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Related Party Transactions (All Registrants)

3 Months Ended

Mar. 31, 2020

Operating revenues from affiliates

Generation

The following table presents Generation’s Operating revenues from affiliates, which are primarily recorded as Purchased power from affiliates and an immaterial amount recorded as Operating and maintenance expense from affiliates at the Utility Registrants:



	Three Months Ended March 31,
	2020		2019
Operating revenues from affiliates:
ComEd ^(a)(b)	$	90	$	94
PECO ^(c)	37		45
BGE ^(d)	99		76
PHI	103		101
Pepco ^(e)	79		70
DPL ^(f)	22		23
ACE^(g)	2		8
Other	1		1
Total operating revenues from affiliates (Generation)	$	330	$	317

__________


(a)	Generation has an ICC-approved RFP contract with ComEd to provide a portion of ComEd’s electricity supply requirements. Generation also sells RECs and ZECs to ComEd.

(b)

For the three months ended March 31, 2020, ComEd’s Purchased power from Generation of $97 million is recorded as Operating revenues from ComEd of $90 million and Purchased power and fuel from ComEd of $7 million at Generation. For the three months ended March 31, 2019, ComEd’s Purchased power from Generation of $97 million is recorded as Operating revenues from ComEd of $94 million and Purchased power and fuel from ComEd of $3 million at Generation.


(c)	Generation provides electric supply to PECO under contracts executed through PECO’s competitive procurement process. In addition, Generation has a ten-year agreement with PECO to sell solar AECs.


(d)	Generation provides a portion of BGE’s energy requirements under its MDPSC-approved market-based SOS and gas commodity programs.


(e)	Generation provides electric supply to Pepco under contracts executed through Pepco's competitive procurement process approved by the MDPSC and DCPSC.


(f)	Generation provides a portion of DPL's energy requirements under its MDPSC and DPSC approved market based SOS and gas commodity programs.


(g)	Generation provides electric supply to ACE under contracts executed through ACE's competitive procurement process.

PHI

PHI’s Operating revenues from affiliates are primarily with BSC for services that PHISCO provides to BSC.

Operating and maintenance expense from affiliates

The Registrants receive a variety of corporate support services from BSC. Pepco, DPL and ACE also receive corporate support services from PHISCO. See Note 1 - Significant Accounting Policies for additional information regarding BSC and PHISCO.

The following table presents the service company costs allocated to the Registrants:



	Operating and maintenance from affiliates				Capitalized costs
	Three Months Ended March 31,				Three Months Ended March 31,
	2020		2019		2020		2019
Exelon
BSC					$	113	$	99
PHISCO					14		22
Generation
BSC	$	140	$	149	11		11
ComEd
BSC	72		62		42		25
PECO
BSC	37		37		16		22
BGE
BSC	41		38		28		21
PHI
BSC	37		32		16		19
PHISCO	—		—		14		22
Pepco
BSC	21		21		6		8
PHISCO	30		33		6		9
DPL
BSC	13		13		5		5
PHISCO	24		26		4		7
ACE
BSC	11		11		4		4
PHISCO	22		23		4		6

Current Receivables from/Payables to affiliates

The following tables present current receivables from affiliates and current payables to affiliates:

March 31, 2020



	Receivables from affiliates:
Payables to affiliates:	Generation			Comed		PECO		BGE		DPL		ACE		BSC		PHISCO		Other		Total
Generation				$	17	$	—	$	—	$	1	$	—	$	67	$	—	$	43	$	128
ComEd	$	69	(a)			—		—		—		—		42		—		3		114
PECO	25			—				—		—		—		19		—		7		51
BGE	22			—		—				—		—		27		—		3		52
PHI	—			—		—		—		—		—		3		—		10		13
Pepco	29			—		—		1		—		—		11		12		2		55
DPL	1			—		—		—				3		7		9		1		21
ACE	12			—		—		—		—				5		9		1		27
Other	9			1		—		—		—		1		—		—				11
Total	$	167		$	18	$	—	$	1	$	1	$	4	$	181	$	30	$	70	$	472

December 31, 2019



	Receivables from affiliates:
Payables to affiliates:	Generation			Comed		PECO		BGE		DPL		ACE		BSC		PHISCO		Other		Total
Generation				$	27	$	—	$	—	$	—	$	—	$	67	$	—	$	23	$	117
ComEd	$	78	(a)			—		—		—		—		54		—		8		140
PECO	27			—				—		—		—		25		—		3		55
BGE	28			—		—				—		—		34		—		4		66
PHI	—			—		—		—		—		—		4		—		10		14
Pepco	34			—		—		—		—		—		16		15		1		66
DPL	7			—		—		—				3		10		11		1		32
ACE	7			—		—		—		—				7		10		1		25
Other	9			1		1		1		—		1		—		—				13
Total	$	190		$	28	$	1	$	1	$	—	$	4	$	217	$	36	$	51	$	528

__________

(a)

At March 31, 2020 and December 31, 2019, Generation also had a contract liability with ComEd for $27 million and $37 million, respectively, that was included in Other liabilities on Generation’s Consolidated Balance Sheets. At March 31, 2020 and December 31, 2019, ComEd had a Current Payable to Generation of $42 million and $41 million, respectively, on its Consolidated Balance Sheets, which consisted of Generation’s Current Receivable from ComEd, partially offset by Generation’s contract liability with ComEd.

Borrowings from Exelon/PHI intercompany money pool

To provide an additional short-term borrowing option that will generally be more favorable to the borrowing participants than the cost of external financing both Exelon and PHI operate an intercompany money pool. Generation, ComEd, PECO, and PHI Corporate participate in the Exelon money pool. Pepco, DPL and ACE participate in the PHI intercompany money pool.

Noncurrent Receivables from/Payables to affiliates

Generation has long-term payables to ComEd and PECO as a result of the nuclear decommissioning contractual construct whereby, to the extent NDT funds are greater than the underlying ARO at the end of decommissioning, such amounts are due back to ComEd and PECO, as applicable, for payment to their respective customers. See Note 9 — Asset Retirement Obligations of the Exelon 2019 Form 10-K for additional information.

The following table presents noncurrent receivables from affiliates at ComEd and PECO which are recorded as noncurrent payables to affiliates at Generation:



	March 31, 2020		December 31, 2019
ComEd	$	2,040	$	2,622
PECO	261		480
Other	1		1
Total:	$	2,302	$	3,103

Long-term debt to financing trusts

The following table presents Long-term debt to financing trusts:



	March 31, 2020						December 31, 2019
	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

Long-term debt to affiliates

In connection with the debt obligations assumed by Exelon as part of the Constellation merger, Exelon and subsidiaries of Generation (former Constellation subsidiaries) assumed intercompany loan agreements that mirror the terms and amounts of the third-party debt obligations of Exelon, resulting in intercompany notes payable included in Long-term debt to affiliates in Generation’s Consolidated Balance Sheets and intercompany notes receivable at Exelon Corporate.