Regulatory Matters (Tables)
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12 Months Ended |
Dec. 31, 2019 |
Dec. 31, 2018 |
| Regulated Operations [Abstract] |
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| Public Utilities Distribution Rate Cases [Table Text Block] |
Completed Distribution Base Rate Case Proceedings | | | | | | | | | | | | | | | | Registrant/Jurisdiction | Filing Date | Requested Revenue Requirement (Decrease) Increase | | Approved Revenue Requirement (Decrease) Increase | | Approved ROE | | Approval Date | Rate Effective Date | ComEd - Illinois (Electric)(a) | April 16, 2018 | $ | (23 | ) | | $ | (24 | ) | | 8.69 | % | | December 4, 2018 | January 1, 2019 | ComEd - Illinois (Electric)(a) | April 8, 2019 | (6 | ) | | (17 | ) | | 8.91 | % | | December 4, 2019 | January 1, 2020 | PECO - Pennsylvania (Electric) | March 29, 2018 | 82 |
| | 25 |
| | N/A |
| (b) | December 20, 2018 | January 1, 2019 | BGE - Maryland
(Natural Gas) | June 8, 2018 (amended October 12, 2018) | 61 |
| | 43 |
| | 9.8 | % | | January 4, 2019 | January 4, 2019 | BGE - Maryland (Electric) | May 24, 2019 (amended December 17, 2019) | 74 |
| | 18 |
| | 9.7 | % | (d) | December 17, 2019 | December 17, 2019 | BGE - Maryland (Natural Gas) | May 24, 2019 (amended December 17, 2019) | 59 |
| | 45 |
| | 9.75 | % | (d) | December 17, 2019 | December 17, 2019 | ACE - New Jersey (Electric) | August 21, 2018 (amended November 19, 2018) | 122 |
| (c) | 70 |
| (c) | 9.6 | % | | March 13, 2019 | April 1, 2019 | Pepco - Maryland (Electric) | January 15, 2019 (amended May 16, 2019) | 27 |
| | 10 |
| | 9.6 | % | | August 12, 2019 | August 13, 2019 |
__________ | | (a) | Pursuant to EIMA and FEJA, ComEd’s electric distribution rates are established through a performance-based formula, which sunsets at the end of 2022. ComEd is required to file an annual update to its electric distribution formula rate on or before May 1st, with resulting rates effective in January of the following year. ComEd’s annual electric distribution formula rate update is based on prior year actual costs and current year projected capital additions (initial year revenue requirement). The update also reconciles any differences between the revenue requirement in effect for the prior year and actual costs incurred from the year (annual reconciliation). |
ComEd’s 2018 approved revenue requirement above reflects a decrease of $58 million for the initial year revenue requirement for 2018 and an increase of $34 million related to the annual reconciliation for 2017. The revenue requirement for 2018 and the annual reconciliation for 2017 provides for a weighted average debt and equity return on distribution rate base of 6.52% inclusive of an allowed ROE of 8.69%, reflecting the average rate on 30-year treasury notes plus 580 basis points. ComEd’s 2019 approved revenue requirement above reflects an increase of $51 million for the initial year revenue requirement for 2019 and a decrease of $68 million related to the annual reconciliation for 2018. The revenue requirement for 2019 and the annual reconciliation for 2018 provides for a weighted average debt and equity return on distribution rate base of 6.51% inclusive of an allowed ROE of 8.91%, reflecting the average rate on 30-year treasury notes plus 580 basis points. See table below for ComEd's regulatory assets associated with its electric distribution formula rate.
During the first quarter of 2018, ComEd revised its electric distribution formula rate to implement revenue decoupling provisions provided for under FEJA. As a result of this revision, ComEd’s electric distribution formula rate revenues are not impacted by abnormal weather, usage per customer or numbers of customers. ComEd began reflecting the impacts of this change in its Operating revenues and electric distribution formula rate regulatory asset in the first quarter of 2017.
| | (b) | The PECO rate case proceeding was resolved through a settlement agreement, which did not specify an approved ROE. |
| | (c) | Requested and approved increases are before New Jersey sales and use tax. |
| | (d) | ROEs in approved settlement are for the purpose of calculating AFUDC and carrying charges. |
Pending Distribution Base Rate Case Proceedings | | | | | | | | | Registrant/Jurisdiction | Filing Date | Requested Revenue Requirement Increase | Requested ROE | Expected Approval Timing | Pepco - District of Columbia (Electric)(a) | May 30, 2019 (amended September 16, 2019) | $ | 160 |
| 10.3 | % | Fourth quarter of 2020 | DPL - Maryland (Electric) | December 5, 2019 | 19 |
| 10.3 | % | Third quarter of 2020 |
_________ (a) Reflects a three-year cumulative multi-year plan and total requested revenue requirement increases of $84 million, $40 million and $36 million for years 2020, 2021, and 2022, respectively, to recover capital investments made in 2018 and 2019 and planned capital investments from 2020 to 2022.
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| Public Utilities Transmission Rate Filings [Table Text Block] |
For 2019, the following total increases/(decreases) were included in ComEd’s, BGE’s, Pepco's, DPL's and ACE's electric transmission formula rate filings: | | | | | | | | | | | | | | | | Registrant | Initial Revenue Requirement Increase/(Decrease) | Annual Reconciliation (Decrease)/Increase | Total Revenue Requirement Increase/(Decrease) |
| Allowed Return on Rate Base(c) | Allowed ROE(d) | ComEd(a) | $ | 21 |
| $ | (16 | ) | $ | 5 |
|
| 8.21 | % | 11.50 | % | BGE(a) | (10 | ) | (23 | ) | (19 | ) | (b) | 7.35 | % | 10.50 | % | Pepco | 15 |
| 11 |
| 26 |
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| 7.75 | % | 10.50 | % | DPL | 17 |
| (1 | ) | 16 |
|
| 7.14 | % | 10.50 | % | ACE | 11 |
| (2 | ) | 9 |
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| 7.79 | % | 10.50 | % |
__________ | | (a) | The time period for any formal challenges to the annual transmission formula rate update filings expired with no formal challenges submitted |
| | (b) | The change in BGE's transmission revenue requirement includes a FERC approved dedicated facilities charge of $14 million to recover the costs of providing transmission service to specifically designated load by BGE. |
| | (c) | Represents the weighted average debt and equity return on transmission rate bases. |
(d) As part of the FERC-approved settlement of ComEd’s 2007 transmission rate case, the rate of return on common equity is 11.50%, inclusive of a 50-basis-point incentive adder for being a member of a RTO, and the common equity component of the ratio used to calculate the weighted average debt and equity return for the transmission formula rate is currently capped at 55%. As part of the FERC-approved settlement of the ROE complaint against BGE, Pepco, DPL and ACE, the rate of return on common equity is 10.50%, inclusive of a 50-basis-point incentive adder for being a member of a RTO.
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| Public Utilities Energy Efficiency Revenue [Table Text Block] |
During 2019, the ICC approved the following total increases in ComEd's requested energy efficiency revenue requirement: | | | | | | | | | | | | | Filing Date | Requested Revenue Requirement Increase | Approved Revenue Requirement Increase | | Approved ROE | Approval Date | Rate Effective Date | May 23, 2019 | $ | 51 |
| $ | 50 |
| (a) | 8.91 | % | November 26, 2019 | January 1, 2020 |
(a) ComEd’s 2020 approved revenue requirement above reflects an increase of $53 million for the initial year revenue requirement for 2020 and a decrease of $3 million related to the annual reconciliation for 2018. The revenue requirement for 2020 provides for a weighted average debt and equity return on the energy efficiency regulatory asset and rate base of 6.51% inclusive of an allowed ROE of 8.91%, reflecting the average rate on 30-year treasury notes plus 580 basis points. See table below for ComEd's regulatory assets associated with its energy efficiency formula rate.
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| Public Utilities Transmission Rate Order [Table Text Block] |
The Utility Registrants recorded the following payables to/receivables from PJM and related regulatory assets/liabilities in 2018 and have been refunding or recovering these amounts through electric distribution customer rates. Generation recorded a $41 million net payable to PJM and a pre-tax charge within Purchased power and fuel expense in Exelon's and Generation's Consolidated Statements of Operations and Comprehensive Income. | | | | | | | | | | | | | | | PJM Receivable | PJM Payable | Regulatory Asset | Regulatory Liability | Exelon | $ | 220 |
| $ | 176 |
| $ | 136 |
| $ | 221 |
| Generation(a) | — |
| 41 |
| — |
| — |
| ComEd | 122 |
| — |
| — |
| 122 |
| PECO | 85 |
| — |
| — |
| 85 |
| BGE | — |
| 51 |
| 51 |
| — |
| PHI | 13 |
| 84 |
| 85 |
| 14 |
| Pepco | — |
| 84 |
| 84 |
| — |
| DPL | 10 |
| — |
| — |
| 10 |
| ACE | 3 |
| — |
| 1 |
| 4 |
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__________ (a) Does not include an offsetting receivable from New Jersey Utilities of $16 million as of December 31, 2018.
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| Schedule of Regulatory Assets |
The following tables provide information about the regulatory assets and liabilities of Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL and ACE as of December 31, 2019 and December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | Exelon | | ComEd | | PECO | | BGE | | PHI | | Pepco | | DPL | | ACE | Regulatory assets | | | | | | | | | | | | | | | | Pension and other postretirement benefits | $ | 2,784 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Pension and other postretirement benefits - Merger related | 1,138 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Deferred income taxes | 528 |
| | — |
| | 518 |
| | — |
| | 10 |
| | 10 |
| | — |
| | — |
| AMI programs - Deployment costs | 207 |
| | — |
| | — |
| | 129 |
| | 78 |
| | 43 |
| | 35 |
| | — |
| AMI programs - Legacy Meters | 276 |
| | 113 |
| | 12 |
| | 45 |
| | 106 |
| | 79 |
| | 27 |
| | — |
| Electric distribution formula rate annual reconciliations | 34 |
| | 34 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Electric distribution formula rate significant one-time events | 66 |
| | 66 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Energy efficiency costs | 746 |
| | 746 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Fair value of long-term debt | 650 |
| | — |
| | — |
| | — |
| | 523 |
| | — |
| | — |
| | — |
| Fair value of PHI's unamortized energy contracts | 443 |
| | — |
| | — |
| | — |
| | 443 |
| | — |
| | — |
| | — |
| Asset retirement obligations | 127 |
| | 85 |
| | 23 |
| | 16 |
| | 3 |
| | 2 |
| | — |
| | 1 |
| MGP remediation costs | 302 |
| | 287 |
| | 11 |
| | 4 |
| | — |
| | — |
| | — |
| | — |
| Renewable energy | 301 |
| | 301 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Electric Energy and Natural Gas Costs | 110 |
| | — |
| | 6 |
| | 36 |
| | 68 |
| | 43 |
| | 5 |
| | 20 |
| Transmission formula rate annual reconciliations | 11 |
| | — |
| | — |
| | 1 |
| | 10 |
| | 1 |
| | 2 |
| | 7 |
| Energy efficiency and demand response programs | 572 |
| | — |
| | — |
| | 303 |
| | 269 |
| | 196 |
| | 73 |
| | — |
| Merger integration costs | 32 |
| | — |
| | — |
| | 2 |
| | 30 |
| | 15 |
| | 8 |
| | 7 |
| Under-recovered revenue decoupling | 37 |
| | — |
| | — |
| | 8 |
| | 29 |
| | 29 |
| | — |
| | — |
| Securitized stranded costs | 37 |
| | — |
| | — |
| | — |
| | 37 |
| | — |
| | — |
| | 37 |
| Removal costs | 641 |
| | — |
| | — |
| | 67 |
| | 574 |
| | 152 |
| | 100 |
| | 324 |
| DC PLUG charge | 126 |
| | — |
| | — |
| | — |
| | 126 |
| | 126 |
| | — |
| | — |
| Other | 337 |
| | 129 |
| | 25 |
| | 26 |
| | 167 |
| | 76 |
| | 24 |
| | 29 |
| Total regulatory assets | 9,505 |
| | 1,761 |
| | 595 |
| | 637 |
| | 2,473 |
| | 772 |
| | 274 |
| | 425 |
| Less: current portion | 1,170 |
| | 281 |
| | 41 |
| | 183 |
| | 412 |
| | 188 |
| | 52 |
| | 57 |
| Total noncurrent regulatory assets | $ | 8,335 |
| | $ | 1,480 |
| | $ | 554 |
| | $ | 454 |
| | $ | 2,061 |
| | $ | 584 |
| | $ | 222 |
| | $ | 368 |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2018 | Exelon | | ComEd | | PECO | | BGE | | PHI | | Pepco | | DPL | | ACE | Regulatory assets | | | | | | | | | | | | | | | | Pension and other postretirement benefits | $ | 2,553 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Pension and other postretirement benefits - Merger related | 1,266 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Deferred income taxes | 414 |
| | — |
| | 404 |
| | — |
| | 10 |
| | 10 |
| | — |
| | — |
| AMI programs - Deployment costs | 234 |
| | — |
| | — |
| | 145 |
| | 89 |
| | 50 |
| | 39 |
| | — |
| AMI programs - Legacy Meters | 328 |
| | 136 |
| | 24 |
| | 48 |
| | 120 |
| | 90 |
| | 30 |
| | — |
| Electric distribution formula rate annual reconciliations | 158 |
| | 158 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Electric distribution formula rate significant one-time events | 81 |
| | 81 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Energy efficiency costs | 472 |
| | 472 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Fair value of long-term debt | 702 |
| | — |
| | — |
| | — |
| | 569 |
| | — |
| | — |
| | — |
| Fair value of PHI's unamortized energy contracts | 561 |
| | — |
| | — |
| | — |
| | 561 |
| | — |
| | — |
| | — |
| Asset retirement obligations | 118 |
| | 79 |
| | 22 |
| | 16 |
| | 1 |
| | 1 |
| | — |
| | — |
| MGP remediation costs | 326 |
| | 309 |
| | 17 |
| | — |
| | — |
| | — |
| | — |
| | — |
| Renewable energy | 249 |
| | 249 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Electric Energy and Natural Gas Costs | 193 |
| | — |
| | 49 |
| | 51 |
| | 93 |
| | 84 |
| | — |
| | 9 |
| Transmission formula rate annual reconciliations | 41 |
| | 6 |
| | — |
| | 4 |
| | 31 |
| | 10 |
| | 14 |
| | 7 |
| Energy efficiency and demand response programs | 545 |
| | — |
| | 1 |
| | 289 |
| | 255 |
| | 188 |
| | 67 |
| | — |
| Merger integration costs | 42 |
| | — |
| | — |
| | 3 |
| | 39 |
| | 18 |
| | 11 |
| | 10 |
| Under-recovered revenue decoupling | 27 |
| | — |
| | — |
| | 2 |
| | 25 |
| | 25 |
| | — |
| | — |
| Securitized stranded costs | 50 |
| | — |
| | — |
| | — |
| | 50 |
| | — |
| | — |
| | 50 |
| Removal costs | 564 |
| | — |
| | — |
| | — |
| | 564 |
| | 158 |
| | 97 |
| | 309 |
| DC PLUG charge | 159 |
| | — |
| | — |
| | — |
| | 159 |
| | 159 |
| | — |
| | — |
| Deferred storm costs | 41 |
| | — |
| | — |
| | — |
| | 41 |
| | 9 |
| | 4 |
| | 28 |
| Other | 303 |
| | 110 |
| | 24 |
| | 17 |
| | 162 |
| | 79 |
| | 28 |
| | 13 |
| Total regulatory assets | 9,427 |
| | 1,600 |
| | 541 |
| | 575 |
|
| 2,769 |
| | 881 |
| | 290 |
| | 426 |
| Less: current portion | 1,190 |
| | 293 |
| | 81 |
| | 177 |
| | 457 |
| | 238 |
| | 59 |
| | 40 |
| Total noncurrent regulatory assets | $ | 8,237 |
| | $ | 1,307 |
| | $ | 460 |
| | $ | 398 |
|
| $ | 2,312 |
| | $ | 643 |
| | $ | 231 |
| | $ | 386 |
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| Schedule of Regulatory Liabilities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | Exelon | | ComEd | | PECO | | BGE | | PHI | | Pepco | | DPL | | ACE | Regulatory liabilities | | | | | | | | | | | | | | | | Deferred income taxes | $ | 4,944 |
| | $ | 2,297 |
| | $ | — |
| | $ | 1,089 |
| | $ | 1,558 |
| | $ | 725 |
| | $ | 477 |
| | $ | 356 |
| Nuclear decommissioning | 3,102 |
| | 2,622 |
| | 480 |
| | — |
| | — |
| | — |
| | — |
| | — |
| Removal costs | 1,621 |
| | 1,435 |
| | — |
| | 58 |
| | 128 |
| | 20 |
| | 108 |
| | — |
| Electric Energy and Natural Gas Costs | 109 |
| | 45 |
| | 56 |
| | — |
| | 8 |
| | — |
| | 8 |
| | — |
| Transmission formula rate annual reconciliations | 34 |
| | 6 |
| | 28 |
| | — |
| | — |
| | — |
| | — |
| | — |
| Other | 582 |
| | 337 |
| | 37 |
| | 81 |
| | 83 |
| | 9 |
| | 18 |
| | 26 |
| Total regulatory liabilities | 10,392 |
| | 6,742 |
| | 601 |
| | 1,228 |
|
| 1,777 |
| | 754 |
| | 611 |
| | 382 |
| Less: current portion | 406 |
| | 200 |
| | 91 |
| | 33 |
| | 70 |
| | 8 |
| | 37 |
| | 25 |
| Total noncurrent regulatory liabilities | $ | 9,986 |
| | $ | 6,542 |
| | $ | 510 |
| | $ | 1,195 |
|
| $ | 1,707 |
| | $ | 746 |
| | $ | 574 |
| | $ | 357 |
|
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2018 | Exelon | | ComEd | | PECO | | BGE | | PHI | | Pepco | | DPL | | ACE | Regulatory liabilities | | | | | | | | | | | | | | | | Deferred income taxes | $ | 5,228 |
| | $ | 2,394 |
| | $ | — |
| | $ | 1,132 |
| | $ | 1,702 |
| | $ | 798 |
| | $ | 510 |
| | $ | 394 |
| Nuclear decommissioning | 2,606 |
| | 2,217 |
| | 389 |
| | — |
| | — |
| | — |
| | — |
| | — |
| Removal costs | 1,547 |
| | 1,368 |
| | — |
| | 52 |
| | 127 |
| | 20 |
| | 107 |
| | — |
| Electric Energy and Natural Gas Costs | 294 |
| | 137 |
| | 132 |
| | 6 |
| | 19 |
| | — |
| | 18 |
| | 1 |
| Other | 528 |
| | 227 |
| | 75 |
| | 79 |
| | 100 |
| | 11 |
| | 30 |
| | 25 |
| Total regulatory liabilities | 10,203 |
| | 6,343 |
| | 596 |
| — |
| 1,269 |
|
| 1,948 |
| | 829 |
| | 665 |
| | 420 |
| Less: current portion | 644 |
| | 293 |
| | 175 |
| | 77 |
| | 84 |
| | 7 |
| | 59 |
| | 18 |
| Total noncurrent regulatory liabilities | $ | 9,559 |
| | $ | 6,050 |
| | $ | 421 |
| | $ | 1,192 |
|
| $ | 1,864 |
| | $ | 822 |
| | $ | 606 |
| | $ | 402 |
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| Public Utilities General Disclosures [Table Text Block] |
The following table presents authorized amounts capitalized for ratemaking purposes related to earnings on shareholders’ investment that are not recognized for financial reporting purposes in Exelon's and the Utility Registrant's Consolidated Balance Sheets. These amounts will be recognized as revenues in the related Consolidated Statements of Operations and Comprehensive Income in the periods they are billable to our customers. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Exelon | | ComEd(a) | | PECO | | BGE(b) | | PHI | | Pepco(c) | | DPL(c) | | ACE | December 31, 2019 | $ | 63 |
| | $ | 3 |
| | $ | — |
| | $ | 53 |
| | $ | 7 |
| | $ | 4 |
| | $ | 3 |
| | $ | — |
| | | | | | | | | | | | | | | | | December 31, 2018 | $ | 65 |
| | $ | 8 |
| | $ | — |
| | $ | 49 |
| | $ | 8 |
| | $ | 5 |
| | $ | 3 |
| | $ | — |
|
__________ | | (a) | Reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution formula rate regulatory assets. |
| | (b) | BGE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholders' investment on its AMI programs. |
(c) Pepco's and DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholders' investment on their respective AMI Programs and Energy Efficiency and Demand Response Programs. The earnings on energy efficiency are on Pepco DC and DPL DE programs only.
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