | — | — | — | 632 | — | — | — | |||||||||||||||||||||||
Fair value of PHI's unamortized energy contracts | 830 | — | — | — | 830 | — | — | — | |||||||||||||||||||||||
Severance | 2 | — | — | 2 | — | — | — | — | |||||||||||||||||||||||
Asset retirement obligations | 108 | 73 | 22 | 13 | — | — | — | — | |||||||||||||||||||||||
MGP remediation costs | 300 | 277 | 23 | — | — | — | — | — | |||||||||||||||||||||||
Under-recovered uncollectible accounts | 70 | 60 | — | — | 10 | — | — | 10 | |||||||||||||||||||||||
Renewable energy | 277 | 277 | — | — | — | — | — | — | |||||||||||||||||||||||
Energy and transmission programs (d)(e)(f)(g)(h)(i) | 65 | 3 | — | 26 | 36 | 6 | 9 | 21 | |||||||||||||||||||||||
Deferred storm costs | 31 | — | — | — | 31 | 9 | 5 | 17 | |||||||||||||||||||||||
Electric generation-related regulatory asset | 3 | — | — | 3 | — | — | — | — | |||||||||||||||||||||||
Energy efficiency and demand response programs | 599 | — | 1 | 284 | 314 | 233 | 81 | — | |||||||||||||||||||||||
Merger integration costs(j)(k)(l)(m) | 47 | — | — | 7 | 40 | 20 | 11 | 9 | |||||||||||||||||||||||
Under-recovered revenue decoupling(n) | 72 | — | — | 34 | 38 | 33 | 5 | — | |||||||||||||||||||||||
COPCO acquisition adjustment | 6 | — | — | — | 6 | — | 6 | — | |||||||||||||||||||||||
Workers compensation and long-term disability cost | 33 | — | — | — | 33 | 33 | — | — | |||||||||||||||||||||||
Vacation accrual | 38 | — | 14 | — | 24 | — | 14 | 10 | |||||||||||||||||||||||
Securitized stranded costs | 93 | — | — | — | 93 | — | — | 93 | |||||||||||||||||||||||
CAP arrearage | 9 | — | 9 | — | — | — | — | — | |||||||||||||||||||||||
Removal costs | 518 | — | — | — | 518 | 144 | 98 | 277 | |||||||||||||||||||||||
Other | 71 | 6 | 21 | 5 | 40 | 28 | 8 | 4 | |||||||||||||||||||||||
Total regulatory assets | 11,502 | 1,574 | 1,809 | 705 | 3,260 | 880 | 369 | 504 | |||||||||||||||||||||||
Less: current portion | 1,264 | 187 | 36 | 208 | 568 | 181 | 69 | 87 | |||||||||||||||||||||||
Total noncurrent regulatory assets | $ | 10,238 | $ | 1,387 | $ | 1,773 | $ | 497 | $ | 2,692 | $ | 699 | $ | 300 | $ | 417 |
Successor | |||||||||||||||||||||||||||||||
September 30, 2017 | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||
Regulatory liabilities | |||||||||||||||||||||||||||||||
Other postretirement benefits | $ | 41 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Nuclear decommissioning | 2,971 | 2,438 | 533 | — | — | — | — | — | |||||||||||||||||||||||
Removal costs | 1,588 | 1,337 | — | 119 | 132 | 22 | 110 | — | |||||||||||||||||||||||
Deferred rent | 37 | — | — | — | 37 | — | — | — | |||||||||||||||||||||||
Energy efficiency and demand response programs | 62 | 33 | 29 | — | — | — | — | — | |||||||||||||||||||||||
DLC program costs | 8 | — | 8 | — | — | — | — | — | |||||||||||||||||||||||
Electric distribution tax repairs | 50 | — | 50 | — | — | — | — | — | |||||||||||||||||||||||
Gas distribution tax repairs | 14 | — | 14 | — | — | — | — | — | |||||||||||||||||||||||
Energy and transmission programs (d)(e)(f)(g)(h)(i) | 139 | 54 | 68 | — | 17 | 3 | 9 | 5 | |||||||||||||||||||||||
Renewable portfolio standards costs | 46 | 46 | — | — | — | — | — | — | |||||||||||||||||||||||
Zero emission credit costs | 71 | 71 | — | — | — | — | — | — | |||||||||||||||||||||||
Other | 75 | 5 | 17 | 28 | 25 | 1 | 9 | 13 | |||||||||||||||||||||||
Total regulatory liabilities | 5,102 | 3,984 | 719 | 147 | 211 | 26 | 128 | 18 | |||||||||||||||||||||||
Less: current portion | 553 | 249 | 159 | 63 | 65 | 5 | 42 | 18 | |||||||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 4,549 | $ | 3,735 | $ | 560 | $ | 84 | $ | 146 | $ | 21 | $ | 86 | $ | — |
Successor | |||||||||||||||||||||||||||||||
December 31, 2016 | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||
Regulatory assets | |||||||||||||||||||||||||||||||
Pension and other postretirement benefits (a) | $ | 4,162 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Deferred income taxes (b) | 2,016 | 75 | 1,583 | 98 | 260 | 171 | 38 | 51 | |||||||||||||||||||||||
AMI programs | 701 | 164 | 49 | 230 | 258 | 174 | 84 | — | |||||||||||||||||||||||
Under-recovered distribution service costs (c) | 188 | 188 | — | — | — | — | — | — | |||||||||||||||||||||||
Debt costs | 124 | 42 | 1 | 7 | 81 | 17 | 9 | 6 | |||||||||||||||||||||||
Fair value of long-term debt | 812 | — | — | — | 671 | — | — | — | |||||||||||||||||||||||
Fair value of PHI's unamortized energy contracts | 1,085 | — | — | — | 1,085 | — | — | — | |||||||||||||||||||||||
Severance | 5 | — | — | 5 | — | — | — | — | |||||||||||||||||||||||
Asset retirement obligations | 111 | 76 | 23 | 12 | — | — | — | — | |||||||||||||||||||||||
MGP remediation costs | 305 | 278 | 26 | 1 | — | — | — | — | |||||||||||||||||||||||
Under-recovered uncollectible accounts | 56 | 56 | — | — | — | — | — | — | |||||||||||||||||||||||
Renewable energy | 260 | 258 | — | — | 2 | — | — | 2 | |||||||||||||||||||||||
Energy and transmission programs (d)(e)(f)(g)(h)(i) | 89 | 23 | — | 38 | 28 | 6 | 5 | 17 | |||||||||||||||||||||||
Deferred storm costs | 36 | — | — | 1 | 35 | 12 | 5 | 18 | |||||||||||||||||||||||
Electric generation-related regulatory asset | 10 | — | — | 10 | — | — | — | — | |||||||||||||||||||||||
Rate stabilization deferral | 7 | — | — | 7 | — | — | — | — | |||||||||||||||||||||||
Energy efficiency and demand response programs | 621 | — | 1 | 285 | 335 | 250 | 85 | — | |||||||||||||||||||||||
Merger integration costs(j)(k)(l)(m) | 25 | — | — | 10 | 15 | 11 | 4 | — | |||||||||||||||||||||||
Under-recovered revenue decoupling(n) | 27 | — | — | 3 | 24 | 21 | 3 | — | |||||||||||||||||||||||
COPCO acquisition adjustment | 8 | — | — | — | 8 | — | 8 | — | |||||||||||||||||||||||
Workers compensation and long-term disability costs | 34 | — | — | — | 34 | 34 | — | — | |||||||||||||||||||||||
Vacation accrual | 31 | — | 7 | — | 24 | — | 14 | 10 | |||||||||||||||||||||||
Securitized stranded costs | 138 | — | — | — | 138 | — | — | 138 | |||||||||||||||||||||||
CAP arrearage | 11 | — | 11 | — | — | — | — | — | |||||||||||||||||||||||
Removal costs | 477 | — | — | — | 477 | 134 | 88 | 255 | |||||||||||||||||||||||
Other | 49 | 7 | 9 | 5 | 29 | 22 | 5 | 4 | |||||||||||||||||||||||
Total regulatory assets | 11,388 | 1,167 | 1,710 | 712 | 3,504 | 852 | 348 | 501 | |||||||||||||||||||||||
Less: current portion | 1,342 | 190 | 29 | 208 | 653 | 162 | 59 | 96 | |||||||||||||||||||||||
Total noncurrent regulatory assets | $ | 10,046 | $ | 977 | $ | 1,681 | $ | 504 | $ | 2,851 | $ | 690 | $ | 289 | $ | 405 |
Successor | |||||||||||||||||||||||||||||||
December 31, 2016 | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||
Regulatory liabilities | |||||||||||||||||||||||||||||||
Other postretirement benefits | $ | 47 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Nuclear decommissioning | 2,607 | 2,169 | 438 | — | — | — | — | — | |||||||||||||||||||||||
Removal costs | 1,601 | 1,324 | — | 141 | 136 | 18 | 118 | — | |||||||||||||||||||||||
Deferred rent | 39 | — | — | — | 39 | — | — | — | |||||||||||||||||||||||
Energy efficiency and demand response programs | 185 | 141 | 41 | — | 3 | 3 | — | — | |||||||||||||||||||||||
DLC program costs | 8 | — | 8 | — | — | — | — | — | |||||||||||||||||||||||
Electric distribution tax repairs | 76 | — | 76 | — | — | — | — | — | |||||||||||||||||||||||
Gas distribution tax repairs | 20 | — | 20 | — | — | — | — | — | |||||||||||||||||||||||
Energy and transmission programs (d)(e)(f)(g)(h)(i) | 134 | 60 | 56 | — | 18 | 8 | 5 | 5 | |||||||||||||||||||||||
Other | 72 | 4 | 5 | 19 | 41 | 2 | 17 | 20 | |||||||||||||||||||||||
Total regulatory liabilities | 4,789 | 3,698 | 644 | 160 | 237 | 31 | 140 | 25 | |||||||||||||||||||||||
Less: current portion | 602 | 329 | 127 | 50 | 79 | 11 | 43 | 25 | |||||||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 4,187 | $ | 3,369 | $ | 517 | $ | 110 | $ | 158 | $ | 20 | $ | 97 | $ | — |
Exelon | ComEd(a) | PECO | BGE(b) | PHI | Pepco(c) | DPL(c) | ACE | ||||||||||||||||||||||||
September 30, 2017 | $ | 71 | $ | 7 | $ | — | $ | 54 | $ | 10 | $ | 6 | $ | 4 | $ | — | |||||||||||||||
Exelon | ComEd(a) | PECO | BGE(b) | PHI | Pepco(c) | DPL(c) | ACE | ||||||||||||||||||||||||
December 31, 2016 | $ | 72 | $ | 5 | $ | — | $ | 57 | $ | 10 | $ | 6 | $ | 4 | $ | — |
Exelon | ComEd(a) | BGE(b) | PHI | Pepco(c) | DPL(c) | ACE(b) | |||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | $ | 81 | $ | 25 | $ | 21 | $ | 35 | $ | 27 | $ | 1 | $ | 7 | |||||||||||||||||||||||||||||||||
December 31, 2022 | 57 | 8 | 28 | 21 | 18 | 2 | 1 |
Exelon(a) | PHI(a) | Pepco(a) | DPL | ACE(a) | ||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 101 | $ | 101 | $ | 81 | $ | 10 | $ | 10 | ||||||||||||||||||||||
Revenues recognized | (1) | (1) | (1) | — | — | |||||||||||||||||||||||||||
Balance at March 31, 2023 | 100 | 100 | 80 | 10 | 10 | |||||||||||||||||||||||||||
Revenues recognized | (2) | (2) | (2) | — | — | |||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | 98 | $ | 98 | $ | 78 | $ | 10 | $ | 10 | ||||||||||||||||||||||
Revenues recognized | (2) | (2) | (1) | — | (1) | |||||||||||||||||||||||||||
Balance as of September 30, 2023 | $ | 96 | $ | 96 | $ | 77 | $ | 10 | $ | 9 | ||||||||||||||||||||||
Exelon(a) | PHI(a) | Pepco(a) | DPL(a) | ACE(a) | ||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 109 | $ | 109 | $ | 87 | $ | 11 | $ | 11 | ||||||||||||||||||||||
Revenues recognized | (2) | (2) | (2) | — | — | |||||||||||||||||||||||||||
Balance at March 31, 2022 | 107 | 107 | 85 | 11 | 11 | |||||||||||||||||||||||||||
Revenues recognized | (2) | (2) | (1) | — | (1) | |||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 105 | $ | 105 | $ | 84 | $ | 11 | $ | 10 | ||||||||||||||||||||||
Revenues recognized | (2) | (2) | (1) | (1) | — | |||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | 103 | $ | 103 | $ | 83 | $ | 10 | $ | 10 |
Year | Exelon | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||
2023 | $ | 2 | $ | 2 | $ | 2 | $ | — | $ | 1 | |||||||||||||||||||
2024 | 6 | 6 | 5 | — | — | ||||||||||||||||||||||||
2025 | 5 | 5 | 5 | — | — | ||||||||||||||||||||||||
2026 | 5 | 5 | 5 | — | — | ||||||||||||||||||||||||
2027 and thereafter | 78 | 78 | 60 | 10 | 8 | ||||||||||||||||||||||||
Total | $ | 96 | $ | 96 | $ | 77 | $ | 10 | $ | 9 |
ComEd | PECO | BGE | PHI | Other(a) | Intersegment Eliminations | Exelon | |||||||||||||||||||||||||||||||||||
Operating revenues(b): | |||||||||||||||||||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||||||||||||||
Electric revenues | $ | 2,268 | $ | 970 | $ | 836 | $ | 1,747 | $ | — | $ | (28) | $ | 5,793 | |||||||||||||||||||||||||||
Natural gas revenues | — | 67 | 96 | 24 | — | — | 187 | ||||||||||||||||||||||||||||||||||
Shared service and other revenues | — | — | — | 2 | 445 | (447) | — | ||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 2,268 | $ | 1,037 | $ | 932 | $ | 1,773 | $ | 445 | $ | (475) | $ | 5,980 | |||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
Electric revenues | $ | 1,378 | $ | 941 | $ | 757 | $ | 1,557 | $ | — | $ | (12) | $ | 4,621 | |||||||||||||||||||||||||||
Natural gas revenues | — | 73 | 113 | 38 | — | — | 224 | ||||||||||||||||||||||||||||||||||
Shared service and other revenues | — | — | — | 3 | 381 | (384) | — | ||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 1,378 | $ | 1,014 | $ | 870 | $ | 1,598 | $ | 381 | $ | (396) | $ | 4,845 | |||||||||||||||||||||||||||
Intersegment revenues(c): | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 9 | $ | 2 | $ | 2 | $ | 2 | $ | 443 | $ | (458) | $ | — | |||||||||||||||||||||||||||
2022 | 6 | 3 | 3 | 3 | 378 | (393) | — | ||||||||||||||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 357 | $ | 100 | $ | 161 | $ | 257 | $ | 15 | $ | — | $ | 890 | |||||||||||||||||||||||||||
2022 | 333 | 92 | 148 | 238 | 14 | — | 825 | ||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 1,738 | $ | 847 | $ | 835 | $ | 1,440 | $ | 475 | $ | (478) | $ | 4,857 | |||||||||||||||||||||||||||
2022 | 913 | 798 | 810 | 1,254 | 439 | (380) | 3,834 | ||||||||||||||||||||||||||||||||||
Interest expense, net: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 119 | $ | 52 | $ | 47 | $ | 80 | $ | 139 | $ | — | $ | 437 | |||||||||||||||||||||||||||
2022 | 104 | 45 | 39 | 72 | 105 | — | 365 | ||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 427 | $ | 149 | $ | 56 | $ | 281 | $ | (130) | $ | (16) | $ | 767 | |||||||||||||||||||||||||||
2022 | 375 | 179 | 26 | 291 | (103) | — | 768 | ||||||||||||||||||||||||||||||||||
Income Taxes: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 94 | $ | 3 | $ | 11 | $ | 49 | $ | (90) | $ | — | $ | 67 | |||||||||||||||||||||||||||
2022 | 84 | 44 | (7) | 2 | (31) | — | 92 | ||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 333 | $ | 146 | $ | 45 | $ | 232 | $ | (41) | $ | (15) | $ | 700 | |||||||||||||||||||||||||||
2022 | 291 | 135 | 33 | 289 | (71) | (1) | 676 | ||||||||||||||||||||||||||||||||||
Capital Expenditures: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 664 | $ | 361 | $ | 330 | $ | 488 | $ | 12 | $ | — | $ | 1,855 | |||||||||||||||||||||||||||
2022 | 593 | 333 | 340 | 398 | 8 | — | 1,672 | ||||||||||||||||||||||||||||||||||
Pepco | DPL | ACE | Other(a) | Intersegment Eliminations | PHI | ||||||||||||||||||||||||||||||
Operating revenues(b): | |||||||||||||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||||||||
Electric revenues | $ | 822 | $ | 426 | $ | 502 | $ | — | $ | (3) | $ | 1,747 | |||||||||||||||||||||||
Natural gas revenues | — | 24 | — | — | — | 24 | |||||||||||||||||||||||||||||
Shared service and other revenues | — | — | — | 103 | (101) | 2 | |||||||||||||||||||||||||||||
Total operating revenues | $ | 822 | $ | 450 | $ | 502 | $ | 103 | $ | (104) | $ | 1,773 | |||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||
Electric revenues | $ | 724 | $ | 374 | $ | 462 | $ | — | $ | (3) | $ | 1,557 | |||||||||||||||||||||||
Natural gas revenues | — | 38 | — | — | — | 38 | |||||||||||||||||||||||||||||
Shared service and other revenues | — | — | — | 94 | (91) | 3 | |||||||||||||||||||||||||||||
Total operating revenues | $ | 724 | $ | 412 | $ | 462 | $ | 94 | $ | (94) | $ | 1,598 | |||||||||||||||||||||||
Intersegment revenues(c): | |||||||||||||||||||||||||||||||||||
2023 | $ | 1 | $ | 2 | $ | — | $ | 103 | $ | (104) | $ | 2 | |||||||||||||||||||||||
2022 | 2 | 1 | — | 94 | (94) | 3 | |||||||||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||||||||
2023 | $ | 112 | $ | 62 | $ | 77 | $ | 6 | $ | — | $ | 257 | |||||||||||||||||||||||
2022 | 99 | 59 | 74 | 6 | — | 238 | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
2023 | $ | 658 | $ | 386 | $ | 394 | $ | 105 | $ | (103) | $ | 1,440 | |||||||||||||||||||||||
2022 | 555 | 345 | 353 | 96 | (95) | 1,254 | |||||||||||||||||||||||||||||
Interest expense, net: | |||||||||||||||||||||||||||||||||||
2023 | $ | 41 | $ | 18 | $ | 19 | $ | 3 | $ | (1) | $ | 80 | |||||||||||||||||||||||
2022 | 37 | 16 | 17 | 1 | 1 | 72 | |||||||||||||||||||||||||||||
Income (loss) before income taxes: | |||||||||||||||||||||||||||||||||||
2023 | $ | 141 | $ | 51 | $ | 94 | $ | (4) | $ | (1) | $ | 281 | |||||||||||||||||||||||
2022 | 146 | 54 | 95 | (4) | — | 291 | |||||||||||||||||||||||||||||
Income Taxes: | |||||||||||||||||||||||||||||||||||
2023 | $ | 21 | $ | 8 | $ | 23 | $ | (3) | $ | — | $ | 49 | |||||||||||||||||||||||
2022 | 1 | 2 | 1 | (2) | — | 2 | |||||||||||||||||||||||||||||
Net income (loss): | |||||||||||||||||||||||||||||||||||
2023 | $ | 120 | $ | 43 | $ | 71 | $ | (2) | $ | — | $ | 232 | |||||||||||||||||||||||
2022 | 145 | 52 | 94 | (2) | — | 289 | |||||||||||||||||||||||||||||
Capital Expenditures: | |||||||||||||||||||||||||||||||||||
2023 | $ | 227 | $ | 158 | $ | 101 | $ | 2 | $ | — | $ | 488 | |||||||||||||||||||||||
2022 | 193 | 100 | 105 | — | — | 398 | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||
Electric revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 1,047 | $ | 654 | $ | 512 | $ | 959 | $ | 405 | $ | 255 | $ | 299 | |||||||||||||||||||||||||||
Small commercial & industrial | 540 | 148 | 86 | 199 | 54 | 70 | 75 | ||||||||||||||||||||||||||||||||||
Large commercial & industrial | 263 | 67 | 144 | 386 | 303 | 32 | 51 | ||||||||||||||||||||||||||||||||||
Public authorities & electric railroads | 11 | 7 | 7 | 16 | 9 | 3 | 4 | ||||||||||||||||||||||||||||||||||
Other(a) | 265 | 80 | 104 | 201 | 67 | 67 | 68 | ||||||||||||||||||||||||||||||||||
Total electric revenues(b) | $ | 2,126 | $ | 956 | $ | 853 | $ | 1,761 | $ | 838 | $ | 427 | $ | 497 | |||||||||||||||||||||||||||
Natural gas revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | — | $ | 43 | $ | 57 | $ | 12 | $ | — | $ | 12 | $ | — | |||||||||||||||||||||||||||
Small commercial & industrial | — | 16 | 10 | 7 | — | 7 | — | ||||||||||||||||||||||||||||||||||
Large commercial & industrial | — | — | 25 | 1 | — | 1 | — | ||||||||||||||||||||||||||||||||||
Transportation | — | 7 | — | 3 | — | 3 | — | ||||||||||||||||||||||||||||||||||
Other(c) | — | 1 | 4 | 1 | — | 1 | — | ||||||||||||||||||||||||||||||||||
Total natural gas revenues(d) | $ | — | $ | 67 | $ | 96 | $ | 24 | $ | — | $ | 24 | $ | — | |||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | 2,126 | $ | 1,023 | $ | 949 | $ | 1,785 | $ | 838 | $ | 451 | $ | 497 | |||||||||||||||||||||||||||
Other revenues | |||||||||||||||||||||||||||||||||||||||||
Revenues from alternative revenue programs | $ | 135 | $ | 11 | $ | (22) | $ | (15) | $ | (18) | $ | (2) | $ | 5 | |||||||||||||||||||||||||||
Other electric revenues(e) | 7 | 3 | 4 | 3 | 2 | 1 | — | ||||||||||||||||||||||||||||||||||
Other natural gas revenues(e) | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total other revenues | $ | 142 | $ | 14 | $ | (17) | $ | (12) | $ | (16) | $ | (1) | $ | 5 | |||||||||||||||||||||||||||
Total revenues for reportable segments | $ | 2,268 | $ | 1,037 | $ | 932 | $ | 1,773 | $ | 822 | $ | 450 | $ | 502 |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||
Electric revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 935 | $ | 620 | $ | 406 | $ | 808 | $ | 318 | $ | 207 | $ | 283 | |||||||||||||||||||||||||||
Small commercial & industrial | 217 | 149 | 88 | 179 | 44 | 65 | 70 | ||||||||||||||||||||||||||||||||||
Large commercial & industrial | (117) | 93 | 158 | 401 | 303 | 43 | 55 | ||||||||||||||||||||||||||||||||||
Public authorities & electric railroads | 3 | 8 | 7 | 16 | 9 | 4 | 3 | ||||||||||||||||||||||||||||||||||
Other(a) | 246 | 71 | 101 | 166 | 57 | 55 | 54 | ||||||||||||||||||||||||||||||||||
Total electric revenues(b) | $ | 1,284 | $ | 941 | $ | 760 | $ | 1,570 | $ | 731 | $ | 374 | $ | 465 | |||||||||||||||||||||||||||
Natural gas revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | — | $ | 46 | $ | 70 | $ | 10 | $ | — | $ | 10 | $ | — | |||||||||||||||||||||||||||
Small commercial & industrial | — | 20 | 13 | 6 | — | 6 | — | ||||||||||||||||||||||||||||||||||
Large commercial & industrial | — | — | 28 | 3 | — | 3 | — | ||||||||||||||||||||||||||||||||||
Transportation | — | 5 | — | 3 | — | 3 | — | ||||||||||||||||||||||||||||||||||
Other(c) | — | 2 | 2 | 16 | — | 16 | — | ||||||||||||||||||||||||||||||||||
Total natural gas revenues(d) | $ | — | $ | 73 | $ | 113 | $ | 38 | $ | — | $ | 38 | $ | — | |||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | 1,284 | $ | 1,014 | $ | 873 | $ | 1,608 | $ | 731 | $ | 412 | $ | 465 | |||||||||||||||||||||||||||
Other revenues | |||||||||||||||||||||||||||||||||||||||||
Revenues from alternative revenue programs | $ | 88 | $ | (5) | $ | (8) | $ | (11) | $ | (8) | $ | — | $ | (3) | |||||||||||||||||||||||||||
Other electric revenues(e) | 6 | 5 | 4 | 1 | 1 | — | — | ||||||||||||||||||||||||||||||||||
Other natural gas revenues(e) | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total other revenues | $ | 94 | $ | — | $ | (3) | $ | (10) | $ | (7) | $ | — | $ | (3) | |||||||||||||||||||||||||||
Total revenues for reportable segments | $ | 1,378 | $ | 1,014 | $ | 870 | $ | 1,598 | $ | 724 | $ | 412 | $ | 462 |
ComEd | PECO | BGE | PHI | Other(a) | Intersegment Eliminations | Exelon | |||||||||||||||||||||||||||||||||||
Operating revenues(b): | |||||||||||||||||||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||||||||||||||
Electric revenues | $ | 5,836 | $ | 2,484 | $ | 2,322 | $ | 4,459 | $ | — | $ | (45) | $ | 15,056 | |||||||||||||||||||||||||||
Natural gas revenues | — | 493 | 664 | 150 | — | (3) | 1,304 | ||||||||||||||||||||||||||||||||||
Shared service and other revenues | — | — | — | 6 | 1,316 | (1,322) | — | ||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 5,836 | $ | 2,977 | $ | 2,986 | $ | 4,615 | $ | 1,316 | $ | (1,370) | $ | 16,360 | |||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
Electric revenues | $ | 4,536 | $ | 2,390 | $ | 2,122 | $ | 4,058 | $ | — | $ | (24) | $ | 13,082 | |||||||||||||||||||||||||||
Natural gas revenues | — | 487 | 688 | 157 | — | (2) | 1,330 | ||||||||||||||||||||||||||||||||||
Shared service and other revenues | — | — | — | 8 | 1,342 | (1,350) | — | ||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 4,536 | $ | 2,877 | $ | 2,810 | $ | 4,223 | $ | 1,342 | $ | (1,376) | $ | 14,412 | |||||||||||||||||||||||||||
Intersegment revenues(c): | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 14 | $ | 6 | $ | 6 | $ | 7 | $ | 1,310 | $ | (1,343) | $ | — | |||||||||||||||||||||||||||
2022 | 14 | 5 | 13 | 9 | 1,342 | (1,377) | 6 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 1,045 | $ | 297 | $ | 487 | $ | 741 | $ | 46 | $ | — | $ | 2,616 | |||||||||||||||||||||||||||
2022 | 982 | 277 | 470 | 697 | 46 | — | 2,472 | ||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 4,472 | $ | 2,436 | $ | 2,503 | $ | 3,864 | $ | 1,521 | $ | (1,367) | $ | 13,429 | |||||||||||||||||||||||||||
2022 | 3,357 | 2,230 | 2,446 | 3,535 | 1,524 | (1,288) | 11,804 | ||||||||||||||||||||||||||||||||||
Interest expense, net: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 357 | $ | 149 | $ | 135 | $ | 238 | $ | 402 | $ | (4) | $ | 1,277 | |||||||||||||||||||||||||||
2022 | 308 | 129 | 110 | 216 | 300 | — | 1,063 | ||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 1,057 | $ | 418 | $ | 362 | $ | 593 | $ | (424) | $ | (21) | $ | 1,985 | |||||||||||||||||||||||||||
2022 | 909 | 541 | 270 | 528 | (228) | (42) | 1,978 | ||||||||||||||||||||||||||||||||||
Income taxes: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 235 | $ | 8 | $ | 76 | $ | 103 | $ | (149) | $ | 1 | $ | 274 | |||||||||||||||||||||||||||
2022 | 203 | 67 | 3 | 10 | 82 | (9) | 356 | ||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 822 | $ | 410 | $ | 286 | $ | 490 | $ | (275) | $ | (22) | $ | 1,711 | |||||||||||||||||||||||||||
2022 | 706 | 474 | 267 | 518 | (310) | (33) | 1,622 | ||||||||||||||||||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 1,926 | $ | 1,068 | $ | 986 | $ | 1,510 | $ | 50 | $ | — | $ | 5,540 | |||||||||||||||||||||||||||
2022 | 1,801 | 991 | 918 | 1,174 | 68 | — | 4,952 | ||||||||||||||||||||||||||||||||||
Total assets: | |||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | $ | 42,042 | $ | 15,259 | $ | 13,649 | $ | 26,656 | $ | 5,825 | $ | (4,172) | $ | 99,259 | |||||||||||||||||||||||||||
December 31, 2022 | 39,661 | 14,502 | 13,350 | 26,082 | 6,014 | (4,260) | 95,349 |
Pepco | DPL | ACE | Other(a) | Intersegment Eliminations | PHI | ||||||||||||||||||||||||||||||
Operating revenues(b): | |||||||||||||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||||||||
Electric revenues | $ | 2,174 | $ | 1,123 | $ | 1,172 | $ | 1 | $ | (11) | $ | 4,459 | |||||||||||||||||||||||
Natural gas revenues | — | 150 | — | — | — | 150 | |||||||||||||||||||||||||||||
Shared service and other revenues | — | — | — | 309 | (303) | 6 | |||||||||||||||||||||||||||||
Total operating revenues | $ | 2,174 | $ | 1,273 | $ | 1,172 | $ | 310 | $ | (314) | $ | 4,615 | |||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||
Electric revenues | $ | 1,919 | $ | 1,019 | $ | 1,120 | $ | — | $ | — | $ | 4,058 | |||||||||||||||||||||||
Natural gas revenues | — | 157 | — | — | — | 157 | |||||||||||||||||||||||||||||
Shared service and other revenues | — | — | — | 298 | (290) | 8 | |||||||||||||||||||||||||||||
Total operating revenues | $ | 1,919 | $ | 1,176 | $ | 1,120 | $ | 298 | $ | (290) | $ | 4,223 | |||||||||||||||||||||||
Intersegment revenues(c): | |||||||||||||||||||||||||||||||||||
2023 | $ | 5 | $ | 5 | $ | 1 | $ | 309 | $ | (313) | $ | 7 | |||||||||||||||||||||||
2022 | 4 | 5 | 2 | 288 | (290) | 9 | |||||||||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||||||||
2023 | $ | 329 | $ | 182 | $ | 212 | $ | 18 | $ | — | $ | 741 | |||||||||||||||||||||||
2022 | 312 | 172 | 192 | 21 | — | 697 | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
2023 | $ | 1,810 | $ | 1,079 | $ | 971 | $ | 318 | $ | (314) | $ | 3,864 | |||||||||||||||||||||||
2022 | 1,588 | 999 | 947 | 291 | (290) | 3,535 | |||||||||||||||||||||||||||||
Interest expense, net: | |||||||||||||||||||||||||||||||||||
2023 | $ | 122 | $ | 53 | $ | 52 | $ | 9 | $ | 2 | $ | 238 | |||||||||||||||||||||||
2022 | 111 | 48 | 49 | 7 | 1 | 216 | |||||||||||||||||||||||||||||
Income (loss) before income taxes: | |||||||||||||||||||||||||||||||||||
2023 | $ | 292 | $ | 153 | $ | 162 | $ | (14) | $ | — | $ | 593 | |||||||||||||||||||||||
2022 | 259 | 138 | 133 | (2) | — | 528 | |||||||||||||||||||||||||||||
Income taxes: | |||||||||||||||||||||||||||||||||||
2023 | $ | 43 | $ | 25 | $ | 40 | $ | (5) | $ | — | $ | 103 | |||||||||||||||||||||||
2022 | (2) | 8 | 2 | 2 | — | 10 | |||||||||||||||||||||||||||||
Net income (loss): | |||||||||||||||||||||||||||||||||||
2023 | $ | 249 | $ | 128 | $ | 122 | $ | (9) | $ | — | $ | 490 | |||||||||||||||||||||||
2022 | 261 | 130 | 131 | (4) | — | 518 | |||||||||||||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||||||||||||||
2023 | $ | 710 | $ | 416 | $ | 376 | $ | 8 | $ | — | $ | 1,510 | |||||||||||||||||||||||
2022 | 595 | 294 | 284 | 1 | — | 1,174 | |||||||||||||||||||||||||||||
Total assets: | |||||||||||||||||||||||||||||||||||
September 30, 2023 | $ | 11,061 | $ | 5,870 | $ | 5,155 | $ | 4,644 | $ | (74) | $ | 26,656 | |||||||||||||||||||||||
December 31, 2022 | 10,657 | 5,802 | 4,979 | 4,677 | (33) | 26,082 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||
Electric revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 2,744 | $ | 1,617 | $ | 1,308 | $ | 2,181 | $ | 954 | $ | 626 | $ | 601 | |||||||||||||||||||||||||||
Small commercial & industrial | 1,363 | 415 | 253 | 503 | 134 | 189 | 180 | ||||||||||||||||||||||||||||||||||
Large commercial & industrial | 553 | 196 | 412 | 1,099 | 838 | 98 | 163 | ||||||||||||||||||||||||||||||||||
Public authorities & electric railroads | 33 | 23 | 22 | 49 | 25 | 11 | 13 | ||||||||||||||||||||||||||||||||||
Other(a) | 716 | 219 | 303 | 563 | 187 | 186 | 194 | ||||||||||||||||||||||||||||||||||
Total electric revenues(b) | $ | 5,409 | $ | 2,470 | $ | 2,298 | $ | 4,395 | $ | 2,138 | $ | 1,110 | $ | 1,151 | |||||||||||||||||||||||||||
Natural gas revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | — | $ | 335 | $ | 406 | $ | 88 | $ | — | $ | 88 | $ | — | |||||||||||||||||||||||||||
Small commercial & industrial | — | 123 | 66 | 40 | — | 40 | — | ||||||||||||||||||||||||||||||||||
Large commercial & industrial | — | 1 | 124 | 3 | — | 3 | — | ||||||||||||||||||||||||||||||||||
Transportation | — | 20 | — | 11 | — | 11 | — | ||||||||||||||||||||||||||||||||||
Other(c) | — | 12 | 28 | 8 | — | 8 | — | ||||||||||||||||||||||||||||||||||
Total natural gas revenues(d) | $ | — | $ | 491 | $ | 624 | $ | 150 | $ | — | $ | 150 | $ | — | |||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | 5,409 | $ | 2,961 | $ | 2,922 | $ | 4,545 | $ | 2,138 | $ | 1,260 | $ | 1,151 | |||||||||||||||||||||||||||
Other revenues | |||||||||||||||||||||||||||||||||||||||||
Revenues from alternative revenue programs | $ | 405 | $ | 1 | $ | 47 | $ | 59 | $ | 28 | $ | 10 | $ | 21 | |||||||||||||||||||||||||||
Other electric revenues(e) | 22 | 13 | 12 | 11 | 8 | 3 | — | ||||||||||||||||||||||||||||||||||
Other natural gas revenues(e) | — | 2 | 5 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total other revenues | $ | 427 | $ | 16 | $ | 64 | $ | 70 | $ | 36 | $ | 13 | $ | 21 | |||||||||||||||||||||||||||
Total revenues for reportable segments | $ | 5,836 | $ | 2,977 | $ | 2,986 | $ | 4,615 | $ | 2,174 | $ | 1,273 | $ | 1,172 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||
Electric revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 2,610 | $ | 1,538 | $ | 1,158 | $ | 2,007 | $ | 826 | $ | 570 | $ | 611 | |||||||||||||||||||||||||||
Small commercial & industrial | 953 | 386 | 239 | 461 | 117 | 173 | 171 | ||||||||||||||||||||||||||||||||||
Large commercial & industrial | 48 | 229 | 418 | 1,056 | 806 | 99 | 151 | ||||||||||||||||||||||||||||||||||
Public authorities & electric railroads | 22 | 23 | 20 | 47 | 25 | 11 | 11 | ||||||||||||||||||||||||||||||||||
Other(a) | 718 | 202 | 297 | 524 | 157 | 168 | 190 | ||||||||||||||||||||||||||||||||||
Total electric revenues(b) | $ | 4,351 | $ | 2,378 | $ | 2,132 | $ | 4,095 | $ | 1,931 | $ | 1,021 | $ | 1,134 | |||||||||||||||||||||||||||
Natural gas revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | — | $ | 335 | $ | 448 | $ | 77 | $ | — | $ | 77 | $ | — | |||||||||||||||||||||||||||
Small commercial & industrial | — | 125 | 77 | 35 | — | 35 | — | ||||||||||||||||||||||||||||||||||
Large commercial & industrial | — | — | 128 | 9 | — | 9 | — | ||||||||||||||||||||||||||||||||||
Transportation | — | 19 | — | 11 | — | 11 | — | ||||||||||||||||||||||||||||||||||
Other(c) | — | 7 | 50 | 25 | — | 25 | — | ||||||||||||||||||||||||||||||||||
Total natural gas revenues(d) | $ | — | $ | 486 | $ | 703 | $ | 157 | $ | — | $ | 157 | $ | — | |||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | 4,351 | $ | 2,864 | $ | 2,835 | $ | 4,252 | $ | 1,931 | $ | 1,178 | $ | 1,134 | |||||||||||||||||||||||||||
Other revenues | |||||||||||||||||||||||||||||||||||||||||
Revenues from alternative revenue programs | $ | 163 | $ | 1 | $ | (40) | $ | (33) | $ | (15) | $ | (3) | $ | (14) | |||||||||||||||||||||||||||
Other electric revenues(e) | 22 | 11 | 11 | 4 | 3 | 1 | — | ||||||||||||||||||||||||||||||||||
Other natural gas revenues(e) | — | 1 | 4 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total other revenues | $ | 185 | $ | 13 | $ | (25) | $ | (29) | $ | (12) | $ | (2) | $ | (14) | |||||||||||||||||||||||||||
Total revenues for reportable segments | $ | 4,536 | $ | 2,877 | $ | 2,810 | $ | 4,223 | $ | 1,919 | $ | 1,176 | $ | 1,120 |
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | 323 | $ | 67 | $ | 101 | $ | 50 | $ | 105 | $ | 50 | $ | 21 | $ | 34 | |||||||||||||||||||||||||||||||
Plus: Current period provision for expected credit losses(a) | 72 | 24 | 13 | 9 | 26 | 11 | 6 | 9 | |||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries(b) | 54 | 15 | 19 | 7 | 13 | 5 | 4 | 4 | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | 341 | $ | 76 | $ | 95 | $ | 52 | $ | 118 | $ | 56 | $ | 23 | $ | 39 | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 354 | $ | 81 | $ | 107 | $ | 57 | $ | 109 | $ | 42 | $ | 22 | $ | 45 | |||||||||||||||||||||||||||||||
Plus: Current period provision for expected credit losses | 38 | 10 | 12 | 2 | 14 | 6 | 1 | 7 | |||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries | 51 | 17 | 16 | 5 | 12 | 4 | 3 | 5 | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | 341 | $ | 74 | $ | 103 | $ | 54 | $ | 111 | $ | 44 | $ | 20 | $ | 47 | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 327 | $ | 59 | $ | 105 | $ | 54 | $ | 109 | $ | 47 | $ | 21 | $ | 41 | |||||||||||||||||||||||||||||||
Plus: Current period provision for expected credit losses(c)(d) | 144 | 45 | 32 | 23 | 44 | 24 | 10 | 10 | |||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net(e)(f)(g)of recoveries(b) | 130 | 28 | 42 | 25 | 35 | 15 | 8 | 12 | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | 341 | $ | 76 | $ | 95 | $ | 52 | $ | 118 | $ | 56 | $ | 23 | $ | 39 | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 320 | $ | 73 | $ | 105 | $ | 38 | $ | 104 | $ | 37 | $ | 18 | $ | 49 | |||||||||||||||||||||||||||||||
Plus: Current period provision for expected credit losses | 141 | 31 | 33 | 30 | 47 | 23 | 8 | 16 | |||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries | 120 | 30 | 35 | 14 | 40 | 16 | 6 | 18 | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | 341 | $ | 74 | $ | 103 | $ | 54 | $ | 111 | $ | 44 | $ | 20 | $ | 47 |
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | 87 | $ | 18 | $ | 8 | $ | 8 | $ | 53 | $ | 31 | $ | 9 | $ | 13 | |||||||||||||||||||||||||||||||
Plus: Current period provision (benefit) for expected credit losses | 6 | 3 | 2 | 3 | (2) | (2) | — | — | |||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries(a) | 5 | 1 | 2 | 2 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | 88 | $ | 20 | $ | 8 | $ | 9 | $ | 51 | $ | 29 | $ | 9 | $ | 13 | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 81 | $ | 18 | $ | 10 | $ | 11 | $ | 42 | $ | 20 | $ | 8 | $ | 14 | |||||||||||||||||||||||||||||||
Plus: Current period provision (benefit) for expected credit losses | 8 | 2 | 2 | 2 | 2 | 2 | (1) | 1 | |||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries | 5 | 2 | 1 | 1 | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | 84 | $ | 18 | $ | 11 | $ | 12 | $ | 43 | $ | 22 | $ | 7 | $ | 14 | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 82 | $ | 17 | $ | 9 | $ | 10 | $ | 46 | $ | 25 | $ | 7 | $ | 14 | |||||||||||||||||||||||||||||||
Plus: Current period provision for expected credit losses | 21 | 6 | 3 | 5 | 7 | 4 | 2 | 1 | |||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries(a) | 15 | 3 | 4 | 6 | 2 | — | — | 2 | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | 88 | $ | 20 | $ | 8 | $ | 9 | $ | 51 | $ | 29 | $ | 9 | $ | 13 | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 72 | $ | 17 | $ | 7 | $ | 9 | $ | 39 | $ | 16 | $ | 8 | $ | 15 | |||||||||||||||||||||||||||||||
Plus: Current period provision (benefit) for expected credit losses | 24 | 5 | 6 | 6 | 7 | 6 | (1) | 2 | |||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries | 12 | 4 | 2 | 3 | 3 | — | — | 3 | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | 84 | $ | 18 | $ | 11 | $ | 12 | $ | 43 | $ | 22 | $ | 7 | $ | 14 |
Unbilled customer revenues(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | $ | 740 | $ | 279 | $ | 135 | $ | 118 | $ | 208 | $ | 100 | $ | 44 | $ | 64 | |||||||||||||||||||||||||||||||
December 31, 2022 | 912 | 223 | 219 | 247 | 223 | 103 | 74 | 46 |
Total receivables purchased | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | $ | 3,124 | $ | 726 | $ | 843 | $ | 628 | $ | 927 | $ | 600 | $ | 174 | $ | 153 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | 3,088 | (a) | 753 | 832 | 607 | (a) | 896 | 559 | 168 | 169 |
Successor | |||||||||||||||||||||||||||||||
As of September 30, 2017 | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||
Purchased receivables | $ | 312 | $ | 89 | $ | 68 | $ | 55 | $ | 100 | $ | 66 | $ | 10 | $ | 24 | |||||||||||||||
Allowance for uncollectible accounts(a) | (33 | ) | (13 | ) | (5 | ) | (4 | ) | (11 | ) | (6 | ) | (1 | ) | (4 | ) | |||||||||||||||
Purchased receivables, net | $ | 279 | $ | 76 | $ | 63 | $ | 51 | $ | 89 | $ | 60 | $ | 9 | $ | 20 |
Successor | |||||||||||||||||||||||||||||||
As of December 31, 2016 | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||
Purchased receivables | $ | 313 | $ | 87 | $ | 72 | $ | 59 | $ | 95 | $ | 63 | $ | 10 | $ | 22 | |||||||||||||||
Allowance for uncollectible accounts(a) | (37 | ) | (14 | ) | (6 | ) | (4 | ) | (13 | ) | (7 | ) | (2 | ) | (4 | ) | |||||||||||||||
Purchased receivables, net | $ | 276 | $ | 73 | $ | 66 | $ | 55 | $ | 82 | $ | 56 | $ | 8 | $ | 18 |
Three Months Ended September 30, 2023(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO(b) | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||
U.S. Federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||||||||||||||||||
State income taxes, net of federal income tax benefit(c) | (2.7) | 7.8 | (1.2) | 6.6 | 6.2 | 5.5 | 6.1 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||
Plant basis differences | (4.4) | (0.4) | (15.6) | (0.2) | (1.5) | (2.4) | (0.9) | (0.5) | ||||||||||||||||||||||||||||||||||||||||||
Excess deferred tax amortization | (6.4) | (5.3) | (2.4) | (5.4) | (8.0) | (9.2) | (10.0) | (3.1) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (0.1) | (0.1) | — | (0.1) | (0.1) | — | (0.1) | (0.1) | ||||||||||||||||||||||||||||||||||||||||||
Tax credits | (0.5) | (1.2) | — | (2.0) | (0.5) | (0.6) | (0.4) | (0.3) | ||||||||||||||||||||||||||||||||||||||||||
Other | 1.8 | 0.2 | 0.2 | (0.3) | 0.3 | 0.6 | — | 0.5 | ||||||||||||||||||||||||||||||||||||||||||
Effective income tax rate | 8.7 | % | 22.0 | % | 2.0 | % | 19.6 | % | 17.4 | % | 14.9 | % | 15.7 | % | 24.5 | % |
Three Months Ended September 30, 2022(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO(d) | BGE(d) | PHI(d) | Pepco(d) | DPL(d) | ACE(d) | ||||||||||||||||||||||||||||||||||||||||
U.S. Federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||||||||||||||||||||||
Increase (decrease) due to: | |||||||||||||||||||||||||||||||||||||||||||||||
State income taxes, net of federal income tax benefit | 9.0 | 8.0 | 20.7 | 6.8 | 1.4 | (2.7) | 6.5 | 7.0 | |||||||||||||||||||||||||||||||||||||||
Plant basis differences | (5.3) | (0.4) | (14.2) | (2.6) | (1.7) | (2.3) | (0.8) | (1.0) | |||||||||||||||||||||||||||||||||||||||
Excess deferred tax amortization | (11.6) | (5.6) | (3.2) | (47.3) | (19.3) | (14.6) | (21.7) | (25.5) | |||||||||||||||||||||||||||||||||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (0.1) | (0.1) | — | (0.2) | (0.1) | — | (0.2) | (0.2) | |||||||||||||||||||||||||||||||||||||||
Tax credits | (0.6) | (0.4) | — | (1.9) | (0.9) | (0.8) | (1.3) | (0.7) | |||||||||||||||||||||||||||||||||||||||
Other | (0.4) | (0.1) | 0.3 | (2.7) | 0.3 | 0.1 | 0.2 | 0.5 | |||||||||||||||||||||||||||||||||||||||
Effective income tax rate | 12.0 | % | 22.4 | % | 24.6 | % | (26.9) | % | 0.7 | % | 0.7 | % | 3.7 | % | 1.1 | % |
Nine Months Ended September 30, 2023(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO(b) | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||
U.S. Federal statutory rate | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | ||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||||||||||||||||||
State income taxes, net of federal income tax benefit(c) | 2.8 | 7.8 | (1.3) | 6.5 | 6.1 | 5.5 | 6.2 | 6.9 | ||||||||||||||||||||||||||||||||||||||||||
Plant basis differences | (4.3) | (0.4) | (15.5) | (0.5) | (1.6) | (2.5) | (1.0) | (0.5) | ||||||||||||||||||||||||||||||||||||||||||
Excess deferred tax amortization | (6.6) | (5.5) | (2.4) | (5.4) | (7.7) | (9.2) | (9.4) | (2.6) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (0.1) | (0.1) | — | (0.1) | (0.1) | — | (0.1) | (0.1) | ||||||||||||||||||||||||||||||||||||||||||
Tax credits | (0.5) | (0.7) | — | (0.7) | (0.6) | (0.7) | (0.4) | (0.3) | ||||||||||||||||||||||||||||||||||||||||||
Other | 1.5 | 0.1 | 0.1 | 0.2 | 0.3 | 0.6 | — | 0.3 | ||||||||||||||||||||||||||||||||||||||||||
Effective income tax rate | 13.8% | 22.2% | 1.9% | 21.0% | 17.4% | 14.7% | 16.3% | 24.7% |
Nine Months Ended September 30, 2022(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO(d) | BGE(d) | PHI(d) | Pepco(d) | DPL(d) | ACE(d) | ||||||||||||||||||||||||||||||||||||||||
U.S. Federal statutory rate | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | |||||||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | |||||||||||||||||||||||||||||||||||||||||||||||
State income taxes, net of federal income tax benefit(e) | 9.5 | 7.9 | 6.6 | 2.8 | 2.0 | (3.2) | 6.5 | 6.9 | |||||||||||||||||||||||||||||||||||||||
Plant basis differences | (4.2) | (0.5) | (12.2) | (1.1) | (1.7) | (2.4) | (0.7) | (1.1) | |||||||||||||||||||||||||||||||||||||||
Excess deferred tax amortization | (11.3) | (5.7) | (3.2) | (20.7) | (18.8) | (15.4) | (20.4) | (24.7) | |||||||||||||||||||||||||||||||||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (0.1) | (0.1) | — | (0.1) | (0.1) | — | (0.2) | (0.2) | |||||||||||||||||||||||||||||||||||||||
Tax credits(f) | 0.3 | (0.3) | — | (0.7) | (0.7) | (0.6) | (0.7) | (0.6) | |||||||||||||||||||||||||||||||||||||||
Other(g) | 2.8 | — | 0.2 | (0.1) | 0.2 | (0.2) | 0.3 | 0.2 | |||||||||||||||||||||||||||||||||||||||
Effective income tax rate | 18.0% | 22.3% | 12.4% | 1.1% | 1.9% | (0.8)% | 5.8% | 1.5% |
Income statement expense (pre-tax) | Q3 2017 | YTD 2017 | |||||
Depreciation and amortization | |||||||
Accelerated depreciation(a) | $ | 106 | $ | 141 | |||
Accelerated nuclear fuel amortization | 6 | 8 | |||||
Total | $ | 112 | $ | 149 |
Income statement expense (pre-tax) | Q2 2016 | Q3 2016 | Q4 2016 | YTD 2016 | ||||||||||||
Depreciation and amortization | ||||||||||||||||
Accelerated depreciation(a) | $ | 115 | $ | 344 | $ | 253 | $ | 712 | ||||||||
Accelerated Nuclear Fuel amortization | 9 | 28 | 23 | 60 | ||||||||||||
Operating and maintenance | ||||||||||||||||
One time charges(b) | 141 | 5 | (120 | ) | 26 | |||||||||||
ARO accretion, net of contractual offset(c) | — | 2 | — | 2 | ||||||||||||
Contractual offset for ARC depreciation(c) | (14 | ) | (41 | ) | (31 | ) | (86 | ) | ||||||||
Total | $ | 251 | $ | 338 | $ | 125 | $ | 714 |
Exelon(a) | PHI | ACE | |||||||||||||||||||||
September 30, 2023 | $ | 138 | $ | 56 | $ | 16 | |||||||||||||||||
December 31, 2022 | 148 | 59 | 17 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 710 | $ | — | $ | 710 | $ | — | $ | 710 | |||||||||
Long-term debt (including amounts due within one year)(a) | 34,865 | — | 34,686 | 1,949 | 36,635 | ||||||||||||||
Long-term debt to financing trusts(b) | 389 | — | — | 423 | 423 | ||||||||||||||
SNF obligation | 1,142 | — | 857 | — | 857 |
ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||
September 30, 2023 | $ | 13 | $ | 19 | $ | — | $ | 10 | $ | 4 | $ | — | $ | 2 | |||||||||||||||||||||||||||
September 30, 2022 | $ | 1 | $ | 47 | $ | — | $ | 28 | 23 | $ | 3 | 2 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 1,267 | $ | — | $ | 1,267 | $ | — | $ | 1,267 | |||||||||
Long-term debt (including amounts due within one year)(a) | 34,005 | 1,113 | 31,741 | 1,959 | 34,813 | ||||||||||||||
Long-term debt to financing trusts(b) | 641 | — | — | 667 | 667 | ||||||||||||||
SNF obligation | 1,024 | — | 732 | — | 732 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 92 | $ | — | $ | 92 | $ | — | $ | 92 | |||||||||
Long-term debt (including amounts due within one year)(a) | 9,528 | — | 7,915 | 1,652 | 9,567 | ||||||||||||||
SNF obligation | 1,142 | — | 857 | — | 857 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 699 | $ | — | $ | 699 | $ | — | $ | 699 | |||||||||
Long-term debt (including amounts due within one year)(a) | 9,241 | — | 7,482 | 1,670 | 9,152 | ||||||||||||||
SNF obligation | 1,024 | — | 732 | — | 732 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 7,600 | $ | — | $ | 8,353 | $ | — | $ | 8,353 | |||||||||
Long-term debt to financing trusts(b) | 205 | — | — | 226 | 226 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 7,033 | $ | — | $ | 7,585 | $ | — | $ | 7,585 | |||||||||
Long-term debt to financing trusts(b) | 205 | — | — | 215 | 215 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 2,902 | $ | — | $ | 3,181 | $ | — | $ | 3,181 | |||||||||
Long-term debt to financing trusts | 184 | — | — | 197 | 197 |
Pension Benefits | OPEB | ||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||
Service cost | $ | 39 | $ | 58 | $ | 6 | $ | 10 | |||||||||||||||
Interest cost | 145 | 110 | 25 | 19 | |||||||||||||||||||
Expected return on assets | (189) | (205) | (21) | (25) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service cost (credit) | 1 | 1 | (2) | (5) | |||||||||||||||||||
Actuarial loss | 41 | 73 | — | 4 | |||||||||||||||||||
Settlement charges | 18 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 55 | $ | 37 | $ | 8 | $ | 3 | |||||||||||||||
Pension Benefits | OPEB | ||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||
Service cost | $ | 116 | $ | 177 | $ | 18 | $ | 30 | |||||||||||||||
Interest cost | 434 | 330 | 76 | 57 | |||||||||||||||||||
Expected return on assets | (566) | (619) | (63) | (75) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service cost (credit) | 2 | 3 | (7) | (15) | |||||||||||||||||||
Actuarial loss (gain) | 125 | 222 | (1) | 12 | |||||||||||||||||||
Settlement charges | 18 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 129 | $ | 113 | $ | 23 | $ | 9 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 2,580 | $ | — | $ | 2,794 | $ | — | $ | 2,794 | |||||||||
Long-term debt to financing trusts | 184 | — | — | 192 | 192 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 2,577 | $ | — | $ | 2,817 | $ | — | $ | 2,817 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 45 | $ | — | $ | 45 | $ | — | $ | 45 | |||||||||
Long-term debt (including amounts due within one year)(a) | 2,322 | — | 2,467 | — | 2,467 | ||||||||||||||
Long-term debt to financing trusts(b) | 252 | — | — | 260 | 260 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 118 | $ | — | $ | 118 | $ | — | $ | 118 | |||||||||
Long-term debt (including amounts due within one year)(a) | 5,930 | — | 5,729 | 297 | 6,026 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 522 | $ | — | $ | 522 | $ | — | $ | 522 | |||||||||
Long-term debt (including amounts due within one year)(a) | 5,898 | — | 5,520 | 289 | 5,809 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 2,546 | $ | — | $ | 3,087 | $ | 9 | $ | 3,096 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 23 | $ | — | $ | 23 | $ | — | $ | 23 | |||||||||
Long-term debt (including amounts due within one year)(a) | 2,349 | — | 2,788 | 8 | 2,796 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 54 | $ | — | $ | 54 | $ | — | $ | 54 | |||||||||
Long-term debt (including amounts due within one year)(a) | 1,326 | — | 1,407 | — | 1,407 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Pension and OPEB Costs (Benefit) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Exelon | $ | 63 | $ | 40 | $ | 152 | $ | 122 | ||||||||||||||||||
ComEd | 6 | 15 | 19 | 45 | ||||||||||||||||||||||
PECO | (3) | (2) | (10) | (6) | ||||||||||||||||||||||
BGE | 14 | 11 | 42 | 33 | ||||||||||||||||||||||
PHI | 25 | 13 | 74 | 39 | ||||||||||||||||||||||
Pepco | 9 | 2 | 26 | 6 | ||||||||||||||||||||||
DPL | 4 | 1 | 13 | 3 | ||||||||||||||||||||||
ACE | 3 | 3 | 10 | 9 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 1,340 | $ | — | $ | 1,383 | $ | — | $ | 1,383 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 65 | $ | — | $ | 65 | $ | — | $ | 65 | |||||||||
Long-term debt (including amounts due within one year)(a) | 1,130 | — | 969 | 288 | 1,257 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 1,155 | $ | — | $ | 1,007 | $ | 280 | $ | 1,287 |
Generation | Exelon | ||||||||||||||||||||||||||||||||||||||
As of September 30, 2017 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 80 | $ | — | $ | — | $ | — | $ | 80 | $ | 944 | $ | — | $ | — | $ | — | $ | 944 | |||||||||||||||||||
NDT fund investments | |||||||||||||||||||||||||||||||||||||||
Cash equivalents(b) | 149 | 86 | — | — | 235 | 149 | 86 | — | — | 235 | |||||||||||||||||||||||||||||
Equities | 3,935 | 840 | — | 2,088 | 6,863 | 3,935 | 840 | — | 2,088 | 6,863 | |||||||||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||||||||||||||
Corporate debt | — | 1,651 | 255 | — | 1,906 | — | 1,651 | 255 | — | 1,906 | |||||||||||||||||||||||||||||
U.S. Treasury and agencies | 1,951 | 28 | — | — | 1,979 | 1,951 | 28 | — | — | 1,979 | |||||||||||||||||||||||||||||
Foreign governments | — | 70 | — | — | 70 | — | 70 | — | — | 70 | |||||||||||||||||||||||||||||
State and municipal debt | — | 246 | — | — | 246 | — | 246 | — | — | 246 | |||||||||||||||||||||||||||||
Other(c) | — | 46 | — | 509 | 555 | — | 46 | — | 509 | 555 | |||||||||||||||||||||||||||||
Fixed income subtotal | 1,951 | 2,041 | 255 | 509 | 4,756 | 1,951 | 2,041 | 255 | 509 | 4,756 | |||||||||||||||||||||||||||||
Middle market lending | — | — | 416 | 87 | 503 | — | — | 416 | 87 | 503 | |||||||||||||||||||||||||||||
Private equity | — | — | — | 212 | 212 | — | — | — | 212 | 212 | |||||||||||||||||||||||||||||
Real estate | — | — | — | 449 | 449 | — | — | — | 449 | 449 | |||||||||||||||||||||||||||||
NDT fund investments subtotal(d) | 6,035 | 2,967 | 671 | 3,345 | 13,018 | 6,035 | 2,967 | 671 | 3,345 | 13,018 | |||||||||||||||||||||||||||||
Pledged assets for Zion Station decommissioning | |||||||||||||||||||||||||||||||||||||||
Cash equivalents | 15 | — | — | — | 15 | 15 | — | — | — | 15 |
Generation | Exelon | ||||||||||||||||||||||||||||||||||||||
As of September 30, 2017 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | |||||||||||||||||||||||||||||
Middle market lending | — | — | 17 | 25 | 42 | — | — | 17 | 25 | 42 | |||||||||||||||||||||||||||||
Pledged assets for Zion Station decommissioning subtotal(e) | 15 | — | 17 | 25 | 57 | 15 | — | 17 | 25 | 57 | |||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||
Cash equivalents | 5 | — | — | — | 5 | 77 | — | — | — | 77 | |||||||||||||||||||||||||||||
Mutual funds | 22 | — | — | — | 22 | 56 | — | — | — | 56 | |||||||||||||||||||||||||||||
Fixed income | — | — | — | — | — | — | 13 | — | — | 13 | |||||||||||||||||||||||||||||
Life insurance contracts | — | 21 | — | — | 21 | — | 68 | 21 | — | 89 | |||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 27 | 21 | — | — | 48 | 133 | 81 | 21 | — | 235 | |||||||||||||||||||||||||||||
Commodity derivative assets | |||||||||||||||||||||||||||||||||||||||
Economic hedges | 487 | 2,076 | 1,628 | — | 4,191 | 487 | 2,076 | 1,628 | — | 4,191 | |||||||||||||||||||||||||||||
Proprietary trading | 2 | 41 | 42 | — | 85 | 2 | 41 | 42 | — | 85 | |||||||||||||||||||||||||||||
Effect of netting and allocation of collateral(f) (g) | (501 | ) | (1,828 | ) | (837 | ) | — | (3,166 | ) | (501 | ) | (1,828 | ) | (837 | ) | — | (3,166 | ) | |||||||||||||||||||||
Commodity derivative assets subtotal | (12 | ) | 289 | 833 | — | 1,110 | (12 | ) | 289 | 833 | — | 1,110 | |||||||||||||||||||||||||||
Interest rate and foreign currency derivative assets | |||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | — | — | — | — | — | — | 10 | — | — | 10 | |||||||||||||||||||||||||||||
Economic hedges | 3 | 13 | — | — | 16 | 3 | 13 | — | — | 16 | |||||||||||||||||||||||||||||
Effect of netting and allocation of collateral | (3 | ) | (8 | ) | — | — | (11 | ) | (3 | ) | (8 | ) | — | — | (11 | ) | |||||||||||||||||||||||
Interest rate and foreign currency derivative assets subtotal | — | 5 | — | — | 5 | — | 15 | — | — | 15 | |||||||||||||||||||||||||||||
Other investments | — | — | 43 | — | 43 | — | — | 43 | — | 43 | |||||||||||||||||||||||||||||
Total assets | 6,145 | 3,282 | 1,564 | 3,370 | 14,361 | 7,115 | 3,352 | 1,585 | 3,370 | 15,422 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities | |||||||||||||||||||||||||||||||||||||||
Economic hedges | (559 | ) | (2,062 | ) | (1,189 | ) | — | (3,810 | ) | (559 | ) | (2,062 | ) | (1,466 | ) | — | (4,087 | ) | |||||||||||||||||||||
Proprietary trading | (3 | ) | (43 | ) | (27 | ) | — | (73 | ) | (3 | ) | (43 | ) | (27 | ) | — | (73 | ) | |||||||||||||||||||||
Effect of netting and allocation of collateral(f) (g) | 560 | 2,043 | 978 | — | 3,581 | 560 | 2,043 | 978 | — | 3,581 | |||||||||||||||||||||||||||||
Commodity derivative liabilities subtotal | (2 | ) | (62 | ) | (238 | ) | — | (302 | ) | (2 | ) | (62 | ) | (515 | ) | — | (579 | ) | |||||||||||||||||||||
Interest rate and foreign currency derivative liabilities | |||||||||||||||||||||||||||||||||||||||
Economic hedges | (2 | ) | (17 | ) | — | — | (19 | ) | (2 | ) | (17 | ) | — | — | (19 | ) | |||||||||||||||||||||||
Effect of netting and allocation of collateral | 2 | 8 | — | — | 10 | 2 | 8 | — | — | 10 | |||||||||||||||||||||||||||||
Interest rate and foreign currency derivative liabilities subtotal | — | (9 | ) | — | — | (9 | ) | — | (9 | ) | — | — | (9 | ) | |||||||||||||||||||||||||
Deferred compensation obligation | — | (35 | ) | — | — | (35 | ) | — | (137 | ) | — | — | (137 | ) | |||||||||||||||||||||||||
Total liabilities | (2 | ) | (106 | ) | (238 | ) | — | (346 | ) | (2 | ) | (208 | ) | (515 | ) | — | (725 | ) | |||||||||||||||||||||
Total net assets | $ | 6,143 | $ | 3,176 | $ | 1,326 | $ | 3,370 | $ | 14,015 | $ | 7,113 | $ | 3,144 | $ | 1,070 | $ | 3,370 | $ | 14,697 |
Generation | Exelon | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2016 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 39 | $ | — | $ | — | $ | — | $ | 39 | $ | 373 | $ | — | $ | — | $ | — | $ | 373 | |||||||||||||||||||
NDT fund investments | |||||||||||||||||||||||||||||||||||||||
Cash equivalents(b) | 110 | 19 | — | — | 129 | 110 | 19 | — | — | 129 | |||||||||||||||||||||||||||||
Equities | 3,551 | 452 | — | 2,011 | 6,014 | 3,551 | 452 | — | 2,011 | 6,014 | |||||||||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||||||||||||||
Corporate debt | — | 1,554 | 250 | — | 1,804 | — | 1,554 | 250 | — | 1,804 | |||||||||||||||||||||||||||||
U.S. Treasury and agencies | 1,291 | 29 | — | — | 1,320 | 1,291 | 29 | — | — | 1,320 | |||||||||||||||||||||||||||||
Foreign governments | — | 37 | — | — | 37 | — | 37 | — | — | 37 | |||||||||||||||||||||||||||||
State and municipal debt | — | 264 | — | — | 264 | — | 264 | — | — | 264 | |||||||||||||||||||||||||||||
Other(c) | — | 59 | — | 493 | 552 | — | 59 | — | 493 | 552 | |||||||||||||||||||||||||||||
Fixed income subtotal | 1,291 | 1,943 | 250 | 493 | 3,977 | 1,291 | 1,943 | 250 | 493 | 3,977 | |||||||||||||||||||||||||||||
Middle market lending | — | — | 427 | 71 | 498 | — | — | 427 | 71 | 498 | |||||||||||||||||||||||||||||
Private equity | — | — | — | 148 | 148 | — | — | — | 148 | 148 | |||||||||||||||||||||||||||||
Real estate | — | — | — | 326 | 326 | — | — | — | 326 | 326 | |||||||||||||||||||||||||||||
NDT fund investments subtotal(d) | 4,952 | 2,414 | 677 | 3,049 | 11,092 | 4,952 | 2,414 | 677 | 3,049 | 11,092 | |||||||||||||||||||||||||||||
Pledged assets for Zion Station decommissioning | |||||||||||||||||||||||||||||||||||||||
Cash equivalents | 11 | — | — | — | 11 | 11 | — | — | — | 11 | |||||||||||||||||||||||||||||
Equities | — | 2 | — | — | 2 | — | 2 | — | — | 2 | |||||||||||||||||||||||||||||
Fixed Income - U.S. Treasury and agencies | 16 | 1 | — | — | 17 | 16 | 1 | — | — | 17 | |||||||||||||||||||||||||||||
Middle market lending | — | — | 19 | 64 | 83 | — | — | 19 | 64 | 83 | |||||||||||||||||||||||||||||
Pledged assets for Zion Station decommissioning subtotal(e) | 27 | 3 | 19 | 64 | 113 | 27 | 3 | 19 | 64 | 113 | |||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||
Cash equivalents | 2 | — | — | — | 2 | 74 | — | — | — | 74 | |||||||||||||||||||||||||||||
Mutual funds | 19 | — | — | — | 19 | 50 | — | — | — | 50 | |||||||||||||||||||||||||||||
Fixed income | — | — | — | — | — | — | 16 | — | — | 16 | |||||||||||||||||||||||||||||
Life insurance contracts | — | 18 | — | — | 18 | — | 64 | 20 | — | 84 | |||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 21 | 18 | — | — | 39 | 124 | 80 | 20 | — | 224 | |||||||||||||||||||||||||||||
Commodity derivative assets | |||||||||||||||||||||||||||||||||||||||
Economic hedges | 1,356 | 2,505 | 1,229 | — | 5,090 | 1,358 | 2,505 | 1,229 | — | 5,092 | |||||||||||||||||||||||||||||
Proprietary trading | 3 | 50 | 23 | — | 76 | 3 | 50 | 23 | — | 76 | |||||||||||||||||||||||||||||
Effect of netting and allocation of collateral(f) (g) | (1,162 | ) | (2,142 | ) | (481 | ) | — | (3,785 | ) | (1,164 | ) | (2,142 | ) | (481 | ) | — | (3,787 | ) | |||||||||||||||||||||
Commodity derivative assets subtotal | 197 | 413 | 771 | — | 1,381 | 197 | 413 | 771 | — | 1,381 | |||||||||||||||||||||||||||||
Interest rate and foreign currency derivative assets | |||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | — | — | — | — | — | — | 16 | — | — | 16 | |||||||||||||||||||||||||||||
Economic hedges | — | 28 | — | — | 28 | — | 28 | — | — | 28 | |||||||||||||||||||||||||||||
Proprietary trading | 3 | 2 | — | — | 5 | 3 | 2 | — | — | 5 | |||||||||||||||||||||||||||||
Effect of netting and allocation of collateral | (2 | ) | (19 | ) | — | — | (21 | ) | (2 | ) | (19 | ) | — | — | (21 | ) | |||||||||||||||||||||||
Interest rate and foreign currency derivative assets subtotal | 1 | 11 | — | — | 12 | 1 | 27 | — | — | 28 | |||||||||||||||||||||||||||||
Other investments | — | — | 42 | — | 42 | — | — | 42 | — | 42 | |||||||||||||||||||||||||||||
Total assets | 5,237 | 2,859 | 1,509 | 3,113 | 12,718 | 5,674 | 2,937 | 1,529 | 3,113 | 13,253 |
Generation | Exelon | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2016 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities | |||||||||||||||||||||||||||||||||||||||
Economic hedges | (1,267 | ) | (2,378 | ) | (794 | ) | — | (4,439 | ) | (1,267 | ) | (2,378 | ) | (1,052 | ) | — | (4,697 | ) | |||||||||||||||||||||
Proprietary trading | (3 | ) | (50 | ) | (26 | ) | — | (79 | ) | (3 | ) | (50 | ) | (26 | ) | — | (79 | ) | |||||||||||||||||||||
Effect of netting and allocation of collateral(f) (g) | 1,233 | 2,339 | 542 | — | 4,114 | 1,233 | 2,339 | 542 | — | 4,114 | |||||||||||||||||||||||||||||
Commodity derivative liabilities subtotal | (37 | ) | (89 | ) | (278 | ) | — | (404 | ) | (37 | ) | (89 | ) | (536 | ) | — | (662 | ) | |||||||||||||||||||||
Interest rate and foreign currency derivative liabilities | |||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | — | (10 | ) | — | — | (10 | ) | — | (10 | ) | — | — | (10 | ) | |||||||||||||||||||||||||
Economic hedges | — | (21 | ) | — | — | (21 | ) | — | (21 | ) | — | — | (21 | ) | |||||||||||||||||||||||||
Proprietary trading | (4 | ) | — | — | — | (4 | ) | (4 | ) | — | — | — | (4 | ) | |||||||||||||||||||||||||
Effect of netting and allocation of collateral | 4 | 19 | — | — | 23 | 4 | 19 | — | — | 23 | |||||||||||||||||||||||||||||
Interest rate and foreign currency derivative liabilities subtotal | — | (12 | ) | — | — | (12 | ) | — | (12 | ) | — | — | (12 | ) | |||||||||||||||||||||||||
Deferred compensation obligation | — | (34 | ) | — | — | (34 | ) | — | (136 | ) | — | — | (136 | ) | |||||||||||||||||||||||||
Total liabilities | (37 | ) | (135 | ) | (278 | ) | — | (450 | ) | (37 | ) | (237 | ) | (536 | ) | — | (810 | ) | |||||||||||||||||||||
Total net assets | $ | 5,200 | $ | 2,724 | $ | 1,231 | $ | 3,113 | $ | 12,268 | $ | 5,637 | $ | 2,700 | $ | 993 | $ | 3,113 | $ | 12,443 |
ComEd | PECO | BGE | |||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2017 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 273 | $ | — | $ | — | $ | 273 | $ | 314 | $ | — | $ | — | $ | 314 | $ | 18 | $ | — | $ | — | $ | 18 | |||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | — | — | — | — | 7 | — | — | 7 | 5 | — | — | 5 | |||||||||||||||||||||||||||||||||||
Life insurance contracts | — | — | — | — | — | 10 | — | 10 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | — | — | — | — | 7 | 10 | — | 17 | 5 | — | — | 5 | |||||||||||||||||||||||||||||||||||
Total assets | 273 | — | — | 273 | 321 | 10 | — | 331 | 23 | — | — | 23 | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (7 | ) | — | (7 | ) | — | (10 | ) | — | (10 | ) | — | (4 | ) | — | (4 | ) | |||||||||||||||||||||||||||||
Mark-to-market derivative liabilities(b) | — | — | (277 | ) | (277 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total liabilities | — | (7 | ) | (277 | ) | (284 | ) | — | (10 | ) | — | (10 | ) | — | (4 | ) | — | (4 | ) | ||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | 273 | $ | (7 | ) | $ | (277 | ) | $ | (11 | ) | $ | 321 | $ | — | $ | — | $ | 321 | $ | 23 | $ | (4 | ) | $ | — | $ | 19 |
ComEd | PECO | BGE | |||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2016 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 20 | $ | — | $ | — | $ | 20 | $ | 45 | $ | — | $ | — | $ | 45 | $ | 36 | $ | — | $ | — | $ | 36 | |||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | — | — | — | — | 7 | — | — | 7 | 4 | — | — | 4 | |||||||||||||||||||||||||||||||||||
Life insurance contracts | — | — | — | — | — | 10 | — | 10 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | — | — | — | — | 7 | 10 | — | 17 | 4 | — | — | 4 | |||||||||||||||||||||||||||||||||||
Total assets | 20 | — | — | 20 | 52 | 10 | — | 62 | 40 | — | — | 40 | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (8 | ) | — | (8 | ) | — | (11 | ) | — | (11 | ) | — | (4 | ) | — | (4 | ) | |||||||||||||||||||||||||||||
Mark-to-market derivative liabilities(b) | — | — | (258 | ) | (258 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total liabilities | — | (8 | ) | (258 | ) | (266 | ) | — | (11 | ) | — | (11 | ) | — | (4 | ) | — | (4 | ) | ||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | 20 | $ | (8 | ) | $ | (258 | ) | $ | (246 | ) | $ | 52 | $ | (1 | ) | $ | — | $ | 51 | $ | 40 | $ | (4 | ) | $ | — | $ | 36 |
Successor | |||||||||||||||||||||||||||||||
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||||||||
PHI | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 184 | $ | — | $ | — | $ | 184 | $ | 217 | $ | — | $ | — | $ | 217 | |||||||||||||||
Mark-to-market derivative assets(b) | — | — | — | — | 2 | — | — | 2 | |||||||||||||||||||||||
Effect of netting and allocation of collateral | — | — | — | — | (2 | ) | — | — | (2 | ) | |||||||||||||||||||||
Mark-to-market derivative assets subtotal | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||
Cash equivalents | 72 | — | — | 72 | 73 | — | — | 73 | |||||||||||||||||||||||
Fixed income | — | 13 | — | 13 | — | 16 | — | 16 | |||||||||||||||||||||||
Life insurance contracts | — | 23 | 21 | 44 | — | 22 | 20 | 42 | |||||||||||||||||||||||
Rabbi trust investments subtotal | 72 | 36 | 21 | 129 | 73 | 38 | 20 | 131 | |||||||||||||||||||||||
Total assets | 256 | 36 | 21 | 313 | 290 | 38 | 20 | 348 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (24 | ) | — | (24 | ) | — | (28 | ) | — | (28 | ) | |||||||||||||||||||
Total liabilities | — | (24 | ) | — | (24 | ) | — | (28 | ) | — | (28 | ) | |||||||||||||||||||
Total net assets | $ | 256 | $ | 12 | $ | 21 | $ | 289 | $ | 290 | $ | 10 | $ | 20 | $ | 320 |
Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2017 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 144 | $ | — | $ | — | $ | 144 | $ | — | $ | — | $ | — | $ | — | $ | 31 | $ | — | $ | — | $ | 31 | |||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 43 | — | — | 43 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Fixed income | — | 13 | — | 13 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Life insurance contracts | — | 23 | 21 | 44 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 43 | 36 | 21 | 100 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total assets | 187 | 36 | 21 | 244 | — | — | — | — | 31 | — | — | 31 | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (4 | ) | — | (4 | ) | — | (1 | ) | — | (1 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Total liabilities | — | (4 | ) | — | (4 | ) | — | (1 | ) | — | (1 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | 187 | $ | 32 | $ | 21 | $ | 240 | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | $ | 31 | $ | — | $ | — | $ | 31 |
Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2016 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 33 | $ | — | $ | — | $ | 33 | $ | 42 | $ | — | $ | — | $ | 42 | $ | 130 | $ | — | $ | — | $ | 130 | |||||||||||||||||||||||
Mark-to-market derivative assets(b) | — | — | — | — | 2 | — | — | 2 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Effect of netting and allocation of collateral | — | — | — | — | (2 | ) | — | — | (2 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
Mark-to-market derivative assets subtotal | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 43 | — | — | 43 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Fixed income | — | 16 | — | 16 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Life insurance contracts | — | 22 | 19 | 41 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 43 | 38 | 19 | 100 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total assets | 76 | 38 | 19 | 133 | 42 | — | — | 42 | 130 | — | — | 130 | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (5 | ) | — | (5 | ) | — | (1 | ) | — | (1 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Total liabilities | — | (5 | ) | — | (5 | ) | — | (1 | ) | — | (1 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | 76 | $ | 33 | $ | 19 | $ | 128 | $ | 42 | $ | (1 | ) | $ | — | $ | 41 | $ | 130 | $ | — | $ | — | $ | 130 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Savings Plan Employer Contributions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Exelon | $ | 27 | $ | 23 | $ | 74 | $ | 66 | ||||||||||||||||||
ComEd | 12 | 11 | 31 | 29 | ||||||||||||||||||||||
PECO | 3 | 3 | 10 | 9 | ||||||||||||||||||||||
BGE | 3 | 2 | 8 | 7 | ||||||||||||||||||||||
PHI | 5 | 4 | 13 | 11 | ||||||||||||||||||||||
Pepco | 1 | 1 | 3 | 3 | ||||||||||||||||||||||
DPL | 1 | 1 | 3 | 3 | ||||||||||||||||||||||
ACE | 1 | 1 | 2 | 2 |
Successor | |||||||||||||||||||||||||||||||||||
Generation | ComEd | PHI | Exelon | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | NDT Fund Investments | Pledged Assets for Zion Station Decommissioning | Mark-to-Market Derivatives | Other Investments | Total Generation | Mark-to-Market Derivatives | Life Insurance Contracts | Eliminated in Consolidation | Total | ||||||||||||||||||||||||||
Balance as of June 30, 2017 | $ | 683 | $ | 21 | $ | 589 | $ | 41 | $ | 1,334 | $ | (256 | ) | $ | 20 | $ | — | $ | 1,098 | ||||||||||||||||
Total realized / unrealized gains (losses) | |||||||||||||||||||||||||||||||||||
Included in net income | — | — | (82 | ) | (a) | 1 | (81 | ) | — | 1 | — | (80 | ) | ||||||||||||||||||||||
Included in payable for Zion Station decommissioning | — | (4 | ) | — | — | (4 | ) | — | — | — | (4 | ) | |||||||||||||||||||||||
Included in regulatory assets | — | — | — | — | — | (21 | ) | (b) | — | — | (21 | ) | |||||||||||||||||||||||
Change in collateral | — | — | 11 | — | 11 | — | — | — | 11 | ||||||||||||||||||||||||||
Purchases, sales, issuances and settlements | |||||||||||||||||||||||||||||||||||
Purchases | 19 | — | 57 | 1 | 77 | — | — | — | 77 | ||||||||||||||||||||||||||
Settlements | (31 | ) | — | 10 | (c) | — | (21 | ) | — | — | — | (21 | ) | ||||||||||||||||||||||
Transfers out of Level 3 | — | — | 10 | — | 10 | — | — | — | 10 | ||||||||||||||||||||||||||
Balance at September 30, 2017 | $ | 671 | $ | 17 | $ | 595 | $ | 43 | $ | 1,326 | $ | (277 | ) | $ | 21 | $ | — | $ | 1,070 | ||||||||||||||||
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2017 | $ | — | $ | — | $ | 24 | $ | 1 | $ | 25 | $ | — | $ | 1 | $ | — | $ | 26 |
Successor | |||||||||||||||||||||||||||||||||||
Generation | ComEd | PHI | Exelon | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | NDT Fund Investments | Pledged Assets for Zion Station Decommissioning | Mark-to-Market Derivatives | Other Investments | Total Generation | Mark-to-Market Derivatives | Life Insurance Contracts | Eliminated in Consolidation | �� | Total | |||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | 677 | $ | 19 | $ | 493 | $ | 42 | $ | 1,231 | $ | (258 | ) | $ | 20 | $ | — | $ | 993 | ||||||||||||||||
Total realized / unrealized gains (losses) | |||||||||||||||||||||||||||||||||||
Included in net income | 4 | — | (110 | ) | (a) | 2 | (104 | ) | — | 2 | — | (102 | ) | ||||||||||||||||||||||
Included in noncurrent payables to affiliates | 13 | — | — | — | 13 | — | — | (13 | ) | — | |||||||||||||||||||||||||
Included in payable for Zion Station decommissioning | — | (3 | ) | — | — | (3 | ) | — | — | — | (3 | ) | |||||||||||||||||||||||
Included in regulatory assets | — | — | — | — | — | (19 | ) | (b) | — | 13 | (6 | ) | |||||||||||||||||||||||
Change in collateral | — | — | 81 | — | 81 | — | — | — | 81 | ||||||||||||||||||||||||||
Purchases, sales, issuances and settlements | |||||||||||||||||||||||||||||||||||
Purchases | 54 | 1 | 146 | 4 | 205 | — | — | — | 205 | ||||||||||||||||||||||||||
Sales | — | — | (15 | ) | — | (15 | ) | — | — | — | (15 | ) | |||||||||||||||||||||||
Issuances | — | — | — | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||||||||||
Settlements | (77 | ) | — | (8 | ) | (c) | — | (85 | ) | — | — | — | (85 | ) | |||||||||||||||||||||
Transfers into Level 3 | — | — | (9 | ) | — | (9 | ) | — | — | — | (9 | ) | |||||||||||||||||||||||
Transfers out of Level 3 | — | — | 17 | (5 | ) | 12 | — | — | — | 12 | |||||||||||||||||||||||||
Balance as of September 30, 2017 | $ | 671 | $ | 17 | $ | 595 | $ | 43 | $ | 1,326 | $ | (277 | ) | $ | 21 | $ | — | $ | 1,070 | ||||||||||||||||
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2017 | $ | 2 | $ | — | $ | 161 | $ | 2 | $ | 165 | $ | — | $ | 2 | $ | — | $ | 167 |
Successor | |||||||||||||||||||||||||||||||||||
Generation | ComEd | PHI | Exelon | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2016 | NDT Fund Investments | Pledged Assets for Zion Station Decommissioning | Mark-to-Market Derivatives | Other Investments | Total Generation | Mark-to-Market Derivatives | Life Insurance Contracts | Eliminated in Consolidation | Total | ||||||||||||||||||||||||||
Balance as of June 30, 2016 | $ | 715 | $ | 25 | $ | 609 | $ | 37 | $ | 1,386 | $ | (221 | ) | $ | 20 | $ | — | $ | 1,185 | ||||||||||||||||
Total realized / unrealized gains (losses) | |||||||||||||||||||||||||||||||||||
Included in net income | (4 | ) | — | 95 | (a) | 1 | 92 | — | 1 | — | 93 | ||||||||||||||||||||||||
Included in noncurrent payables to affiliates | 6 | — | — | — | 6 | — | — | (6 | ) | — | |||||||||||||||||||||||||
Included in payable for Zion Station decommissioning | — | (1 | ) | — | — | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||||||||
Included in regulatory assets | — | — | — | — | — | (23 | ) | (b) | — | 6 | (17 | ) | |||||||||||||||||||||||
Change in collateral | — | — | 31 | — | 31 | — | — | — | 31 | ||||||||||||||||||||||||||
Purchases, sales, issuances and settlements | |||||||||||||||||||||||||||||||||||
Purchases | 4 | — | 207 | (c) | 3 | 214 | — | — | — | 214 | |||||||||||||||||||||||||
Sales | — | (5 | ) | (2 | ) | — | (7 | ) | — | — | — | (7 | ) | ||||||||||||||||||||||
Issuances | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Settlements | (28 | ) | — | — | — | (28 | ) | — | — | — | (28 | ) | |||||||||||||||||||||||
Transfers into Level 3 | — | — | (1 | ) | 1 | — | — | — | — | — | |||||||||||||||||||||||||
Transfers out of Level 3 | — | — | (4 | ) | — | (4 | ) | — | — | — | (4 | ) | |||||||||||||||||||||||
Balance as of September 30, 2016 | $ | 693 | $ | 19 | $ | 935 | $ | 42 | $ | 1,689 | $ | (244 | ) | $ | 21 | $ | — | $ | 1,466 | ||||||||||||||||
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2016 | $ | 3 | $ | — | $ | 285 | $ | — | $ | 288 | $ | — | $ | — | $ | — | $ | 288 |
Successor | |||||||||||||||||||||||||||||||||||
Generation | ComEd | PHI(d) | Exelon | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | NDT Fund Investments | Pledged Assets for Zion Station Decommissioning | Mark-to-Market Derivatives | Other Investments | Total Generation | Mark-to-Market Derivatives | Life Insurance Contracts | Eliminated in Consolidation | Total | ||||||||||||||||||||||||||
Balance as of December 31, 2015 | $ | 670 | $ | 22 | $ | 1,051 | $ | 33 | $ | 1,776 | $ | (247 | ) | $ | — | $ | — | $ | 1,529 | ||||||||||||||||
Included due to merger | — | — | — | — | — | — | 20 | — | 20 | ||||||||||||||||||||||||||
Total realized / unrealized gains (losses) | |||||||||||||||||||||||||||||||||||
Included in net income | 2 | — | (339 | ) | (a) | 1 | (336 | ) | — | 2 | — | (334 | ) | ||||||||||||||||||||||
Included in noncurrent payables to affiliates | 18 | — | — | — | 18 | — | — | (18 | ) | — | |||||||||||||||||||||||||
Included in payable for Zion Station decommissioning | — | 1 | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||
Included in regulatory assets | — | — | — | — | — | 3 | (b) | — | 18 | 21 | |||||||||||||||||||||||||
Change in collateral | — | — | (51 | ) | — | (51 | ) | — | — | — | (51 | ) | |||||||||||||||||||||||
Purchases, sales, issuances and settlements | |||||||||||||||||||||||||||||||||||
Purchases | 123 | 1 | 289 | (c) | 7 | 420 | — | — | — | 420 | |||||||||||||||||||||||||
Sales | (1 | ) | (5 | ) | (5 | ) | — | (11 | ) | — | — | — | (11 | ) | |||||||||||||||||||||
Issuances | — | — | — | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||||||||||
Settlements | (119 | ) | — | — | — | (119 | ) | — | — | — | (119 | ) | |||||||||||||||||||||||
Transfers into Level 3 | — | — | 1 | 1 | 2 | — | — | — | 2 | ||||||||||||||||||||||||||
Transfers out of Level 3 | — | — | (11 | ) | — | (11 | ) | — | — | — | (11 | ) | |||||||||||||||||||||||
Balance as of September 30, 2016 | $ | 693 | $ | 19 | $ | 935 | $ | 42 | $ | 1,689 | $ | (244 | ) | $ | 21 | $ | — | $ | 1,466 | ||||||||||||||||
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2016 | $ | 7 | $ | — | $ | 240 | $ | — | $ | 247 | $ | — | $ | 1 | $ | — | $ | 248 |
Predecessor | ||||||||
January 1, 2016 to March 23, 2016 | ||||||||
PHI | Preferred Stock | Life Insurance Contracts | ||||||
Beginning Balance | $ | 18 | $ | 19 | ||||
Total realized / unrealized gains (losses) | ||||||||
Included in net income | (18 | ) | 1 | |||||
Ending Balance | $ | — | $ | 20 | ||||
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities for the period | $ | — | $ | 1 |
Life Insurance Contracts | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Pepco | 2017 | 2016 | 2017 | 2016 | |||||||||||
Beginning balance | $ | 20 | $ | 20 | $ | 20 | $ | 19 | |||||||
Total realized / unrealized gains (losses) | |||||||||||||||
Included in net income | 1 | 1 | 2 | 3 | |||||||||||
Purchases, sales, issuances and settlements | |||||||||||||||
Issuances | — | — | (1 | ) | (1 | ) | |||||||||
Ending balance | $ | 21 | $ | 21 | $ | 21 | $ | 21 | |||||||
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities for the period | $ | 1 | $ | — | $ | 2 | $ | 2 |
Successor | |||||||||||||||||||||||||||
Generation | PHI | Exelon | |||||||||||||||||||||||||
Operating Revenues | Purchased Power and Fuel | Other, net(a) | Other, net(a) | Operating Revenues | Purchased Power and Fuel | Other, net(a) | |||||||||||||||||||||
Total gains (losses) included in net income for the three months ended September 30, 2017 | $ | (3 | ) | $ | (69 | ) | $ | 1 | $ | 1 | $ | (3 | ) | $ | (69 | ) | $ | 2 | |||||||||
Total gains (losses) included in net income for the nine months ended September 30, 2017 | 34 | (152 | ) | 6 | 2 | 34 | (152 | ) | 8 | ||||||||||||||||||
Change in the unrealized gains (losses) relating to assets and liabilities held for the three months ended September 30, 2017 | 47 | (23 | ) | 1 | 1 | 47 | (23 | ) | 2 | ||||||||||||||||||
Change in the unrealized gains (losses) relating to assets and liabilities held for the nine months ended September 30, 2017 | 222 | (61 | ) | 4 | 2 | 222 | (61 | ) | 6 |
Successor | |||||||||||||||||||||||||||
Generation | PHI | Exelon | |||||||||||||||||||||||||
Operating Revenues | Purchased Power and Fuel | Other, net(a) | Other, net(a) | Operating Revenues | Purchased Power and Fuel | Other, net(a) | |||||||||||||||||||||
Total gains (losses) included in net income for the three months ended September 30, 2016 | $ | 180 | $ | (85 | ) | $ | (4 | ) | $ | 1 | $ | 180 | $ | (85 | ) | $ | (3 | ) | |||||||||
Total gains (losses) included in net income for the nine months ended September 30, 2016 | (232 | ) | (107 | ) | 2 | 2 | (232 | ) | (107 | ) | 4 | ||||||||||||||||
Change in the unrealized gains (losses) relating to assets and liabilities held for the three months ended September 30, 2016 | 323 | (38 | ) | 3 | — | 323 | (38 | ) | 3 | ||||||||||||||||||
Change in the unrealized gains (losses) relating to assets and liabilities held for the nine months ended September 30, 2016 | 303 | (63 | ) | 7 | 1 | 303 | (63 | ) | 8 |
Predecessor | |||||||||||||||||||
PHI | Pepco | ||||||||||||||||||
January 1, 2016 to March 23, 2016 | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Other, net(a) | Other, net(a) | ||||||||||||||||||
Total gains (losses) included in net income | $ | (17 | ) | $ | 1 | $ | 1 | $ | 2 | $ | 3 | ||||||||
Change in the unrealized gains (losses) relating to assets and liabilities held | 1 | 1 | — | 2 | 2 |
Type of trade | Fair Value at September 30, 2017 | Valuation Technique | Unobservable Input | Range | ||||||||
Mark-to-market derivatives — Economic Hedges (Exelon and Generation)(a)(b) | $ | 439 | Discounted Cash Flow | Forward power price | $7 | - | $124 | |||||
Forward gas price | $1.84 | - | $9.43 | |||||||||
Option Model | Volatility percentage | 9% | - | 114% | ||||||||
Mark-to-market derivatives — Proprietary trading (Exelon and Generation)(a)(b) | $ | 15 | Discounted Cash Flow | Forward power price | $12 | - | $69 | |||||
Mark-to-market derivatives (Exelon and ComEd) | $ | (277 | ) | Discounted Cash Flow | Forward heat rate(c) | 9x | - | 10x | ||||
Marketability reserve | 3% | - | 8% | |||||||||
Renewable factor | 88% | - | 125% |
Type of trade | Fair Value at December 31, 2016 | Valuation Technique | Unobservable Input | Range | ||||||||
Mark-to-market derivatives — Economic Hedges (Exelon and Generation)(a)(b) | $ | 435 | Discounted Cash Flow | Forward power price | $11 | - | $130 | |||||
Forward gas price | $1.72 | - | $9.20 | |||||||||
Option Model | Volatility percentage | 8% | - | 173% | ||||||||
Mark-to-market derivatives — Proprietary trading (Exelon and Generation)(a)(b) | $ | (3 | ) | Discounted Cash Flow | Forward power price | $19 | - | $79 | ||||
Mark-to-market derivatives (Exelon and ComEd) | $ | (258 | ) | Discounted Cash Flow | Forward heat rate(c) | 8x | - | 9x | ||||
Marketability reserve | 3% | - | 8% | |||||||||
Renewable factor | 89% | - | 121% |
Registrant | Commodity | Accounting Treatment | Hedging Instrument | ||||||||
ComEd | Electricity | NPNS | Fixed price contracts based on all requirements in the IPA procurement plans. | ||||||||
Electricity | Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(a) | 20-year floating-to-fixed energy swap contracts beginning June 2012 based on the renewable energy resource procurement requirements in the Illinois Settlement Legislation of approximately 1.3 million MWhs per year. | |||||||||
PECO | Electricity | NPNS | Fixed price contracts for default supply requirements through full requirements contracts. | ||||||||
Gas | NPNS | Fixed price contracts to cover about 10% of planned natural gas purchases in support of projected firm sales. | |||||||||
BGE | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. | ||||||||
Gas | NPNS | Fixed price contracts for between 10-20% of forecasted system supply requirements for flowing (i.e., non-storage) gas for the November through March period. | |||||||||
Pepco | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. | ||||||||
DPL | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. | ||||||||
Gas | NPNS | Fixed and index priced contracts through full requirements contracts. | |||||||||
Gas | Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(b) | Exchange traded future contracts for up to 50% of estimated monthly purchase requirements each month, including purchases for storage injections. | |||||||||
ACE | Electricity | NPNS | Fixed price contracts for all BGS requirements through full requirements contracts. |
Generation | Exelon Corporate | Exelon | ||||||||||||||||||||||||||
Description | Derivatives Designated as Hedging Instruments | Economic Hedges | Proprietary Trading(a) | Collateral and Netting(b) | Subtotal | Derivatives Designated as Hedging Instruments | Total | |||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | — | $ | 15 | $ | — | $ | (10 | ) | $ | 5 | $ | — | $ | 5 | |||||||||||||
Mark-to-market derivative assets (noncurrent assets) | — | 1 | — | (1 | ) | — | 10 | 10 | ||||||||||||||||||||
Total mark-to-market derivative assets | — | 16 | — | (11 | ) | 5 | 10 | 15 | ||||||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | — | (17 | ) | — | 9 | (8 | ) | — | (8 | ) | ||||||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | — | (2 | ) | — | 1 | (1 | ) | — | (1 | ) | ||||||||||||||||||
Total mark-to-market derivative liabilities | — | (19 | ) | — | 10 | (9 | ) | — | (9 | ) | ||||||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | — | $ | (3 | ) | $ | — | $ | (1 | ) | $ | (4 | ) | $ | 10 | $ | 6 |
September 30, 2023 | |||||||||||||||||
Derivatives Designated as Hedging Instruments | Economic Hedges | Total | |||||||||||||||
Other current assets | $ | — | $ | 3 | $ | 3 | |||||||||||
Other deferred debits (noncurrent assets) | 41 | — | 41 | ||||||||||||||
Total derivative assets | 41 | 3 | 44 | ||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | — | (23) | (23) | ||||||||||||||
Total mark-to-market derivative liabilities | — | (23) | (23) | ||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | 41 | $ | (20) | $ | 21 |
Generation | Exelon Corporate | Exelon | ||||||||||||||||||||||||||
Description | Derivatives Designated as Hedging Instruments | Economic Hedges | Proprietary Trading(a) | Collateral and Netting(b) | Subtotal | Derivatives Designated as Hedging Instruments | Total | |||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | — | $ | 17 | $ | 4 | $ | (13 | ) | $ | 8 | $ | — | $ | 8 | |||||||||||||
Mark-to-market derivative assets (noncurrent assets) | — | 11 | 1 | (8 | ) | 4 | 16 | 20 | ||||||||||||||||||||
Total mark-to-market derivative assets | — | 28 | 5 | (21 | ) | 12 | 16 | 28 | ||||||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | (7 | ) | (13 | ) | (2 | ) | 14 | (8 | ) | — | (8 | ) | ||||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | (3 | ) | (8 | ) | (2 | ) | 9 | (4 | ) | — | (4 | ) | ||||||||||||||||
Total mark-to-market derivative liabilities | (10 | ) | (21 | ) | (4 | ) | 23 | (12 | ) | — | (12 | ) | ||||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | (10 | ) | $ | 7 | $ | 1 | $ | 2 | $ | — | $ | 16 | $ | 16 |
December 31, 2022 | |||||||||||||||||
Derivatives Designated as Hedging Instruments | Economic Hedges | Total | |||||||||||||||
Other deferred debits (noncurrent assets) | $ | 6 | $ | 5 | $ | 11 | |||||||||||
Total derivative assets | 6 | 5 | 11 | ||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | — | (3) | (3) | ||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | (4) | — | (4) | ||||||||||||||
Total mark-to-market derivative liabilities | (4) | (3) | (7) | ||||||||||||||
Total mark-to-market derivative net assets | $ | 2 | $ | 2 | $ | 4 |
Three Months Ended September 30, | |||||||||||||||||
Income Statement Location | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Gain (loss) on Swaps | Gain (loss) on Borrowings | ||||||||||||||||
Exelon | Interest expense | $ | (2 | ) | $ | (8 | ) | $ | 6 | $ | 14 | ||||||
Nine Months Ended September 30, | |||||||||||||||||
Income Statement Location | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Gain (loss) on Swaps | Gain (loss) on Borrowings | ||||||||||||||||
Exelon | Interest expense | $ | (6 | ) | $ | 15 | $ | 17 | $ | (3 | ) |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
5-year maturity floating-to-fixed swaps | $ | 390 | $ | 635 | ||||||||||||||||||||||
10-year maturity floating-to-fixed swaps | 390 | 635 | ||||||||||||||||||||||||
Total | $ | 780 | $ | 1,270 |
Successor | ||||||||||||||||||||||||||||||||||||||||
Generation | ComEd | DPL | PHI | Exelon | ||||||||||||||||||||||||||||||||||||
Derivatives | Economic Hedges | Proprietary Trading | Collateral and Netting(a) (e) | Subtotal(b) | Economic Hedges(c) | Economic Hedges(d) | Collateral and Netting(a) | Subtotal | Subtotal | Total Derivatives | ||||||||||||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | 2,608 | $ | 55 | $ | (1,969 | ) | $ | 694 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 694 | |||||||||||||||||||
Mark-to-market derivative assets (noncurrent assets) | 1,583 | 30 | (1,197 | ) | 416 | — | — | — | — | — | 416 | |||||||||||||||||||||||||||||
Total mark-to-market derivative assets | 4,191 | 85 | (3,166 | ) | 1,110 | — | — | — | — | — | 1,110 | |||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | (2,334 | ) | (46 | ) | 2,230 | (150 | ) | (20 | ) | — | — | — | — | (170 | ) | |||||||||||||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | (1,476 | ) | (27 | ) | 1,351 | (152 | ) | (257 | ) | — | — | — | — | (409 | ) | |||||||||||||||||||||||||
Total mark-to-market derivative liabilities | (3,810 | ) | (73 | ) | 3,581 | (302 | ) | (277 | ) | — | — | — | — | (579 | ) | |||||||||||||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | 381 | $ | 12 | $ | 415 | $ | 808 | $ | (277 | ) | $ | — | $ | — | $ | — | $ | — | $ | 531 |
Successor | ||||||||||||||||||||||||||||||||||||||||
Generation | ComEd | DPL | PHI | Exelon | ||||||||||||||||||||||||||||||||||||
Description | Economic Hedges | Proprietary Trading | Collateral and Netting(a) (e) | Subtotal(b) | Economic Hedges(c) | Economic Hedges(d) | Collateral and Netting(a) | Subtotal | Subtotal | Total Derivatives | ||||||||||||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | 3,623 | $ | 55 | $ | (2,769 | ) | $ | 909 | $ | — | $ | 2 | $ | (2 | ) | $ | — | $ | — | $ | 909 | ||||||||||||||||||
Mark-to-market derivative assets (noncurrent assets) | 1,467 | 21 | (1,016 | ) | 472 | — | — | — | — | — | 472 | |||||||||||||||||||||||||||||
Total mark-to-market derivative assets | 5,090 | 76 | (3,785 | ) | 1,381 | — | 2 | (2 | ) | — | — | 1,381 | ||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | (3,165 | ) | (54 | ) | 2,964 | (255 | ) | (19 | ) | — | — | — | — | (274 | ) | |||||||||||||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | (1,274 | ) | (25 | ) | 1,150 | (149 | ) | (239 | ) | — | — | — | — | (388 | ) | |||||||||||||||||||||||||
Total mark-to-market derivative liabilities | (4,439 | ) | (79 | ) | 4,114 | (404 | ) | (258 | ) | — | — | — | — | (662 | ) | |||||||||||||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | 651 | $ | (3 | ) | $ | 329 | $ | 977 | $ | (258 | ) | $ | 2 | $ | (2 | ) | $ | — | $ | — | $ | 719 |
Total Cash Flow Hedge OCI Activity, Net of Income Tax | ||||||||||||
Generation | Exelon | |||||||||||
Three Months Ended September 30, 2017 | Income Statement Location | Total Cash Flow Hedges | Total Cash Flow Hedges | |||||||||
Accumulated OCI derivative loss at June 30, 2017 | $ | (14 | ) | $ | (12 | ) | ||||||
Effective portion of changes in fair value | 1 | 1 | ||||||||||
Reclassifications from AOCI to net income | Interest Expense | (1 | ) | (a) | (1 | ) | (a) | |||||
Accumulated OCI derivative loss at September 30, 2017 | $ | (14 | ) | $ | (12 | ) |
Total Cash Flow Hedge OCI Activity, Net of Income Tax | ||||||||||||
Generation | Exelon | |||||||||||
Nine Months Ended September 30, 2017 | Income Statement Location | Total Cash Flow Hedges | Total Cash Flow Hedges | |||||||||
Accumulated OCI derivative loss at December 31, 2016 | $ | (19 | ) | $ | (17 | ) | ||||||
Effective portion of changes in fair value | 2 | 2 | ||||||||||
Reclassifications from AOCI to net income | Interest Expense | 3 | (b) | 3 | (b) | |||||||
Accumulated OCI derivative loss at September 30, 2017 | $ | (14 | ) | $ | (12 | ) |
Total Cash Flow Hedge OCI Activity, Net of Income Tax | ||||||||||||
Generation | Exelon | |||||||||||
Three Months Ended September 30, 2016 | Income Statement Location | Total Cash Flow Hedges | Total Cash Flow Hedges | |||||||||
Accumulated OCI derivative loss at June 30, 2016 | $ | (25 | ) | $ | (26 | ) | ||||||
Effective portion of changes in fair value | 1 | 3 | ||||||||||
Accumulated OCI derivative loss at September 30, 2016 | $ | (24 | ) | $ | (23 | ) |
Total Cash Flow Hedge OCI Activity, Net of Income Tax | ||||||||||||
Generation | Exelon | |||||||||||
Nine Months Ended September 30, 2016 | Income Statement Location | Total Cash Flow Hedges | Total Cash Flow Hedges | |||||||||
Accumulated OCI derivative loss at December 31, 2015 | $ | (21 | ) | $ | (19 | ) | ||||||
Effective portion of changes in fair value | — | (1 | ) | |||||||||
Reclassifications from AOCI to net income | Interest Expense | (3 | ) | (c) | (3 | ) | (c) | |||||
Accumulated OCI derivative loss at September 30, 2016 | $ | (24 | ) | $ | (23 | ) |
Hedging Instrument | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Interest rate cap swaps | $ | 1,000 | $ | 1,850 | ||||||||||||||||||||||
Constant maturity treasury interest rate swaps | 4,875 | 500 | ||||||||||||||||||||||||
Total | $ | 5,875 | $ | 2,350 |
Generation | Exelon | |||||||||||||||
Three Months Ended September 30, 2017 | Operating Revenues | Purchased Power and Fuel | Total | Total | ||||||||||||
Change in fair value of commodity positions | $ | 132 | $ | 45 | $ | 177 | $ | 177 | ||||||||
Reclassification to realized at settlement of commodity positions | (77 | ) | (24 | ) | (101 | ) | (101 | ) | ||||||||
Net commodity mark-to-market gains (losses) | 55 | 21 | 76 | 76 | ||||||||||||
Change in fair value of treasury positions | (3 | ) | — | (3 | ) | (3 | ) | |||||||||
Reclassification to realized at settlement of treasury positions | — | — | — | — | ||||||||||||
Net treasury mark-to-market gains (losses) | (3 | ) | — | (3 | ) | (3 | ) | |||||||||
Net mark-to-market gains (losses) | $ | 52 | $ | 21 | $ | 73 | $ | 73 |
Generation | Exelon | |||||||||||||||
Nine Months Ended September 30, 2017 | Operating Revenues | Purchased Power and Fuel | Total | Total | ||||||||||||
Change in fair value of commodity positions | $ | 123 | $ | (153 | ) | $ | (30 | ) | $ | (30 | ) | |||||
Reclassification to realized of commodity positions | (164 | ) | 39 | (125 | ) | (125 | ) | |||||||||
Net commodity mark-to-market gains (losses) | (41 | ) | (114 | ) | (155 | ) | (155 | ) | ||||||||
Change in fair value of treasury positions | (4 | ) | — | (4 | ) | (4 | ) | |||||||||
Reclassification to realized of treasury positions | (2 | ) | — | (2 | ) | (2 | ) | |||||||||
Net treasury mark-to-market gains (losses) | (6 | ) | — | (6 | ) | (6 | ) | |||||||||
Net mark-to-market gains (losses) | $ | (47 | ) | $ | (114 | ) | $ | (161 | ) | $ | (161 | ) |
Generation | Exelon | |||||||||||||||
Three Months Ended September 30, 2016 | Operating Revenues | Purchased Power and Fuel | Total | Total | ||||||||||||
Change in fair value of commodity positions | $ | 280 | $ | (73 | ) | $ | 207 | $ | 207 | |||||||
Reclassification to realized at settlement of commodity positions | (92 | ) | (26 | ) | (118 | ) | (118 | ) | ||||||||
Net commodity mark-to-market gains (losses) | 188 | (99 | ) | 89 | 89 | |||||||||||
Change in fair value of treasury positions | 1 | — | 1 | 1 | ||||||||||||
Reclassification to realized at settlement of treasury positions | (2 | ) | — | (2 | ) | (2 | ) | |||||||||
Net treasury mark-to-market gains (losses) | (1 | ) | — | (1 | ) | (1 | ) | |||||||||
Net mark-to-market gains (losses) | $ | 187 | $ | (99 | ) | $ | 88 | $ | 88 |
Generation | Exelon | |||||||||||||||
Nine Months Ended September 30, 2016 | Operating Revenues | Purchased Power and Fuel | Total | Total | ||||||||||||
Change in fair value of commodity positions | $ | 127 | $ | 36 | $ | 163 | $ | 163 | ||||||||
Reclassification to realized of commodity positions | (484 | ) | 217 | (267 | ) | (267 | ) | |||||||||
Net commodity mark-to-market gains (losses) | (357 | ) | 253 | (104 | ) | (104 | ) | |||||||||
Change in fair value of treasury positions | (3 | ) | — | (3 | ) | (3 | ) | |||||||||
Reclassification to realized of treasury positions | (6 | ) | — | (6 | ) | (6 | ) | |||||||||
Net treasury mark-to-market gains (losses) | (9 | ) | — | (9 | ) | (9 | ) | |||||||||
Net mark-to-market gains (losses) | $ | (366 | ) | $ | 253 | $ | (113 | ) | $ | (113 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Change in fair value of commodity positions | $ | 11 | $ | 4 | $ | 17 | $ | 18 | ||||||||
Reclassification to realized of commodity positions | (6 | ) | (6 | ) | (13 | ) | (17 | ) | ||||||||
Net commodity mark-to-market gains (losses) | 5 | (2 | ) | 4 | 1 | |||||||||||
Change in fair value of treasury positions | (1 | ) | — | (2 | ) | (2 | ) | |||||||||
Reclassification to realized of treasury positions | 1 | 1 | 1 | 2 | ||||||||||||
Net treasury mark-to-market gains (losses) | — | 1 | (1 | ) | — | |||||||||||
Total net mark-to-market gains (losses) | $ | 5 | $ | (1 | ) | $ | 3 | $ | 1 |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||||||||||||||
Income Statement Location | (Loss) Gain | (Loss) Gain | |||||||||||||||||||||
Electric operating revenues | $ | (16) | $ | (21) | |||||||||||||||||||
Interest expense | — | 1 | |||||||||||||||||||||
Total | $ | (16) | $ | (20) |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Exelon | $ | 112 | $ | 297 | ||||||||||||||||||||||
ComEd | 105 | 77 | ||||||||||||||||||||||||
PECO(a) | — | — | ||||||||||||||||||||||||
BGE | 1 | 23 | ||||||||||||||||||||||||
PHI | 6 | 197 | ||||||||||||||||||||||||
Pepco(b) | — | 26 | ||||||||||||||||||||||||
DPL | 1 | 121 | ||||||||||||||||||||||||
ACE | 5 | 50 |
Rating as of September 30, 2017 | Total Exposure Before Credit Collateral | Credit Collateral(a) | Net Exposure | Number of Counterparties Greater than 10% of Net Exposure | Net Exposure of Counterparties Greater than 10% of Net Exposure | |||||||||||||
Investment grade | $ | 828 | $ | 9 | $ | 819 | 1 | $ | 278 | |||||||||
Non-investment grade | 44 | 4 | 40 | |||||||||||||||
No external ratings | ||||||||||||||||||
Internally rated — investment grade | 316 | — | 316 | |||||||||||||||
Internally rated — non-investment grade | 100 | 18 | 82 | |||||||||||||||
Total | $ | 1,288 | $ | 31 | $ | 1,257 | 1 | $ | 278 |
Net Credit Exposure by Type of Counterparty | As of September 30, 2017 | ||
Financial institutions | $ | 48 | |
Investor-owned utilities, marketers, power producers | 538 | ||
Energy cooperatives and municipalities | 525 | ||
Other | 146 | ||
Total | $ | 1,257 |
Credit-Risk Related Contingent Feature | September 30, 2017 | December 31, 2016 | |||||
Gross fair value of derivative contracts containing this feature(a) | $ | (916 | ) | $ | (960 | ) | |
Offsetting fair value of in-the-money contracts under master netting arrangements(b) | 638 | 627 | |||||
Net fair value of derivative contracts containing this feature(c) | $ | (278 | ) | $ | (333 | ) |
Outstanding Commercial Paper at | Average Interest Rate on Commercial Paper Borrowings at | ||||||||||||||||||||||
Commercial Paper Issuer | September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Exelon(a) | $ | 820 | $ | 1,938 | 5.44 | % | 4.77 | % | |||||||||||||||
ComEd | 277 | 427 | 5.42 | % | 4.71 | % | |||||||||||||||||
PECO | — | 239 | — | % | 4.71 | % | |||||||||||||||||
BGE | 59 | 409 | 5.43 | % | 4.81 | % | |||||||||||||||||
PHI(b) | 173 | 414 | 5.47 | % | 4.78 | % | |||||||||||||||||
Pepco | — | 299 | — | % | 4.79 | % | |||||||||||||||||
DPL | — | 115 | — | % | 4.76 | % | |||||||||||||||||
ACE | 173 | — | 5.47 | % | — | % |
Commercial Paper Borrowings | September 30, 2017 | December 31, 2016 | ||||||
Exelon | $ | 118 | $ | 688 | ||||
Generation | — | 620 | ||||||
BGE | — | 45 | ||||||
PHI | 118 | 23 | ||||||
Pepco | — | 23 | ||||||
DPL | 54 | — | ||||||
ACE | 65 | — |
Borrower | Aggregate Bank Commitment | Interest Rate | ||||||||||||
Exelon Corporate | $ | 900 | SOFR plus 1.275 | % | ||||||||||
ComEd | 1,000 | SOFR plus 1.000 | % | |||||||||||
PECO | 600 | SOFR plus 0.900 | % | |||||||||||
BGE | 600 | SOFR plus 0.900 | % | |||||||||||
Pepco | 300 | SOFR plus 1.075 | % | |||||||||||
DPL | 300 | SOFR plus 1.000 | % | |||||||||||
ACE | 300 | SOFR plus 1.075 | % |
Company | Type | Interest Rate | Maturity | Amount | Use of Proceeds | ||||||||||||||||||||||||||||||
Exelon | Notes | 5.15% | March 15, 2028 | $1,000 | Repay existing indebtedness and for general corporate purposes. | ||||||||||||||||||||||||||||||
Exelon | Notes | 5.30% | March 15, 2033 | 850 | Repay existing indebtedness and for general corporate purposes. | ||||||||||||||||||||||||||||||
Exelon | Notes | 5.60% | March 15, 2053 | 650 | Repay existing indebtedness and for general corporate purposes. | ||||||||||||||||||||||||||||||
ComEd | First Mortgage Bonds, Series 134 | 4.90% | February 1, 2033 | 400 | Repay outstanding commercial paper obligations and to fund other general corporate purposes. | ||||||||||||||||||||||||||||||
ComEd | First Mortgage Bonds Series 135 | 5.30% | February 1, 2053 | 575 | Repay outstanding commercial paper obligations and to fund other general corporate purposes. | ||||||||||||||||||||||||||||||
PECO | First and Refunding Mortgage Bonds | 4.90% | June 15, 2033 | 575 | Refinance existing indebtedness, refinance outstanding commercial paper obligations, and for general corporate purposes. | ||||||||||||||||||||||||||||||
BGE | Notes | 5.40% | June 1, 2053 | 700 | Repay outstanding commercial paper obligations, repay existing indebtedness, and for general corporate purposes. | ||||||||||||||||||||||||||||||
Pepco | First Mortgage Bonds | 5.30% | March 15, 2033 | 85 | Repay existing indebtedness and for general corporate purposes. | ||||||||||||||||||||||||||||||
Pepco | First Mortgage Bonds | 5.40% | March 15, 2038 | 40 | Repay existing indebtedness and for general corporate purposes. | ||||||||||||||||||||||||||||||
Pepco | First Mortgage Bonds | 5.57% | March 15, 2053 | 125 | Repay existing indebtedness and for general corporate purposes. | ||||||||||||||||||||||||||||||
Pepco | First Mortgage Bonds | 5.35% | September 13, 2033 | 100 | Repay existing indebtedness and for general corporate purposes. | ||||||||||||||||||||||||||||||
DPL(a) | First Mortgage Bonds | 5.30% | March 15, 2033 | 60 | Repay existing indebtedness and for general corporate purposes. | ||||||||||||||||||||||||||||||
DPL | First Mortgage Bonds | 5.57% | March 15, 2053 | 65 | Repay existing indebtedness and for general corporate purposes. | ||||||||||||||||||||||||||||||
ACE | First Mortgage Bonds | 5.57% | March 15, 2053 | 75 | Repay existing indebtedness and for general corporate purposes. |
Company | Type | Interest Rate | Maturity | Amount | Use of Proceeds | ||||||||
Exelon | Junior Subordinated Notes(a) | 3.50 | % | June 1, 2022 | $ | 1,150 | Refinance Exelon's Junior Subordinated Notes issued in June 2014. | ||||||
Generation | Albany Green Energy Project Financing | LIBOR + 1.25% | November 17, 2017 | $ | 14 | Albany Green Energy biomass generation development. | |||||||
Generation | Energy Efficiency Project Financing | 3.90 | % | February 1, 2018 | $ | 17 | Funding to install energy conservation measures for the Naval Station Great Lakes project. | ||||||
Generation | Energy Efficiency Project Financing | 2.61 | % | September 30, 2018 | $ | 10 | Funding to install energy conservation measures for the Pensacola project. | ||||||
Generation | Energy Efficiency Project Financing | 3.53 | % | April 1, 2019 | $ | 8 | Funding to install energy conservation measures for the State Department project. | ||||||
Generation | Energy Efficiency Project Financing | 3.72 | % | May 1, 2018 | $ | 4 | Funding to install energy conservation measures for the Smithsonian Zoo project. | ||||||
Generation | Senior Notes | 2.95 | % | January 15, 2020 | $ | 250 | Repay outstanding commercial paper obligations and for general corporate purposes. | ||||||
Generation | Senior Notes | 3.40 | % | March 15, 2022 | $ | 500 | Repay outstanding commercial paper obligations and for general corporate purposes. | ||||||
Generation | ExGen Texas Power Nonrecourse Debt | LIBOR + 4.75% | September 18, 2021 | $ | 6 | Funding for general corporate purposes. | |||||||
ComEd | First Mortgage Bonds, Series 122 | 2.95 | % | August 15, 2027 | $ | 350 | Refinance maturing first mortgage bonds, to repay a portion of ComEd’s outstanding commercial paper obligations and for general corporate purposes. | ||||||
ComEd | First Mortgage Bonds, Series 123 | 3.75 | % | August 15, 2047 | $ | 650 | Refinance maturing first mortgage bonds, to repay a portion of ComEd’s outstanding commercial paper obligations and for general corporate purposes. | ||||||
PECO | First and Refunding Mortgage Bonds | 3.70 | % | September 15, 2047 | $ | 325 | General corporate purposes. | ||||||
BGE | Notes | 3.75 | % | August 15, 2047 | $ | 300 | Redeem $250 million in principal amount of the 6.20% Deferrable Interest Subordinated Debentures due October 15, 2043 issued by BGE's affiliate BGE Capital Trust II, repay commercial paper obligations and for general corporate purposes. | ||||||
Pepco | Energy Efficiency Project Financing | 3.30 | % | December 15, 2017 | $ | 2 | Funding to install energy conservation measures for the DOE Germantown project. | ||||||
Pepco | First Mortgage Bonds | 4.15 | % | March 15, 2043 | $ | 200 | Funding to repay outstanding commercial paper and for general corporate purposes. |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, including amounts due within one year(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | $ | 41,085 | $ | — | $ | 31,584 | $ | 2,675 | $ | 34,259 | $ | 37,074 | $ | — | $ | 29,902 | $ | 2,327 | $ | 32,229 | ||||||||||||||||||||||||||||||||||||||||||
ComEd | 11,484 | — | 9,343 | — | 9,343 | 10,518 | — | 9,006 | — | 9,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PECO | 5,133 | — | 4,110 | — | 4,110 | 4,612 | — | 3,864 | 50 | 3,914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BGE | 4,601 | — | 3,735 | — | 3,735 | 4,207 | — | 3,613 | — | 3,613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PHI | 8,637 | — | 4,352 | 2,675 | 7,027 | 8,120 | — | 4,507 | 2,277 | 6,784 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pepco | 4,095 | — | 2,129 | 1,473 | 3,602 | 3,751 | — | 2,229 | 1,205 | 3,434 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
DPL | 2,060 | — | 1,126 | 543 | 1,669 | 1,938 | — | 1,164 | 458 | 1,622 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ACE | 1,833 | — | 893 | 659 | 1,552 | 1,757 | — | 909 | 614 | 1,523 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt to Financing Trusts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | $ | 390 | $ | — | $ | — | $ | 384 | $ | 384 | $ | 390 | $ | — | $ | — | $ | 384 | $ | 384 | ||||||||||||||||||||||||||||||||||||||||||
ComEd | 205 | — | — | 206 | 206 | 205 | — | — | 204 | 204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PECO | 184 | — | — | 179 | 179 | 184 | — | — | 180 | 180 |
At September 30, 2023 | At December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 649 | $ | — | $ | — | $ | 649 | $ | 664 | $ | — | $ | — | $ | 664 | |||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 66 | — | — | 66 | 62 | — | — | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | 53 | — | — | 53 | 49 | — | — | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income | — | 7 | — | 7 | — | 7 | — | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | — | 60 | 42 | 102 | — | 58 | 40 | 98 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 119 | 67 | 42 | 228 | 111 | 65 | 40 | 216 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivative assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | — | 41 | — | 41 | — | 6 | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Economic hedges | — | 3 | — | 3 | — | 5 | — | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivative assets subtotal | — | 44 | — | 44 | — | 11 | — | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 768 | 111 | 42 | 921 | 775 | 76 | 40 | 891 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities | — | — | (134) | (134) | — | — | (84) | (84) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivative liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | — | — | — | — | — | (4) | — | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Economic hedges | — | (23) | — | (23) | — | (3) | — | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivative liabilities subtotal | — | (23) | — | (23) | — | (7) | — | (7) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (69) | — | (69) | — | (75) | — | (75) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | (92) | (134) | (226) | — | (82) | (84) | (166) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | 768 | $ | 19 | $ | (92) | $ | 695 | $ | 775 | $ | (6) | $ | (44) | $ | 725 |
Three Months Ended September 30, 2017 | |||||||||||||||||
Successor | |||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||
U.S. Federal statutory rate | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | ||||||||
Increase (decrease) due to: | |||||||||||||||||
State income taxes, net of Federal income tax benefit | 2.2 | 5.6 | 6.6 | (0.1) | 5.3 | 5.1 | 2.2 | 5.3 | 5.6 | ||||||||
Qualified nuclear decommissioning trust fund income | 2.6 | 5.8 | — | — | — | — | — | — | — | ||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (1.1) | (2.2) | (0.2) | (0.1) | (0.1) | (0.2) | (0.1) | (0.2) | (0.4) | ||||||||
Plant basis differences | (2.6) | — | (0.3) | (14.6) | (0.8) | (4.9) | (6.7) | (1.9) | (3.4) | ||||||||
Production tax credits and other credits | (2.2) | (4.8) | — | — | — | — | — | — | — | ||||||||
Noncontrolling interests | 0.5 | 1.0 | — | — | — | — | — | — | — | ||||||||
FitzPatrick bargain purchase gain | (0.2) | (0.4) | — | — | — | — | — | — | — | ||||||||
Other | (0.1) | 0.3 | (0.2) | (0.2) | (0.2) | 0.2 | — | (0.2) | 0.1 | ||||||||
Effective income tax rate | 34.1% | 40.3% | 40.9% | 20.0% | 39.2% | 35.2% | 30.4% | 38.0% | 36.9% |
Three Months Ended September 30, 2016 | |||||||||||||||||
Successor | |||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||
U.S. Federal statutory rate | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | ||||||||
Increase (decrease) due to: | |||||||||||||||||
State income taxes, net of Federal income tax benefit | 3.8 | 2.6 | 7.3 | 2.4 | 5.2 | 5.6 | 5.6 | 5.2 | 6.1 | ||||||||
Qualified nuclear decommissioning trust fund income | 4.0 | 7.8 | — | — | — | — | — | — | — | ||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (0.9) | (1.6) | (0.6) | (0.1) | (0.2) | (0.1) | — | (0.2) | (0.1) | ||||||||
Plant basis differences | (3.0) | — | (1.9) | (6.7) | (0.5) | (5.0) | (6.7) | (1.3) | (4.6) | ||||||||
Production tax credits and other credits | (2.9) | (5.7) | (0.1) | — | — | — | — | — | — | ||||||||
Noncontrolling interest | 0.2 | 0.5 | — | — | — | — | — | — | — | ||||||||
Statute of limitations expiration | (0.1) | 0.3 | — | — | — | — | — | — | — | ||||||||
Penalties | 4.3 | — | 27.2 | — | — | — | — | — | — | ||||||||
Merger expenses | (0.6) | — | — | — | — | (5.7) | (2.3) | (8.6) | (2.9) | ||||||||
Other | (0.8) | (0.5) | 0.1 | 0.1 | (0.4) | (0.7) | (0.9) | 0.1 | (0.6) | ||||||||
Effective income tax rate | 39.0% | 38.4% | 67.0% | 30.7% | 39.1% | 29.1% | 30.7% | 30.2% | 32.9% |
ComEd | PECO | BGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2023 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 491 | $ | — | $ | — | $ | 491 | $ | 29 | $ | — | $ | — | $ | 29 | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | — | — | — | — | 9 | — | — | 9 | 9 | — | — | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | — | — | — | — | — | 17 | — | 17 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | — | — | — | — | 9 | 17 | — | 26 | 9 | — | — | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 491 | — | — | 491 | 38 | 17 | — | 55 | 11 | — | — | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities(b) | — | — | (134) | (134) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (7) | — | (7) | — | (8) | — | (8) | — | (4) | — | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | (7) | (134) | (141) | — | (8) | — | (8) | — | (4) | — | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | 491 | $ | (7) | $ | (134) | $ | 350 | $ | 38 | $ | 9 | $ | — | $ | 47 | $ | 11 | $ | (4) | $ | — | $ | 7 |
ComEd | PECO | BGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2022 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 392 | $ | — | $ | — | $ | 392 | $ | 10 | $ | — | $ | — | $ | 10 | $ | 23 | $ | — | $ | — | $ | 23 | |||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | — | — | — | — | 7 | — | — | 7 | 7 | — | — | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | — | — | — | — | — | 15 | — | 15 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | — | — | — | — | 7 | 15 | — | 22 | 7 | — | — | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 392 | — | — | 392 | 17 | 15 | — | 32 | 30 | — | — | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities(b) | — | — | (84) | (84) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (8) | — | (8) | — | (7) | — | (7) | — | (4) | — | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | (8) | (84) | (92) | — | (7) | — | (7) | — | (4) | — | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | 392 | $ | (8) | $ | (84) | $ | 300 | $ | 17 | $ | 8 | $ | — | $ | 25 | $ | 30 | $ | (4) | $ | — | $ | 26 |
Nine Months Ended September 30, 2017 | |||||||||||||||||
Successor | |||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||
U.S. Federal statutory rate | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | ||||||||
Increase (decrease) due to: | |||||||||||||||||
State income taxes, net of Federal income tax benefit | 0.7 | 2.1 | 5.9 | (0.1) | 5.2 | 4.9 | 3.0 | 5.1 | 5.6 | ||||||||
Qualified nuclear decommissioning trust fund income | 4.0 | 14.0 | — | — | — | — | — | — | — | ||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (0.9) | (2.7) | (0.2) | (0.1) | (0.1) | (0.2) | (0.1) | (0.2) | (0.4) | ||||||||
Plant basis differences | (3.4) | — | (0.3) | (14.4) | (0.8) | (4.6) | (6.3) | (1.8) | (3.4) | ||||||||
Production tax credits and other credits | (1.8) | (6.2) | — | — | — | — | — | — | — | ||||||||
Noncontrolling interests | 0.2 | 0.7 | — | — | — | — | — | — | — | ||||||||
Merger expenses | (5.4) | (2.5) | — | — | — | (11.8) | (8.0) | (10.0) | (23.0) | ||||||||
FitzPatrick bargain purchase gain | (3.2) | (11.2) | — | — | — | — | — | — | — | ||||||||
Like-kind exchange(a) | (1.7) | — | 1.7 | — | — | — | — | — | — | ||||||||
Other | — | (0.4) | 0.2 | — | 0.2 | — | (0.3) | 0.6 | (0.3) | ||||||||
Effective income tax rate | 23.5% | 28.8% | 42.3% | 20.4% | 39.5% | 23.3% | 23.3% | 28.7% | 13.5% |
At September 30, 2023 | At December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
PHI | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 83 | $ | — | $ | — | $ | 83 | $ | 205 | $ | — | $ | — | $ | 205 | |||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 63 | — | — | 63 | 59 | — | — | 59 | |||||||||||||||||||||||||||||||||||||||
Mutual funds | 10 | — | — | 10 | 11 | — | — | 11 | |||||||||||||||||||||||||||||||||||||||
Fixed income | — | 7 | — | 7 | — | 7 | — | 7 | |||||||||||||||||||||||||||||||||||||||
Life insurance contracts | — | 21 | 40 | 61 | — | 22 | 39 | 61 | |||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 73 | 28 | 40 | 141 | 70 | 29 | 39 | 138 | |||||||||||||||||||||||||||||||||||||||
Total assets | 156 | 28 | 40 | 224 | 275 | 29 | 39 | 343 | |||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (13) | — | (13) | — | (14) | — | (14) | |||||||||||||||||||||||||||||||||||||||
Total liabilities | — | (13) | — | (13) | — | (14) | — | (14) | |||||||||||||||||||||||||||||||||||||||
Total net assets | $ | 156 | $ | 15 | $ | 40 | $ | 211 | $ | 275 | $ | 15 | $ | 39 | $ | 329 |
Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2023 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 22 | $ | — | $ | — | $ | 22 | $ | 1 | $ | — | $ | — | $ | 1 | $ | 1 | $ | — | $ | — | $ | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 62 | — | — | 62 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | — | 21 | 40 | 61 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 62 | 21 | 40 | 123 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 84 | 21 | 40 | 145 | 1 | — | — | 1 | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (1) | — | (1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | (1) | — | (1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets | $ | 84 | $ | 20 | $ | 40 | $ | 144 | $ | 1 | $ | — | $ | — | $ | 1 | $ | 1 | $ | — | $ | — | $ | 1 |
Successor | Predecessor | ||||||||||||||||||
Nine Months Ended September 30, 2016 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | |||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | Pepco | DPL(b) | ACE(b) | PHI(b) | PHI | ||||||||||
U.S. Federal statutory rate | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | |||||||||
Increase (decrease) due to: | |||||||||||||||||||
State income taxes, net of Federal income tax benefit(c) | 2.5 | 2.6 | 5.4 | 1.3 | 4.8 | 23.0 | 310.5 | 5.5 | 4.4 | 11.9 | |||||||||
Qualified nuclear decommissioning trust fund income | 4.8 | 8.8 | — | — | — | — | — | — | — | — | |||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (1.3) | (2.0) | (0.3) | (0.1) | (0.2) | (0.2) | (17.9) | 0.5 | 0.5 | (0.9) | |||||||||
Plant basis differences | (4.5) | — | (0.6) | (8.8) | (3.3) | (29.0) | (98.6) | 7.8 | 17.5 | (13.5) | |||||||||
Production tax credits and other credits | (4.1) | (7.6) | — | — | — | — | — | — | — | — | |||||||||
Noncontrolling interest | 0.5 | 0.9 | — | — | — | — | — | — | — | — | |||||||||
Statute of limitations expiration | (0.5) | (1.7) | — | — | — | — | — | — | — | — | |||||||||
Penalties | 2.3 | — | 5.6 | — | — | — | — | — | — | — | |||||||||
Merger expenses | 6.2 | — | — | — | — | 36.7 | 635.9 | (35.4) | (49.8) | 11.1 | |||||||||
Other | (1.8) | (2.1) | — | (1.5) | — | (2.5) | 35.1 | 0.4 | 1.4 | 3.6 | |||||||||
Effective income tax rate | 39.1% | 33.9% | 45.1% | 25.9% | 36.3% | 63.0% | 900.0% | 13.8% | 9.0% | 47.2% |
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
September 30, 2017 | $ | 738 | $ | 468 | $ | 2 | $ | — | $ | 120 | $ | 120 | $ | 59 | $ | 21 | $ | 8 |
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
December 31, 2016 | $ | 916 | $ | 490 | $ | (12 | ) | $ | — | $ | 120 | $ | 172 | $ | 80 | $ | 37 | $ | 22 |
Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2022 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 51 | $ | — | $ | — | $ | 51 | $ | 121 | $ | — | $ | — | $ | 121 | $ | 1 | $ | — | $ | — | $ | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 59 | — | — | 59 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | — | 22 | 38 | 60 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 59 | 22 | 38 | 119 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 110 | 22 | 38 | 170 | 121 | — | — | 121 | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (1) | — | (1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | (1) | — | (1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets | $ | 110 | $ | 21 | $ | 38 | $ | 169 | $ | 121 | $ | — | $ | — | $ | 121 | $ | 1 | $ | — | $ | — | $ | 1 |
Exelon | ComEd | PHI and Pepco | |||||||||||||||||||||
Three Months Ended September 30, 2023 | Total | Commodity Derivatives | Life Insurance Contracts | ||||||||||||||||||||
Balance at June 30, 2023 | $ | (91) | $ | (133) | $ | 42 | |||||||||||||||||
Total realized / unrealized gains (losses) | |||||||||||||||||||||||
Included in net income(a) | — | — | (2) | ||||||||||||||||||||
Included in regulatory assets/liabilities | (1) | (1) | (b) | — | |||||||||||||||||||
Balance at September 30, 2023 | $ | (92) | $ | (134) | (c) | $ | 40 | ||||||||||||||||
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2023 | $ | — | $ | — | $ | (2) |
Exelon | ComEd | PHI and Pepco | |||||||||||||||||||||
Three Months Ended September 30, 2022 | Total | Commodity Derivatives | Life Insurance Contracts | ||||||||||||||||||||
Balance at June 30, 2022 | $ | (50) | $ | (88) | $ | 37 | |||||||||||||||||
Total realized / unrealized gains (losses) | |||||||||||||||||||||||
Included in net income(a) | 1 | — | 1 | ||||||||||||||||||||
Included in regulatory assets/liabilities | 45 | 45 | (b) | — | |||||||||||||||||||
Balance at September 30, 2022 | $ | (4) | $ | (43) | (c) | $ | 38 | ||||||||||||||||
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2022 | $ | 1 | $ | — | $ | 1 |
Exelon | ComEd | PHI and Pepco | |||||||||||||||||||||
Nine Months Ended September 30, 2023 | Total | Commodity Derivatives | Life Insurance Contracts | ||||||||||||||||||||
Balance at December 31, 2022 | $ | (44) | $ | (84) | $ | 40 | |||||||||||||||||
Total realized / unrealized gains (losses) | |||||||||||||||||||||||
Included in net income(a) | 2 | — | — | ||||||||||||||||||||
Included in regulatory assets/liabilities | (50) | (50) | (b) | — | |||||||||||||||||||
Balance at September 30, 2023 | $ | (92) | $ | (134) | (c) | $ | 40 | ||||||||||||||||
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2023 | $ | 2 | $ | — | $ | — |
Exelon | ComEd | PHI and Pepco | |||||||||||||||||||||
Nine Months Ended September 30, 2022 | Total | Commodity Derivatives | Life Insurance Contracts | ||||||||||||||||||||
Balance at December 31, 2021 | $ | (182) | $ | (219) | $ | 35 | |||||||||||||||||
Total realized / unrealized gains (losses) | |||||||||||||||||||||||
Included in net income(a) | 3 | — | 3 | ||||||||||||||||||||
Included in regulatory assets/liabilities | 176 | 176 | (b) | — | |||||||||||||||||||
Transfers out of Level 3 | (1) | — | — | ||||||||||||||||||||
Balance at September 30, 2022 | $ | (4) | $ | (43) | (c) | $ | 38 | ||||||||||||||||
The amount of total gains included in income attributed to the change in unrealized gain related to assets and liabilities at September 30, 2022 | $ | 3 | $ | — | $ | 3 |
Nuclear decommissioning ARO at December 31, 2016(a) | $ | 8,734 | |
Acquisition of FitzPatrick | 444 | ||
Accretion expense | 342 | ||
Net decrease due to changes in, and timing of, estimated cash flows | (148 | ) | |
Costs incurred to decommission retired plants | (6 | ) | |
Nuclear decommissioning ARO at September 30, 2017(a) | $ | 9,366 |
Exelon and Generation | Exelon and Generation | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net unrealized gains on decommissioning trust funds — Regulatory Agreement Units(a) | $ | 44 | $ | 155 | $ | 253 | $ | 286 | |||||||
Net unrealized gains on decommissioning trust funds — Non-Regulatory Agreement Units(b)(c) | 111 | 116 | 347 | 216 |
Exelon and Generation | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Carrying value of Zion Station pledged assets | $ | 57 | $ | 113 | |||
Payable to Zion Solutions(a) | 53 | 104 | |||||
Current portion of payable to Zion Solutions(b) | 53 | 90 | |||||
Cumulative withdrawals by Zion Solutions to pay decommissioning costs(c) | 928 | 878 |
Pension Benefits Three Months Ended September 30, | Other Postretirement Benefits Three Months Ended September 30, | ||||||||||||||
2017(a) | 2016(b) | 2017(a) | 2016(b) | ||||||||||||
Components of net periodic benefit cost: | |||||||||||||||
Service cost | $ | 98 | $ | 92 | $ | 26 | $ | 27 | |||||||
Interest cost | 211 | 215 | 45 | 47 | |||||||||||
Expected return on assets | (300 | ) | (293 | ) | (39 | ) | (42 | ) | |||||||
Amortization of: | |||||||||||||||
Prior service (benefit) cost | (1 | ) | 3 | (47 | ) | (48 | ) | ||||||||
Actuarial loss | 152 | 142 | 15 | 18 | |||||||||||
Settlement charges | 1 | — | — | — | |||||||||||
Net periodic benefit cost | $ | 161 | $ | 159 | $ | — | $ | 2 |
Pension Benefits Nine Months Ended September 30, | Other Postretirement Benefits Nine Months Ended September 30, | ||||||||||||||
2017(a) | 2016(b) | 2017(a) | 2016(b) | ||||||||||||
Components of net periodic benefit cost: | |||||||||||||||
Service cost | $ | 290 | $ | 262 | $ | 79 | $ | 80 | |||||||
Interest cost | 632 | 616 | 136 | 138 | |||||||||||
Expected return on assets | (898 | ) | (847 | ) | (121 | ) | (121 | ) | |||||||
Amortization of: | |||||||||||||||
Prior service cost (benefit) | — | 10 | (140 | ) | (138 | ) | |||||||||
Actuarial loss | 455 | 411 | 46 | 47 | |||||||||||
Settlement charges | 3 | — | — | — | |||||||||||
Net periodic benefit cost | $ | 482 | $ | 452 | $ | — | $ | 6 |
Predecessor | |||||||
PHI | |||||||
Pension Benefits | Other Postretirement Benefits | ||||||
January 1, 2016 to March 23, 2016 | January 1, 2016 to March 23, 2016 | ||||||
Components of net periodic benefit cost: | |||||||
Service cost | $ | 12 | $ | 1 | |||
Interest cost | 26 | 6 | |||||
Expected return on assets | (30 | ) | (5 | ) | |||
Amortization of: | |||||||
Prior service cost (benefit) | — | (3 | ) | ||||
Actuarial loss | 14 | 2 | |||||
Net periodic benefit cost | $ | 22 | $ | 1 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Pension and Other Postretirement Benefit Costs | 2017 | 2016 | 2017 | 2016 | |||||||||||
Exelon | $ | 161 | $ | 161 | $ | 482 | $ | 458 | |||||||
Generation(a) | 57 | 54 | 170 | 163 | |||||||||||
ComEd | 44 | 41 | 131 | 124 | |||||||||||
PECO | 7 | 8 | 21 | 25 | |||||||||||
BGE | 16 | 17 | 48 | 51 | |||||||||||
BSC(b) | 13 | 13 | 40 | 37 | |||||||||||
Pepco(c) | 6 | 8 | 19 | 24 | |||||||||||
DPL(c) | 3 | 4 | 10 | 13 | |||||||||||
ACE(c) | 3 | 4 | 10 | 11 | |||||||||||
PHISCO(c)(d) | 12 | 12 | 33 | 33 |
Successor | Predecessor | |||||||||||||||||||
Pension and Other Postretirement Benefit Costs | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | |||||||||||||||
PHI | $ | 24 | $ | 28 | $ | 72 | $ | 58 | $ | 23 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Savings Plan Matching Contributions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Exelon | $ | 34 | $ | 51 | $ | 97 | $ | 107 | |||||||
Generation | 14 | 31 | 42 | 56 | |||||||||||
ComEd | 9 | 10 | 24 | 23 | |||||||||||
PECO | 3 | 3 | 7 | 7 | |||||||||||
BGE | 3 | 2 | 7 | 5 | |||||||||||
BSC(a) | 2 | 2 | 7 | 9 | |||||||||||
Pepco(b) | 1 | — | 3 | 2 | |||||||||||
DPL(b) | 1 | 1 | 2 | 2 | |||||||||||
ACE | — | — | 1 | 1 | |||||||||||
PHISCO(b)(c) | 1 | 2 | 4 | 5 |
Successor | Predecessor | |||||||||||||||||||
Savings Plan Matching Contributions | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | |||||||||||||||
PHI | $ | 3 | $ | 3 | $ | 10 | $ | 7 | $ | 3 |
Successor | |||||||||||||||||||||||||||
Exelon | Generation(a) | ComEd(a) | PHI | Pepco(a) | DPL(a) | ACE(a) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
September 30, 2017 | $ | 1 | $ | — | $ | — | $ | 1 | $ | 1 | $ | — | $ | — | |||||||||||||
September 30, 2016 | 8 | 7 | — | 1 | — | — | — | ||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||
September 30, 2017 | $ | 10 | $ | 4 | $ | 2 | $ | 4 | $ | 2 | $ | 1 | $ | 1 | |||||||||||||
September 30, 2016 | 12 | 10 | 1 | 1 | — | — | — |
Exelon | Generation | ComEd | PECO | BGE | |||||||||||||||
Three Months Ended | |||||||||||||||||||
September 30, 2017(a) | $ | 7 | $ | 7 | $ | — | $ | — | $ | — | |||||||||
September 30, 2016(b) | 1 | 1 | — | — | — | ||||||||||||||
Nine Months Ended | |||||||||||||||||||
September 30, 2017(a) | $ | 6 | $ | 6 | $ | — | $ | — | $ | — | |||||||||
September 30, 2016(b) | 18 | 13 | 3 | 1 | 1 |
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||
Severance costs(a) | $ | 55 | $ | 9 | $ | 2 | $ | 1 | $ | 1 | $ | 42 | $ | 20 | $ | 12 | $ | 10 |
Successor | |||||||||||||||||||||||||||||||||||
Severance Liability | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||
Balance at December 31, 2016 | $ | 88 | $ | 36 | $ | 3 | $ | — | $ | — | $ | 29 | $ | — | $ | — | $ | — | |||||||||||||||||
Severance charges(a) | 33 | 25 | 1 | — | — | 3 | — | — | — | ||||||||||||||||||||||||||
Payments | (24 | ) | (7 | ) | (1 | ) | — | — | (11 | ) | — | — | — | ||||||||||||||||||||||
Balance at September 30, 2017 | $ | 97 | $ | 54 | $ | 3 | $ | — | $ | — | $ | 21 | $ | — | $ | — | $ | — |
Nine Months Ended September 30, 2017 | Gains and (losses) on Cash Flow Hedges | Unrealized Gains and (losses) on Marketable Securities | Pension and Non-Pension Postretirement Benefit Plan Items | Foreign Currency Items | AOCI of Equity Investments | Total | |||||||||||||||||
Exelon(a) | |||||||||||||||||||||||
Beginning balance | $ | (17 | ) | $ | 4 | $ | (2,610 | ) | $ | (30 | ) | $ | (7 | ) | $ | (2,660 | ) | ||||||
OCI before reclassifications | 2 | 2 | (55 | ) | 7 | 7 | (37 | ) | |||||||||||||||
Amounts reclassified from AOCI(b) | 3 | — | 105 | — | — | 108 | |||||||||||||||||
Net current-period OCI | 5 | 2 | 50 | 7 | 7 | 71 | |||||||||||||||||
Ending balance | $ | (12 | ) | $ | 6 | $ | (2,560 | ) | $ | (23 | ) | $ | — | $ | (2,589 | ) | |||||||
Generation(a) | |||||||||||||||||||||||
Beginning balance | $ | (19 | ) | $ | 2 | $ | — | $ | (30 | ) | $ | (7 | ) | $ | (54 | ) | |||||||
OCI before reclassifications | 2 | — | — | 7 | 6 | 15 | |||||||||||||||||
Amounts reclassified from AOCI(b) | 3 | — | — | — | — | 3 | |||||||||||||||||
Net current-period OCI | 5 | — | — | 7 | 6 | 18 | |||||||||||||||||
Ending balance | $ | (14 | ) | $ | 2 | $ | — | $ | (23 | ) | $ | (1 | ) | $ | (36 | ) | |||||||
PECO(a) | |||||||||||||||||||||||
Beginning balance | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | |||||||||||
OCI before reclassifications | — | — | — | — | — | — | |||||||||||||||||
Amounts reclassified from AOCI(b) | — | — | — | — | — | — | |||||||||||||||||
Net current-period OCI | — | — | — | — | — | — | |||||||||||||||||
Ending balance | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 1 |
Nine Months Ended September 30, 2016 | Gains and (losses) on Cash Flow Hedges | Unrealized Gains and (losses) on Marketable Securities | Pension and Non-Pension Postretirement Benefit Plan Items | Foreign Currency Items | AOCI of Equity Investments | Total | |||||||||||||||||
Exelon(a) | |||||||||||||||||||||||
Beginning balance | $ | (19 | ) | $ | 3 | $ | (2,565 | ) | $ | (40 | ) | $ | (3 | ) | $ | (2,624 | ) | ||||||
OCI before reclassifications | (9 | ) | — | (2 | ) | 3 | (5 | ) | (13 | ) | |||||||||||||
Amounts reclassified from AOCI(b) | 5 | — | 104 | 5 | — | 114 | |||||||||||||||||
Net current-period OCI | (4 | ) | — | 102 | 8 | (5 | ) | 101 | |||||||||||||||
Ending balance | $ | (23 | ) | $ | 3 | $ | (2,463 | ) | $ | (32 | ) | $ | (8 | ) | $ | (2,523 | ) | ||||||
Generation(a) | |||||||||||||||||||||||
Beginning balance | $ | (21 | ) | $ | 1 | $ | — | $ | (40 | ) | $ | (3 | ) | $ | (63 | ) | |||||||
OCI before reclassifications | (8 | ) | 1 | — | 3 | 1 | (3 | ) | |||||||||||||||
Amounts reclassified from AOCI(b) | 5 | — | — | 5 | — | 10 | |||||||||||||||||
Net current-period OCI | (3 | ) | 1 | — | 8 | 1 | 7 | ||||||||||||||||
Ending balance | $ | (24 | ) | $ | 2 | $ | — | $ | (32 | ) | $ | (2 | ) | $ | (56 | ) | |||||||
PECO(a) | |||||||||||||||||||||||
Beginning balance | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | |||||||||||
OCI before reclassifications | — | — | — | — | — | — | |||||||||||||||||
Amounts reclassified from AOCI(b) | — | — | — | — | — | — | |||||||||||||||||
Net current-period OCI | — | — | — | — | — | — | |||||||||||||||||
Ending balance | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | |||||||||||
PHI Predecessor(a) | |||||||||||||||||||||||
Beginning balance January 1, 2016 | $ | (8 | ) | $ | — | $ | (28 | ) | $ | — | $ | — | $ | (36 | ) | ||||||||
OCI before reclassifications | — | — | — | — | — | — | |||||||||||||||||
Amounts reclassified from AOCI(b) | — | — | 1 | — | — | 1 | |||||||||||||||||
Net current-period OCI | — | — | 1 | — | — | 1 | |||||||||||||||||
Ending balance March 23, 2016(c) | $ | (8 | ) | $ | — | $ | (27 | ) | $ | — | $ | — | $ | (35 | ) |
Details about AOCI components | Items reclassified out of AOCI(a) | Affected line item in the Statement of Operations and Comprehensive Income | ||||||||
Exelon | Generation | |||||||||
Gains (losses) on cash flow hedges | ||||||||||
Other cash flow hedges | $ | 2 | $ | 2 | Interest expense | |||||
Total before tax | 2 | 2 | ||||||||
Tax benefit | (1 | ) | (1 | ) | ||||||
Net of tax | $ | 1 | $ | 1 | Comprehensive income | |||||
Amortization of pension and other postretirement benefit plan items | ||||||||||
Prior service costs(b) | $ | 23 | $ | — | ||||||
Actuarial losses(b) | (81 | ) | — | |||||||
Total before tax | (58 | ) | — | |||||||
Tax benefit | 23 | — | ||||||||
Net of tax | $ | (35 | ) | $ | — | |||||
Total Reclassifications for the period | $ | (34 | ) | $ | 1 | Comprehensive income |
Details about AOCI components | Items reclassified out of AOCI(a) | Affected line item in the Statement of Operations and Comprehensive Income | ||||||||
Exelon | Generation | |||||||||
Gains and (losses) on cash flow hedges | ||||||||||
Other cash flow hedges | $ | (5 | ) | $ | (5 | ) | Interest expense | |||
Total before tax | (5 | ) | (5 | ) | ||||||
Tax benefit | 2 | 2 | ||||||||
Net of tax | $ | (3 | ) | $ | (3 | ) | Comprehensive income | |||
Amortization of pension and other postretirement benefit plan items | ||||||||||
Prior service costs(b) | $ | 69 | $ | — | ||||||
Actuarial losses(b) | (243 | ) | — | |||||||
Total before tax | (174 | ) | — | |||||||
Tax benefit | 69 | — | ||||||||
Net of tax | $ | (105 | ) | $ | — | |||||
Total Reclassifications | $ | (108 | ) | $ | (3 | ) | Comprehensive income |
Details about AOCI components | Items reclassified out of AOCI(a) | Affected line item in the Statement of Operations and Comprehensive Income | ||||||||
Exelon | Generation | |||||||||
Gains and (losses) on cash flow hedges | ||||||||||
Other cash flow hedges | $ | (3 | ) | $ | (3 | ) | Interest expense | |||
Total before tax | (3 | ) | (3 | ) | ||||||
Tax expense | 1 | 1 | ||||||||
Net of tax | $ | (2 | ) | $ | (2 | ) | Comprehensive income | |||
Amortization of pension and other postretirement benefit plan items | ||||||||||
Prior service costs(b) | $ | 19 | $ | — | ||||||
Actuarial losses(b) | (76 | ) | — | |||||||
Total before tax | (57 | ) | — | |||||||
Tax benefit | 22 | — | ||||||||
Net of tax | $ | (35 | ) | $ | — | |||||
Gains and (losses) on foreign currency translation | ||||||||||
Other | $ | (5 | ) | $ | (5 | ) | Other Income and (deductions) | |||
Total before tax | (5 | ) | (5 | ) | ||||||
Tax expense | — | — | ||||||||
Net of tax | $ | (5 | ) | $ | (5 | ) | Comprehensive income | |||
Total Reclassifications for the period | $ | (42 | ) | $ | (7 | ) | Comprehensive income |
Details about AOCI components | Items reclassified out of AOCI(a) | Affected line item in the Statement of Operations and Comprehensive Income | ||||||||||||
Predecessor | ||||||||||||||
Exelon | Generation | PHI | ||||||||||||
Gains and (losses) on cash flow hedges | ||||||||||||||
Other cash flow hedges | $ | (8 | ) | $ | (8 | ) | $ | — | Interest expense | |||||
Total before tax | (8 | ) | (8 | ) | — | |||||||||
Tax benefit | 3 | 3 | — | |||||||||||
Net of tax | $ | (5 | ) | $ | (5 | ) | $ | — | Comprehensive income | |||||
Amortization of pension and other postretirement benefit plan items | ||||||||||||||
Prior service costs(b) | $ | 57 | $ | — | $ | — | ||||||||
Actuarial losses(b) | (227 | ) | — | (1 | ) | |||||||||
Total before tax | (170 | ) | — | (1 | ) | |||||||||
Tax benefit | 66 | — | — | |||||||||||
Net of tax | $ | (104 | ) | $ | — | $ | (1 | ) | ||||||
Gains and (losses) on foreign currency translation | ||||||||||||||
Other | $ | (5 | ) | $ | (5 | ) | $ | — | Other income and (deductions) | |||||
Total before tax | (5 | ) | (5 | ) | — | |||||||||
Tax expense | — | — | — | |||||||||||
Net of tax | $ | (5 | ) | $ | (5 | ) | $ | — | ||||||
Total Reclassifications | $ | (114 | ) | $ | (10 | ) | $ | (1 | ) | Comprehensive income |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Exelon | |||||||||||||||
Pension and non-pension postretirement benefit plans: | |||||||||||||||
Prior service benefit reclassified to periodic benefit cost | $ | 9 | $ | 7 | $ | 27 | $ | 22 | |||||||
Actuarial loss reclassified to periodic benefit cost | (32 | ) | (29 | ) | (96 | ) | (88 | ) | |||||||
Pension and non-pension postretirement benefit plans valuation adjustment | — | 1 | 2 | 1 | |||||||||||
Change in unrealized (loss)/gain on cash flow hedges | — | (1 | ) | (3 | ) | 3 | |||||||||
Change in unrealized (loss)/gain on equity investments | 1 | — | (2 | ) | 3 | ||||||||||
Change in unrealized (loss)/gain on marketable securities | — | (1 | ) | (2 | ) | (1 | ) | ||||||||
Total | $ | (22 | ) | $ | (23 | ) | $ | (74 | ) | $ | (60 | ) | |||
Generation | |||||||||||||||
Change in unrealized (loss)/gain on cash flow hedges | $ | — | $ | (2 | ) | $ | (3 | ) | $ | 1 | |||||
Change in unrealized (loss)/gain on equity investments | — | — | (2 | ) | 3 | ||||||||||
Change in unrealized gain on marketable securities | — | — | (1 | ) | — | ||||||||||
Total | $ | — | $ | (2 | ) | $ | (6 | ) | $ | 4 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Exelon | |||||||||||||||
Net income attributable to common shareholders | $ | 824 | $ | 490 | $ | 1,899 | $ | 930 | |||||||
Weighted average common shares outstanding — basic | 962 | 925 | 941 | 924 | |||||||||||
Assumed exercise and/or distributions of stock-based awards | 3 | 2 | 2 | 2 | |||||||||||
Weighted average common shares outstanding — diluted | 965 | 927 | 943 | 926 |
Type of trade | Fair Value at September 30, 2023 | Fair Value at December 31, 2022 | Valuation Technique | Unobservable Input | 2023 Range & Arithmetic Average | 2022 Range & Arithmetic Average | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | $ | (134) | $ | (84) | Discounted Cash Flow | Forward power price(a) | $30.13 | - | $72.72 | $42.77 | $34.78 | - | $75.71 | $48.44 |
Description | Exelon | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||
Total commitments | $ | 513 | $ | 320 | $ | 120 | $ | 89 | $ | 111 | |||||||||||||||||||
Remaining commitments(a) | 42 | 39 | 34 | 3 | 2 | ||||||||||||||||||||||||
Total | |||
2017 (remainder of year) | $ | 12 | |
2018 | 6 | ||
2019 | 3 | ||
Total | $ | 21 |
Expiration within | |||||||||||||||||||||||||||||||||||||||||
Total | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and beyond | |||||||||||||||||||||||||||||||||||
Exelon | |||||||||||||||||||||||||||||||||||||||||
Letters of credit | $ | 20 | $ | 9 | $ | 11 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Surety bonds(a) | 207 | 85 | 122 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Financing trust guarantees | 378 | — | — | — | — | — | 378 | ||||||||||||||||||||||||||||||||||
Guaranteed lease residual values(b) | 29 | — | 4 | 6 | 5 | 4 | 10 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 634 | $ | 94 | $ | 137 | $ | 6 | $ | 5 | $ | 4 | $ | 388 | |||||||||||||||||||||||||||
ComEd | |||||||||||||||||||||||||||||||||||||||||
Letters of credit | $ | 12 | $ | 6 | $ | 6 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Surety bonds(a) | 46 | 5 | 41 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Financing trust guarantees | 200 | — | — | — | — | — | 200 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 258 | $ | 11 | $ | 47 | $ | — | $ | — | $ | — | $ | 200 | |||||||||||||||||||||||||||
PECO | |||||||||||||||||||||||||||||||||||||||||
Letters of credit | $ | 1 | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Surety bonds(a) | 2 | — | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Financing trust guarantees | 178 | — | — | — | — | — | 178 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 181 | $ | — | $ | 3 | $ | — | $ | — | $ | — | $ | 178 | |||||||||||||||||||||||||||
BGE | |||||||||||||||||||||||||||||||||||||||||
Letters of credit | $ | 4 | $ | 2 | $ | 2 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Surety bonds(a) | 3 | 1 | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 7 | $ | 3 | $ | 4 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
PHI | |||||||||||||||||||||||||||||||||||||||||
Surety bonds(a) | $ | 97 | $ | 75 | $ | 22 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Guaranteed lease residual values(b) | 29 | — | 4 | 6 | 5 | 4 | 10 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 126 | $ | 75 | $ | 26 | $ | 6 | $ | 5 | $ | 4 | $ | 10 | |||||||||||||||||||||||||||
Pepco | |||||||||||||||||||||||||||||||||||||||||
Surety bonds(a) | $ | 85 | $ | 71 | $ | 14 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Guaranteed lease residual values(b) | 10 | — | 1 | 3 | 2 | 1 | 3 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 95 | $ | 71 | $ | 15 | $ | 3 | $ | 2 | $ | 1 | $ | 3 | |||||||||||||||||||||||||||
DPL | |||||||||||||||||||||||||||||||||||||||||
Surety bonds(a) | $ | 7 | $ | 2 | $ | 5 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Guaranteed lease residual values(b) | 12 | — | 2 | 2 | 2 | 2 | 4 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 19 | $ | 2 | $ | 7 | $ | 2 | $ | 2 | $ | 2 | $ | 4 | |||||||||||||||||||||||||||
ACE | |||||||||||||||||||||||||||||||||||||||||
Surety bonds(a) | $ | 5 | $ | 2 | $ | 3 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Guaranteed lease residual values(b) | 7 | — | 1 | 1 | 1 | 1 | 3 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 12 | $ | 2 | $ | 4 | $ | 1 | $ | 1 | $ | 1 | $ | 3 | |||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Letters of credit (non-debt)(a) | $ | 1,276 | $ | 1,193 | $ | 14 | $ | 22 | $ | 2 | $ | 1 | $ | 1 | $ | — | $ | — | |||||||||||||||||
Surety bonds(b) | 1,206 | 1,079 | 20 | 40 | 11 | 21 | 13 | 4 | 4 | ||||||||||||||||||||||||||
Financing trust guarantees | 378 | — | 200 | 178 | — | — | — | — | — | ||||||||||||||||||||||||||
Guaranteed lease residual values(c) | 19 | — | — | — | — | 19 | 6 | 7 | 5 | ||||||||||||||||||||||||||
Total commercial commitments | $ | 2,879 | $ | 2,272 | $ | 234 | $ | 240 | $ | 13 | $ | 41 | $ | 20 | $ | 11 | $ | 9 |
September 30, 2017 | Total Environmental Investigation and Remediation Reserve | Portion of Total Related to MGP Investigation and Remediation | |||||
Exelon | $ | 429 | $ | 327 | |||
Generation | 76 | — | |||||
ComEd | 294 | 293 | |||||
PECO | 33 | 32 | |||||
BGE | 3 | 2 | |||||
PHI (Successor) | 23 | — | |||||
Pepco | 21 | — | |||||
DPL | 1 | — | |||||
ACE | 1 | — |
December 31, 2016 | Total Environmental Investigation and Remediation Reserve | Portion of Total Related to MGP Investigation and Remediation | |||||
Exelon | $ | 429 | $ | 325 | |||
Generation | 72 | — | |||||
ComEd | 292 | 291 | |||||
PECO | 33 | 31 | |||||
BGE | 2 | 2 | |||||
PHI (Successor) | 30 | 1 | |||||
Pepco | 27 | — | |||||
DPL | 2 | 1 | |||||
ACE | 1 | — |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Total environmental investigation and remediation liabilities | Portion of total related to MGP investigation and remediation | Total environmental investigation and remediation liabilities | Portion of total related to MGP investigation and remediation | ||||||||||||||||||||
Exelon | $ | 434 | $ | 345 | $ | 409 | $ | 355 | |||||||||||||||
ComEd | 312 | 311 | 325 | 324 | |||||||||||||||||||
PECO | 28 | 26 | 25 | 23 | |||||||||||||||||||
BGE | 9 | 8 | 9 | 8 | |||||||||||||||||||
PHI | 82 | — | 46 | — | |||||||||||||||||||
Pepco | 80 | — | 44 | — | |||||||||||||||||||
DPL | 1 | — | 1 | — | |||||||||||||||||||
ACE | 1 | — | 1 | — |
Nine Months Ended September 30, 2023 | Cash Flow Hedges | Pension and Non-Pension Postretirement Benefit Plan Items(a) | Foreign Currency Items | Total | |||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 2 | $ | (640) | $ | — | $ | (638) | |||||||||||||||||||||
OCI before reclassifications | 6 | (10) | — | (4) | |||||||||||||||||||||||||
Amounts reclassified from AOCI | — | 3 | — | 3 | |||||||||||||||||||||||||
Net current-period OCI | 6 | (7) | — | (1) | |||||||||||||||||||||||||
Balance at March 31, 2023 | 8 | (647) | — | (639) | |||||||||||||||||||||||||
OCI before reclassifications | 9 | (3) | — | 6 | |||||||||||||||||||||||||
Amounts reclassified from AOCI | — | 3 | — | 3 | |||||||||||||||||||||||||
Net current-period OCI | 9 | — | — | 9 | |||||||||||||||||||||||||
Balance at June 30, 2023 | 17 | (647) | — | (630) | |||||||||||||||||||||||||
OCI before reclassifications | 22 | (3) | — | 19 | |||||||||||||||||||||||||
Amounts reclassified from AOCI | (1) | 16 | — | 15 | |||||||||||||||||||||||||
Net current-period OCI | 21 | 13 | — | 34 | |||||||||||||||||||||||||
Balance at September 30, 2023 | $ | 38 | $ | (634) | $ | — | $ | (596) |
Nine Months Ended September 30, 2022 | Cash Flow Hedges | Pension and Non-Pension Postretirement Benefit Plan Items(a) | Foreign Currency Items | Total | |||||||||||||||||||||||||
Balance at December 31, 2021 | $ | (6) | $ | (2,721) | $ | (23) | $ | (2,750) | |||||||||||||||||||||
Separation of Constellation | 6 | 1,994 | 23 | 2,023 | |||||||||||||||||||||||||
Amounts reclassified from AOCI | — | 14 | — | 14 | |||||||||||||||||||||||||
Net current-period OCI | — | 14 | — | 14 | |||||||||||||||||||||||||
Balance at March 31, 2022 | — | (713) | — | (713) | |||||||||||||||||||||||||
OCI before reclassifications | — | 2 | — | 2 | |||||||||||||||||||||||||
Amounts reclassified from AOCI | — | 10 | — | 10 | |||||||||||||||||||||||||
Net current-period OCI | — | 12 | — | 12 | |||||||||||||||||||||||||
Balance at June 30, 2022 | — | (701) | — | (701) | |||||||||||||||||||||||||
Amounts reclassified from AOCI | — | 9 | — | 9 | |||||||||||||||||||||||||
Net current-period OCI | — | 9 | — | 9 | |||||||||||||||||||||||||
Balance at September 30, 2022 | $ | — | $ | (692) | $ | — | $ | (692) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Pension and non-pension postretirement benefit plans: | |||||||||||||||||||||||
Actuarial losses reclassified to periodic benefit cost | $ | (5) | $ | (3) | $ | (7) | $ | (11) | |||||||||||||||
Pension and non-pension postretirement benefit plans valuation adjustments | 1 | — | 5 | — | |||||||||||||||||||
Unrealized gains on cash flow hedges | (7) | — | (11) | — | |||||||||||||||||||
Taxes other than income taxes | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Utility taxes(a) | $ | 244 | $ | 82 | $ | 50 | $ | 23 | $ | 89 | $ | 82 | $ | 6 | $ | 1 | |||||||||||||||||||||||||||||||
Property | 104 | 9 | 4 | 53 | 38 | 25 | 12 | 1 | |||||||||||||||||||||||||||||||||||||||
Payroll | 31 | 8 | 4 | 5 | 7 | 2 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Utility taxes(a) | $ | 244 | $ | 84 | $ | 51 | $ | 22 | $ | 87 | $ | 79 | $ | 7 | $ | 1 | |||||||||||||||||||||||||||||||
Property | 99 | 10 | 4 | 50 | 35 | 23 | 11 | 1 | |||||||||||||||||||||||||||||||||||||||
Payroll | 28 | 7 | 5 | 4 | 7 | 2 | 1 | — | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Utility taxes(a) | $ | 665 | $ | 228 | $ | 128 | $ | 73 | $ | 236 | $ | 213 | $ | 20 | $ | 3 | |||||||||||||||||||||||||||||||
Property | 300 | 27 | 12 | 153 | 108 | 73 | 34 | 1 | |||||||||||||||||||||||||||||||||||||||
Payroll | 93 | 22 | 13 | 14 | 22 | 5 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Utility taxes(a) | $ | 667 | $ | 233 | $ | 126 | $ | 70 | $ | 238 | $ | 216 | $ | 19 | $ | 3 | |||||||||||||||||||||||||||||||
Property | 287 | 30 | 12 | 142 | 103 | 70 | 31 | 2 | |||||||||||||||||||||||||||||||||||||||
Payroll | 92 | 21 | 14 | 13 | 21 | 5 | 4 | 2 |
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Other, Net | |||||||||||||||||||||||||||||||||||
Decommissioning-related activities: | |||||||||||||||||||||||||||||||||||
Net realized income on decommissioning trust funds(a) | |||||||||||||||||||||||||||||||||||
Regulatory agreement units | $ | 159 | $ | 159 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Non-regulatory agreement units | 59 | 59 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net unrealized gains on decommissioning trust funds | |||||||||||||||||||||||||||||||||||
Regulatory agreement units | 44 | 44 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Non-regulatory agreement units | 111 | 111 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net unrealized losses on pledged assets | |||||||||||||||||||||||||||||||||||
Zion Station decommissioning | (4 | ) | (4 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Regulatory offset to decommissioning trust fund-related activities(b) | (161 | ) | (161 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total decommissioning-related activities | 208 | 208 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Investment income | 2 | 1 | — | — | — | 1 | 1 | — | — | ||||||||||||||||||||||||||
Interest income related to uncertain income tax positions | 4 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
AFUDC — Equity | 17 | — | 2 | 2 | 4 | 9 | 6 | 2 | 1 | ||||||||||||||||||||||||||
Other | 6 | — | 3 | — | — | 3 | — | 2 | — | ||||||||||||||||||||||||||
Other, net | $ | 237 | $ | 209 | $ | 5 | $ | 2 | $ | 4 | $ | 13 | $ | 7 | $ | 4 | $ | 1 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Other, Net | |||||||||||||||||||||||||||||||||||
Decommissioning-related activities: | |||||||||||||||||||||||||||||||||||
Net realized income on decommissioning trust funds(a) | |||||||||||||||||||||||||||||||||||
Regulatory agreement units | $ | 439 | $ | 439 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Non-regulatory agreement units | 165 | 165 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net unrealized gains on decommissioning trust funds | |||||||||||||||||||||||||||||||||||
Regulatory agreement units | 253 | 253 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Non-regulatory agreement units | 347 | 347 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net unrealized losses on pledged assets | |||||||||||||||||||||||||||||||||||
Zion Station decommissioning | (5 | ) | (5 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Regulatory offset to decommissioning trust fund-related activities(b) | (558 | ) | (558 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total decommissioning-related activities | 641 | 641 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Investment income | 6 | 4 | — | — | — | 2 | 1 | — | — | ||||||||||||||||||||||||||
Interest income related to uncertain income tax positions | 3 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Benefit related to uncertain income tax positions(c) | 2 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
AFUDC — Equity | 51 | — | 6 | 6 | 12 | 27 | 17 | 5 | 5 | ||||||||||||||||||||||||||
Other | 22 | 3 | 8 | — | — | 11 | 4 | 5 | 1 | ||||||||||||||||||||||||||
Other, net | $ | 725 | $ | 648 | $ | 14 | $ | 6 | $ | 12 | $ | 40 | $ | 22 | $ | 10 | $ | 6 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Other, Net | |||||||||||||||||||||||||||||||||||
Decommissioning-related activities: | |||||||||||||||||||||||||||||||||||
Net realized income on decommissioning trust funds(a) | |||||||||||||||||||||||||||||||||||
Regulatory agreement units | $ | 57 | $ | 57 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Non-regulatory agreement units | 35 | 35 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net unrealized gains on decommissioning trust funds | |||||||||||||||||||||||||||||||||||
Regulatory agreement units | 155 | 155 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Non-regulatory agreement units | 116 | 116 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net unrealized losses on pledged assets | |||||||||||||||||||||||||||||||||||
Zion Station decommissioning | (5 | ) | (5 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Regulatory offset to decommissioning trust fund-related activities(b) | (168 | ) | (168 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total decommissioning-related activities | 190 | 190 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Investment income (expense) | 2 | 1 | — | (1 | ) | — | — | — | — | — | |||||||||||||||||||||||||
Interest income related to uncertain income tax positions | 8 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Penalty related to uncertain income tax positions(c) | (106 | ) | — | (86 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
AFUDC — Equity | 19 | — | 5 | 2 | 5 | 7 | 5 | 1 | 1 | ||||||||||||||||||||||||||
Other | 7 | (6 | ) | 1 | 1 | — | 12 | 7 | 2 | 1 | |||||||||||||||||||||||||
Other, net | $ | 120 | $ | 185 | $ | (80 | ) | $ | 2 | $ | 5 | $ | 19 | $ | 12 | $ | 3 | $ | 2 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | Pepco | DPL | ACE | PHI | PHI | |||||||||||||||||||||||||||||||
Other, Net | ||||||||||||||||||||||||||||||||||||||||
Decommissioning-related activities: | ||||||||||||||||||||||||||||||||||||||||
Net realized income on decommissioning trust funds(a) | ||||||||||||||||||||||||||||||||||||||||
Regulatory agreement units | $ | 181 | $ | 181 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Non-regulatory agreement units | 95 | 95 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net unrealized gains on decommissioning trust funds | ||||||||||||||||||||||||||||||||||||||||
Regulatory agreement units | 286 | 286 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Non-regulatory agreement units | 216 | 216 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net unrealized losses on pledged assets | ||||||||||||||||||||||||||||||||||||||||
Zion Station decommissioning | (2 | ) | (2 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Regulatory offset to decommissioning trust fund-related activities(b) | (380 | ) | (380 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total decommissioning-related activities | 396 | 396 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Investment income (expense) | 14 | 6 | — | (1 | ) | 2 | — | — | — | 1 | — | |||||||||||||||||||||||||||||
Long-term lease income | 4 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Interest income related to uncertain income tax positions | 13 | — | — | — | — | 1 | — | 1 | — | — | ||||||||||||||||||||||||||||||
Penalty related to uncertain income tax positions(c) | (106 | ) | — | (86 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
AFUDC — Equity | 43 | — | 8 | 6 | 14 | 14 | 3 | 5 | 15 | 7 | ||||||||||||||||||||||||||||||
Loss on debt extinguishment | (3 | ) | (2 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | 16 | (5 | ) | 6 | 1 | — | 13 | 6 | 2 | 15 | (11 | ) | ||||||||||||||||||||||||||||
Other, net | $ | 377 | $ | 395 | $ | (72 | ) | $ | 6 | $ | 16 | $ | 28 | $ | 9 | $ | 8 | $ | 31 | $ | (4 | ) |
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Utility taxes | $ | 245 | $ | 35 | $ | 65 | $ | 35 | $ | 22 | $ | 88 | $ | 83 | $ | 5 | $ | — |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Utility taxes | $ | 682 | $ | 97 | $ | 181 | $ | 95 | $ | 69 | $ | 240 | $ | 226 | $ | 14 | $ | — |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Utility taxes | $ | 255 | $ | 35 | $ | 67 | $ | 40 | $ | 21 | $ | 92 | $ | 87 | $ | 5 | $ | — |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | Pepco | DPL | ACE | PHI | PHI | |||||||||||||||||||||||||||||||
Utility taxes | $ | 624 | $ | 90 | $ | 186 | $ | 106 | $ | 66 | $ | 240 | $ | 14 | $ | — | $ | 176 | $ | 78 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||||||||||||||||||
Property, plant and equipment(a) | $ | 2,416 | $ | 1,010 | $ | 579 | $ | 194 | $ | 233 | $ | 342 | $ | 153 | $ | 92 | $ | 66 | |||||||||||||||||
Amortization of regulatory assets(a) | 355 | — | 52 | 19 | 115 | 169 | 89 | 32 | 47 | ||||||||||||||||||||||||||
Amortization of intangible assets, net(a) | 43 | 36 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of energy contract assets and liabilities(b) | 19 | 19 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Nuclear fuel(c) | 816 | 816 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
ARO accretion(d) | 350 | 350 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total depreciation, amortization and accretion | $ | 3,999 | $ | 2,231 | $ | 631 | $ | 213 | $ | 348 | $ | 511 | $ | 242 | $ | 124 | $ | 113 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | Pepco | DPL | ACE | PHI | PHI | |||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | ||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment(a) | $ | 2,490 | $ | 1,297 | $ | 524 | $ | 181 | $ | 223 | $ | 128 | $ | 82 | $ | 61 | $ | 215 | $ | 94 | ||||||||||||||||||||
Amortization of regulatory assets(a) | 293 | — | 49 | 20 | 84 | 93 | 38 | 69 | 140 | 58 | ||||||||||||||||||||||||||||||
Amortization of intangible assets, net(a) | 38 | 32 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Amortization of energy contract assets and liabilities(b) | (7 | ) | (7 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Nuclear fuel(c) | 862 | 862 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
ARO accretion(d) | 333 | 332 | 1 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total depreciation, amortization and accretion | $ | 4,009 | $ | 2,516 | $ | 574 | $ | 201 | $ | 307 | $ | 221 | $ | 120 | $ | 130 | $ | 355 | $ | 152 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Other non-cash operating activities: | |||||||||||||||||||||||||||||||||||
Pension and non-pension postretirement benefit costs | $ | 482 | $ | 170 | $ | 131 | $ | 21 | $ | 47 | $ | 72 | $ | 19 | $ | 10 | $ | 10 | |||||||||||||||||
Loss from equity method investments | 26 | 26 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Provision for uncollectible accounts | 103 | 31 | 25 | 17 | 4 | 26 | 11 | 1 | 14 | ||||||||||||||||||||||||||
Stock-based compensation costs | 76 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other decommissioning-related activity(a) | (213 | ) | (213 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Energy-related options(b) | 15 | 15 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of regulatory asset related to debt costs | 7 | — | 3 | 1 | — | 3 | 1 | 1 | 1 | ||||||||||||||||||||||||||
Amortization of rate stabilization deferral | (7 | ) | — | — | — | 7 | (14 | ) | (12 | ) | (2 | ) | — | ||||||||||||||||||||||
Amortization of debt fair value adjustment | (13 | ) | (9 | ) | — | — | — | (4 | ) | — | — | — | |||||||||||||||||||||||
Discrete impacts from EIMA and FEJA(c) | (61 | ) | — | (61 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of debt costs | 57 | 33 | 3 | 1 | 1 | 1 | 1 | — | — | ||||||||||||||||||||||||||
Provision for excess and obsolete inventory | 52 | 50 | 1 | — | — | 1 | — | 1 | — | ||||||||||||||||||||||||||
Merger-related commitments(d) | — | — | — | — | — | (8 | ) | (6 | ) | (2 | ) | — | |||||||||||||||||||||||
Severance costs | 33 | 25 | — | — | — | 3 | — | — | — | ||||||||||||||||||||||||||
Other | 46 | 4 | 10 | (2 | ) | (7 | ) | (14 | ) | (6 | ) | (3 | ) | (4 | ) | ||||||||||||||||||||
Total other non-cash operating activities | $ | 603 | $ | 132 | $ | 112 | $ | 38 | $ | 52 | $ | 66 | $ | 8 | $ | 6 | $ | 21 | |||||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||||||||||||||||||||
Change in capital expenditures not paid | $ | (101 | ) | $ | 20 | $ | (79 | ) | $ | (29 | ) | $ | 16 | $ | (6 | ) | $ | 7 | $ | 14 | $ | (18 | ) | ||||||||||||
Fair value of pension obligation transferred in connection with the FitzPatrick acquisition | — | 33 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Change in PPE related to ARO update | (141 | ) | (141 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Indemnification of like-kind exchange position(g) | — | — | 21 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Non-cash financing of capital projects | 16 | 16 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Dividends on stock compensation | 5 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Dissolution of financing trust due to long-term debt retirement | 8 | — | — | — | 8 | — | — | — | — | ||||||||||||||||||||||||||
Fair value adjustment of long-term debt due to retirement | (5 | ) | — | — | — | — | — | — | — | — |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | Pepco | DPL | ACE | PHI | PHI | |||||||||||||||||||||||||||||||
Other non-cash operating activities: | ||||||||||||||||||||||||||||||||||||||||
Pension and non-pension postretirement benefit costs | $ | 458 | $ | 163 | $ | 124 | $ | 25 | $ | 50 | $ | 24 | $ | 13 | $ | 11 | $ | 58 | $ | 23 | ||||||||||||||||||||
Loss from equity method investments | 15 | 16 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Provision for uncollectible accounts | 107 | 14 | 31 | 24 | 12 | 15 | 12 | 18 | 27 | 16 | ||||||||||||||||||||||||||||||
Stock-based compensation costs | 88 | — | — | — | — | — | — | — | — | 3 | ||||||||||||||||||||||||||||||
Other decommissioning-related activity(a) | (237 | ) | (237 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Energy-related options(b) | (20 | ) | (20 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Amortization of regulatory asset related to debt costs | 7 | — | 3 | 1 | — | 2 | — | 1 | 2 | 1 | ||||||||||||||||||||||||||||||
Amortization of rate stabilization deferral | 62 | — | — | — | 62 | 3 | 3 | — | — | 5 | ||||||||||||||||||||||||||||||
Amortization of debt fair value adjustment | (9 | ) | (9 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Discrete impacts from EIMA (c) | (36 | ) | — | (36 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Amortization of debt costs | 26 | 12 | (3 | ) | 2 | 3 | — | — | — | — | — | |||||||||||||||||||||||||||||
Provision for excess and obsolete inventory | 74 | 70 | 4 | — | — | 1 | 1 | 1 | — | 1 | ||||||||||||||||||||||||||||||
Merger-related commitments (d)(e) | 508 | 3 | — | — | — | 125 | 73 | 110 | 308 | — | ||||||||||||||||||||||||||||||
Severance costs | 130 | 57 | — | — | — | — | — | — | 53 | — | ||||||||||||||||||||||||||||||
Asset retirement costs | — | — | — | — | — | — | 5 | 2 | — | — | ||||||||||||||||||||||||||||||
Lower of cost or net realizable value inventory adjustment | 36 | 36 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other | 15 | 24 | (1 | ) | (3 | ) | (18 | ) | (2 | ) | (8 | ) | (5 | ) | (7 | ) | (3 | ) | ||||||||||||||||||||||
Total other non-cash operating activities | $ | 1,224 | $ | 129 | $ | 122 | $ | 49 | $ | 109 | $ | 168 | $ | 99 | $ | 138 | $ | 441 | $ | 46 | ||||||||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||||||||||||||||||||||
Change in capital expenditures not paid | $ | (338 | ) | $ | (289 | ) | $ | (42 | ) | $ | (4 | ) | $ | 17 | $ | 15 | $ | (10 | ) | $ | 2 | $ | (5 | ) | $ | 11 | ||||||||||||||
Fair value of net assets contributed to Generation in connection with the PHI Merger, net of cash(d)(f) | — | 119 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Fair value of net assets distributed to Exelon in connection with the PHI Merger, net of cash(d)(f) | — | — | — | — | — | — | — | — | 129 | — | ||||||||||||||||||||||||||||||
Fair value of pension obligation transferred in connection with the PHI Merger | — | — | — | — | — | — | — | — | 53 | — | ||||||||||||||||||||||||||||||
Assumption of member purchase liability | — | — | — | — | — | — | — | — | 29 | — | ||||||||||||||||||||||||||||||
Assumption of merger commitment liability | — | — | — | — | — | 33 | — | — | 33 | — | ||||||||||||||||||||||||||||||
Change in PPE related to ARO update | 476 | 476 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Indemnification of like-kind exchange position(g) | — | — | 157 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Non-cash financing of capital projects | 84 | 84 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Dividends on stock compensation | 2 | — | — | — | — | — | — | — | — | — |
Successor | |||||||||||||||||||||||||||||||||||
September 30, 2017 | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||
Property, plant and equipment: | |||||||||||||||||||||||||||||||||||
Accumulated depreciation and amortization | $ | 20,591 | (a) | $ | 11,193 | (a) | $ | 4,191 | $ | 3,366 | $ | 3,351 | $ | 448 | $ | 3,171 | $ | 1,231 | $ | 1,060 | |||||||||||||||
Accounts receivable: | |||||||||||||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 339 | $ | 111 | $ | 72 | $ | 57 | $ | 25 | $ | 74 | $ | 29 | $ | 17 | $ | 28 |
Successor | |||||||||||||||||||||||||||||||||||
December 31, 2016 | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||
Property, plant and equipment: | |||||||||||||||||||||||||||||||||||
Accumulated depreciation and amortization | $ | 19,169 | (b) | $ | 10,562 | (b) | $ | 3,937 | $ | 3,253 | $ | 3,254 | $ | 195 | $ | 3,050 | $ | 1,175 | $ | 1,016 | |||||||||||||||
Accounts receivable: | |||||||||||||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 334 | $ | 91 | $ | 70 | $ | 61 | $ | 32 | $ | 80 | $ | 29 | $ | 24 | $ | 27 |
Successor | |||||||||||||||||||||||||||||||
Generation(a) | ComEd | PECO | BGE | PHI(b) | Other(c) | Intersegment Eliminations | Exelon | ||||||||||||||||||||||||
Operating revenues(d): | |||||||||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||||
Competitive businesses electric revenues | $ | 4,042 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (295 | ) | $ | 3,747 | ||||||||||||||
Competitive businesses natural gas revenues | 460 | — | — | — | — | — | — | 460 | |||||||||||||||||||||||
Competitive businesses other revenues | 249 | — | — | — | — | — | — | 249 | |||||||||||||||||||||||
Rate-regulated electric revenues | — | 1,571 | 662 | 658 | 1,280 | — | (7 | ) | 4,164 | ||||||||||||||||||||||
Rate-regulated natural gas revenues | — | — | 53 | 80 | 18 | — | (2 | ) | 149 | ||||||||||||||||||||||
Shared service and other revenues | — | — | — | — | 12 | 446 | (458 | ) | — | ||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||
Competitive businesses electric revenues | $ | 4,322 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (499 | ) | $ | 3,823 | ||||||||||||||
Competitive businesses natural gas revenues | 326 | — | — | — | — | — | — | 326 | |||||||||||||||||||||||
Competitive businesses other revenues | 387 | — | — | — | — | — | (1 | ) | 386 | ||||||||||||||||||||||
Rate-regulated electric revenues | — | 1,497 | 740 | 735 | 1,366 | — | (8 | ) | 4,330 | ||||||||||||||||||||||
Rate-regulated natural gas revenues | — | — | 48 | 77 | 17 | — | (5 | ) | 137 | ||||||||||||||||||||||
Shared service and other revenues | — | — | — | — | 11 | 362 | (373 | ) | — | ||||||||||||||||||||||
Intersegment revenues(e): | |||||||||||||||||||||||||||||||
2017 | $ | 294 | $ | 3 | $ | 2 | $ | 3 | $ | 12 | $ | 445 | $ | (759 | ) | $ | — | ||||||||||||||
2016 | 500 | 4 | 2 | 7 | 11 | 362 | (885 | ) | 1 | ||||||||||||||||||||||
Net income (loss): | |||||||||||||||||||||||||||||||
2017 | $ | 348 | $ | 189 | $ | 112 | $ | 62 | $ | 153 | $ | 3 | $ | — | $ | 867 | |||||||||||||||
2016 | 271 | 37 | 122 | 56 | 166 | (125 | ) | (1 | ) | 526 | |||||||||||||||||||||
Total assets: | |||||||||||||||||||||||||||||||
September 30, 2017 | $ | 47,744 | $ | 29,649 | $ | 11,480 | $ | 8,923 | $ | 21,301 | $ | 10,662 | $ | (11,286 | ) | $ | 118,473 | ||||||||||||||
December 31, 2016 | 46,974 | 28,335 | 10,831 | 8,704 | 21,025 | 10,369 | (11,334 | ) | 114,904 |
Pepco | DPL | ACE | Other(b) | Intersegment Eliminations | PHI | ||||||||||||||||||
Operating revenues(a): | |||||||||||||||||||||||
Three Months Ended September 30, 2017 - Successor | |||||||||||||||||||||||
Rate-regulated electric revenues | $ | 604 | $ | 309 | $ | 370 | $ | — | $ | (3 | ) | $ | 1,280 | ||||||||||
Rate-regulated natural gas revenues | — | 18 | — | — | — | 18 | |||||||||||||||||
Shared service and other revenues | — | — | — | 12 | — | 12 | |||||||||||||||||
Three Months Ended September 30, 2016 - Successor | |||||||||||||||||||||||
Rate-regulated electric revenues | $ | 635 | $ | 314 | $ | 421 | $ | — | $ | (4 | ) | $ | 1,366 | ||||||||||
Rate-regulated natural gas revenues | — | 17 | — | — | — | 17 | |||||||||||||||||
Shared service and other revenues | — | — | — | 11 | — | 11 | |||||||||||||||||
Intersegment revenues: | |||||||||||||||||||||||
Three Months Ended September 30, 2017 - Successor | $ | 1 | $ | 2 | $ | — | $ | 13 | $ | (4 | ) | $ | 12 | ||||||||||
Three Months Ended September 30, 2016 - Successor | 1 | 2 | 1 | 11 | (4 | ) | 11 | ||||||||||||||||
Net income (loss): | |||||||||||||||||||||||
Three Months Ended September 30, 2017 - Successor | $ | 87 | $ | 31 | $ | 41 | $ | (18 | ) | $ | 12 | $ | 153 | ||||||||||
Three Months Ended September 30, 2016 - Successor | 79 | 44 | 47 | (15 | ) | 11 | 166 | ||||||||||||||||
Total assets: | |||||||||||||||||||||||
September 30, 2017 - Successor | $ | 7,775 | $ | 4,276 | $ | 3,510 | $ | 10,724 | $ | (4,984 | ) | $ | 21,301 | ||||||||||
December 31, 2016 - Successor | 7,335 | 4,153 | 3,457 | 10,804 | (4,724 | ) | 21,025 |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||||||||||||
Revenues from external customers(a) | Intersegment revenues | Total Revenues | Revenues from external customers(a) | Intersegment revenues | Total Revenues | ||||||||||||||||||
Mid-Atlantic | $ | 1,421 | $ | 11 | $ | 1,432 | $ | 1,813 | $ | (13 | ) | $ | 1,800 | ||||||||||
Midwest | 1,049 | (11 | ) | 1,038 | 1,163 | 1 | 1,164 | ||||||||||||||||
New England | 482 | (1 | ) | 481 | 455 | (4 | ) | 451 | |||||||||||||||
New York | 434 | (6 | ) | 428 | 331 | (8 | ) | 323 | |||||||||||||||
ERCOT | 308 | 6 | 314 | 289 | 6 | 295 | |||||||||||||||||
Other Power Regions | 348 | (13 | ) | 335 | 271 | (33 | ) | 238 | |||||||||||||||
Total Revenues for Reportable Segments | 4,042 | (14 | ) | 4,028 | 4,322 | (51 | ) | 4,271 | |||||||||||||||
Other(b) | 709 | 14 | 723 | 713 | 51 | 764 | |||||||||||||||||
Total Generation Consolidated Operating Revenues | $ | 4,751 | $ | — | $ | 4,751 | $ | 5,035 | $ | — | $ | 5,035 |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||||||||||||
RNF from external customers(a) | Intersegment RNF | Total RNF | RNF from external customers(a) | Intersegment RNF | Total RNF | ||||||||||||||||||
Mid-Atlantic | $ | 817 | $ | 38 | $ | 855 | $ | 881 | $ | 6 | $ | 887 | |||||||||||
Midwest | 697 | — | 697 | 782 | (1 | ) | 781 | ||||||||||||||||
New England | 151 | (6 | ) | 145 | 170 | (10 | ) | 160 | |||||||||||||||
New York | 296 | — | 296 | 195 | (1 | ) | 194 | ||||||||||||||||
ERCOT | 229 | (111 | ) | 118 | 144 | (51 | ) | 93 | |||||||||||||||
Other Power Regions | 118 | (50 | ) | 68 | 143 | (66 | ) | 77 | |||||||||||||||
Total Revenues net of purchased power and fuel for Reportable Segments | 2,308 | (129 | ) | 2,179 | 2,315 | (123 | ) | 2,192 | |||||||||||||||
Other(b) | 112 | 129 | 241 | 131 | 123 | 254 | |||||||||||||||||
Total Generation Revenues net of purchased power and fuel expense | $ | 2,420 | $ | — | $ | 2,420 | $ | 2,446 | $ | — | $ | 2,446 |
Successor | |||||||||||||||||||||||||||||||
Generation(a) | ComEd | PECO | BGE | PHI(b) | Other(c) | Intersegment Eliminations | Exelon | ||||||||||||||||||||||||
Operating revenues(d): | |||||||||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||||
Competitive businesses electric revenues | $ | 11,485 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (888 | ) | $ | 10,597 | ||||||||||||||
Competitive businesses natural gas revenues | 1,807 | — | — | — | — | — | — | 1,807 | |||||||||||||||||||||||
Competitive businesses other revenues | 520 | — | — | — | — | — | — | 520 | |||||||||||||||||||||||
Rate-regulated electric revenues | — | 4,227 | 1,802 | 1,895 | 3,417 | — | (23 | ) | 11,318 | ||||||||||||||||||||||
Rate-regulated natural gas revenues | — | — | 339 | 468 | 105 | — | (6 | ) | 906 | ||||||||||||||||||||||
Shared service and other revenues | — | — | — | — | 35 | 1,316 | (1,350 | ) | 1 | ||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||
Competitive businesses electric revenues | $ | 11,677 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1,118 | ) | $ | 10,559 | ||||||||||||||
Competitive businesses natural gas revenues | 1,515 | — | — | — | — | — | — | 1,515 | |||||||||||||||||||||||
Competitive businesses other revenues | 171 | — | — | — | — | — | (2 | ) | 169 | ||||||||||||||||||||||
Rate-regulated electric revenues | — | 4,031 | 1,971 | 1,998 | 2,485 | — | (24 | ) | 10,461 | ||||||||||||||||||||||
Rate-regulated natural gas revenues | — | — | 322 | 423 | 46 | — | (10 | ) | 781 | ||||||||||||||||||||||
Shared service and other revenues | — | — | — | — | 34 | 1,166 | (1,199 | ) | 1 | ||||||||||||||||||||||
Intersegment revenues(e): | |||||||||||||||||||||||||||||||
2017 | $ | 888 | $ | 12 | $ | 5 | $ | 12 | $ | 35 | $ | 1,312 | $ | (2,262 | ) | $ | 2 | ||||||||||||||
2016 | 1,121 | 12 | 5 | 16 | 34 | 1,166 | (2,351 | ) | 3 | ||||||||||||||||||||||
Net income (loss): | |||||||||||||||||||||||||||||||
2017 | $ | 491 | $ | 447 | $ | 327 | $ | 231 | $ | 359 | $ | 58 | $ | (2 | ) | $ | 1,911 | ||||||||||||||
2016 | 556 | 297 | 346 | 191 | (91 | ) | (340 | ) | (3 | ) | 956 |
Pepco | DPL | ACE | Other(b) | Intersegment Eliminations | PHI | ||||||||||||||||||
Operating revenues(a): | |||||||||||||||||||||||
Nine Months Ended September 30, 2017 - Successor | |||||||||||||||||||||||
Rate-regulated electric revenues | $ | 1,649 | $ | 866 | $ | 915 | $ | — | $ | (13 | ) | $ | 3,417 | ||||||||||
Rate-regulated natural gas revenues | — | 105 | — | — | — | 105 | |||||||||||||||||
Shared service and other revenues | — | — | — | 37 | (2 | ) | 35 | ||||||||||||||||
March 24, 2016 to September 30, 2016 - Successor | |||||||||||||||||||||||
Rate-regulated electric revenues | $ | 1,184 | $ | 593 | $ | 714 | $ | 3 | $ | (9 | ) | $ | 2,485 | ||||||||||
Rate-regulated natural gas revenues | — | 46 | — | — | — | 46 | |||||||||||||||||
Shared service and other revenues | — | — | — | 34 | — | 34 | |||||||||||||||||
January 1, 2016 to March 23, 2016 - Predecessor | |||||||||||||||||||||||
Rate-regulated electric revenues | $ | 511 | $ | 279 | $ | 268 | $ | 42 | $ | (4 | ) | $ | 1,096 | ||||||||||
Rate-regulated natural gas revenues | — | 56 | — | 1 | — | 57 | |||||||||||||||||
Shared service and other revenues | — | — | — | — | — | — | |||||||||||||||||
Intersegment revenues: | |||||||||||||||||||||||
Nine Months Ended September 30, 2017 - Successor | $ | 4 | $ | 6 | $ | 2 | $ | 37 | $ | (14 | ) | $ | 35 | ||||||||||
March 24, 2016 to September 30, 2016 - Successor | 2 | 4 | 2 | 35 | (9 | ) | 34 | ||||||||||||||||
January 1, 2016 to March 23, 2016 - Predecessor | 1 | 2 | 1 | — | (4 | ) | — | ||||||||||||||||
Net income (loss): | |||||||||||||||||||||||
Nine Months Ended September 30, 2017 - Successor | $ | 188 | $ | 107 | $ | 77 | $ | (48 | ) | $ | 35 | $ | 359 | ||||||||||
March 24, 2016 to September 30, 2016 - Successor | (12 | ) | (42 | ) | (55 | ) | (16 | ) | 34 | (91 | ) | ||||||||||||
January 1, 2016 to March 23, 2016 - Predecessor | 32 | 26 | 5 | (44 | ) | — | 19 |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||||||||||
Revenues from external customers(a) | Intersegment revenues | Total Revenues | Revenues from external customers(a) | Intersegment revenues | Total Revenues | ||||||||||||||||||
Mid-Atlantic | $ | 4,207 | $ | 15 | $ | 4,222 | $ | 4,776 | $ | (40 | ) | $ | 4,736 | ||||||||||
Midwest | 3,158 | (17 | ) | 3,141 | 3,330 | 13 | 3,343 | ||||||||||||||||
New England | 1,469 | (8 | ) | 1,461 | 1,278 | (6 | ) | 1,272 | |||||||||||||||
New York | 1,095 | (14 | ) | 1,081 | 906 | (33 | ) | 873 | |||||||||||||||
ERCOT | 749 | 4 | 753 | 659 | 6 | 665 | |||||||||||||||||
Other Power Regions | 807 | (28 | ) | 779 | 728 | (42 | ) | 686 | |||||||||||||||
Total Revenues for Reportable Segments | 11,485 | (48 | ) | 11,437 | 11,677 | (102 | ) | 11,575 | |||||||||||||||
Other(b) | 2,327 | 48 | 2,375 | 1,686 | 102 | 1,788 | |||||||||||||||||
Total Generation Consolidated Operating Revenues | $ | 13,812 | $ | — | $ | 13,812 | $ | 13,363 | $ | — | $ | 13,363 |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||||||||||
RNF from external customers(a) | Intersegment RNF | Total RNF | RNF from external customers(a) | Intersegment RNF | Total RNF | ||||||||||||||||||
Mid-Atlantic | $ | 2,330 | $ | 81 | $ | 2,411 | $ | 2,541 | $ | 15 | $ | 2,556 | |||||||||||
Midwest | 2,129 | 11 | 2,140 | 2,225 | 4 | 2,229 | |||||||||||||||||
New England | 423 | (20 | ) | 403 | 373 | (23 | ) | 350 | |||||||||||||||
New York | 679 | (1 | ) | 678 | 607 | (15 | ) | 592 | |||||||||||||||
ERCOT | 446 | (188 | ) | 258 | 335 | (104 | ) | 231 | |||||||||||||||
Other Power Regions | 359 | (139 | ) | 220 | 357 | (104 | ) | 253 | |||||||||||||||
Total Revenues net of purchased power and fuel expense for Reportable Segments | 6,366 | (256 | ) | 6,110 | 6,438 | (227 | ) | 6,211 | |||||||||||||||
Other(b) | 160 | 256 | 416 | 316 | 227 | 543 | |||||||||||||||||
Total Generation Revenues net of purchased power and fuel expense | $ | 6,526 | $ | — | $ | 6,526 | $ | 6,754 | $ | — | $ | 6,754 |
Other, Net | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
AFUDC — Equity | $ | 40 | $ | 7 | $ | 10 | $ | 4 | $ | 19 | $ | 15 | $ | 3 | $ | 1 | |||||||||||||||||||||||||||||||
Non-service net periodic benefit cost | (18) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
AFUDC — Equity | $ | 38 | $ | 10 | $ | 7 | $ | 5 | $ | 16 | $ | 12 | $ | 2 | $ | 2 | |||||||||||||||||||||||||||||||
Non-service net periodic benefit cost | 16 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
AFUDC — Equity | $ | 113 | $ | 25 | $ | 22 | $ | 11 | $ | 55 | $ | 42 | $ | 7 | $ | 6 | |||||||||||||||||||||||||||||||
Non-service net periodic benefit cost | (18) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
AFUDC — Equity | $ | 112 | $ | 28 | $ | 22 | $ | 17 | $ | 45 | $ | 35 | $ | 5 | $ | 5 | |||||||||||||||||||||||||||||||
Non-service net periodic benefit cost | 48 | — | — | — | — | — | — | — |
Depreciation, amortization, and accretion | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon(a) | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment(b) | $ | 2,073 | $ | 815 | $ | 287 | $ | 381 | $ | 550 | $ | 232 | $ | 155 | $ | 145 | |||||||||||||||||||||||||||||||
Amortization of regulatory assets(b) | 537 | 230 | 10 | 106 | 191 | 97 | 27 | 67 | |||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets, net(b) | 6 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total depreciation and amortization | $ | 2,616 | $ | 1,045 | $ | 297 | $ | 487 | $ | 741 | $ | 329 | $ | 182 | $ | 212 | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment(b) | $ | 2,024 | $ | 770 | $ | 267 | $ | 355 | $ | 502 | $ | 214 | $ | 141 | $ | 126 | |||||||||||||||||||||||||||||||
Amortization of regulatory assets(b) | 532 | 212 | 10 | 115 | 195 | 98 | 31 | 66 | |||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets, net(b) | 10 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of energy contract assets and liabilities(c) | 3 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Nuclear fuel(d) | 66 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
ARO accretion(e) | 44 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total depreciation, amortization, and accretion | $ | 2,679 | $ | 982 | $ | 277 | $ | 470 | $ | 697 | $ | 312 | $ | 172 | $ | 192 |
Other non-cash operating activities | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon(a) | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension and OPEB costs (benefit) | $ | 152 | $ | 19 | $ | (10) | $ | 41 | $ | 74 | $ | 26 | $ | 13 | $ | 10 | |||||||||||||||||||||||||||||||
Allowance for credit losses | 86 | 4 | 31 | 4 | 47 | 27 | 9 | 11 | |||||||||||||||||||||||||||||||||||||||
True-up adjustments to decoupling mechanisms and formula rates(b) | (522) | (405) | (1) | (47) | (69) | (28) | (15) | (26) | |||||||||||||||||||||||||||||||||||||||
Amortization of operating ROU asset | 29 | 2 | — | 4 | 21 | 5 | 6 | 2 | |||||||||||||||||||||||||||||||||||||||
Change in environmental liabilities | 37 | — | — | — | 37 | 37 | — | — | |||||||||||||||||||||||||||||||||||||||
AFUDC — Equity | (113) | (25) | (22) | (11) | (55) | (42) | (7) | (6) | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension and OPEB costs (benefit) | $ | 124 | $ | 45 | $ | (6) | $ | 34 | $ | 39 | $ | 6 | $ | 3 | $ | 9 | |||||||||||||||||||||||||||||||
Allowance for credit losses | 130 | 40 | 32 | 18 | 42 | 21 | 9 | 12 | |||||||||||||||||||||||||||||||||||||||
Other decommissioning-related activity | 36 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Energy-related options | 60 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
True-up adjustments to decoupling mechanisms and formula rates(b) | (92) | (163) | (1) | 40 | 33 | 15 | 3 | 14 | |||||||||||||||||||||||||||||||||||||||
Long-term incentive plan | 35 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of operating ROU asset | 47 | 1 | — | 14 | 21 | 5 | 6 | 3 | |||||||||||||||||||||||||||||||||||||||
AFUDC — Equity | (112) | (28) | (22) | (17) | (45) | (35) | (5) | (5) |
Cash, cash equivalents, and restricted cash | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 300 | $ | 79 | $ | 43 | $ | 15 | $ | 121 | $ | 31 | $ | 5 | $ | 14 | |||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | 435 | 360 | 9 | 1 | 25 | 25 | 1 | — | |||||||||||||||||||||||||||||||||||||||
Restricted cash included in Other deferred debits and other assets | 212 | 212 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total cash, restricted cash, and cash equivalents | $ | 947 | $ | 651 | $ | 52 | $ | 16 | $ | 146 | $ | 56 | $ | 6 | $ | 14 | |||||||||||||||||||||||||||||||
Balance at December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 407 | $ | 67 | $ | 59 | $ | 43 | $ | 198 | $ | 45 | $ | 31 | $ | 72 | |||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | 566 | 327 | 9 | 24 | 175 | 54 | 121 | — | |||||||||||||||||||||||||||||||||||||||
Restricted cash included in Other deferred debits and other assets | 117 | 117 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total cash, restricted cash, and cash equivalents | $ | 1,090 | $ | 511 | $ | 68 | $ | 67 | $ | 373 | $ | 99 | $ | 152 | $ | 72 | |||||||||||||||||||||||||||||||
Balance at September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 446 | $ | 63 | $ | 94 | $ | 20 | $ | 219 | $ | 21 | $ | 49 | $ | 112 | |||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | 744 | 342 | 9 | 130 | 234 | 77 | 157 | — | |||||||||||||||||||||||||||||||||||||||
Restricted cash included in Other deferred debits and other assets | 83 | 83 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total cash, restricted cash, and cash equivalents | $ | 1,273 | $ | 488 | $ | 103 | $ | 150 | $ | 453 | $ | 98 | $ | 206 | $ | 112 | |||||||||||||||||||||||||||||||
Balance at December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 672 | $ | 131 | $ | 36 | $ | 51 | $ | 136 | $ | 34 | $ | 28 | $ | 29 | |||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | 321 | 210 | 8 | 4 | 77 | 34 | 43 | — | |||||||||||||||||||||||||||||||||||||||
Restricted cash included in Other deferred debits and other assets | 44 | 43 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cash, restricted cash, and cash equivalents from discontinued operations | 582 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total cash, restricted cash, and cash equivalents | $ | 1,619 | $ | 384 | $ | 44 | $ | 55 | $ | 213 | $ | 68 | $ | 71 | $ | 29 |
Accrued expenses | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Compensation-related accruals(a) | $ | 548 | $ | 162 | $ | 67 | $ | 63 | $ | 99 | $ | 27 | $ | 17 | $ | 14 | |||||||||||||||||||||||||||||||
Taxes accrued | 255 | 148 | 61 | 100 | 120 | 88 | 19 | 13 | |||||||||||||||||||||||||||||||||||||||
Interest accrued | 391 | 78 | 52 | 59 | 81 | 38 | 24 | 17 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Compensation-related accruals(a) | $ | 613 | $ | 179 | $ | 81 | $ | 79 | $ | 104 | $ | 29 | $ | 20 | $ | 16 | |||||||||||||||||||||||||||||||
Taxes accrued | 211 | 92 | 10 | 34 | 70 | 52 | 8 | 12 | |||||||||||||||||||||||||||||||||||||||
Interest accrued | 338 | 124 | 47 | 42 | 61 | 32 | 9 | 14 |
Nine Months Ended September 30, | |||||
2022 | |||||
ComEd(a) | $ | 59 | |||
PECO(b) | 33 | ||||
BGE(c) | 18 | ||||
PHI | 51 | ||||
Pepco(d) | 39 | ||||
DPL(e) | 10 | ||||
ACE(f) | 2 |
Operating and maintenance from affiliates | Capitalized costs | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Exelon | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | $ | 162 | $ | 156 | $ | 502 | $ | 500 | ||||||||||||||||||||||||||||||||||||||||||
PHISCO | 25 | 20 | 74 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||
ComEd | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | $ | 92 | $ | 69 | $ | 263 | $ | 234 | 71 | 70 | 230 | 222 | ||||||||||||||||||||||||||||||||||||||
PECO | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | 55 | 44 | 160 | 140 | 29 | 24 | 89 | 80 | ||||||||||||||||||||||||||||||||||||||||||
BGE | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | 58 | 46 | 166 | 148 | 23 | 26 | 69 | 86 | ||||||||||||||||||||||||||||||||||||||||||
PHI | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | 50 | 39 | 135 | 135 | 39 | 36 | 114 | 112 | ||||||||||||||||||||||||||||||||||||||||||
PHISCO | — | — | — | — | 24 | 20 | 73 | 60 | ||||||||||||||||||||||||||||||||||||||||||
Pepco | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | 30 | 24 | 85 | 80 | 13 | 13 | 41 | 41 | ||||||||||||||||||||||||||||||||||||||||||
PHISCO | 31 | 28 | 91 | 86 | 9 | 8 | 30 | 24 | ||||||||||||||||||||||||||||||||||||||||||
DPL | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | 19 | 16 | 54 | 51 | 12 | 11 | 32 | 34 | ||||||||||||||||||||||||||||||||||||||||||
PHISCO | 24 | 24 | 73 | 73 | 7 | 7 | 22 | 20 | ||||||||||||||||||||||||||||||||||||||||||
ACE | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | 16 | 13 | 45 | 42 | 13 | 12 | 39 | 37 | ||||||||||||||||||||||||||||||||||||||||||
PHISCO | 23 | 20 | 67 | 63 | 7 | 5 | 20 | 16 |
Receivables from affiliates: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables to affiliates: | ComEd | PECO | BGE | Pepco | DPL | ACE | BSC | PHISCO | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ComEd | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 57 | $ | — | $ | 5 | $ | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PECO | $ | — | — | — | — | — | 31 | — | 6 | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BGE | — | — | — | — | — | 31 | — | 2 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PHI | — | — | — | — | — | — | 6 | — | 11 | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pepco | — | — | — | — | — | 16 | 15 | 1 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DPL | — | 1 | — | — | — | 13 | 11 | — | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACE | — | — | — | — | — | 11 | 10 | 1 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 3 | — | — | — | — | 3 | (1) | 1 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3 | $ | 1 | $ | — | $ | — | $ | — | $ | 3 | $ | 164 | $ | 37 | $ | 26 | $ | 234 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables from affiliates: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables to affiliates: | ComEd | PECO | BGE | Pepco | DPL | ACE | BSC | PHISCO | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ComEd | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 66 | $ | — | $ | 8 | $ | 74 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PECO | $ | — | — | — | — | — | 39 | — | 3 | 42 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BGE | — | — | — | — | — | 38 | — | 1 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PHI | — | — | — | — | — | — | 4 | — | 10 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pepco | — | — | — | — | — | 20 | 13 | 1 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DPL | — | 2 | — | — | — | 12 | 8 | — | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACE | — | 2 | — | — | — | 14 | 9 | 1 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 3 | — | — | — | — | 1 | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3 | $ | 4 | $ | — | $ | — | $ | — | $ | 1 | $ | 193 | $ | 30 | $ | 24 | $ | 255 | |||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | Exelon | ComEd | PECO | ||||||||||||||||||||||||||||||
ComEd Financing III | $ | 206 | $ | 205 | $ | — | $ | 206 | $ | 205 | $ | — | |||||||||||||||||||||||
PECO Trust III | 81 | — | 81 | 81 | — | 81 | |||||||||||||||||||||||||||||
PECO Trust IV | 103 | — | 103 | 103 | — | 103 | |||||||||||||||||||||||||||||
Total | $ | 390 | $ | 205 | $ | 184 | $ | 390 | $ | 205 | $ | 184 |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||||||||||||||
Generation | ComEd | PECO | BGE | PHI | Other | Exelon | Exelon(b) | ||||||||||||||||||||||||||||
Operating revenues | $ | 4,751 | $ | 1,571 | $ | 715 | $ | 738 | $ | 1,310 | $ | (316 | ) | $ | 8,769 | $ | 9,002 | $ | (233 | ) | |||||||||||||||
Purchased power and fuel | 2,331 | 529 | 235 | 269 | 473 | (295 | ) | 3,542 | 3,754 | 212 | |||||||||||||||||||||||||
Revenue net of purchased power and fuel(a) | 2,420 | 1,042 | 480 | 469 | 837 | (21 | ) | 5,227 | 5,248 | (21 | ) | ||||||||||||||||||||||||
Other operating expenses | |||||||||||||||||||||||||||||||||||
Operating and maintenance | 1,374 | 346 | 197 | 175 | 251 | (43 | ) | 2,300 | 2,338 | 38 | |||||||||||||||||||||||||
Depreciation and amortization | 410 | 212 | 72 | 109 | 179 | 20 | 1,002 | 1,195 | 193 | ||||||||||||||||||||||||||
Taxes other than income | 141 | 80 | 42 | 61 | 122 | 10 | 456 | 449 | (7 | ) | |||||||||||||||||||||||||
Total other operating expenses | 1,925 | 638 | 311 | 345 | 552 | (13 | ) | 3,758 | 3,982 | 224 | |||||||||||||||||||||||||
(Loss) Gain on sales of assets | (2 | ) | — | — | — | — | 1 | (1 | ) | 1 | (2 | ) | |||||||||||||||||||||||
Bargain purchase gain | 7 | — | — | — | — | — | 7 | — | 7 | ||||||||||||||||||||||||||
Operating income (loss) | 500 | 404 | 169 | 124 | 285 | (7 | ) | 1,475 | 1,267 | 208 | |||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (113 | ) | (89 | ) | (31 | ) | (26 | ) | (62 | ) | (65 | ) | (386 | ) | (516 | ) | 130 | ||||||||||||||||||
Other, net | 209 | 5 | 2 | 4 | 13 | 4 | 237 | 120 | 117 | ||||||||||||||||||||||||||
Total other income and (deductions) | 96 | (84 | ) | (29 | ) | (22 | ) | (49 | ) | (61 | ) | (149 | ) | (396 | ) | 247 | |||||||||||||||||||
Income (loss) before income taxes | 596 | 320 | 140 | 102 | 236 | (68 | ) | 1,326 | 871 | 455 | |||||||||||||||||||||||||
Income taxes | 240 | 131 | 28 | 40 | 83 | (70 | ) | 452 | 340 | (112 | ) | ||||||||||||||||||||||||
Equity in (losses) earnings of unconsolidated affiliates | (8 | ) | — | — | — | — | 1 | (7 | ) | (5 | ) | (2 | ) | ||||||||||||||||||||||
Net income | 348 | 189 | 112 | 62 | 153 | 3 | 867 | 526 | 341 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests and preference stock dividends | 43 | — | — | — | — | — | 43 | 36 | (7 | ) | |||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 305 | $ | 189 | $ | 112 | $ | 62 | $ | 153 | $ | 3 | $ | 824 | $ | 490 | $ | 334 |
Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||||||||||||||
Generation | ComEd | PECO | BGE | PHI | Other | Exelon | Exelon(b) | ||||||||||||||||||||||||||||
Operating revenues | $ | 13,812 | $ | 4,227 | $ | 2,141 | $ | 2,363 | $ | 3,557 | $ | (951 | ) | $ | 25,149 | $ | 23,486 | $ | 1,663 | ||||||||||||||||
Purchased power and fuel expense | 7,286 | 1,241 | 719 | 853 | 1,318 | (890 | ) | 10,527 | 9,462 | (1,065 | ) | ||||||||||||||||||||||||
Revenue net of purchased power and fuel expense(a) | 6,526 | 2,986 | 1,422 | 1,510 | 2,239 | (61 | ) | 14,622 | 14,024 | 598 | |||||||||||||||||||||||||
Other operating expenses | |||||||||||||||||||||||||||||||||||
Operating and maintenance | 4,871 | 1,096 | 595 | 532 | 774 | (136 | ) | 7,732 | 7,677 | (55 | ) | ||||||||||||||||||||||||
Depreciation and amortization | 1,046 | 631 | 213 | 348 | 511 | 65 | 2,814 | 2,821 | 7 | ||||||||||||||||||||||||||
Taxes other than income | 425 | 223 | 116 | 180 | 344 | 25 | 1,313 | 1,168 | (145 | ) | |||||||||||||||||||||||||
Total other operating expenses | 6,342 | 1,950 | 924 | 1,060 | 1,629 | (46 | ) | 11,859 | 11,666 | (193 | ) | ||||||||||||||||||||||||
Gain on sales of assets | 3 | — | — | — | 1 | — | 4 | 41 | (37 | ) | |||||||||||||||||||||||||
Bargain purchase gain | 233 | — | — | — | — | — | 233 | — | 233 | ||||||||||||||||||||||||||
Operating income (loss) | 420 | 1,036 | 498 | 450 | 611 | (15 | ) | 3,000 | 2,399 | 601 | |||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (342 | ) | (275 | ) | (93 | ) | (80 | ) | (183 | ) | (221 | ) | (1,194 | ) | (1,179 | ) | (15 | ) | |||||||||||||||||
Other, net | 648 | 14 | 6 | 12 | 40 | 5 | 725 | 377 | 348 | ||||||||||||||||||||||||||
Total other income and (deductions) | 306 | (261 | ) | (87 | ) | (68 | ) | (143 | ) | (216 | ) | (469 | ) | (802 | ) | 333 | |||||||||||||||||||
Income (loss) before income taxes | 726 | 775 | 411 | 382 | 468 | (231 | ) | 2,531 | 1,597 | 934 | |||||||||||||||||||||||||
Income taxes | 209 | 328 | 84 | 151 | 109 | (286 | ) | 595 | 625 | 30 | |||||||||||||||||||||||||
Equity in (losses) earnings of unconsolidated affiliates | (26 | ) | — | — | — | — | 1 | (25 | ) | (16 | ) | (9 | ) | ||||||||||||||||||||||
Net income | 491 | 447 | 327 | 231 | 359 | 56 | 1,911 | 956 | 955 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests and preference stock dividends | 12 | — | — | — | — | — | 12 | 26 | 14 | ||||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 479 | $ | 447 | $ | 327 | $ | 231 | $ | 359 | $ | 56 | $ | 1,899 | $ | 930 | $ | 969 |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Exelon | $ | 700 | $ | 676 | $ | 24 | $ | 1,711 | $ | 1,622 | $ | 89 | |||||||||||||||||||||||
ComEd | 333 | 291 | 42 | 822 | 706 | 116 | |||||||||||||||||||||||||||||
PECO | 146 | 135 | 11 | 410 | 474 | (64) | |||||||||||||||||||||||||||||
BGE | 45 | 33 | 12 | 286 | 267 | 19 | |||||||||||||||||||||||||||||
PHI | 232 | 289 | (57) | 490 | 518 | (28) | |||||||||||||||||||||||||||||
Pepco | 120 | 145 | (25) | 249 | 261 | (12) | |||||||||||||||||||||||||||||
DPL | 43 | 52 | (9) | 128 | 130 | (2) | |||||||||||||||||||||||||||||
ACE | 71 | 94 | (23) | 122 | 131 | (9) | |||||||||||||||||||||||||||||
Other(a) | (56) | (72) | 16 | (297) | (343) | 46 |
Three Months Ended September 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(In millions, except per share data) | Earnings per Diluted Share | Earnings per Diluted Share | |||||||||||||||||||||
Net income attributable to common shareholders from continuing operations | $ | 700 | $ | 0.70 | $ | 676 | $ | 0.68 | |||||||||||||||
Mark-to-market impact of economic hedging activities (net of taxes of $4) | 12 | 0.01 | — | — | |||||||||||||||||||
Asset retirement obligation (net of taxes of $1 and $2, respectively) | (1) | — | (4) | — | |||||||||||||||||||
Asset impairments (net of taxes of $10)(a) | — | — | 37 | 0.04 | |||||||||||||||||||
Separation costs (net of taxes of $5 and $1, respectively)(b) | 14 | 0.01 | (3) | — | |||||||||||||||||||
Income tax-related adjustments (entire amount represents tax expense)(c) | (54) | (0.05) | 38 | 0.04 | |||||||||||||||||||
Adjusted (non-GAAP) operating earnings | $ | 671 | $ | 0.67 | $ | 745 | $ | 0.75 |
Three Months Ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
(All amounts in millions after tax) | Earnings per Diluted Share | Earnings per Diluted Share | |||||||||||||
Net Income Attributable to Common Shareholders | $ | 824 | $ | 0.85 | $ | 490 | $ | 0.53 | |||||||
Mark-to-Market Impact of Economic Hedging Activities(a) (net of taxes of $29 and $35, respectively) | (45 | ) | (0.05 | ) | (54 | ) | (0.06 | ) | |||||||
Unrealized Gains Related to NDT Fund Investments(b) (net of taxes of $45 and $48, respectively) | (67 | ) | (0.07 | ) | (70 | ) | (0.07 | ) | |||||||
Amortization of Commodity Contract Intangibles(c) (net of taxes of $8 and $8, respectively) | 12 | 0.01 | 13 | 0.01 | |||||||||||
Merger and Integration Costs(d) (net of taxes of $1 and $10, respectively) | (1 | ) | — | 13 | 0.01 | ||||||||||
Merger Commitments(e) (net of taxes of $1) | — | — | 5 | 0.01 | |||||||||||
Long-Lived Asset Impairments(f) (net of taxes of $16 and $5, respectively) | 24 | 0.03 | 11 | 0.01 | |||||||||||
Plant Retirements and Divestitures(g) (net of taxes of $47 and $129, respectively) | 71 | 0.08 | 204 | 0.22 | |||||||||||
Cost Management Program(h) (net of taxes of $8 and $5, respectively) | 13 | 0.01 | 7 | 0.01 | |||||||||||
Like-Kind Exchange Tax Position(i) (net of taxes of $61) | — | — | 199 | 0.21 | |||||||||||
Asset Retirement Obligation(j) (net of taxes of $1) | (2 | ) | — | — | — | ||||||||||
Bargain Purchase Gain(k) (net of taxes of $0) | (7 | ) | (0.01 | ) | — | — | |||||||||
Reassessment of State Deferred Income Taxes(l) (entire amount represents tax expense) | (21 | ) | (0.02 | ) | — | — | |||||||||
Noncontrolling Interests(m) (net of taxes of $4 and $5, respectively) | 20 | 0.02 | 23 | 0.03 | |||||||||||
Adjusted (non-GAAP) Operating Earnings | $ | 821 | $ | 0.85 | $ | 841 | $ | 0.91 |
Nine Months Ended September 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(In millions, except per share data) | Earnings per Diluted Share | Earnings per Diluted Share | |||||||||||||||||||||
Net income attributable to common shareholders from continuing operations | $ | 1,711 | $ | 1.72 | $ | 1,622 | $ | 1.65 | |||||||||||||||
Mark-to-market impact of economic hedging activities (net of taxes of $4) | 14 | 0.01 | — | — | |||||||||||||||||||
Change in environmental liabilities (net of taxes of $8) | 29 | 0.03 | — | — | |||||||||||||||||||
ERP system implementation costs (net of taxes of $0)(d) | — | — | 1 | — | |||||||||||||||||||
Asset retirement obligation (net of taxes of $1 and $2, respectively) | (1) | — | (4) | — | |||||||||||||||||||
SEC matter loss contingency (net of taxes of $0) | 46 | 0.05 | — | — | |||||||||||||||||||
Asset impairments (net of taxes of $10)(a) | — | — | 37 | 0.04 | |||||||||||||||||||
Separation costs (net of taxes of $7 and $10, respectively)(b) | 19 | 0.02 | 25 | 0.03 | |||||||||||||||||||
Change in FERC audit liability (net of taxes of $4) | 11 | 0.01 | — | — | |||||||||||||||||||
Income tax-related adjustments (entire amount represents tax expense)(e) | (54) | (0.05) | 130 | 0.13 | |||||||||||||||||||
Adjusted (non-GAAP) operating earnings | $ | 1,774 | $ | 1.78 | $ | 1,811 | $ | 1.84 |
Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
(All amounts in millions after tax) | Earnings per Diluted Share | Earnings per Diluted Share | |||||||||||||
Net Income Attributable to Common Shareholders | $ | 1,899 | $ | 2.01 | $ | 930 | $ | 1.00 | |||||||
Mark-to-Market Impact of Economic Hedging Activities(a) (net of taxes of $62 and $46, respectively) | 97 | 0.10 | 67 | 0.07 | |||||||||||
Unrealized Gains Related to NDT Fund Investments(b) (net of taxes of $137 and $89, respectively) | (211 | ) | (0.22 | ) | (127 | ) | (0.13 | ) | |||||||
Amortization of Commodity Contract Intangibles(c) (net of taxes of $17 and $6, respectively) | 27 | 0.03 | 8 | 0.01 | |||||||||||
Merger and Integration Costs(d) (net of taxes of $24 and $36, respectively) | 39 | 0.04 | 92 | 0.10 | |||||||||||
Merger Commitments(e) (net of taxes of $137 and $114, respectively) | (137 | ) | (0.15 | ) | 400 | 0.43 | |||||||||
Long-Lived Asset Impairments(f) (net of taxes of $188 and $67, respectively) | 293 | 0.31 | 104 | 0.11 | |||||||||||
Plant Retirements and Divestitures(g) (net of taxes of $89 and $214, respectively) | 137 | 0.15 | 338 | 0.37 | |||||||||||
Cost Management Program(h) (net of taxes of $15 and $17, respectively) | 24 | 0.03 | 26 | 0.03 | |||||||||||
Like-Kind Exchange Tax Position(i) (net of taxes of $66 and $61, respectively) | (26 | ) | (0.03 | ) | 199 | 0.21 | |||||||||
Asset Retirement Obligation(j) (net of taxes of $1) | (2 | ) | — | — | — | ||||||||||
Bargain Purchase Gain(k) (net of taxes of $0) | (233 | ) | (0.25 | ) | — | — | |||||||||
Reassessment of State Deferred Income Taxes(l) (entire amount represents tax expense) | (42 | ) | (0.04 | ) | — | — | |||||||||
Tax Settlements(n) (net of taxes of $1) | (5 | ) | (0.01 | ) | — | — | |||||||||
Noncontrolling Interests(m) (net of taxes of $16 and $8, respectively) | 75 | 0.08 | 41 | 0.04 | |||||||||||
Adjusted (non-GAAP) Operating Earnings | $ | 1,935 | $ | 2.05 | $ | 2,078 | $ | 2.24 |
Pre-tax Expense | ||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||
Merger, Integration and Acquisition Costs: | Exelon(a) | Generation(a) | ComEd | PECO | BGE | PHI(a)(b) | Pepco(a)(c) | DPL(a) | ACE(a)(d) | |||||||||||||||||||||||||||
Transaction(e) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Other(f) | (3 | ) | 11 | — | 1 | 1 | (15 | ) | (8 | ) | 1 | (8 | ) | |||||||||||||||||||||||
Total | $ | (3 | ) | $ | 11 | $ | — | $ | 1 | $ | 1 | $ | (15 | ) | $ | (8 | ) | $ | 1 | $ | (8 | ) |
Pre-tax Expense | ||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||
Merger, Integration and Acquisition Costs: | Exelon(a) | Generation(a) | ComEd | PECO | BGE | PHI(a) | Pepco(a) | DPL(a) | ACE(a) | |||||||||||||||||||||||||||
Transaction(e) | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Employee-Related(g) | 1 | — | — | — | — | 1 | — | — | — | |||||||||||||||||||||||||||
Other(f) | 21 | 11 | — | 2 | 2 | 7 | 3 | 2 | 2 | |||||||||||||||||||||||||||
Total | $ | 23 | $ | 11 | $ | — | $ | 2 | $ | 2 | $ | 8 | $ | 3 | $ | 2 | $ | 2 |
Pre-tax Expense | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||
Merger, Integration and Acquisition Costs: | Exelon(a) | Generation(a) | ComEd | PECO | BGE | PHI(a)(b) | Pepco(a)(c) | DPL(a)(h) | ACE(a)(d) | |||||||||||||||||||||||||||
Transaction(e) | $ | 5 | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Other(f) | 57 | 67 | 1 | 3 | 3 | (17 | ) | (6 | ) | (6 | ) | (6 | ) | |||||||||||||||||||||||
Total | $ | 62 | $ | 71 | $ | 1 | $ | 3 | $ | 3 | $ | (17 | ) | $ | (6 | ) | $ | (6 | ) | $ | (6 | ) |
Pre-tax Expense | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||
Merger, Integration and Acquisition Costs: | Exelon(a) | Generation(a) | ComEd(i) | PECO | BGE(j) | PHI(a)(b) | Pepco(a)(c) | DPL(a)(h) | ACE(a) | |||||||||||||||||||||||||||
Transaction(e) | $ | 36 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Employee-Related(g) | 74 | 10 | 1 | 1 | 1 | 61 | 29 | 17 | 14 | |||||||||||||||||||||||||||
Other(f) | 16 | 21 | (8 | ) | 3 | (3 | ) | 2 | (3 | ) | 1 | 3 | ||||||||||||||||||||||||
Total | $ | 126 | $ | 31 | $ | (7 | ) | $ | 4 | $ | (2 | ) | $ | 63 | $ | 26 | $ | 18 | $ | 17 |
September 30, 2017 | Projected(a) | |||||||||||||||
Income statement expense (pre-tax) | 2017 | 2018 | 2019 | |||||||||||||
Depreciation and Amortization | ||||||||||||||||
Accelerated depreciation(b) | $ | 141 | $ | 250 | $ | 430 | $ | 325 | ||||||||
Accelerated nuclear fuel amortization | 8 | 10 | 20 | 5 | ||||||||||||
Total | $ | 149 | $ | 260 | $ | 450 | $ | 330 |
Company | Jurisdiction | Approved Revenue Requirement Increase (in millions) | Approved Return on Equity | Completion Date | Rate Effective Date | ||||||||
DPL | Maryland (Electric) | $ | 38 | 9.6 | % | February 15, 2017 | February 15, 2017 | ||||||
DPL | Delaware (Electric) | $ | 31.5 | 9.7 | % | May 23, 2017 | June 1, 2017 | ||||||
DPL | Delaware (Natural Gas) | $ | 4.9 | 9.7 | % | June 6, 2017 | July 1, 2017 | ||||||
Pepco | District of Columbia (Electric) | $ | 37 | 9.5 | % | July 25, 2017 | August 15, 2017 | ||||||
ACE | New Jersey (Electric) | $ | 43 | 9.6 | % | September 22, 2017 | October 1, 2017 | ||||||
Pepco | Maryland (Electric) | $ | 32 | 9.5 | % | October 27, 2017 | October 20, 2017 |
Company | Jurisdiction | Requested Revenue Requirement Increase (in millions) | Requested Return on Equity | Filing Date | Expected Completion Timing | ||||||||
ComEd | Illinois (Electric)(a) | $ | 96 | (b) | 8.4 | % | (c) | April 13, 2017 | Fourth quarter 2017 | ||||
DPL | Maryland (Electric) | $ | 22 | 10.1 | % | July 14, 2017 (Updated on September 28, 2017) | First quarter 2018 | ||||||
DPL | Delaware (Electric) | $ | 31 | 10.1 | % | August 17, 2017 (Updated on October 18, 2017) | Third quarter 2018 | ||||||
DPL | Delaware (Natural Gas) | $ | 13 | 10.1 | % | August 17, 2017 | Third quarter 2018 |
2017 | |||||||||||||||||||
Annual Transmission Filings(a) | ComEd | BGE | Pepco | DPL | ACE | ||||||||||||||
Initial revenue requirement increase | $ | 44 | $ | 31 | $ | 5 | $ | 6 | $ | 20 | |||||||||
Annual reconciliation (decrease) increase | (33 | ) | 3 | 15 | 8 | 22 | |||||||||||||
Dedicated facilities decrease(b) | — | (8 | ) | — | — | — | |||||||||||||
Total revenue requirement increase | $ | 11 | $ | 26 | $ | 20 | $ | 14 | $ | 42 | |||||||||
Allowed return on rate base(c) | 8.43 | % | 7.47 | % | 7.92 | % | 7.16 | % | 8.02 | % | |||||||||
Allowed ROE(d) | 11.50 | % | 10.50 | % | 10.50 | % | 10.50 | % | 10.50 | % |
Registrant/Jurisdiction | Filing Date | Service | Requested Revenue Requirement Increase | Approved Revenue Requirement Increase | Approved ROE | Approval Date | Rate Effective Date | |||||||||||||||||||||||||||||||||||||
ComEd - Illinois | April 15, 2022 | Electric | $ | 199 | $ | 199 | 7.85 | % | November 17, 2022 | January 1, 2023 | ||||||||||||||||||||||||||||||||||
PECO - Pennsylvania | March 31, 2022 | Natural Gas | 82 | 55 | N/A | October 27, 2022 | January 1, 2023 | |||||||||||||||||||||||||||||||||||||
BGE - Maryland | May 15, 2020 (amended September 11, 2020) | Electric | 203 | 140 | 9.50 | % | December 16, 2020 | January 1, 2021 | ||||||||||||||||||||||||||||||||||||
Natural Gas | 108 | 74 | 9.65 | % | ||||||||||||||||||||||||||||||||||||||||
Pepco - Maryland | October 26, 2020 (amended March 31, 2021) | Electric | 104 | 52 | 9.55 | % | June 28, 2021 | June 28, 2021 | ||||||||||||||||||||||||||||||||||||
DPL - Maryland | May 19, 2022 | Electric | 38 | 29 | 9.60 | % | December 14, 2022 | January 1, 2023 | ||||||||||||||||||||||||||||||||||||
Registrant/Jurisdiction | Filing Date | Service | Requested Revenue Requirement Increase | Requested ROE | Expected Approval Timing | |||||||||||||||||||||||||||
ComEd - Illinois | January 17, 2023 | Electric | $ | 1,487 | 10.50% to 10.65% | Fourth quarter of 2023 | ||||||||||||||||||||||||||
ComEd - Illinois | April 21, 2023 | Electric | 247 | 8.91 | % | Fourth quarter of 2023 | ||||||||||||||||||||||||||
BGE - Maryland | February 17, 2023 | Electric | 313 | 10.40 | % | Fourth quarter of 2023 | ||||||||||||||||||||||||||
Natural Gas | 289 | 10.40 | % | |||||||||||||||||||||||||||||
Pepco - District of Columbia | April 13, 2023 | Electric | 191 | 10.50 | % | Second quarter of 2024 | ||||||||||||||||||||||||||
Pepco - Maryland | May 16, 2023 | Electric | 214 | 10.50 | % | Second quarter of 2024 | ||||||||||||||||||||||||||
DPL - Delaware | December 15, 2022 (amended September 29, 2023) | Electric | 39 | 10.50 | % | Second quarter of 2024 | ||||||||||||||||||||||||||
ACE - New Jersey | February 15, 2023 (amended August 21, 2023) | Electric | 92 | 10.50 | % | Fourth quarter of 2023 |
Registrant | Initial Revenue Requirement Increase | Annual Reconciliation Increase (Decrease) | Total Revenue Requirement Increase | Allowed Return on Rate Base | Allowed ROE | |||||||||||||||||||||||||||
ComEd | $ | 20 | $ | 63 | $ | 83 | 8.09 | % | 11.50 | % | ||||||||||||||||||||||
PECO | 24 | 23 | 47 | 7.41 | % | 10.35 | % | |||||||||||||||||||||||||
BGE | 19 | (12) | 4 | 7.34 | % | 10.50 | % | |||||||||||||||||||||||||
Pepco | 37 | (5) | 32 | 7.57 | % | 10.50 | % | |||||||||||||||||||||||||
DPL | 32 | (3) | 29 | 7.08 | % | 10.50 | % | |||||||||||||||||||||||||
ACE | 41 | (12) | 29 | 7.08 | % | 10.50 | % |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016(a) | ||||||||||||||||||||
Exelon | $ | 824 | $ | 490 | $ | 334 | $ | 1,899 | $ | 930 | $ | 969 | |||||||||||
Generation | 305 | 236 | 69 | 479 | 538 | (59 | ) | ||||||||||||||||
ComEd | 189 | 37 | 152 | 447 | 297 | 150 | |||||||||||||||||
PECO | 112 | 122 | (10 | ) | 327 | 346 | (19 | ) | |||||||||||||||
BGE | 62 | 54 | 8 | 231 | 183 | 48 | |||||||||||||||||
Pepco | 87 | 79 | 8 | 188 | 20 | 168 | |||||||||||||||||
DPL | 31 | 44 | (13 | ) | 107 | (16 | ) | 123 | |||||||||||||||
ACE | 41 | 47 | (6 | ) | 77 | (50 | ) | 127 |
Successor | Predecessor | ||||||||||||||||||||
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | |||||||||||||||||
PHI | $ | 153 | $ | 166 | $ | 359 | $ | (91 | ) | $ | 19 |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Operating revenues | $ | 2,268 | $ | 1,378 | $ | 890 | $ | 5,836 | $ | 4,536 | $ | 1,300 | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Purchased power | 896 | 121 | (775) | 2,068 | 1,041 | (1,027) | |||||||||||||||||||||||||||||
Operating and maintenance | 385 | 355 | (30) | 1,077 | 1,045 | (32) | |||||||||||||||||||||||||||||
Depreciation and amortization | 357 | 333 | (24) | 1,045 | 982 | (63) | |||||||||||||||||||||||||||||
Taxes other than income taxes | 100 | 104 | 4 | 282 | 289 | 7 | |||||||||||||||||||||||||||||
Total operating expenses | 1,738 | 913 | (825) | 4,472 | 3,357 | (1,115) | |||||||||||||||||||||||||||||
Loss on sales of assets | — | — | — | — | (2) | 2 | |||||||||||||||||||||||||||||
Operating income | 530 | 465 | 65 | 1,364 | 1,177 | 187 | |||||||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (119) | (104) | (15) | (357) | (308) | (49) | |||||||||||||||||||||||||||||
Other, net | 16 | 14 | 2 | 50 | 40 | 10 | |||||||||||||||||||||||||||||
Total other income and (deductions) | (103) | (90) | (13) | (307) | (268) | (39) | |||||||||||||||||||||||||||||
Income before income taxes | 427 | 375 | 52 | 1,057 | 909 | 148 | |||||||||||||||||||||||||||||
Income taxes | 94 | 84 | (10) | 235 | 203 | (32) | |||||||||||||||||||||||||||||
Net income | $ | 333 | $ | 291 | $ | 42 | $ | 822 | $ | 706 | $ | 116 | |||||||||||||||||||||||
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 4,751 | $ | 5,035 | $ | (284 | ) | $ | 13,812 | $ | 13,363 | $ | 449 | ||||||||||
Purchased power and fuel expense | 2,331 | 2,589 | 258 | 7,286 | 6,609 | (677 | ) | ||||||||||||||||
Revenues net of purchased power and fuel expense(a) | 2,420 | 2,446 | (26 | ) | 6,526 | 6,754 | (228 | ) | |||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Operating and maintenance | 1,374 | 1,336 | (38 | ) | 4,871 | 4,333 | (538 | ) | |||||||||||||||
Depreciation and amortization | 410 | 632 | 222 | 1,046 | 1,329 | 283 | |||||||||||||||||
Taxes other than income | 141 | 136 | (5 | ) | 425 | 380 | (45 | ) | |||||||||||||||
Total other operating expenses | 1,925 | 2,104 | 179 | 6,342 | 6,042 | (300 | ) | ||||||||||||||||
(Loss) Gain on sales of assets | (2 | ) | — | (2 | ) | 3 | 31 | (28 | ) | ||||||||||||||
Bargain purchase gain | 7 | — | 7 | 233 | — | 233 | |||||||||||||||||
Operating income | 500 | 342 | 158 | 420 | 743 | (323 | ) | ||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (113 | ) | (77 | ) | (36 | ) | (342 | ) | (273 | ) | (69 | ) | |||||||||||
Other, net | 209 | 185 | 24 | 648 | 395 | 253 | |||||||||||||||||
Total other income and (deductions) | 96 | 108 | (12 | ) | 306 | 122 | 184 | ||||||||||||||||
Income before income taxes | 596 | 450 | 146 | 726 | 865 | (139 | ) | ||||||||||||||||
Income taxes | 240 | 173 | (67 | ) | 209 | 293 | 84 | ||||||||||||||||
Equity in losses of unconsolidated affiliates | (8 | ) | (6 | ) | (2 | ) | (26 | ) | (16 | ) | (10 | ) | |||||||||||
Net income | 348 | 271 | 77 | 491 | 556 | (65 | ) | ||||||||||||||||
Net income attributable to noncontrolling interests | 43 | 35 | (8 | ) | 12 | 18 | 6 | ||||||||||||||||
Net income attributable to membership interest | $ | 305 | $ | 236 | $ | 69 | $ | 479 | $ | 538 | $ | (59 | ) |
Three Months Ended September 30, | Variance | % Change | Nine Months Ended September 30, | Variance | % Change | ||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||
Mid-Atlantic(a) | $ | 855 | $ | 887 | $ | (32 | ) | (3.6 | )% | $ | 2,411 | $ | 2,556 | $ | (145 | ) | (5.7 | )% | |||||||||||
Midwest(b) | 697 | 781 | (84 | ) | (10.8 | )% | 2,140 | 2,229 | (89 | ) | (4.0 | )% | |||||||||||||||||
New England | 145 | 160 | (15 | ) | (9.4 | )% | 403 | 350 | 53 | 15.1 | % | ||||||||||||||||||
New York(d) | 296 | 194 | 102 | 52.6 | % | 678 | 592 | 86 | 14.5 | % | |||||||||||||||||||
ERCOT | 118 | 93 | 25 | 26.9 | % | 258 | 231 | 27 | 11.7 | % | |||||||||||||||||||
Other Power Regions | 68 | 77 | (9 | ) | (11.7 | )% | 220 | 253 | (33 | ) | (13.0 | )% | |||||||||||||||||
Total electric revenue net of purchased power and fuel expense | 2,179 | 2,192 | (13 | ) | (0.6 | )% | 6,110 | 6,211 | (101 | ) | (1.6 | )% | |||||||||||||||||
Proprietary Trading | 4 | 3 | 1 | 33.3 | % | 11 | 9 | 2 | 22.2 | % | |||||||||||||||||||
Mark-to-market (losses) gains | 73 | 88 | (15 | ) | (17.0 | )% | (161 | ) | (113 | ) | (48 | ) | 42.5 | % | |||||||||||||||
Other(c) | 164 | 163 | 1 | 0.6 | % | 566 | 647 | (81 | ) | (12.5 | )% | ||||||||||||||||||
Total revenue net of purchased power and fuel expense | $ | 2,420 | $ | 2,446 | $ | (26 | ) | (1.1 | )% | $ | 6,526 | $ | 6,754 | $ | (228 | ) | (3.4 | )% |
Three Months Ended September 30, | Variance | % Change | Nine Months Ended September 30, | Variance | % Change | ||||||||||||||||||
Supply source (GWhs) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Nuclear generation | |||||||||||||||||||||||
Mid-Atlantic(a) | 16,480 | 15,604 | 876 | 5.6 | % | 48,271 | 47,035 | 1,236 | 2.6 | % | |||||||||||||
Midwest | 24,362 | 24,262 | 100 | 0.4 | % | 69,422 | 70,925 | (1,503 | ) | (2.1 | )% | ||||||||||||
New York(a)(d) | 6,905 | 4,843 | 2,062 | 42.6 | % | 17,623 | 14,002 | 3,621 | 25.9 | % | |||||||||||||
Total Nuclear Generation | 47,747 | 44,709 | 3,038 | 6.8 | % | 135,316 | 131,962 | 3,354 | 2.5 | % | |||||||||||||
Fossil and Renewables | |||||||||||||||||||||||
Mid-Atlantic | 596 | 706 | (110 | ) | (15.6 | )% | 2,330 | 2,290 | 40 | 1.7 | % | ||||||||||||
Midwest | 218 | 273 | (55 | ) | (20.1 | )% | 1,053 | 1,046 | 7 | 0.7 | % | ||||||||||||
New England | 1,919 | 1,886 | 33 | 1.7 | % | 5,921 | 5,826 | 95 | 1.6 | % | |||||||||||||
New York | 1 | 1 | — | — | % | 3 | 3 | — | — | % | |||||||||||||
ERCOT | 5,703 | 2,472 | 3,231 | 130.7 | % | 9,388 | 5,726 | 3,662 | 64.0 | % | |||||||||||||
Other Power Regions | 2,149 | 2,103 | 46 | 2.2 | % | 5,656 | 6,245 | (589 | ) | (9.4 | )% | ||||||||||||
Total Fossil and Renewables | 10,586 | 7,441 | 3,145 | 42.3 | % | 24,351 | 21,136 | 3,215 | 15.2 | % | |||||||||||||
Purchased Power | |||||||||||||||||||||||
Mid-Atlantic | 2,541 | 7,139 | (4,598 | ) | (64.4 | )% | 8,840 | 14,024 | (5,184 | ) | (37.0 | )% | |||||||||||
Midwest | 217 | 461 | (244 | ) | (52.9 | )% | 1,018 | 1,855 | (837 | ) | (45.1 | )% | |||||||||||
New England | 4,513 | 3,927 | 586 | 14.9 | % | 13,920 | 11,863 | 2,057 | 17.3 | % | |||||||||||||
New York | — | — | — | — | % | 28 | — | 28 | — | % | |||||||||||||
ERCOT | 1,199 | 2,895 | (1,696 | ) | (58.6 | )% | 5,724 | 7,448 | (1,724 | ) | (23.1 | )% | |||||||||||
Other Power Regions | 3,982 | 3,803 | 179 | 4.7 | % | 10,357 | 10,281 | 76 | 0.7 | % | |||||||||||||
Total Purchased Power | 12,452 | 18,225 | (5,773 | ) | (31.7 | )% | 39,887 | 45,471 | (5,584 | ) | (12.3 | )% | |||||||||||
Total Supply/Sales by Region(b) | |||||||||||||||||||||||
Mid-Atlantic(c) | 19,617 | 23,449 | (3,832 | ) | (16.3 | )% | 59,441 | 63,349 | (3,908 | ) | (6.2 | )% | |||||||||||
Midwest(c) | 24,797 | 24,996 | (199 | ) | (0.8 | )% | 71,493 | 73,826 | (2,333 | ) | (3.2 | )% | |||||||||||
New England | 6,432 | 5,813 | 619 | 10.6 | % | 19,841 | 17,689 | 2,152 | 12.2 | % | |||||||||||||
New York | 6,906 | 4,844 | 2,062 | 42.6 | % | 17,654 | 14,005 | 3,649 | 26.1 | % | |||||||||||||
ERCOT | 6,902 | 5,367 | 1,535 | 28.6 | % | 15,112 | 13,174 | 1,938 | 14.7 | % | |||||||||||||
Other Power Regions | 6,131 | 5,906 | 225 | 3.8 | % | 16,013 | 16,526 | (513 | ) | (3.1 | )% | ||||||||||||
Total Supply/Sales by Region | 70,785 | 70,375 | 410 | 0.6 | % | 199,554 | 198,569 | 985 | 0.5 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Nuclear fleet capacity factor(a) | 96.1 | % | 96.3 | % | 93.7 | % | 94.8 | % | |||
Refueling outage days(a) | 13 | 17 | 233 | 174 | |||||||
Non-refueling outage days(a) | 15 | — | 35 | 31 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
Increase (Decrease)(a) | Increase (Decrease)(a) | ||||||
Labor, other benefits, contracting, materials(b) | $ | (8 | ) | $ | 74 | ||
Nuclear refueling outage costs, including the co-owned Salem plants(c) | (12 | ) | 88 | ||||
Corporate allocations | 19 | 29 | |||||
Merger and integration costs(d) | (4 | ) | 36 | ||||
Merger commitments | — | (3 | ) | ||||
Plant retirements and divestitures(e) | 41 | (15 | ) | ||||
Cost management program | 5 | (7 | ) | ||||
ARO update | (3 | ) | (4 | ) | |||
Long-lived asset impairments(f) | 25 | 288 | |||||
Pension and non-pension postretirement benefits expense | 3 | 4 | |||||
Allowance for uncollectible accounts | 12 | 35 | |||||
Accretion expense(g) | 10 | 27 | |||||
Other | (50 | ) | (14 | ) | |||
Increase in operating and maintenance expense | $ | 38 | $ | 538 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net unrealized gains on decommissioning trust funds | $ | 111 | $ | 116 | $ | 347 | $ | 216 | |||||||
Net realized gains on sale of decommissioning trust funds | 33 | 12 | 82 | 26 |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 1,571 | $ | 1,497 | $ | 74 | $ | 4,227 | $ | 4,031 | $ | 196 | |||||||||||
Purchased power expense | 529 | 454 | (75 | ) | 1,241 | 1,141 | (100 | ) | |||||||||||||||
Revenues net of purchased power expense(a)(b) | 1,042 | 1,043 | (1 | ) | 2,986 | 2,890 | 96 | ||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Operating and maintenance | 346 | 377 | 31 | 1,096 | 1,113 | 17 | |||||||||||||||||
Depreciation and amortization | 212 | 196 | (16 | ) | 631 | 574 | (57 | ) | |||||||||||||||
Taxes other than income | 80 | 82 | 2 | 223 | 222 | (1 | ) | ||||||||||||||||
Total other operating expenses | 638 | 655 | 17 | 1,950 | 1,909 | (41 | ) | ||||||||||||||||
Gain on sales of assets | — | 1 | (1 | ) | — | 6 | (6 | ) | |||||||||||||||
Operating income | 404 | 389 | 15 | 1,036 | 987 | 49 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (89 | ) | (197 | ) | 108 | (275 | ) | (374 | ) | 99 | |||||||||||||
Other, net | 5 | (80 | ) | 85 | 14 | (72 | ) | 86 | |||||||||||||||
Total other income and (deductions) | (84 | ) | (277 | ) | 193 | (261 | ) | (446 | ) | 185 | |||||||||||||
Income before income taxes | 320 | 112 | 208 | 775 | 541 | 234 | |||||||||||||||||
Income taxes | 131 | 75 | (56 | ) | 328 | 244 | (84 | ) | |||||||||||||||
Net income | $ | 189 | $ | 37 | $ | 152 | $ | 447 | $ | 297 | $ | 150 |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase | Increase (Decrease) | ||||||||||
Distribution | $ | 103 | $ | 277 | |||||||
Transmission | 3 | (4) | |||||||||
Energy efficiency | 17 | 55 | |||||||||
Other | 8 | 11 | |||||||||
131 | 339 | ||||||||||
Regulatory required programs | 759 | 961 | |||||||||
Total increase | $ | 890 | $ | 1,300 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Electric | 68 | % | 70 | % | 70 | % | 72 | % |
September 30, 2017 | September 30, 2016 | ||||||||||
Number of customers | % of total retail customers | Number of customers | % of total retail customers | ||||||||
Electric | 1,360,800 | 34 | % | 1,526,900 | 39 | % |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Weather(a) | $ | (34 | ) | $ | (37 | ) | |
Volume(a) | (5 | ) | (11 | ) | |||
Electric distribution revenue | 59 | 119 | |||||
Transmission revenue | 11 | 45 | |||||
Energy efficiency revenue(b) | 5 | 6 | |||||
Regulatory required programs(b) | (39 | ) | (24 | ) | |||
Uncollectible accounts recovery, net | (3 | ) | (5 | ) | |||
Pricing and customer mix(a) | — | (1 | ) | ||||
Other | 5 | 4 | |||||
Total increase (decrease) | $ | (1 | ) | $ | 96 |
Heating and Cooling Degree-Days | % Change | |||||||||||||
Three Months Ended September 30, | 2017 | 2016 | Normal | 2017 vs. 2016 | 2017 vs. Normal | |||||||||
Heating Degree-Days | 42 | 23 | 97 | 82.6 | % | (56.7 | )% | |||||||
Cooling Degree-Days | 699 | 840 | 641 | (16.8 | )% | 9.0 | % | |||||||
Nine Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 3,269 | 3,678 | 3,972 | (11.1 | )% | (17.7 | )% | |||||||
Cooling Degree-Days | 962 | 1,130 | 882 | (14.9 | )% | 9.1 | % |
Three Months Ended September 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating and maintenance expense — baseline | $ | 344 | $ | 336 | $ | 8 | $ | 1,000 | $ | 993 | $ | 7 | |||||||||||
Operating and maintenance expense — regulatory required programs(a) | 2 | 41 | $ | (39 | ) | 96 | 120 | (24 | ) | ||||||||||||||
Total operating and maintenance expense | $ | 346 | $ | 377 | $ | (31 | ) | $ | 1,096 | $ | 1,113 | $ | (17 | ) |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||
Labor, other benefits, contracting and materials | $ | 10 | $ | 36 | |||||||
Storm-related costs | (4) | 4 | |||||||||
BSC costs | 23 | 28 | |||||||||
Pension and non-pension postretirement benefits expense | (3) | (11) | |||||||||
Other | 27 | 25 | |||||||||
53 | 82 | ||||||||||
Regulatory required programs(a) | (23) | (50) | |||||||||
Total increase | $ | 30 | $ | 32 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor, other benefits, contracting and materials | $ | (5 | ) | $ | (11 | ) | |
Pension and non-pension postretirement benefits expense | 1 | 2 | |||||
Storm-related costs | 1 | 1 | |||||
Uncollectible accounts expense — provision(a) | (4 | ) | (8 | ) | |||
Uncollectible accounts expense — recovery, net(a) | 1 | 3 | |||||
BSC costs(b) | 21 | 35 | |||||
Other | (7 | ) | (15 | ) | |||
8 | 7 | ||||||
Regulatory required programs | |||||||
Energy efficiency and demand response programs(c) | (39 | ) | (24 | ) | |||
Decrease in operating and maintenance expense | $ | (31 | ) | $ | (17 | ) |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase | Increase | ||||||||||
Depreciation and amortization(a) | $ | 16 | $ | 45 | |||||||
Regulatory asset amortization(b) | 8 | 18 | |||||||||
Total increase | $ | 24 | $ | 63 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Depreciation expense(a) | $ | 14 | $ | 47 | |||
Regulatory asset amortization(b) | 1 | 2 | |||||
Other | 1 | 8 | |||||
Total increase | $ | 16 | $ | 57 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Interest expense related to uncertain tax positions(a) | $ | (110 | ) | $ | (103 | ) | |
Interest expense on debt (including financing trusts) | (1 | ) | 3 | ||||
Other | 3 | 1 | |||||
Decrease in interest expense, net | $ | (108 | ) | $ | (99 | ) |
Three Months Ended September 30, | % Change | Weather- Normal % Change | Nine Months Ended September 30, | % Change | Weather- Normal % Change | ||||||||||||||||||
Retail Deliveries to Customers (in GWhs) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Deliveries(a) | |||||||||||||||||||||||
Residential | 8,004 | 9,014 | (11.2 | )% | (0.6 | )% | 20,164 | 21,738 | (7.2 | )% | (1.3 | )% | |||||||||||
Small commercial & industrial | 8,488 | 8,833 | (3.9 | )% | (1.0 | )% | 23,634 | 24,447 | (3.3 | )% | (1.6 | )% | |||||||||||
Large commercial & industrial | 7,232 | 7,565 | (4.4 | )% | (2.5 | )% | 20,712 | 21,057 | (1.6 | )% | (0.5 | )% | |||||||||||
Public authorities & electric railroads | 302 | 308 | (1.9 | )% | (1.7 | )% | 928 | 947 | (2.0 | )% | (1.4 | )% | |||||||||||
Total retail deliveries | 24,026 | 25,720 | (6.6 | )% | (1.3 | )% | 65,438 | 68,189 | (4.0 | )% | (1.1 | )% |
As of September 30, | |||||
Number of Electric Customers | 2017 | 2016 | |||
Residential | 3,610,091 | 3,578,846 | |||
Small commercial & industrial | 376,309 | 372,603 | |||
Large commercial & industrial | 1,954 | 2,010 | |||
Public authorities & electric railroads | 4,763 | 4,738 | |||
Total | 3,993,117 | 3,958,197 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
Electric Revenue | 2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Residential | $ | 825 | $ | 786 | 5.0 | % | $ | 2,108 | $ | 2,018 | 4.5 | % | |||||||||
Small commercial & industrial | 369 | 356 | 3.7 | % | 1,051 | 1,007 | 4.4 | % | |||||||||||||
Large commercial & industrial | 121 | 126 | (4.0 | )% | 352 | 350 | 0.6 | % | |||||||||||||
Public authorities & electric railroads | 11 | 10 | 10.0 | % | 34 | 33 | 3.0 | % | |||||||||||||
Total retail | 1,326 | 1,278 | 3.8 | % | 3,545 | 3,408 | 4.0 | % | |||||||||||||
Other revenue(b) | 245 | 219 | 11.9 | % | 682 | 623 | 9.5 | % | |||||||||||||
Total electric revenue(c) | $ | 1,571 | $ | 1,497 | 4.9 | % | $ | 4,227 | $ | 4,031 | 4.9 | % |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Operating revenues | $ | 1,037 | $ | 1,014 | $ | 23 | $ | 2,977 | $ | 2,877 | $ | 100 | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Purchased power and fuel | 411 | 403 | (8) | 1,197 | 1,093 | (104) | |||||||||||||||||||||||||||||
Operating and maintenance | 277 | 243 | (34) | 786 | 705 | (81) | |||||||||||||||||||||||||||||
Depreciation and amortization | 100 | 92 | (8) | 297 | 277 | (20) | |||||||||||||||||||||||||||||
Taxes other than income taxes | 59 | 60 | 1 | 156 | 155 | (1) | |||||||||||||||||||||||||||||
Total operating expenses | 847 | 798 | (49) | 2,436 | 2,230 | (206) | |||||||||||||||||||||||||||||
Operating income | 190 | 216 | (26) | 541 | 647 | (106) | |||||||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (52) | (45) | (7) | (149) | (129) | (20) | |||||||||||||||||||||||||||||
Other, net | 11 | 8 | 3 | 26 | 23 | 3 | |||||||||||||||||||||||||||||
Total other income and (deductions) | (41) | (37) | (4) | (123) | (106) | (17) | |||||||||||||||||||||||||||||
Income before income taxes | 149 | 179 | (30) | 418 | 541 | (123) | |||||||||||||||||||||||||||||
Income taxes | 3 | 44 | 41 | 8 | 67 | 59 | |||||||||||||||||||||||||||||
Net income | $ | 146 | $ | 135 | $ | 11 | $ | 410 | $ | 474 | $ | (64) |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 715 | $ | 788 | $ | (73 | ) | $ | 2,141 | $ | 2,293 | $ | (152 | ) | |||||||||
Purchased power and fuel expense | 235 | 272 | 37 | 719 | 809 | 90 | |||||||||||||||||
Revenues net of purchased power and fuel expense(a) | 480 | 516 | (36 | ) | 1,422 | 1,484 | (62 | ) | |||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Operating and maintenance | 197 | 199 | 2 | 595 | 604 | 9 | |||||||||||||||||
Depreciation and amortization | 72 | 67 | (5 | ) | 213 | 201 | (12 | ) | |||||||||||||||
Taxes other than income | 42 | 46 | 4 | 116 | 126 | 10 | |||||||||||||||||
Total other operating expenses | 311 | 312 | 1 | 924 | 931 | 7 | |||||||||||||||||
Operating income | 169 | 204 | (35 | ) | 498 | 553 | (55 | ) | |||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (31 | ) | (30 | ) | (1 | ) | (93 | ) | (92 | ) | (1 | ) | |||||||||||
Other, net | 2 | 2 | — | 6 | 6 | — | |||||||||||||||||
Total other income and (deductions) | (29 | ) | (28 | ) | (1 | ) | (87 | ) | (86 | ) | (1 | ) | |||||||||||
Income before income taxes | 140 | 176 | (36 | ) | 411 | 467 | (56 | ) | |||||||||||||||
Income taxes | 28 | 54 | 26 | 84 | 121 | 37 | |||||||||||||||||
Net income | $ | 112 | $ | 122 | $ | (10 | ) | $ | 327 | $ | 346 | $ | (19 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Electric | 70 | % | 69 | % | 71 | % | 70 | % | |||
Natural Gas | 29 | % | 31 | % | 26 | % | 26 | % |
September 30, 2017 | September 30, 2016 | ||||||||||
Number of customers | % of total retail customers | Number of customers | % of total retail customers | ||||||||
Electric | 570,500 | 35 | % | 581,600 | 36 | % | |||||
Natural Gas | 82,600 | 16 | % | 81,300 | 16 | % |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
(Decrease) Increase | (Decrease) Increase | ||||||||||||||||||||||||||||||||||
Electric | Gas | Total | Electric | Gas | Total | ||||||||||||||||||||||||||||||
Weather | $ | (38) | $ | — | $ | (38) | $ | (96) | $ | (27) | $ | (123) | |||||||||||||||||||||||
Volume | 15 | — | 15 | 5 | — | 5 | |||||||||||||||||||||||||||||
Pricing | 2 | 6 | 8 | 20 | 35 | 55 | |||||||||||||||||||||||||||||
Transmission | 23 | — | 23 | 24 | — | 24 | |||||||||||||||||||||||||||||
Other | (3) | — | (3) | (4) | 6 | 2 | |||||||||||||||||||||||||||||
(1) | 6 | 5 | (51) | 14 | (37) | ||||||||||||||||||||||||||||||
Regulatory required programs | 28 | (10) | 18 | 145 | (8) | 137 | |||||||||||||||||||||||||||||
Total increase | $ | 27 | $ | (4) | $ | 23 | $ | 94 | $ | 6 | $ | 100 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||||||||||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||||
Electric | Natural Gas | Total | Electric | Natural Gas | Total | ||||||||||||||||||
Weather | $ | (48 | ) | $ | — | $ | (48 | ) | $ | (45 | ) | $ | (3 | ) | $ | (48 | ) | ||||||
Volume | — | 1 | 1 | (12 | ) | 4 | (8 | ) | |||||||||||||||
Pricing | 9 | — | 9 | 13 | — | 13 | |||||||||||||||||
Regulatory required programs | (6 | ) | — | (6 | ) | (29 | ) | — | (29 | ) | |||||||||||||
Other | 7 | 1 | 8 | 10 | — | 10 | |||||||||||||||||
Total decrease | $ | (38 | ) | $ | 2 | $ | (36 | ) | $ | (63 | ) | $ | 1 | $ | (62 | ) |
Three Months Ended September 30, | % Change | ||||||||||||||||||||||||||||
PECO Service Territory | 2023 | 2022 | Normal | 2023 vs. 2022 | 2023 vs. Normal | ||||||||||||||||||||||||
Heating Degree-Days | 18 | 19 | 22 | (5.3) | % | (18.2) | % | ||||||||||||||||||||||
Cooling Degree-Days | 1,064 | 1,290 | 1,022 | (17.5) | % | 4.1 | % | ||||||||||||||||||||||
Nine Months Ended September 30, | % Change | ||||||||||||||||||||||||||||
2023 | 2022 | Normal | 2023 vs. 2022 | 2023 vs. Normal | |||||||||||||||||||||||||
Heating Degree-Days | 2,236 | 2,632 | 2,866 | (15.0) | % | (22.0) | % | ||||||||||||||||||||||
Cooling Degree-Days | 1,297 | 1,725 | 1,408 | (24.8) | % | (7.9) | % |
Heating and Cooling Degree-Days | Normal | % Change | ||||||||||||
Three Months Ended September 30, | 2017 | 2016 | 2017 vs. 2016 | 2017 vs. Normal | ||||||||||
Heating Degree-Days | 14 | 10 | 35 | 40.0 | % | (60.0 | )% | |||||||
Cooling Degree-Days | 989 | 1,288 | 923 | (23.2 | )% | 7.2 | % | |||||||
Nine Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 2,437 | 2,616 | 2,974 | (6.8 | )% | (18.1 | )% | |||||||
Cooling Degree-Days | 1,404 | 1,684 | 1,271 | (16.6 | )% | 10.5 | % |
Electric Retail Deliveries to Customers (in GWhs) | Three Months Ended September 30, | % Change | Weather - Normal % Change(b) | Nine Months Ended September 30, | % Change | Weather - Normal % Change(b) | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Residential | 4,134 | 4,386 | (5.7) | % | 4.9 | % | 10,186 | 11,204 | (9.1) | % | 0.7 | % | |||||||||||||||||||||||||||||||||||
Small commercial & industrial | 2,070 | 2,139 | (3.2) | % | 0.8 | % | 5,616 | 5,889 | (4.6) | % | — | % | |||||||||||||||||||||||||||||||||||
Large commercial & industrial | 3,830 | 3,943 | (2.9) | % | (0.4) | % | 10,398 | 10,691 | (2.7) | % | (0.3) | % | |||||||||||||||||||||||||||||||||||
Public authorities & electric railroads | 152 | 172 | (11.6) | % | (10.8) | % | 464 | 489 | (5.1) | % | (5.0) | % | |||||||||||||||||||||||||||||||||||
Total electric retail deliveries(a) | 10,186 | 10,640 | (4.3) | % | 1.7 | % | 26,664 | 28,273 | (5.7) | % | 0.1 | % |
At September 30, | |||||||||||
Number of Electric Customers | 2023 | 2022 | |||||||||
Residential | 1,531,168 | 1,523,269 | |||||||||
Small commercial & industrial | 155,932 | 155,516 | |||||||||
Large commercial & industrial | 3,111 | 3,120 | |||||||||
Public authorities & electric railroads | 10,416 | 10,393 | |||||||||
Total | 1,700,627 | 1,692,298 |
Natural Gas Deliveries to Customers (in mmcf) | Three Months Ended September 30, | % Change | Weather - Normal % Change(b) | Nine Months Ended September 30, | % Change | Weather - Normal % Change(b) | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Residential | 2,134 | 2,197 | (2.9) | % | (5.4) | % | 23,697 | 28,240 | (16.1) | % | (3.9) | % | |||||||||||||||||||||||||||||||||||
Small commercial & industrial | 1,939 | 2,054 | (5.6) | % | (8.1) | % | 14,381 | 16,238 | (11.4) | % | (1.8) | % | |||||||||||||||||||||||||||||||||||
Large commercial & industrial | 4 | 6 | (33.3) | % | (7.1) | % | 39 | 20 | 95.0 | % | 3.6 | % | |||||||||||||||||||||||||||||||||||
Transportation | 5,278 | 5,162 | 2.2 | % | 8.3 | % | 17,482 | 18,508 | (5.5) | % | (2.3) | % | |||||||||||||||||||||||||||||||||||
Total natural gas retail deliveries(a) | 9,355 | 9,419 | (0.7) | % | 1.1 | % | 55,599 | 63,006 | (11.8) | % | (2.9) | % |
At September 30, | |||||||||||
Number of Natural Gas Customers | 2023 | 2022 | |||||||||
Residential | 505,370 | 500,934 | |||||||||
Small commercial & industrial | 44,743 | 46,074 | |||||||||
Large commercial & industrial | 9 | 9 | |||||||||
Transportation | 629 | 656 | |||||||||
Total | 550,751 | 547,673 |
Three Months Ended September 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating and maintenance expense — baseline | $ | 183 | $ | 185 | $ | (2 | ) | $ | 552 | $ | 545 | $ | 7 | ||||||||||
Operating and maintenance expense — regulatory required programs(a) | 14 | 14 | — | 43 | 59 | (16 | ) | ||||||||||||||||
Total operating and maintenance expense | $ | 197 | $ | 199 | $ | (2 | ) | $ | 595 | $ | 604 | $ | (9 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor, other benefits, contracting and materials | $ | 7 | $ | 14 | |||
Storm-related costs | (3 | ) | (7 | ) | |||
Pension and non-pension postretirement benefits expense | (1 | ) | (2 | ) | |||
PHI merger and integration costs | 1 | 1 | |||||
BSC costs | 5 | 6 | |||||
Uncollectible accounts expense | (6 | ) | (6 | ) | |||
Other | (5 | ) | 1 | ||||
(2 | ) | 7 | |||||
Regulatory Required Programs | |||||||
Energy efficiency | 1 | (15 | ) | ||||
Other | (1 | ) | (1 | ) | |||
— | (16 | ) | |||||
Total decrease | $ | (2 | ) | $ | (9 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Depreciation and amortization expense | $ | 5 | $ | 13 | |||
Regulatory asset amortization | — | (1 | ) | ||||
Total increase | $ | 5 | $ | 12 |
Three Months Ended September 30, | % Change | Weather - Normal % Change | Nine Months Ended September 30, | % Change | Weather - Normal % Change | ||||||||||||||||||
Retail Deliveries to Customers (in GWhs) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Deliveries(a) | |||||||||||||||||||||||
Residential | 3,752 | 4,358 | (13.9 | )% | 0.2 | % | 9,939 | 10,682 | (7.0 | )% | (1.4 | )% | |||||||||||
Small commercial & industrial | 2,158 | 2,324 | (7.1 | )% | (1.0 | )% | 6,048 | 6,236 | (3.0 | )% | (1.1 | )% | |||||||||||
Large commercial & industrial | 4,137 | 4,234 | (2.3 | )% | 1.4 | % | 11,593 | 11,598 | — | % | 0.8 | % | |||||||||||
Public authorities & electric railroads | 198 | 240 | (17.5 | )% | (17.5 | )% | 618 | 672 | (8.0 | )% | (8.0 | )% | |||||||||||
Total retail deliveries | 10,245 | 11,156 | (8.2 | )% | — | % | 28,198 | 29,188 | (3.4 | )% | (0.6 | )% |
As of September 30, | |||||
Number of Electric Customers | 2017 | 2016 | |||
Residential | 1,463,906 | 1,451,533 | |||
Small commercial & industrial | 150,964 | 149,646 | |||
Large commercial & industrial | 3,112 | 3,094 | |||
Public authorities & electric railroads | 9,665 | 9,820 | |||
Total | 1,627,647 | 1,614,093 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||
Electric Revenue | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Residential | $ | 434 | $ | 513 | (15.4 | )% | $ | 1,147 | $ | 1,278 | (10.3 | )% | |||||||||
Small commercial & industrial | 106 | 109 | (2.8 | )% | 303 | 334 | (9.3 | )% | |||||||||||||
Large commercial & industrial | 59 | 59 | — | % | 168 | 182 | (7.7 | )% | |||||||||||||
Public authorities & electric railroads | 7 | 8 | (12.5 | )% | 23 | 25 | (8.0 | )% | |||||||||||||
Total retail | 606 | 689 | (12.0 | )% | 1,641 | 1,819 | (9.8 | )% | |||||||||||||
Other revenue(b) | 56 | 51 | 9.8 | % | 161 | 152 | 5.9 | % | |||||||||||||
Total electric revenue(c) | $ | 662 | $ | 740 | (10.5 | )% | $ | 1,802 | $ | 1,971 | (8.6 | )% |
Three Months Ended September 30, | % Change | Weather - Normal % Change | Nine Months Ended September 30, | % Change | Weather - Normal % Change | ||||||||||||||||||
Deliveries to Customers (in mmcf) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Delivery | |||||||||||||||||||||||
Retail sales(a) | 3,993 | 3,494 | 14.3 | % | 9.4 | % | 38,825 | 38,488 | 0.9 | % | 2.7 | % | |||||||||||
Transportation and other | 5,674 | 7,315 | (22.4 | )% | (14.5 | )% | 19,122 | 20,917 | (8.6 | )% | (5.9 | )% | |||||||||||
Total natural gas deliveries | 9,667 | 10,809 | (10.6 | )% | (6.0 | )% | 57,947 | 59,405 | (2.5 | )% | (0.1 | )% |
As of September 30, | |||||
Number of Natural Gas Customers | 2017 | 2016 | |||
Residential | 474,766 | 470,024 | |||
Commercial & industrial | 43,358 | 42,997 | |||
Total retail | 518,124 | 513,021 | |||
Transportation | 771 | 802 | |||
Total | 518,895 | 513,823 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||
Natural Gas Revenue | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Retail Sales | |||||||||||||||||||||
Retail sales(a) | $ | 46 | $ | 41 | 12.2 | % | $ | 315 | $ | 298 | 5.7 | % | |||||||||
Transportation and other | 7 | 7 | — | % | 24 | 24 | — | % | |||||||||||||
Total natural gas revenues(b) | $ | 53 | $ | 48 | 10.4 | % | $ | 339 | $ | 322 | 5.3 | % |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 738 | $ | 812 | $ | (74 | ) | $ | 2,363 | $ | 2,421 | $ | (58 | ) | |||||||||
Purchased power and fuel expense | 269 | 360 | 91 | 853 | 994 | 141 | |||||||||||||||||
Revenues net of purchased power and fuel expense(a) | 469 | 452 | 17 | 1,510 | 1,427 | 83 | |||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Operating and maintenance | 175 | 178 | 3 | 532 | 588 | 56 | |||||||||||||||||
Depreciation and amortization | 109 | 101 | (8 | ) | 348 | 307 | (41 | ) | |||||||||||||||
Taxes other than income | 61 | 58 | (3 | ) | 180 | 172 | (8 | ) | |||||||||||||||
Total other operating expenses | 345 | 337 | (8 | ) | 1,060 | 1,067 | 7 | ||||||||||||||||
Operating income | 124 | 115 | 9 | 450 | 360 | 90 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (26 | ) | (28 | ) | 2 | (80 | ) | (76 | ) | (4 | ) | ||||||||||||
Other, net | 4 | 5 | (1 | ) | 12 | 16 | (4 | ) | |||||||||||||||
Total other income and (deductions) | (22 | ) | (23 | ) | 1 | (68 | ) | (60 | ) | (8 | ) | ||||||||||||
Income before income taxes | 102 | 92 | 10 | 382 | 300 | 82 | |||||||||||||||||
Income taxes | 40 | 36 | (4 | ) | 151 | 109 | (42 | ) | |||||||||||||||
Net income | 62 | 56 | 6 | 231 | 191 | 40 | |||||||||||||||||
Preference stock dividends | — | 2 | 2 | — | 8 | 8 | |||||||||||||||||
Net income attributable to common shareholder | $ | 62 | $ | 54 | $ | 8 | $ | 231 | $ | 183 | $ | 48 |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||
Storm-related costs | $ | 26 | $ | 28 | |||||||
BSC costs | 11 | 19 | |||||||||
Labor, other benefits, contracting and materials | (7) | 15 | |||||||||
Pension and non-pension postretirement benefit expense | — | (3) | |||||||||
Credit loss expense | 1 | (1) | |||||||||
Other | (6) | (5) | |||||||||
25 | 53 | ||||||||||
Regulatory required programs | 9 | 28 | |||||||||
Total increase | $ | 34 | $ | 81 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Electric | 60 | % | 58 | % | 60 | % | 59 | % | |||
Natural Gas | 74 | % | 80 | % | 57 | % | 59 | % |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase | Increase | ||||||||||
Depreciation and amortization(a) | $ | 7 | $ | 20 | |||||||
Regulatory asset amortization | 1 | — | |||||||||
Total increase | $ | 8 | $ | 20 |
September 30, 2017 | September 30, 2016 | ||||||||||
Number of Customers | % of total retail customers | Number of customers | % of total retail customers | ||||||||
Electric | 339,300 | 27 | % | 334,100 | 26 | % | |||||
Natural Gas | 148,600 | 22 | % | 150,000 | 23 | % |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||||||||||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||||
Electric | Gas | Total | Electric | Gas | Total | ||||||||||||||||||
Distribution rate increase | $ | — | $ | — | $ | — | $ | 21 | $ | 29 | $ | 50 | |||||||||||
Regulatory required programs | 2 | — | 2 | 11 | 1 | 12 | |||||||||||||||||
Transmission revenue | 7 | — | 7 | 10 | — | 10 | |||||||||||||||||
Other, net | 4 | 4 | 8 | 5 | 6 | 11 | |||||||||||||||||
Total increase | $ | 13 | $ | 4 | $ | 17 | $ | 47 | $ | 36 | $ | 83 |
Heating and Cooling Degree-Days | % Change | |||||||||||||
Three Months Ended September 30, | 2017 | 2016 | Normal | 2017 vs. 2016 | 2017 vs. Normal | |||||||||
Heating Degree-Days | 64 | 24 | 78 | 166.7 | % | (17.9 | )% | |||||||
Cooling Degree-Days | 595 | 747 | 596 | (20.3 | )% | (0.2 | )% | |||||||
Nine Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 2,524 | 2,878 | 2,992 | (12.3 | )% | (15.6 | )% | |||||||
Cooling Degree-Days | 877 | 966 | 850 | (9.2 | )% | 3.2 | % |
Three Months Ended September 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating and maintenance expense — baseline | $ | 167 | $ | 170 | $ | (3 | ) | $ | 499 | $ | 561 | $ | (62 | ) | |||||||||
Operating and maintenance expense — regulatory required programs(a) | 8 | 8 | — | 33 | 27 | 6 | |||||||||||||||||
Total operating and maintenance expense | $ | 175 | $ | 178 | $ | (3 | ) | $ | 532 | $ | 588 | $ | (56 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Impairment on long-lived assets and losses on regulatory assets(a) | $ | 1 | $ | (50 | ) | ||
City of Baltimore conduit fees | (4 | ) | (12 | ) | |||
Storm-related costs | 3 | (11 | ) | ||||
Uncollectible accounts expense | (8 | ) | (8 | ) | |||
BSC costs | 8 | 10 | |||||
Other | (3 | ) | 9 | ||||
(3 | ) | (62 | ) | ||||
Regulatory Required Programs | |||||||
Other | $ | — | $ | 6 | |||
— | 6 | ||||||
Total decrease | $ | (3 | ) | $ | (56 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Depreciation expense(a) | $ | 5 | $ | 10 | |||
Regulatory asset amortization(b) | 1 | 25 | |||||
Regulatory required programs(c) | 2 | 6 | |||||
Total increase | $ | 8 | $ | 41 |
Three Months Ended September 30, | % Change | Weather - Normal % Change | Nine Months Ended September 30, | % Change | Weather - Normal % Change | ||||||||||||||||||
Retail Deliveries to Customers (in GWhs) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Deliveries(a) | |||||||||||||||||||||||
Residential | 3,370 | 3,900 | (13.6 | )% | (2.9 | )% | 9,126 | 9,996 | (8.7 | )% | (4.3 | )% | |||||||||||
Small commercial & industrial | 785 | 877 | (10.5 | )% | (9.0 | )% | 2,210 | 2,343 | (5.7 | )% | (5.8 | )% | |||||||||||
Large commercial & industrial | 3,781 | 3,992 | (5.3 | )% | (3.9 | )% | 10,422 | 10,627 | (1.9 | )% | (2.6 | )% | |||||||||||
Public authorities & electric railroads | 64 | 72 | (11.1 | )% | (2.5 | )% | 204 | 215 | (5.1 | )% | (2.5 | )% | |||||||||||
Total electric deliveries | 8,000 | 8,841 | (9.5 | )% | (4.0 | )% | 21,962 | 23,181 | (5.3 | )% | (3.7 | )% |
As of September 30, | |||||
Number of Electric Customers | 2017 | 2016 | |||
Residential | 1,156,659 | 1,145,020 | |||
Small commercial & industrial | 113,224 | 112,609 | |||
Large commercial & industrial | 12,144 | 12,030 | |||
Public authorities & electric railroads | 274 | 282 | |||
Total | 1,282,301 | 1,269,941 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||
Electric Revenue | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Residential | $ | 376 | $ | 451 | (16.6 | )% | $ | 1,096 | $ | 1,203 | (8.9 | )% | |||||||||
Small commercial & industrial | 67 | 74 | (9.5 | )% | 202 | 212 | (4.7 | )% | |||||||||||||
Large commercial & industrial | 120 | 123 | (2.4 | )% | 343 | 337 | 1.8 | % | |||||||||||||
Public authorities & electric railroads | 8 | 9 | (11.1 | )% | 23 | 27 | (14.8 | )% | |||||||||||||
Total retail | 571 | 657 | (13.1 | )% | 1,664 | 1,779 | (6.5 | )% | |||||||||||||
Other revenue(b)(c) | 87 | 78 | 11.5 | % | 231 | 219 | 5.5 | % | |||||||||||||
Total electric revenue | $ | 658 | $ | 735 | (10.5 | )% | $ | 1,895 | $ | 1,998 | (5.2 | )% |
Three Months Ended September 30, | % Change | Weather - Normal % Change | Nine Months Ended September 30, | % Change | Weather - Normal % Change | ||||||||||||||||||
Deliveries to Customers (in mmcf) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Deliveries(a) | |||||||||||||||||||||||
Retail sales | 11,221 | 13,159 | (14.7 | )% | (14.3 | )% | 60,620 | 69,415 | (12.7 | )% | (5.3 | )% | |||||||||||
Transportation and other(b) | 68 | 1,311 | (94.8 | )% | n/a | 2,463 | 4,078 | (39.6 | )% | n/a | |||||||||||||
Total natural gas deliveries | 11,289 | 14,470 | (22.0 | )% | (14.3 | )% | 63,083 | 73,493 | (14.2 | )% | (5.3 | )% |
As of September 30, | |||||
Number of Gas Customers | 2017 | 2016 | |||
Residential | 626,039 | 619,837 | |||
Commercial & industrial | 43,973 | 43,957 | |||
Total | 670,012 | 663,794 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||
Natural Gas Revenue | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Retail sales | $ | 77 | $ | 71 | 8.5 | % | $ | 445 | $ | 403 | 10.4 | % | |||||||||
Transportation and other(b) | 3 | 6 | (50.0 | )% | 23 | 20 | 15.0 | % | |||||||||||||
Total natural gas revenues(c) | $ | 80 | $ | 77 | 3.9 | % | $ | 468 | $ | 423 | 10.6 | % |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Operating revenues | $ | 932 | $ | 870 | $ | 62 | $ | 2,986 | $ | 2,810 | $ | 176 | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Purchased power and fuel | 380 | 350 | (30) | 1,145 | 1,093 | (52) | |||||||||||||||||||||||||||||
Operating and maintenance | 214 | 235 | 21 | 632 | 658 | 26 | |||||||||||||||||||||||||||||
Depreciation and amortization | 161 | 148 | (13) | 487 | 470 | (17) | |||||||||||||||||||||||||||||
Taxes other than income taxes | 80 | 77 | (3) | 239 | 225 | (14) | |||||||||||||||||||||||||||||
Total operating expenses | 835 | 810 | (25) | 2,503 | 2,446 | (57) | |||||||||||||||||||||||||||||
Operating income | 97 | 60 | 37 | 483 | 364 | 119 | |||||||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (47) | (39) | (8) | (135) | (110) | (25) | |||||||||||||||||||||||||||||
Other, net | 6 | 5 | 1 | 14 | 16 | (2) | |||||||||||||||||||||||||||||
Total other income and (deductions) | (41) | (34) | (7) | (121) | (94) | (27) | |||||||||||||||||||||||||||||
Income before income taxes | 56 | 26 | 30 | 362 | 270 | 92 | |||||||||||||||||||||||||||||
Income taxes | 11 | (7) | (18) | 76 | 3 | (73) | |||||||||||||||||||||||||||||
Net income | $ | 45 | $ | 33 | $ | 12 | $ | 286 | $ | 267 | $ | 19 | |||||||||||||||||||||||
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
Electric | Gas | Total | Electric | Gas | Total | ||||||||||||||||||||||||||||||
Distribution | $ | 19 | $ | 4 | $ | 23 | $ | 61 | $ | 33 | $ | 94 | |||||||||||||||||||||||
Transmission | 4 | — | 4 | 34 | — | 34 | |||||||||||||||||||||||||||||
Other | — | 1 | 1 | (1) | 3 | 2 | |||||||||||||||||||||||||||||
23 | 5 | 28 | 94 | 36 | 130 | ||||||||||||||||||||||||||||||
Regulatory required programs | 56 | (22) | 34 | 106 | (60) | 46 | |||||||||||||||||||||||||||||
Total increase (decrease) | $ | 79 | $ | (17) | $ | 62 | $ | 200 | $ | (24) | $ | 176 |
At September 30, | |||||||||||
Number of Electric Customers | 2023 | 2022 | |||||||||
Residential | 1,208,230 | 1,200,786 | |||||||||
Small commercial & industrial | 115,557 | 115,778 | |||||||||
Large commercial & industrial | 13,007 | 12,774 | |||||||||
Public authorities & electric railroads | 264 | 266 | |||||||||
Total | 1,337,058 | 1,329,604 |
At September 30, | |||||||||||
Number of Natural Gas Customers | 2023 | 2022 | |||||||||
Residential | 655,753 | 653,413 | |||||||||
Small commercial & industrial | 37,950 | 38,128 | |||||||||
Large commercial & industrial | 6,289 | 6,222 | |||||||||
Total | 699,992 | 697,763 |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||
Labor, other benefits, contracting, and materials | $ | 3 | $ | 15 | |||||||
Storm-related costs | 12 | 12 | |||||||||
Pension and non-pension postretirement benefits expense | 2 | 4 | |||||||||
BSC costs | 12 | 18 | |||||||||
Credit loss expense | 1 | (14) | |||||||||
Other(a) | (51) | (62) | |||||||||
(21) | (27) | ||||||||||
Regulatory required programs | — | 1 | |||||||||
Total decrease | $ | (21) | $ | (26) | |||||||
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase | Increase (Decrease) | ||||||||||
Depreciation and amortization(a) | $ | 9 | $ | 22 | |||||||
Regulatory required programs | 4 | (4) | |||||||||
Regulatory asset amortization | — | (1) | |||||||||
Total increase | $ | 13 | $ | 17 |
Successor | Successor | Predecessor | ||||||||||||||||||||||
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | March 24 to September 30, | January 1 to March 23, | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 1,310 | $ | 1,394 | $ | (84 | ) | $ | 3,557 | $ | 2,565 | $ | 1,153 | |||||||||||
Purchased power and fuel expense | 473 | 583 | 110 | 1,318 | 1,037 | 497 | ||||||||||||||||||
Revenue net of purchased power and fuel expense(a) | 837 | 811 | 26 | 2,239 | 1,528 | 656 | ||||||||||||||||||
Other operating expenses | ||||||||||||||||||||||||
Operating and maintenance | 251 | 226 | (25 | ) | 774 | 921 | 294 | |||||||||||||||||
Depreciation and amortization | 179 | 182 | 3 | 511 | 355 | 152 | ||||||||||||||||||
Taxes other than income | 122 | 124 | 2 | 344 | 248 | 105 | ||||||||||||||||||
Total other operating expenses | 552 | 532 | (20 | ) | 1,629 | 1,524 | 551 | |||||||||||||||||
Gain on sales of assets | — | — | — | 1 | — | — | ||||||||||||||||||
Operating income | 285 | 279 | 6 | 611 | 4 | 105 | ||||||||||||||||||
Other income and (deductions) | ||||||||||||||||||||||||
Interest expense, net | (62 | ) | (64 | ) | 2 | (183 | ) | (135 | ) | (65 | ) | |||||||||||||
Other, net | 13 | 19 | (6 | ) | 40 | 31 | (4 | ) | ||||||||||||||||
Total other income and (deductions) | (49 | ) | (45 | ) | (4 | ) | (143 | ) | (104 | ) | (69 | ) | ||||||||||||
Income (loss) before income taxes | 236 | 234 | 2 | 468 | (100 | ) | 36 | |||||||||||||||||
Income taxes | 83 | 68 | (15 | ) | 109 | (9 | ) | 17 | ||||||||||||||||
Net income (loss) | $ | 153 | $ | 166 | $ | (13 | ) | $ | 359 | $ | (91 | ) | $ | 19 |
Three Months Ended September 30, | Unfavorable Variance | Nine Months Ended September 30, | Unfavorable Variance | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
PHI | $ | 232 | $ | 289 | $ | (57) | $ | 490 | $ | 518 | $ | (28) | |||||||||||||||||||||||
Pepco | 120 | 145 | (25) | 249 | 261 | (12) | |||||||||||||||||||||||||||||
DPL | 43 | 52 | (9) | 128 | 130 | (2) | |||||||||||||||||||||||||||||
ACE | 71 | 94 | (23) | 122 | 131 | (9) | |||||||||||||||||||||||||||||
Other(a) | (2) | (2) | — | (9) | (4) | (5) |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Operating revenues | $ | 822 | $ | 724 | $ | 98 | $ | 2,174 | $ | 1,919 | $ | 255 | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Purchased power | 288 | 230 | (58) | 750 | 605 | (145) | |||||||||||||||||||||||||||||
Operating and maintenance | 149 | 121 | (28) | 440 | 380 | (60) | |||||||||||||||||||||||||||||
Depreciation and amortization | 112 | 99 | (13) | 329 | 312 | (17) | |||||||||||||||||||||||||||||
Taxes other than income taxes | 109 | 105 | (4) | 291 | 291 | — | |||||||||||||||||||||||||||||
Total operating expenses | 658 | 555 | (103) | 1,810 | 1,588 | (222) | |||||||||||||||||||||||||||||
Operating income | 164 | 169 | (5) | 364 | 331 | 33 | |||||||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (41) | (37) | (4) | (122) | (111) | (11) | |||||||||||||||||||||||||||||
Other, net | 18 | 14 | 4 | 50 | 39 | 11 | |||||||||||||||||||||||||||||
Total other income and (deductions) | (23) | (23) | — | (72) | (72) | — | |||||||||||||||||||||||||||||
Income before income taxes | 141 | 146 | (5) | 292 | 259 | 33 | |||||||||||||||||||||||||||||
Income taxes | 21 | 1 | (20) | 43 | (2) | (45) | |||||||||||||||||||||||||||||
Net income | $ | 120 | $ | 145 | $ | (25) | $ | 249 | $ | 261 | $ | (12) |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase (Decrease) | Increase | ||||||||||
Distribution | $ | 17 | $ | 69 | |||||||
Transmission | 16 | 44 | |||||||||
Other | (1) | 2 | |||||||||
32 | 115 | ||||||||||
Regulatory required programs | 66 | 140 | |||||||||
Total increase | $ | 98 | $ | 255 |
At September 30, | |||||||||||
Number of Electric Customers | 2023 | 2022 | |||||||||
Residential | 862,321 | 853,873 | |||||||||
Small commercial & industrial | 54,082 | 54,423 | |||||||||
Large commercial & industrial | 22,952 | 22,789 | |||||||||
Public authorities & electric railroads | 205 | 196 | |||||||||
Total | 939,560 | 931,281 |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||
BSC and PHISCO costs | $ | 9 | $ | 10 | |||||||
Labor, other benefits, contracting and materials(a) | 6 | 29 | |||||||||
Credit Loss expense | 6 | — | |||||||||
Pension and non-pension postretirement benefits expense | 3 | 8 | |||||||||
Storm-related costs | (2) | (7) | |||||||||
Other | 3 | 12 | |||||||||
25 | 52 | ||||||||||
Regulatory required programs | 3 | 8 | |||||||||
Total increase | $ | 28 | $ | 60 |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase | Increase (Decrease) | ||||||||||
Depreciation and amortization(a) | $ | 10 | $ | 17 | |||||||
Regulatory asset amortization | 3 | 10 | |||||||||
Regulatory required programs | — | (10) | |||||||||
Total increase | $ | 13 | $ | 17 |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Operating revenues | $ | 450 | $ | 412 | $ | 38 | $ | 1,273 | $ | 1,176 | $ | 97 | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Purchased power and fuel | 201 | 183 | (18) | 562 | 507 | (55) | |||||||||||||||||||||||||||||
Operating and maintenance | 104 | 84 | (20) | 278 | 266 | (12) | |||||||||||||||||||||||||||||
Depreciation and amortization | 62 | 59 | (3) | 182 | 172 | (10) | |||||||||||||||||||||||||||||
Taxes other than income taxes | 19 | 19 | — | 57 | 54 | (3) | |||||||||||||||||||||||||||||
Total operating expenses | 386 | 345 | (41) | 1,079 | 999 | (80) | |||||||||||||||||||||||||||||
Operating income | 64 | 67 | (3) | 194 | 177 | 17 | |||||||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (18) | (16) | (2) | (53) | (48) | (5) | |||||||||||||||||||||||||||||
Other, net | 5 | 3 | 2 | 12 | 9 | 3 | |||||||||||||||||||||||||||||
Total other income and (deductions) | (13) | (13) | — | (41) | (39) | (2) | |||||||||||||||||||||||||||||
Income before income taxes | 51 | 54 | (3) | 153 | 138 | 15 | |||||||||||||||||||||||||||||
Income taxes | 8 | 2 | (6) | 25 | 8 | (17) | |||||||||||||||||||||||||||||
Net income | $ | 43 | $ | 52 | $ | (9) | $ | 128 | $ | 130 | $ | (2) |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 604 | $ | 635 | $ | (31 | ) | $ | 1,649 | $ | 1,695 | $ | (46 | ) | |||||||||
Purchased power expense | 168 | 213 | 45 | 478 | 563 | 85 | |||||||||||||||||
Revenue net of purchased power expense(a) | 436 | 422 | 14 | 1,171 | 1,132 | 39 | |||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Operating and maintenance | 103 | 109 | 6 | 336 | 508 | 172 | |||||||||||||||||
Depreciation and amortization | 82 | 76 | (6 | ) | 242 | 221 | (21 | ) | |||||||||||||||
Taxes other than income | 102 | 105 | 3 | 282 | 287 | 5 | |||||||||||||||||
Total other operating expenses | 287 | 290 | 3 | 860 | 1,016 | 156 | |||||||||||||||||
Gain on sales of assets | — | — | — | 1 | 8 | (7 | ) | ||||||||||||||||
Operating income | 149 | 132 | 17 | 312 | 124 | 188 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (31 | ) | (30 | ) | (1 | ) | (89 | ) | (98 | ) | 9 | ||||||||||||
Other, net | 7 | 12 | (5 | ) | 22 | 28 | (6 | ) | |||||||||||||||
Total other income and (deductions) | (24 | ) | (18 | ) | (6 | ) | (67 | ) | (70 | ) | 3 | ||||||||||||
Income before income taxes | 125 | 114 | 11 | 245 | 54 | 191 | |||||||||||||||||
Income taxes | 38 | 35 | (3 | ) | 57 | 34 | (23 | ) | |||||||||||||||
Net income | $ | 87 | $ | 79 | $ | 8 | $ | 188 | $ | 20 | $ | 168 |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
(Decrease) Increase | (Decrease) Increase | ||||||||||||||||||||||||||||||||||
Electric | Gas | Total | Electric | Gas | Total | ||||||||||||||||||||||||||||||
Weather | $ | (1) | $ | — | $ | (1) | $ | (11) | $ | (5) | $ | (16) | |||||||||||||||||||||||
Volume | (1) | — | (1) | (3) | (3) | (6) | |||||||||||||||||||||||||||||
Distribution | 7 | 1 | 8 | 26 | 6 | 32 | |||||||||||||||||||||||||||||
Transmission | 12 | — | 12 | 25 | — | 25 | |||||||||||||||||||||||||||||
Other | 2 | — | 2 | 4 | 1 | 5 | |||||||||||||||||||||||||||||
19 | 1 | 20 | 41 | (1) | 40 | ||||||||||||||||||||||||||||||
Regulatory required programs | 33 | (15) | 18 | 64 | (7) | 57 | |||||||||||||||||||||||||||||
Total increase (decrease) | $ | 52 | $ | (14) | $ | 38 | $ | 105 | $ | (8) | $ | 97 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Electric | 65 | % | 63 | % | 66 | % | 65 | % |
September 30, 2017 | September 30, 2016 | ||||||||||
Number of customers | % of total retail customers | Number of customers | % of total retail customers | ||||||||
Electric | 179,106 | 21 | % | 175,960 | 21 | % |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Volume | $ | 5 | $ | 13 | |||
Distribution rate increase | 17 | 45 | |||||
Regulatory required programs | (6 | ) | (11 | ) | |||
Transmission revenues | 3 | 9 | |||||
Other | (5 | ) | (17 | ) | |||
Total increase | $ | 14 | $ | 39 |
Three Months Ended September 30, | % Change | ||||||||||||||||||||||||||||
Delaware Electric Service Territory | 2023 | 2022 | Normal | 2023 vs. 2022 | 2023 vs. Normal | ||||||||||||||||||||||||
Heating Degree-Days | 37 | 32 | 27 | 15.6 | % | 37.0 | % | ||||||||||||||||||||||
Cooling Degree-Days | 996 | 1,043 | 911 | (4.5) | % | 9.3 | % | ||||||||||||||||||||||
Nine Months Ended September 30, | % Change | ||||||||||||||||||||||||||||
Delaware Electric Service Territory | 2023 | 2022 | Normal | 2023 vs. 2022 | 2023 vs. Normal | ||||||||||||||||||||||||
Heating Degree-Days | 2,306 | 2,828 | 2,984 | (18.5) | % | (22.7) | % | ||||||||||||||||||||||
Cooling Degree-Days | 1,249 | 1,374 | 1,248 | (9.1) | % | 0.1 | % |
Three Months Ended September 30, | % Change | ||||||||||||||||||||||||||||
Delaware Natural Gas Service Territory | 2023 | 2022 | Normal | 2023 vs. 2022 | 2023 vs. Normal | ||||||||||||||||||||||||
Heating Degree-Days | 37 | 32 | 35 | 15.6 | % | 5.7 | % | ||||||||||||||||||||||
Nine Months Ended September 30, | % Change | ||||||||||||||||||||||||||||
Delaware Natural Gas Service Territory | 2023 | 2022 | Normal | 2023 vs. 2022 | 2023 vs. Normal | ||||||||||||||||||||||||
Heating Degree-Days | 2,306 | 2,828 | 3,020 | (18.5) | % | (23.6) | % |
Electric Retail Deliveries to Delaware Customers (in GWhs) | Three Months Ended September 30, | % Change | Weather - Normal % Change(b) | Nine Months Ended September 30, | % Change | Weather - Normal % Change(b) | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Residential | 995 | 978 | 1.7 | % | 0.6 | % | 2,403 | 2,548 | (5.7) | % | (0.2) | % | |||||||||||||||||||||||||||||||||||
Small commercial & industrial | 405 | 400 | 1.3 | % | 0.6 | % | 1,081 | 1,107 | (2.3) | % | (0.1) | % | |||||||||||||||||||||||||||||||||||
Large commercial & industrial | 849 | 856 | (0.8) | % | (0.2) | % | 2,349 | 2,394 | (1.9) | % | (0.7) | % | |||||||||||||||||||||||||||||||||||
Public authorities & electric railroads | 7 | 7 | — | % | (5.8) | % | 23 | 24 | (4.2) | % | (4.3) | % | |||||||||||||||||||||||||||||||||||
Total electric retail deliveries(a) | 2,256 | 2,241 | 0.7 | % | 0.3 | % | 5,856 | 6,073 | (3.6) | % | (0.4) | % |
% Change | ||||||||||||||
2017 | 2016 | Normal | 2017 vs. 2016 | 2017 vs. Normal | ||||||||||
Three Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 8 | 1 | 19 | 700.0 | % | (57.9 | )% | |||||||
Cooling Degree-Days | 1,130 | 1,418 | 1,133 | (20.3 | )% | (0.3 | )% | |||||||
Nine Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 1,963 | 2,408 | 2,477 | (18.5 | )% | (20.8 | )% | |||||||
Cooling Degree-Days | 1,679 | 1,872 | 1,611 | (10.3 | )% | 4.2 | % |
At September 30, | |||||||||||
Number of Total Electric Customers (Maryland and Delaware) | 2023 | 2022 | |||||||||
Residential | 484,425 | 480,779 | |||||||||
Small commercial & industrial | 64,101 | 63,685 | |||||||||
Large commercial & industrial | 1,245 | 1,230 | |||||||||
Public authorities & electric railroads | 593 | 597 | |||||||||
Total | 550,364 | 546,291 |
Natural Gas Retail Deliveries to Delaware Customers (in mmcf) | Three Months Ended September 30, | % Change | Weather - Normal % Change(b) | Nine Months Ended September 30, | % Change | Weather - Normal % Change(b) | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Residential | 414 | 374 | 10.7 | % | 8.3 | % | 4,781 | 5,810 | (17.7) | % | (4.9) | % | |||||||||||||||||||||||||||||||||||
Small commercial & industrial | 350 | 331 | 5.7 | % | 4.4 | % | 2,494 | 2,882 | (13.5) | % | (0.3) | % | |||||||||||||||||||||||||||||||||||
Large commercial & industrial | 381 | 397 | (4.0) | % | (4.0) | % | 1,166 | 1,259 | (7.4) | % | (7.2) | % | |||||||||||||||||||||||||||||||||||
Transportation | 1,119 | 1,284 | (12.9) | % | (13.0) | % | 4,350 | 4,934 | (11.8) | % | (7.9) | % | |||||||||||||||||||||||||||||||||||
Total natural gas deliveries(a) | 2,264 | 2,386 | (5.1) | % | (5.7) | % | 12,791 | 14,885 | (14.1) | % | (5.2) | % |
At September 30, | |||||||||||
Number of Delaware Natural Gas Customers | 2023 | 2022 | |||||||||
Residential | 129,436 | 129,005 | |||||||||
Small commercial & industrial | 10,039 | 10,044 | |||||||||
Large commercial & industrial | 14 | 16 | |||||||||
Transportation | 165 | 156 | |||||||||
Total | 139,654 | 139,221 |
Three Months Ended September 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating and maintenance expense - baseline | $ | 100 | $ | 106 | $ | (6 | ) | $ | 331 | $ | 500 | $ | (169 | ) | |||||||||
Operating and maintenance expense - regulatory required programs(a) | 3 | 3 | — | 5 | 8 | (3 | ) | ||||||||||||||||
Total operating and maintenance expense | $ | 103 | $ | 109 | $ | (6 | ) | $ | 336 | $ | 508 | $ | (172 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor, other benefits, contracting and materials | $ | 2 | $ | 14 | |||
Storm-related costs | (1 | ) | — | ||||
Remeasurement of AMI-related regulatory asset(a) | (4 | ) | (11 | ) | |||
Uncollectible accounts expense | 1 | (1 | ) | ||||
Deferral of merger-related costs to regulatory asset | (8 | ) | (1 | ) | |||
Deferral of rate case and customer billing system costs | (6 | ) | (6 | ) | |||
BSC and PHISCO allocations(b) | 1 | (22 | ) | ||||
Merger commitments(c) | 13 | (132 | ) | ||||
Other | (4 | ) | (10 | ) | |||
(6 | ) | (169 | ) | ||||
Regulatory required programs | |||||||
Purchased power administrative costs | — | (3 | ) | ||||
Total decrease | $ | (6 | ) | $ | (172 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Depreciation expense(a) | $ | 9 | $ | 25 | |||
Regulatory asset amortization | 3 | 4 | |||||
Regulatory required programs(b) | (6 | ) | (8 | ) | |||
Total increase | $ | 6 | $ | 21 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Retail Deliveries to Customers (in GWhs) | 2017 | 2016 | % Change | Weather - Normal % Change | 2017 | 2016 | % Change | Weather - Normal % Change | |||||||||||||||
Retail Deliveries(a) | |||||||||||||||||||||||
Residential | 2,281 | 2,675 | (14.7 | )% | (5.2 | )% | 6,038 | 6,652 | (9.2 | )% | (2.7 | )% | |||||||||||
Small commercial & industrial | 347 | 394 | (11.9 | )% | (7.2 | )% | 999 | 1,124 | (11.1 | )% | (8.4 | )% | |||||||||||
Large commercial & industrial | 4,146 | 4,314 | (3.9 | )% | 0.8 | % | 11,306 | 11,890 | (4.9 | )% | (3.0 | )% | |||||||||||
Public authorities & electric railroads | 180 | 180 | — | % | 1.1 | % | 542 | 544 | (0.4 | )% | (0.2 | )% | |||||||||||
Total retail deliveries | 6,954 | 7,563 | (8.1 | )% | (1.7 | )% | 18,885 | 20,210 | (6.6 | )% | (3.1 | )% |
As of September 30, | |||||
Number of Electric Customers | 2017 | 2016 | |||
Residential | 790,032 | 775,911 | |||
Small commercial & industrial | 53,543 | 53,425 | |||
Large commercial & industrial | 21,733 | 21,315 | |||
Public authorities & electric railroads | 143 | 129 | |||
Total | 865,451 | 850,780 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
Electric Revenue | 2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Residential | $ | 283 | $ | 315 | (10.2 | )% | $ | 744 | $ | 791 | (5.9 | )% | |||||||||
Small commercial & industrial | 38 | 43 | (11.6 | )% | 113 | 116 | (2.6 | )% | |||||||||||||
Large commercial & industrial | 221 | 219 | 0.9 | % | 608 | 613 | (0.8 | )% | |||||||||||||
Public authorities & electric railroads | 8 | 7 | 14.3 | % | 24 | 23 | 4.3 | % | |||||||||||||
Total retail | 550 | 584 | (5.8 | )% | 1,489 | 1,543 | (3.5 | )% | |||||||||||||
Other revenue(b) | 54 | 51 | 5.9 | % | 160 | 152 | 5.3 | % | |||||||||||||
Total electric revenue(c) | $ | 604 | $ | 635 | (4.9 | )% | $ | 1,649 | $ | 1,695 | (2.7 | )% |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 327 | $ | 331 | $ | (4 | ) | $ | 971 | $ | 974 | $ | (3 | ) | |||||||||
Purchased power and fuel expense | 129 | 150 | 21 | 399 | 448 | 49 | |||||||||||||||||
Revenues net of purchased power and fuel expense(a) | 198 | 181 | 17 | 572 | 526 | 46 | |||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Operating and maintenance | 79 | 55 | (24 | ) | 227 | 338 | 111 | ||||||||||||||||
Depreciation and amortization | 45 | 44 | (1 | ) | 124 | 120 | (4 | ) | |||||||||||||||
Taxes other than income | 15 | 14 | (1 | ) | 43 | 42 | (1 | ) | |||||||||||||||
Total other operating expenses | 139 | 113 | (26 | ) | 394 | 500 | 106 | ||||||||||||||||
Gain on sales of asset | — | 4 | (4 | ) | — | 4 | (4 | ) | |||||||||||||||
Operating income | 59 | 72 | (13 | ) | 178 | 30 | 148 | ||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (13 | ) | (12 | ) | (1 | ) | (38 | ) | (37 | ) | (1 | ) | |||||||||||
Other, net | 4 | 3 | 1 | 10 | 9 | 1 | |||||||||||||||||
Total other income and (deductions) | (9 | ) | (9 | ) | — | (28 | ) | (28 | ) | — | |||||||||||||
Income before income taxes | 50 | 63 | (13 | ) | 150 | 2 | 148 | ||||||||||||||||
Income taxes | 19 | 19 | — | 43 | 18 | (25 | ) | ||||||||||||||||
Net income (loss) | $ | 31 | $ | 44 | $ | (13 | ) | $ | 107 | $ | (16 | ) | $ | 123 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Electric | 51 | % | 49 | % | 52 | % | 51 | % | |||
Natural Gas | 53 | % | 51 | % | 35 | % | 32 | % |
September 30, 2017 | September 30, 2016 | ||||||||||
Number of customers | % of total retail customers | Number of customers | % of total retail customers | ||||||||
Electric | 78,426 | 15.0 | % | 79,501 | 15.4 | % | |||||
Natural Gas | 155 | 0.1 | % | 157 | 0.1 | % |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||||||||||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||||
Electric | Gas | Total | Electric | Gas | Total | ||||||||||||||||||
Weather | $ | (6 | ) | $ | 1 | $ | (5 | ) | $ | (9 | ) | $ | (13 | ) | $ | (22 | ) | ||||||
Volume | 2 | (1 | ) | 1 | 3 | 10 | 13 | ||||||||||||||||
Pricing - distribution revenues | 17 | — | 17 | 49 | 2 | 51 | |||||||||||||||||
Regulatory required programs | (3 | ) | — | (3 | ) | (2 | ) | — | (2 | ) | |||||||||||||
Transmission revenues | 5 | — | 5 | 4 | — | 4 | |||||||||||||||||
Other | 3 | (1 | ) | 2 | 5 | (3 | ) | 2 | |||||||||||||||
Total increase (decrease) | $ | 18 | $ | (1 | ) | $ | 17 | $ | 50 | $ | (4 | ) | $ | 46 |
Electric Service Territory | % Change | |||||||||||||
Three Months Ended September 30, | 2017 | 2016 | Normal | 2017 vs. 2016 | 2017 vs. Normal | |||||||||
Heating Degree-Days | 24 | 14 | 33 | 71.4 | % | (27.3 | )% | |||||||
Cooling Degree-Days | 867 | 1,103 | 856 | (21.4 | )% | 1.3 | % | |||||||
Nine Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 2,384 | 2,812 | 2,933 | (15.2 | )% | (18.7 | )% | |||||||
Cooling Degree-Days | 1,228 | 1,410 | 1,184 | (12.9 | )% | 3.7 | % |
Natural Gas Service Territory | % Change | |||||||||||||
Three Months Ended September 30, | 2017 | 2016 | Normal | 2017 vs. 2016 | 2017 vs. Normal | |||||||||
Heating Degree-Days | 28 | 20 | 42 | 40.0 | % | (33.3 | )% | |||||||
Nine Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 2,431 | 2,913 | 3,062 | (16.5 | )% | (20.6 | )% |
Three Months Ended September 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating and maintenance expense - baseline | $ | 76 | $ | 50 | $ | 26 | $ | 221 | $ | 328 | $ | (107 | ) | ||||||||||
Operating and maintenance expense - regulatory required programs(a) | 3 | 5 | (2 | ) | 6 | 10 | (4 | ) | |||||||||||||||
Total operating and maintenance expense | $ | 79 | $ | 55 | $ | 24 | $ | 227 | $ | 338 | $ | (111 | ) |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase | Increase (Decrease) | ||||||||||
Storm-related Costs | $ | 7 | $ | 5 | |||||||
BSC and PHISCO costs | 4 | 3 | |||||||||
Labor and contracting | 3 | (3) | |||||||||
Credit Loss Expense | 2 | — | |||||||||
Pension and non-pension postretirement benefits expense | 1 | 4 | |||||||||
Other | 3 | 2 | |||||||||
20 | 11 | ||||||||||
Regulatory required programs | — | 1 | |||||||||
Total increase | $ | 20 | $ | 12 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor, other benefits, contracting and materials | $ | 3 | $ | 3 | |||
Storm-related costs | (2 | ) | 4 | ||||
Uncollectible accounts expense | (2 | ) | (7 | ) | |||
Remeasurement of AMI-related regulatory asset(a) | (1 | ) | (2 | ) | |||
Deferral of merger-related costs to regulatory asset | — | (6 | ) | ||||
BSC and PHISCO allocations(b) | (1 | ) | (15 | ) | |||
Merger commitments(c) | 27 | (79 | ) | ||||
Other | 2 | (5 | ) | ||||
26 | (107 | ) | |||||
Regulatory required programs | |||||||
Purchased power administrative costs | (2 | ) | (4 | ) | |||
Total increase (decrease) | $ | 24 | $ | (111 | ) |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase | Increase (Decrease) | ||||||||||
Depreciation and amortization(a) | $ | 3 | $ | 15 | |||||||
Regulatory required programs | — | (4) | |||||||||
Regulatory asset amortization | — | (1) | |||||||||
Total increase | $ | 3 | $ | 10 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Depreciation expense(a) | $ | 3 | $ | 9 | |||
Regulatory asset amortization | — | (2 | ) | ||||
Regulatory required programs(b) | (2 | ) | (3 | ) | |||
Total increase | $ | 1 | $ | 4 |
Three Months Ended September 30, | % Change | Weather - Normal % Change | Nine Months Ended September 30, | % Change | Weather - Normal % Change | ||||||||||||||||||
Retail Deliveries to Customers (in GWhs) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Deliveries(a) | |||||||||||||||||||||||
Residential | 1,439 | 1,601 | (10.1 | )% | (2.2 | )% | 3,843 | 4,066 | (5.5 | )% | 0.4 | % | |||||||||||
Small commercial & industrial | 636 | 642 | (0.9 | )% | 3.2 | % | 1,693 | 1,746 | (3.0 | )% | (0.9 | )% | |||||||||||
Large commercial & industrial | 1,245 | 1,250 | (0.4 | )% | 4.1 | % | 3,440 | 3,492 | (1.5 | )% | 0.3 | % | |||||||||||
Public authorities & electric railroads | 10 | 9 | 11.1 | % | 11.1 | % | 35 | 35 | — | % | — | % | |||||||||||
Total retail deliveries | 3,330 | 3,502 | (4.9 | )% | 1.2 | % | 9,011 | 9,339 | (3.5 | )% | 0.1 | % |
As of September 30, | |||||
Number of Electric Customers | 2017 | 2016 | |||
Residential | 458,790 | 455,640 | |||
Small commercial & industrial | 60,542 | 60,034 | |||
Large commercial & industrial | 1,406 | 1,414 | |||
Public authorities & electric railroads | 633 | 643 | |||
Total | 521,371 | 517,731 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||
Electric Revenue | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Residential | $ | 183 | $ | 200 | (8.5 | )% | $ | 508 | $ | 522 | (2.7 | )% | |||||||||
Small commercial & industrial | 49 | 48 | 2.1 | % | 138 | 143 | (3.5 | )% | |||||||||||||
Large commercial & industrial | 26 | 24 | 8.3 | % | 77 | 74 | 4.1 | % | |||||||||||||
Public authorities & electric railroads | 3 | 2 | 50.0 | % | 11 | 9 | 22.2 | % | |||||||||||||
Total retail | 261 | 274 | (4.7 | )% | 734 | 748 | (1.9 | )% | |||||||||||||
Other revenue(b) | 48 | 40 | 20.0 | % | 132 | 124 | 6.5 | % | |||||||||||||
Total electric revenue(c) | $ | 309 | $ | 314 | (1.6 | )% | $ | 866 | $ | 872 | (0.7 | )% |
Three Months Ended September 30, | % Change | Weather - Normal % Change | Nine Months Ended September 30, | % Change | Weather - Normal % Change | ||||||||||||||||||
Retail Deliveries to Customers (in mmcf) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Deliveries | |||||||||||||||||||||||
Retail sales | 1,069 | 1,121 | (4.6 | )% | (6.4 | )% | 8,679 | 9,253 | (6.2 | )% | 6.5 | % | |||||||||||
Transportation & other | 1,197 | 1,166 | 2.7 | % | 2.4 | % | 4,690 | 4,455 | 5.3 | % | 7.9 | % | |||||||||||
Total natural gas deliveries | 2,266 | 2,287 | (0.9 | )% | (2.0 | )% | 13,369 | 13,708 | (2.5 | )% | 7.0 | % |
As of September 30, | |||||
Number of Gas Customers | 2017 | 2016 | |||
Residential | 121,238 | 120,075 | |||
Commercial & industrial | 9,700 | 9,656 | |||
Transportation & other | 155 | 157 | |||
Total | 131,093 | 129,888 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||
Natural Gas Revenue | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Retail sales | $ | 12 | $ | 13 | (7.7 | )% | $ | 87 | $ | 87 | — | % | |||||||||
Transportation & other(b) | 6 | 4 | 50.0 | % | 18 | 15 | 20.0 | % | |||||||||||||
Total natural gas revenues | $ | 18 | $ | 17 | 5.9 | % | $ | 105 | $ | 102 | 2.9 | % |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Operating revenues | $ | 502 | $ | 462 | $ | 40 | $ | 1,172 | $ | 1,120 | $ | 52 | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Purchased power | 221 | 197 | (24) | 493 | 497 | 4 | |||||||||||||||||||||||||||||
Operating and maintenance | 94 | 80 | (14) | 259 | 251 | (8) | |||||||||||||||||||||||||||||
Depreciation and amortization | 77 | 74 | (3) | 212 | 192 | (20) | |||||||||||||||||||||||||||||
Taxes other than income taxes | 2 | 2 | — | 7 | 7 | — | |||||||||||||||||||||||||||||
Total operating expenses | 394 | 353 | (41) | 971 | 947 | (24) | |||||||||||||||||||||||||||||
Operating income | 108 | 109 | (1) | 201 | 173 | 28 | |||||||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (19) | (17) | (2) | (52) | (49) | (3) | |||||||||||||||||||||||||||||
Other, net | 5 | 3 | 2 | 13 | 9 | 4 | |||||||||||||||||||||||||||||
Total other income and (deductions) | (14) | (14) | — | (39) | (40) | 1 | |||||||||||||||||||||||||||||
Income before income taxes | 94 | 95 | (1) | 162 | 133 | 29 | |||||||||||||||||||||||||||||
Income taxes | 23 | 1 | (22) | 40 | 2 | (38) | |||||||||||||||||||||||||||||
Net income | $ | 71 | $ | 94 | $ | (23) | $ | 122 | $ | 131 | $ | (9) |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 370 | $ | 421 | $ | (51 | ) | $ | 915 | $ | 982 | $ | (67 | ) | |||||||||
Purchased power expense | 176 | 221 | 45 | 442 | 520 | 78 | |||||||||||||||||
Revenues net of purchased power expense(a) | 194 | 200 | (6 | ) | 473 | 462 | 11 | ||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Operating and maintenance | 72 | 67 | (5 | ) | 225 | 346 | 121 | ||||||||||||||||
Depreciation and amortization | 41 | 49 | 8 | 113 | 130 | 17 | |||||||||||||||||
Taxes other than income | 2 | 1 | (1 | ) | 6 | 6 | — | ||||||||||||||||
Total other operating expenses | 115 | 117 | 2 | 344 | 482 | 138 | |||||||||||||||||
Gain on sales of assets | — | — | — | — | 1 | (1 | ) | ||||||||||||||||
Operating income (loss) | 79 | 83 | (4 | ) | 129 | (19 | ) | 148 | |||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (15 | ) | (15 | ) | — | (46 | ) | (47 | ) | 1 | |||||||||||||
Other, net | 1 | 2 | (1 | ) | 6 | 8 | (2 | ) | |||||||||||||||
Total other income and (deductions) | (14 | ) | (13 | ) | (1 | ) | (40 | ) | (39 | ) | (1 | ) | |||||||||||
Income (loss) before income taxes | 65 | 70 | (5 | ) | 89 | (58 | ) | 147 | |||||||||||||||
Income taxes | 24 | 23 | (1 | ) | 12 | (8 | ) | (20 | ) | ||||||||||||||
Net income (loss) | $ | 41 | $ | 47 | $ | (6 | ) | $ | 77 | $ | (50 | ) | $ | 127 |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||
Distribution | $ | 15 | $ | 27 | |||||||
Transmission | 5 | 30 | |||||||||
Other | (1) | (1) | |||||||||
19 | 56 | ||||||||||
Regulatory required programs | 21 | (4) | |||||||||
Total increase | $ | 40 | $ | 52 |
At September 30, | |||||||||||
Number of Electric Customers | 2023 | 2022 | |||||||||
Residential | 504,330 | 501,869 | |||||||||
Small commercial & industrial | 62,410 | 62,204 | |||||||||
Large commercial & industrial | 2,980 | 3,075 | |||||||||
Public authorities & electric railroads | 729 | 731 | |||||||||
Total | 570,449 | 567,879 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Electric | 44 | % | 44 | % | 48 | % | 46 | % |
September 30, 2017 | September 30, 2016 | ||||||||||
Number of customers | % of total retail customers | Number of customers | % of total retail customers | ||||||||
Electric | 91,219 | 17 | % | 96,837 | 18 | % |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Weather | $ | (5 | ) | $ | (7 | ) | |
Volume | (12 | ) | (15 | ) | |||
Pricing - distribution revenues | 16 | 36 | |||||
Regulatory required programs | (9 | ) | (19 | ) | |||
Transmission revenues | 4 | 17 | |||||
Other | — | (1 | ) | ||||
Total (decrease) increase | $ | (6 | ) | $ | 11 |
Normal | % Change | |||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 vs. Normal | |||||||||||
Three Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 23 | 17 | 42 | 35.3 | % | (45.2 | )% | |||||||
Cooling Degree-Days | 830 | 1,006 | 806 | (17.5 | )% | 3.0 | % | |||||||
Nine Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 2,608 | 2,938 | 3,103 | (11.2 | )% | (16.0 | )% | |||||||
Cooling Degree-Days | 1,153 | 1,267 | 1,092 | (9.0 | )% | 5.6 | % |
Three Months Ended September 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating and maintenance expense - baseline | $ | 71 | $ | 66 | $ | 5 | $ | 222 | $ | 343 | $ | (121 | ) | ||||||||||
Operating and maintenance expense - regulatory required programs(a) | 1 | 1 | — | 3 | 3 | — | |||||||||||||||||
Total operating and maintenance expense | $ | 72 | $ | 67 | $ | 5 | $ | 225 | $ | 346 | $ | (121 | ) |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase | Increase (Decrease) | ||||||||||
BSC and PHISCO costs | $ | 5 | $ | 6 | |||||||
Labor and contracting | 5 | 2 | |||||||||
Storm-related costs | 3 | — | |||||||||
Pension and non-pension postretirement benefits expense | — | 1 | |||||||||
Other | 1 | 1 | |||||||||
14 | 10 | ||||||||||
Regulatory required programs(a) | — | (2) | |||||||||
Total increase | $ | 14 | $ | 8 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor, other benefits, contracting and materials | $ | 3 | $ | 6 | |||
Storm-related costs | (3 | ) | (2 | ) | |||
BSC and PHISCO allocations(a) | — | (11 | ) | ||||
Deferral of merger-related costs to regulatory asset | (9 | ) | (9 | ) | |||
Merger commitments(b) | 10 | (111 | ) | ||||
Other | 4 | 6 | |||||
Total increase (decrease) | $ | 5 | $ | (121 | ) |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Increase (Decrease) | Increase | ||||||||||
Depreciation and amortization(a) | $ | 6 | $ | 19 | |||||||
Regulatory required programs(b) | (3) | 1 | |||||||||
Total increase | $ | 3 | $ | 20 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Depreciation expense(a) | $ | 1 | $ | 4 | |||
Regulatory asset amortization | — | (2 | ) | ||||
Regulatory required programs(b) | (9 | ) | (19 | ) | |||
Total decrease | $ | (8 | ) | $ | (17 | ) |
Three Months Ended September 30, | % Change | Weather - Normal % Change | Nine Months Ended September 30, | % Change | Weather - Normal % Change | ||||||||||||||||||
Retail Deliveries to Customers (in GWhs) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Deliveries(a) | |||||||||||||||||||||||
Residential | 1,349 | 1,575 | (14.3 | )% | (10.4 | )% | 3,042 | 3,327 | (8.6 | )% | (6.0 | )% | |||||||||||
Small commercial & industrial | 407 | 426 | (4.5 | )% | (1.9 | )% | 992 | 998 | (0.6 | )% | 0.8 | % | |||||||||||
Large commercial & industrial | 939 | 1,032 | (9.0 | )% | (6.3 | )% | 2,557 | 2,705 | (5.5 | )% | (4.6 | )% | |||||||||||
Public authorities & electric railroads | 9 | 11 | (18.2 | )% | (18.2 | )% | 33 | 35 | (5.7 | )% | (5.7 | )% | |||||||||||
Total retail deliveries | 2,704 | 3,044 | (11.2 | )% | (7.8 | )% | 6,624 | 7,065 | (6.2 | )% | (4.5 | )% |
As of September 30, | |||||
Number of Electric Customers | 2017 | 2016 | |||
Residential | 486,212 | 483,542 | |||
Small commercial & industrial | 60,982 | 60,875 | |||
Large commercial & industrial | 3,726 | 3,796 | |||
Public authorities & electric railroads | 633 | 593 | |||
Total | 551,553 | 548,806 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||
Electric Revenue | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Residential | $ | 211 | $ | 249 | (15.3 | )% | $ | 484 | $ | 530 | (8.7 | )% | |||||||||
Small commercial & industrial | 53 | 55 | (3.6 | )% | 129 | 133 | (3.0 | )% | |||||||||||||
Large commercial & industrial | 49 | 57 | (14.0 | )% | 143 | 158 | (9.5 | )% | |||||||||||||
Public authorities & electric railroads | 3 | 4 | (25.0 | )% | 10 | 10 | — | % | |||||||||||||
Total retail | 316 | 365 | (13.4 | )% | 766 | 831 | (7.8 | )% | |||||||||||||
Other revenue(b) | 54 | 56 | (3.6 | )% | 149 | 151 | (1.3 | )% | |||||||||||||
Total electric revenue(c) | $ | 370 | $ | 421 | (12.1 | )% | $ | 915 | $ | 982 | (6.8 | )% |
Nine Months Ended September 30, | |||||||||||
2017 | 2016(c) | Variance | |||||||||
Net income | $ | 1,911 | $ | 956 | $ | 955 | |||||
Add (subtract): | |||||||||||
Non-cash operating activities(a) | 5,011 | 5,946 | (935 | ) | |||||||
Pension and non-pension postretirement benefit contributions | (344 | ) | (283 | ) | (61 | ) | |||||
Income taxes | 167 | 527 | (360 | ) | |||||||
Changes in working capital and other noncurrent assets and liabilities(b) | (1,003 | ) | (516 | ) | (487 | ) | |||||
Option premiums received (paid), net | 35 | (24 | ) | 59 | |||||||
Collateral (posted) received, net | (100 | ) | 757 | (857 | ) | ||||||
Net cash flows provided by operations | $ | 5,677 | $ | 7,363 | $ | (1,686 | ) |
(Decrease) increase in cash flows from operating activities | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (28) | $ | 116 | $ | (64) | $ | 19 | $ | (28) | $ | (12) | $ | (2) | $ | (9) | |||||||||||||||||||||||||||||||
Adjustments to reconcile net income to cash: | |||||||||||||||||||||||||||||||||||||||||||||||
Non-cash operating activities | (790) | (268) | (85) | (90) | 58 | 62 | (6) | 4 | |||||||||||||||||||||||||||||||||||||||
Option premiums (paid), net | 39 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Collateral (paid) received, net | (1,639) | (41) | — | (147) | (421) | (72) | (234) | (115) | |||||||||||||||||||||||||||||||||||||||
Income taxes | 47 | 50 | 46 | 39 | 40 | 40 | 11 | (1) | |||||||||||||||||||||||||||||||||||||||
Pension and non-pension postretirement benefit contributions | 499 | 153 | 12 | 49 | 60 | — | 1 | 6 | |||||||||||||||||||||||||||||||||||||||
Regulatory assets and liabilities, net | 294 | 251 | 28 | (38) | 80 | 37 | 56 | (22) | |||||||||||||||||||||||||||||||||||||||
Changes in working capital and other assets and liabilities | 729 | (118) | 184 | 276 | 48 | 77 | 20 | (53) | |||||||||||||||||||||||||||||||||||||||
(Decrease) increase in cash flows from operating activities | $ | (849) | $ | 143 | $ | 121 | $ | 108 | $ | (163) | $ | 132 | $ | (154) | $ | (190) |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Exelon | $ | 5,677 | $ | 7,363 | |||
Generation | 2,270 | 3,723 | |||||
ComEd | 1,120 | 1,749 | |||||
PECO | 603 | 582 | |||||
BGE | 704 | 660 | |||||
Pepco | 348 | 504 | |||||
DPL | 292 | 267 | |||||
ACE | 158 | 315 |
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||
PHI | $ | 797 | $ | 546 | $ | 264 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Exelon | $ | (5,810 | ) | $ | (13,219 | ) | |
Generation | (1,903 | ) | (3,278 | ) | |||
ComEd | (1,731 | ) | (1,919 | ) | |||
PECO | (457 | ) | (438 | ) | |||
BGE | (586 | ) | (614 | ) | |||
Pepco | (439 | ) | (435 | ) | |||
DPL | (293 | ) | (254 | ) | |||
ACE | (241 | ) | (227 | ) |
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||
PHI | $ | (991 | ) | $ | (631 | ) | $ | (343 | ) |
Decrease in cash flows from investing activities | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | (361) | $ | (125) | $ | (77) | $ | (68) | $ | (336) | $ | (115) | $ | (122) | $ | (92) | |||||||||||||||||||||||||||||||
Investment in NDT fund sales, net | 28 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Collection of DPP | (169) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Proceeds from sales of assets and businesses | (16) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Changes in intercompany money pool | — | — | (51) | — | — | (7) | 15 | — | |||||||||||||||||||||||||||||||||||||||
Other investing activities | (11) | (13) | (7) | (1) | 3 | 6 | (2) | (1) | |||||||||||||||||||||||||||||||||||||||
Decrease in cash flows from investing activities | $ | (529) | $ | (138) | $ | (135) | $ | (69) | $ | (333) | $ | (116) | $ | (109) | $ | (93) |
Projected Full Year 2017(a) | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | ||||||||||
Exelon(b) | $ | 8,075 | $ | 5,556 | $ | 6,368 | |||||
Generation | 2,450 | 1,654 | 2,651 | ||||||||
ComEd(c) | 2,200 | 1,698 | 1,950 | ||||||||
PECO | 775 | 537 | 448 | ||||||||
BGE | 925 | 615 | 611 | ||||||||
Pepco | 625 | 439 | 392 | ||||||||
DPL | 425 | 294 | 260 | ||||||||
ACE | 300 | 242 | 227 |
Projected Full Year 2017 (a) | Successor | Predecessor | ||||||||||||||
Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||||||
PHI(d) | $ | 1,375 | $ | 995 | $ | 624 | $ | 273 |
Increase (decrease) in cash flows from financing activities | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||
Changes in short-term borrowings, net | $ | (756) | $ | (133) | $ | (239) | $ | (375) | $ | 227 | $ | (124) | $ | 34 | $ | 317 | |||||||||||||||||||||||||||||||
Long-term debt, net | 357 | 225 | 100 | 150 | (65) | 35 | — | (100) | |||||||||||||||||||||||||||||||||||||||
Changes in intercompany money pool | — | — | — | — | (18) | (25) | — | 17 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock | (563) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends paid on common stock | (75) | (126) | (4) | (12) | — | 200 | (2) | 17 | |||||||||||||||||||||||||||||||||||||||
Distributions to member | — | — | — | — | 215 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Contributions from parent/member | — | 67 | 74 | 51 | (312) | (157) | (48) | (110) | |||||||||||||||||||||||||||||||||||||||
Transfer of cash, restricted cash, and cash equivalents to Constellation | 2,594 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other financing activities | 24 | (2) | 8 | 1 | (18) | (18) | (2) | 1 | |||||||||||||||||||||||||||||||||||||||
Increase (decrease) in cash flows from financing activities | $ | 1,581 | $ | 31 | $ | (61) | $ | (185) | $ | 29 | $ | (89) | $ | (18) | $ | 142 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Exelon | $ | 701 | $ | 1,251 | |||
Generation | (297 | ) | (501 | ) | |||
ComEd | 812 | 147 | |||||
PECO | 121 | 77 | |||||
BGE | (112 | ) | 286 | ||||
Pepco | 199 | 28 | |||||
DPL | (42 | ) | (14 | ) | |||
ACE | (13 | ) | 74 |
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||
PHI | $ | 161 | $ | 65 | $ | 372 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Exelon | $ | 921 | $ | 873 | |||
Generation | 494 | 167 | |||||
ComEd | 316 | 275 | |||||
PECO | 216 | 208 | |||||
BGE(a) | 148 | 142 | |||||
Pepco | 133 | 92 | |||||
DPL | 82 | 39 | |||||
ACE | 53 | 24 |
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||
PHI | $ | 267 | $ | 174 | $ | — |
Company | Type | Interest Rate | Maturity | Amount | |||||||||||||||||||||||||
Exelon | SMBC Term Loan Agreement | SOFR plus 0.65% | July 21, 2023 | $ | 300 | ||||||||||||||||||||||||
Exelon | US Bank Term Loan Agreement | SOFR plus 0.65% | July 21, 2023 | 300 | |||||||||||||||||||||||||
Exelon | PNC Term Loan Agreement | SOFR plus 0.65% | July 24, 2023 | 250 | |||||||||||||||||||||||||
Exelon | Long-Term Software License Agreement | 3.70 | % | August 9, 2025 | 6 | ||||||||||||||||||||||||
Exelon | Long-Term Software License Agreement | 3.95 | % | May 1, 2024 | 2 | ||||||||||||||||||||||||
Exelon | Long-Term Software License Agreement | 3.70 | % | August 9, 2025 | 1 | ||||||||||||||||||||||||
PECO | Loan Agreement | 2.00 | % | June 20, 2023 | 50 | ||||||||||||||||||||||||
BGE | Notes | 3.35 | % | July 1, 2023 | 300 | ||||||||||||||||||||||||
Period | Declaration Date | Shareholder of Record Date | Dividend Payable Date | Cash per Share(a) | ||||||
First Quarter 2017 | January 31, 2017 | February 15, 2017 | March 10, 2017 | $ | 0.3275 | |||||
Second Quarter 2017 | April 25, 2017 | May 15, 2017 | June 9, 2017 | $ | 0.3275 | |||||
Third Quarter 2017 | July 25, 2017 | August 15, 2017 | September 8, 2017 | $ | 0.3275 | |||||
Fourth Quarter 2017 | September 25, 2017 | November 15, 2017 | December 8, 2017 | $ | 0.3275 |
Declaration Date | Shareholder of | Dividend Payable Date | Cash per Share(a) | |||||||||||||||||||||||
First Quarter 2023 | February 14, 2023 | February 27, 2023 | March 10, 2023 | $ | 0.3600 | |||||||||||||||||||||
Second Quarter 2023 | April 25, 2023 | May 15, 2023 | June | $ | 0.3600 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Exelon | $ | (559 | ) | $ | (1,271 | ) | |
Generation | (609 | ) | 43 | ||||
ComEd | — | (284 | ) | ||||
BGE | (45 | ) | (210 | ) | |||
Pepco | (23 | ) | (64 | ) | |||
DPL | 54 | (88 | ) | ||||
ACE | 65 | (5 | ) |
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||
PHI | $ | (404 | ) | $ | (820 | ) | $ | 379 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Generation | $ | 102 | $ | 142 | |||
ComEd (a)(b) | 567 | 188 | |||||
PECO (b) | 16 | 18 | |||||
BGE (b) | 77 | 28 | |||||
Pepco (c) | 161 | 187 | |||||
DPL (c) | — | 113 | |||||
ACE (c) | — | 139 |
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||
PHI (b) | $ | 758 | $ | 1,088 | $ | — |
Third Quarter 2023 | July 25, 2023 | August 15, 2023 | September 8, 2023 | $ | 0.3600 | |||||||||||||||||||||
Fourth Quarter 2023 | November 1, 2023 | November 15, 2023 | December 8, 2023 | $ | 0.3600 | |||||||||||||||||||||
PJM Credit Policy Collateral | Other Incremental Collateral Required(a) | Available Credit Facility Capacity Prior to Any Incremental Collateral | |||||||||||||||
ComEd | $ | 1 | $ | — | $ | 718 | |||||||||||
PECO | 1 | 20 | 600 | ||||||||||||||
BGE | 3 | 30 | 539 | ||||||||||||||
Pepco | 4 | — | 300 | ||||||||||||||
DPL | 4 | 9 | 300 | ||||||||||||||
ACE | 2 | — | 127 |
(In millions) | Transmission | Distribution | Gas | Total(a) | |||||||||||||||||||
Exelon | N/A | N/A | N/A | $ | 7,300 | ||||||||||||||||||
ComEd | 400 | 2,175 | N/A | 2,575 | |||||||||||||||||||
PECO | 175 | 925 | 325 | 1,425 | |||||||||||||||||||
BGE | 225 | 625 | 500 | 1,350 | |||||||||||||||||||
PHI | 550 | 1,275 | 100 | 1,925 | |||||||||||||||||||
Pepco | 250 | 675 | N/A | 925 | |||||||||||||||||||
DPL | 175 | 300 | 100 | 575 | |||||||||||||||||||
ACE | 125 | 300 | N/A | 425 |
PJM Credit Policy Collateral | Other Incremental Collateral Required (a) | Available Credit Facility Capacity Prior to Any Incremental Collateral | |||||||||
ComEd | $ | 18 | $ | — | $ | 998 | |||||
PECO | 3 | 20 | 599 | ||||||||
BGE | 3 | 28 | 600 | ||||||||
Pepco | 4 | — | 300 | ||||||||
DPL | 1 | 9 | 300 | ||||||||
ACE | — | — | 300 |
Commercial Paper Issuer | Maximum Program Size (a)(b) | Outstanding Commercial Paper at September 30, 2017 | Average Interest Rate on Commercial Paper Borrowings for the Nine Months Ended September 30, 2017 | ||||||||
Exelon Corporate | $ | 600 | $ | — | 1.16 | % | |||||
Generation | 5,300 | — | 1.20 | % | |||||||
ComEd | 1,000 | — | 1.24 | % | |||||||
PECO | 600 | — | 1.13 | % | |||||||
BGE | 600 | — | 1.15 | % | |||||||
Pepco | 500 | — | 1.04 | % | |||||||
DPL | 500 | 54 | 1.40 | % | |||||||
ACE | 350 | 65 | 1.36 | % |
Borrower | Facility Type | Aggregate Bank Commitment(a)(b)(c) | Facility Draws | Outstanding Letters of Credit | Available Capacity at September 30, 2017 | |||||||||||||||||
Actual | To Support Additional Commercial Paper(b)(d) | |||||||||||||||||||||
Exelon Corporate | Syndicated Revolver | $ | 600 | $ | — | $ | 45 | $ | 555 | $ | 555 | |||||||||||
Generation(e) | Syndicated Revolver | 5,300 | — | 887 | 4,413 | 4,413 | ||||||||||||||||
Generation | Bilaterals | 525 | 70 | 235 | 220 | — | ||||||||||||||||
ComEd | Syndicated Revolver | 1,000 | — | 2 | 998 | 998 | ||||||||||||||||
PECO | Syndicated Revolver | 600 | — | 1 | 599 | 599 | ||||||||||||||||
BGE | Syndicated Revolver | 600 | — | — | 600 | 600 | ||||||||||||||||
Pepco | Syndicated Revolver | 300 | — | — | 300 | 300 | ||||||||||||||||
DPL | Syndicated Revolver | 300 | — | — | 300 | 246 | ||||||||||||||||
ACE | Syndicated Revolver | 300 | — | — | 300 | 235 |
Exelon | Generation | ComEd | PECO | BGE | Pepco | DPL | ACE | |||||||||||
Prime based borrowings | 27.5 | 27.5 | 7.5 | 0.0 | 0.0 | 7.5 | 7.5 | 7.5 | ||||||||||
LIBOR-based borrowings | 127.5 | 127.5 | 107.5 | 90.0 | 100.0 | 107.5 | 107.5 | 107.5 |
Exelon | Generation | ComEd | PECO | BGE | Pepco | DPL | ACE | |||||||||||||
Interest coverage ratio | 6.27 | 9.02 | 10.83 | 8.26 | 10.66 | 6.83 | 8.78 | 6.03 |
During the Nine Months Ended September 30, 2023 | At September 30, 2023 | ||||||||||||||||||||||||||||||
Exelon Intercompany Money Pool | During the Three Months Ended September 30, 2017 | As of September 30, 2017 | Exelon Intercompany Money Pool | Maximum Contributed | Maximum Borrowed | Contributed (Borrowed) | |||||||||||||||||||||||||
Contributed (borrowed) | Maximum Contributed | Maximum Borrowed | Contributed (Borrowed) | ||||||||||||||||||||||||||||
Exelon Corporate | $ | 579 | n/a | $ | 280 | Exelon Corporate | $ | 510 | $ | — | $ | 178 | |||||||||||||||||||
Generation | — | (417 | ) | (146 | ) | ||||||||||||||||||||||||||
PECO | 97 | (10 | ) | 57 | PECO | 305 | (238) | 51 | |||||||||||||||||||||||
BSC | — | (369 | ) | (245 | ) | BSC | — | (350) | (212) | ||||||||||||||||||||||
PHI Corporate (a) | n/a | (33 | ) | (1 | ) | ||||||||||||||||||||||||||
PCI (a) | 54 | — | 54 | ||||||||||||||||||||||||||||
PHI Corporate | PHI Corporate | — | (62) | (62) | |||||||||||||||||||||||||||
PCI | PCI | 45 | — | 45 |
PHI Intercompany Money Pool | During the Three Months Ended September 30, 2017 | As of September 30, 2017 | ||||||||||
Contributed (borrowed) | Maximum Contributed | Maximum Borrowed | Contributed (Borrowed) | |||||||||
PHI Corporate | $ | 51 | $ | (1 | ) | $ | — | |||||
PHISCO | 24 | (25 | ) | — |
During the Nine Months Ended September 30, 2023 | At September 30, 2023 | |||||||||||||||||||
PHI Intercompany Money Pool | Maximum Contributed | Maximum Borrowed | (Borrowed) Contributed | |||||||||||||||||
Pepco | $ | 39 | $ | (55) | $ | 7 | ||||||||||||||
DPL | 111 | — | 10 | |||||||||||||||||
ACE | — | (95) | (17) |
At September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Short-term Financing Authority (e) | Remaining Long-term Financing Authority | |||||||||||||||||||||||||||||||||||||
Commission | Expiration Date | Amount | Commission | Expiration Date | Amount | |||||||||||||||||||||||||||||||||
ComEd(a) | FERC | December 31, 2023 | $ | 2,500 | ICC | January 1, 2025 | $ | 368 | ||||||||||||||||||||||||||||||
PECO | FERC | December 31, 2023 | 1,500 | PAPUC | December 31, 2024 | 550 | ||||||||||||||||||||||||||||||||
BGE(b) | FERC | December 31, 2023 | 700 | MDPSC | N/A | 1,100 | ||||||||||||||||||||||||||||||||
Pepco(c) | FERC | December 31, 2023 | 500 | MDPSC / DCPSC | December 31, 2025 | 1,050 | ||||||||||||||||||||||||||||||||
DPL(c) | FERC | December 31, 2023 | 500 | MDPSC / DEPSC | December 31, 2025 | 1,075 | ||||||||||||||||||||||||||||||||
ACE(d) | NJBPU | December 31, 2023 | 350 | NJBPU | December 31, 2024 | 625 |
Short-term Financing Authority(a)(b) | Long-term Financing Authority(c) | |||||||||||||||
Commission | Expiration Date | Amount (in millions) | Commission | Expiration Date | Amount (in millions) | |||||||||||
ComEd(d) | FERC | December 31, 2017 | $ | 2,500 | ICC | 2019 | $ | 1,383 | ||||||||
PECO | FERC | December 31, 2017 | 1,500 | PAPUC | December 31, 2018 | 1,275 | ||||||||||
BGE | FERC | December 31, 2017 | 700 | MDPSC | N/A | 700 | ||||||||||
Pepco | FERC | June 30, 2018 | 500 | MDPSC / DCPSC | September 25, 2017 | — | ||||||||||
DPL | FERC | June 30, 2018 | 500 | MDPSC / DPSC | December 31, 2017 | 125 | ||||||||||
ACE | NJPU | January 1, 2018 | 350 | NJBPU | December 31, 2017 | 300 |
Exelon | Generation | ComEd | PHI | DPL | |||||||||||||||
Total mark-to-market energy contract net assets (liabilities) at December 31, 2016(a) | $ | 719 | $ | 977 | $ | (258 | ) | $ | — | $ | — | ||||||||
Total change in fair value during 2017 of contracts recorded in results of operations | (13 | ) | (13 | ) | — | — | — | ||||||||||||
Reclassification to realized of contracts recorded in results of operations | (138 | ) | (138 | ) | — | — | — | ||||||||||||
Contracts received at acquisition date | — | — | — | — | — | ||||||||||||||
Changes in fair value — recorded through regulatory assets and liabilities(b) | (21 | ) | — | (19 | ) | (2 | ) | (2 | ) | ||||||||||
Changes in allocated collateral | 88 | 86 | — | 2 | 2 | ||||||||||||||
Changes in net option premium paid/(received) | (35 | ) | (35 | ) | — | — | — | ||||||||||||
Option premium amortization | (15 | ) | (15 | ) | — | — | — | ||||||||||||
Upfront payments and amortizations(c) | (54 | ) | (54 | ) | — | — | — | ||||||||||||
Total mark-to-market energy contract net assets (liabilities) at September 30, 2017(a) | $ | 531 | $ | 808 | $ | (277 | ) | $ | — | $ | — |
Maturities Within | Total Fair Value | ||||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | 2022 and Beyond | ||||||||||||||||||||||
Normal Operations, Commodity derivative contracts(a)(b): | |||||||||||||||||||||||||||
Actively quoted prices (Level 1) | $ | 27 | $ | 1 | $ | (29 | ) | $ | (13 | ) | $ | 2 | $ | (2 | ) | $ | (14 | ) | |||||||||
Prices provided by external sources (Level 2) | 112 | 109 | 7 | (6 | ) | 5 | — | 227 | |||||||||||||||||||
Prices based on model or other valuation methods (Level 3)(c) | 47 | 339 | 111 | 18 | (32 | ) | (165 | ) | 318 | ||||||||||||||||||
Total | $ | 186 | $ | 449 | $ | 89 | $ | (1 | ) | $ | (25 | ) | $ | (167 | ) | $ | 531 |
Maturities Within | Total Fair Value | ||||||||||||||||||||||||||||||||||||||||
Commodity derivative contracts(a): | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and Beyond | |||||||||||||||||||||||||||||||||||
Prices based on model or other valuation methods (Level 3) | $ | (10) | $ | (18) | $ | (17) | $ | (17) | $ | (17) | $ | (55) | $ | (134) |
(a)Represents ComEd's net liabilities associated |
Maturities Within | Total Fair Value | ||||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | 2022 and Beyond | ||||||||||||||||||||||
Normal Operations, Commodity derivative contracts(a)(b): | |||||||||||||||||||||||||||
Actively quoted prices (Level 1) | $ | 27 | $ | 1 | $ | (29 | ) | $ | (13 | ) | $ | 2 | $ | (2 | ) | $ | (14 | ) | |||||||||
Prices provided by external sources (Level 2) | 112 | 109 | 7 | (6 | ) | 5 | — | 227 | |||||||||||||||||||
Prices based on model or other valuation methods (Level 3) | 53 | 360 | 133 | 40 | (11 | ) | 20 | 595 | |||||||||||||||||||
Total | $ | 192 | $ | 470 | $ | 111 | $ | 21 | $ | (4 | ) | $ | 18 | $ | 808 |
Maturities Within | Total Fair Value | ||||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | 2022 and Beyond | ||||||||||||||||||||||
Commodity derivative contracts(a): | |||||||||||||||||||||||||||
Prices based on model or other valuation methods (Level 3) | $ | (6 | ) | $ | (21 | ) | $ | (22 | ) | $ | (22 | ) | $ | (21 | ) | $ | (185 | ) | $ | (277 | ) |
Rating as of September 30, 2017 | Total Exposure Before Credit Collateral | Credit Collateral(a) | Net Exposure | Number of Counterparties Greater than 10% of Net Exposure | Net Exposure of Counterparties Greater than 10% of Net Exposure | ||||||||||||||
Investment grade | $ | 828 | $ | 9 | $ | 819 | 1 | $ | 278 | ||||||||||
Non-investment grade | 44 | 4 | 40 | ||||||||||||||||
No external ratings | |||||||||||||||||||
Internally rated — investment grade | 316 | — | 316 | ||||||||||||||||
Internally rated — non-investment grade | 100 | 18 | 82 | ||||||||||||||||
Total | $ | 1,288 | $ | 31 | $ | 1,257 | 1 | $ | 278 |
Maturity of Credit Risk Exposure | |||||||||||||||
Rating as of September 30, 2017 | Less than 2 Years | 2-5 Years | Exposure Greater than 5 Years | Total Exposure Before Credit Collateral | |||||||||||
Investment grade | $ | 682 | $ | 139 | $ | 7 | $ | 828 | |||||||
Non-investment grade | 36 | 8 | — | 44 | |||||||||||
No external ratings | |||||||||||||||
Internally rated — investment grade | 249 | 35 | 32 | 316 | |||||||||||
Internally rated — non-investment grade | 87 | 13 | — | 100 | |||||||||||
Total | $ | 1,054 | $ | 195 | $ | 39 | $ | 1,288 |
Net Credit Exposure by Type of Counterparty | As of September 30, 2017 | ||
Financial institutions | $ | 48 | |
Investor-owned utilities, marketers, power producers | 538 | ||
Energy cooperatives and municipalities | 525 | ||
Other | 146 | ||
Total | $ | 1,257 |
Exhibit No. | Description | |||||
Commonwealth Edison Company | ||||||
Exhibit No. | Description | |||||
PECO Energy Company | ||||||
Exhibit No. | Description | |||||
Baltimore Gas and Electric Company | ||||||
Exhibit No. | Description | |||||
Pepco Holdings LLC | ||||||
Exhibit No. | Description | |||||
Potomac Electric Power Company | ||||||
Exhibit No. | Description | |||||
Delmarva Power & Light Company | ||||||
Exhibit No. | Description | |||||
Atlantic City Electric Company | ||||||
Exhibit No. | Description | |||||
Exelon Corporation | |||||
Exhibit No. | Description | ||||
Commonwealth Edison Company | |||||
Exhibit No. | Description | ||||
PECO Energy Company | |||||
Exhibit No. | Description | ||||
Baltimore Gas and Electric Company | |||||
Exhibit No. | Description | ||||
Pepco Holdings LLC | |||||
Exhibit No. | Description | ||||
Potomac Electric Power Company | |||||
Exhibit No. | Description | ||||
Delmarva Power & Light Company | |||||
Exhibit No. | Description | ||||
Atlantic City Electric Company | |||||
Exhibit No. | Description | ||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
/s/ | /s/ JEANNE M. | |||||||||
Jeanne M. | ||||||||||
President, (Principal Executive Officer) and Director | (Principal Financial Officer) | |||||||||
/s/ ROBERT A. KLECZYNSKI | ||||||||
Senior Vice President, Corporate Controller and | ||||||||
Tax (Principal Accounting Officer) |
/s/ GIL C. QUINIONES | /s/ JOSHUA S. LEVIN | |||||||
(Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ CICHOCKI | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ MICHAEL A. INNOCENZO | /s/ MARISSA HUMPHREY | |||||||
President, (Principal Executive Officer) and Director | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ CAROLINE FULGINITI | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ CARIM V. KHOUZAMI | /s/ VAHOS | |||||||
David M. Vahos | ||||||||
President, Chief Executive Officer (Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ JASON T. JONES | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ J. TYLER ANTHONY | /s/ PHILLIP S. BARNETT | |||||||
President, (Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ JULIE E. GIESE | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ J. TYLER ANTHONY | /s/ PHILLIP S. BARNETT | |||||||
J. Tyler Anthony | Phillip S. Barnett | |||||||
President, Chief Executive Officer (Principal Executive Officer) and Director | Senior Vice President, Chief Financial Officer, Treasurer (Principal Financial Officer) and Director | |||||||
/s/ JULIE E. GIESE | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ J. TYLER ANTHONY | /s/ PHILLIP S. BARNETT | |||||||
President, (Principal Executive Officer) and Director | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ JULIE E. GIESE | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ J. TYLER ANTHONY | /s/ PHILLIP S. BARNETT | |||||||
President, (Principal Executive Officer) and Director | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ JULIE E. GIESE | ||||||||
Director, Accounting (Principal Accounting Officer) |