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Segment Information (All Registrants)

9 Months Ended

Sep. 30, 2019

Operating segments for each of the Registrants are determined based on information used by the CODM in deciding how to evaluate performance and allocate resources at each of the Registrants.

Exelon has eleven reportable segments, which include Generation's five reportable segments consisting of the Mid-Atlantic, Midwest, New York, ERCOT and all other power regions referred to collectively as “Other Power Regions” and ComEd, PECO, BGE, and PHI's three reportable segments consisting of Pepco, DPL and ACE. ComEd, PECO, BGE, Pepco, DPL and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Registrants. Exelon, ComEd, PECO, BGE, Pepco, DPL and ACE's CODMs evaluate the performance of and allocate resources to ComEd, PECO, BGE, Pepco, DPL and ACE based on net income.

The basis for Generation's reportable segments is the integrated management of its electricity business that is located in different geographic regions, and largely representative of the footprints of ISO/RTO and/or NERC regions, which utilize multiple supply sources to provide electricity through various distribution channels (wholesale and retail). Generation's hedging strategies and risk metrics are also aligned to these same geographic regions. Descriptions of each of Generation’s five reportable segments are as follows:


•	Mid-Atlantic represents operations in the eastern half of PJM, which includes New Jersey, Maryland, Virginia, West Virginia, Delaware, the District of Columbia and parts of Pennsylvania and North Carolina.


•	Midwest represents operations in the western half of PJM and the United States footprint of MISO, excluding MISO’s Southern Region.


•	New York represents operations within ISO-NY.


•	ERCOT represents operations within Electric Reliability Council of Texas.


•	Other Power Regions:


•	New England represents the operations within ISO-NE.


•	South represents operations in the FRCC, MISO’s Southern Region, and the remaining portions of the SERC not included within MISO or PJM.


•	West represents operations in the WECC, which includes California ISO.


•	Canada represents operations across the entire country of Canada and includes AESO, OIESO and the Canadian portion of MISO.

The CODMs for Exelon and Generation evaluate the performance of Generation’s electric business activities and allocate resources based on RNF. Generation believes that RNF is a useful measurement of operational performance. RNF is not a presentation defined under GAAP and may not be comparable to other companies’

presentations or deemed more useful than the GAAP information provided elsewhere in this report. Generation’s operating revenues include all sales to third parties and affiliated sales to the Utility Registrants. Purchased power costs include all costs associated with the procurement and supply of electricity including capacity, energy and ancillary services. Fuel expense includes the fuel costs for Generation’s owned generation and fuel costs associated with tolling agreements. The results of Generation's other business activities are not regularly reviewed by the CODM and are therefore not classified as operating segments or included in the regional reportable segment amounts. These activities include natural gas, as well as other miscellaneous business activities that are not significant to Generation's overall operating revenues or results of operations. Further, Generation’s unrealized mark-to-market gains and losses on economic hedging activities and its amortization of certain intangible assets and liabilities relating to commodity contracts recorded at fair value from mergers and acquisitions are also excluded from the regional reportable segment amounts. Exelon and Generation do not use a measure of total assets in making decisions regarding allocating resources to or assessing the performance of these reportable segments.

During the first quarter of 2019, due to a change in economics in our New England region, Generation changed the way that information is reviewed by the CODM. The New England region is no longer regularly reviewed as a separate region by the CODM nor is it presented separately in any external information presented to third parties. Information for the New England region is reviewed by the CODM as part of Other Power Regions. Exelon and Generation retrospectively applied this change.

An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three and nine months ended September 30, 2019 and 2018 is as follows:

Three Months Ended September 30, 2019 and 2018



	Generation^(a)		ComEd		PECO		BGE		PHI		Other^(b)		Intersegment Eliminations			Exelon
Operating revenues^(c):
2019
Competitive businesses electric revenues	$	4,314	$	—	$	—	$	—	$	—	$	—	$	(275	)	$	4,039
Competitive businesses natural gas revenues	265		—		—		—		—		—		1			266
Competitive businesses other revenues	195		—		—		—		—		—		(1		)	194
Rate-regulated electric revenues	—		1,583		716		619		1,357		—		(7		)	4,268
Rate-regulated natural gas revenues	—		—		62		84		20		—		(3		)	163
Shared service and other revenues	—		—		—		—		3		474		(478		)	(1		)
Total operating revenues	$	4,774	$	1,583	$	778	$	703	$	1,380	$	474	$	(763	)	$	8,929



	Generation^(a)		ComEd		PECO			BGE		PHI		Other^(b)			Intersegment Eliminations			Exelon
2018
Competitive businesses electric revenues	$	4,741	$	—	$	—		$	—	$	—	$	—		$	(306	)	$	4,435
Competitive businesses natural gas revenues	397		—		—			—		—		—			—			397
Competitive businesses other revenues	140		—		—			—		—		—			(1		)	139
Rate-regulated electric revenues	—		1,598		700			645		1,334		—			(7		)	4,270
Rate-regulated natural gas revenues	—		—		57			86		24		—			(5		)	162
Shared service and other revenues	—		—		—			—		3		458			(461		)	—
Total operating revenues	$	5,278	$	1,598	$	757		$	731	$	1,361	$	458		$	(780	)	$	9,403
Intersegment revenues^(d):
2019	$	275	$	4	$	1		$	6	$	4	$	474		$	(764	)	$	—
2018	308		4		2			6		3		456			(779		)	—
Depreciation and amortization:
2019	$	407	$	259	$	83		$	116	$	193	$	25		$	—		$	1,083
2018	468		237		75			110		192		23			—			1,105
Operating expenses:
2019	$	4,274	$	1,256	$	595		$	612	$	1,124	$	457		$	(759	)	$	7,559
2018	4,961		1,275		603			628		1,116		459			(790		)	8,252
Interest expense, net:
2019	$	109	$	91	$	33		$	31	$	66	$	79		$	—		$	409
2018	101		85		32			27		65		83			—			393
Income (loss) before income taxes:
2019	$	501	$	245	$	154		$	67	$	203	$	(68	)	$	—		$	1,102
2018	389		245		124			81		191		(83		)	—			947
Income Taxes:
2019	$	87	$	45	$	14		$	12	$	14	$	—		$	—		$	172
2018	78		52		(2		)	18		4		(13		)	—			137
Net income (loss):
2019	$	244	$	200	$	140		$	55	$	189	$	(68	)	$	—		$	760
2018	300		193		126			63		187		(69		)	—			800
Capital Expenditures
2019	$	392	$	452	$	228		$	300	$	308	$	7		$	—		$	1,687
2018	362		514		204			233		359		18			—			1,690

__________

(a)

Intersegment revenues for Generation in 2019 include revenue from sales to PECO of $43 million, sales to BGE of $65 million, sales to Pepco of $65 million, sales to DPL of $14 million and sales to ACE of $3 million in the Mid-Atlantic region, and sales to ComEd of $83 million in the Midwest region, which eliminate upon consolidation. Intersegment revenues for Generation in 2018 include revenue from sales to PECO of $35 million, sales to BGE of $69 million, sales to Pepco of $46 million, sales to DPL of $26 million and sales to ACE of $10 million in the Mid-Atlantic region, and sales to ComEd of $122 million in the Midwest region, which eliminate upon consolidation.


(b)	Other primarily includes Exelon’s corporate operations, shared service entities and other financing and investment activities.


(c)	Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 17 — Supplemental Financial Information for additional information on total utility taxes.

(d)

Intersegment revenues exclude sales to unconsolidated affiliates. The intersegment profit associated with Generation’s sale of certain products and services by and between Exelon’s segments is not eliminated in consolidation due to the recognition of intersegment profit in accordance with regulatory accounting guidance. For Exelon, these amounts are included in Operating revenues in the Consolidated Statements of Operations and Comprehensive Income.

PHI:



	Pepco			DPL		ACE		Other^(b)			Intersegment Eliminations			PHI
Operating revenues^(a):
2019
Rate-regulated electric revenues	$	642		$	299	$	419	$	—		$	(3	)	$	1,357
Rate-regulated natural gas revenues	—			20		—		—			—			20
Shared service and other revenues	—			—		—		92			(89		)	3
Total operating revenues	$	642		$	319	$	419	$	92		$	(92	)	$	1,380
2018
Rate-regulated electric revenues	$	628		$	304	$	406	$	—		$	(4	)	$	1,334
Rate-regulated natural gas revenues	—			24		—		—			—			24
Shared service and other revenues	—			—		—		103			(100		)	3
Total operating revenues	$	628		$	328	$	406	$	103		$	(104	)	$	1,361
Intersegment revenues:
2019	$	2		$	1	$	1	$	93		$	(93	)	$	4
2018	2			2		1		103			(105		)	3
Depreciation and amortization:
2019	$	95		$	46	$	43	$	9		$	—		$	193
2018	99			47		38		8			—			192
Operating expenses:
2019	$	515		$	268	$	340	$	95		$	(94	)	$	1,124
2018	516			277		322		105			(104		)	1,116
Interest expense, net:
2019	$	33		$	15	$	15	$	3		$	—		$	66
2018	32			15		16		2			—			65
Income (loss) before income taxes:
2019	$	103		$	38	$	65	$	192		$	(195	)	$	203
2018	87			38		69		179			(182		)	191
Income Taxes:
2019	$	5		$	5	$	2	$	3		$	(1	)	$	14
2018	(2		)	5		8		(8		)	1			4
Net income (loss):
2019	$	98		$	33	$	63	$	(9	)	$	4		$	189
2018	89			33		61		1			3			187
Capital Expenditures
2019	$	157		$	85	$	73	$	(7	)	$	—		$	308
2018	188			88		77		6			—			359

__________


(a)	Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 17 — Supplemental Financial Information for additional information on total utility taxes.


(b)	Other primarily includes PHI’s corporate operations, shared service entities and other financing and investment activities.

The following tables disaggregate the Registrants' revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For Generation, the disaggregation of revenues reflects Generation’s two primary products of power sales and natural gas sales, with further disaggregation of power sales provided by geographic region. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of rate-regulated electric sales and rate-regulated natural gas sales (where applicable), with further disaggregation of these tariff sales provided

by major customer groups. Exelon’s disaggregated revenues are consistent with Generation and the Utility Registrants, but exclude any intercompany revenues.

Competitive Business Revenues (Generation):



	Three Months Ended September 30, 2019
	Revenues from external customers^(a)						Intersegment revenues			Total Revenues
	Contracts with customers		Other^(b)		Total		Intersegment revenues			Total Revenues
Mid-Atlantic	$	1,351	$	10	$	1,361	$	3		$	1,364
Midwest	1,052		47		1,099		(17		)	1,082
New York	414		15		429		—			429
ERCOT	288		72		360		5			365
Other Power Regions	873		192		1,065		(25		)	1,040
Total Competitive Businesses Electric Revenues	3,978		336		4,314		(34		)	4,280
Competitive Businesses Natural Gas Revenues	160		105		265		34			299
Competitive Businesses Other Revenues^(c)	112		83		195		—			195
Total Generation Consolidated Operating Revenues	$	4,250	$	524	$	4,774	$	—		$	4,774



	Three Months Ended September 30, 2018
	Revenues from external customers^(a)							Intersegment revenues			Total Revenues
	Contracts with customers		Other^(b)			Total		Intersegment revenues			Total Revenues
Mid-Atlantic	$	1,397	$	52		$	1,449	$	7		$	1,456
Midwest	1,095		26			1,121		(4		)	1,117
New York	475		(6		)	469		—			469
ERCOT	156		289			445		(1		)	444
Other Power Regions	959		298			1,257		(45		)	1,212
Total Competitive Businesses Electric Revenues	4,082		659			4,741		(43		)	4,698
Competitive Businesses Natural Gas Revenues	200		197			397		43			440
Competitive Businesses Other Revenues^(c)	130		10			140		—			140
Total Generation Consolidated Operating Revenues	$	4,412	$	866		$	5,278	$	—		$	5,278

__________


(a)	Includes all wholesale and retail electric sales to third parties and affiliated sales to the Utility Registrants.


(b)	Includes revenues from derivatives and leases.


(c)	Other represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market gains of $77 million and $6 million in 2019 and 2018, respectively, and elimination of intersegment revenues.

Revenues net of purchased power and fuel expense (Generation):



	Three Months Ended September 30, 2019							Three Months Ended September 30, 2018
	RNF from external customers^(a)		Intersegment RNF			Total RNF		RNF from external customers^(a)		Intersegment RNF			Total RNF
Mid-Atlantic	$	684	$	5		$	689	$	746	$	17		$	763
Midwest	763		(16		)	747		763		5			768
New York	288		3			291		290		2			292
ERCOT	76		(4		)	72		161		(63		)	98
Other Power Regions	212		(28		)	184		226		(46		)	180
Total Revenues net of purchased power and fuel for Reportable Segments	2,023		(40		)	1,983		2,186		(85		)	2,101
Other^(b)	100		40			140		112		85			197
Total Generation Revenues net of purchased power and fuel expense	$	2,123	$	—		$	2,123	$	2,298	$	—		$	2,298

__________


(a)	Includes purchases and sales from/to third parties and affiliated sales to the Utility Registrants.

(b)

Other represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market gains of $17 million and $71 million in 2019 and 2018, respectively, accelerated nuclear fuel amortization associated with announced early plant retirements as discussed in Note 8 — Early Plant Retirements of $3 million and $18 million decrease to RNF in 2019 and 2018, respectively, and the elimination of intersegment RNF.

Electric and Gas Revenue by Customer Class (Utility Registrants):



	Three Months Ended September 30, 2019
Revenues from contracts with customers	ComEd			PECO			BGE			PHI			Pepco			DPL			ACE
Rate-regulated electric revenues
Residential	$	865		$	479		$	352		$	741		$	311		$	178		$	252
Small commercial & industrial	393			109			64			147			41			48			58
Large commercial & industrial	141			63			116			297			222			26			49
Public authorities & electric railroads	12			9			7			17			11			3			3
Other^(a)	222			63			82			164			58			50			56
Total rate-regulated electric revenues^(b)	$	1,633		$	723		$	621		$	1,366		$	643		$	305		$	418
Rate-regulated natural gas revenues
Residential	$	—		$	38		$	49		$	9		$	—		$	9		$	—
Small commercial & industrial	—			17			9			4			—			4			—
Large commercial & industrial	—			—			20			1			—			1			—
Transportation	—			5			—			4			—			4			—
Other^(c)	—			2			5			2			—			2			—
Total rate-regulated natural gas revenues^(d)	$	—		$	62		$	83		$	20		$	—		$	20		$	—
Total rate-regulated revenues from contracts with customers	$	1,633		$	785		$	704		$	1,386		$	643		$	325		$	418

Other revenues
Revenues from alternative revenue programs	$	(56	)	$	(11	)	$	(5	)	$	(9	)	$	(3	)	$	(6	)	$	1
Other rate-regulated electric revenues^(e)	6			4			3			3			2			—			—
Other rate-regulated natural gas revenues^(e)	—			—			1			—			—			—			—
Total other revenues	$	(50	)	$	(7	)	$	(1	)	$	(6	)	$	(1	)	$	(6	)	$	1
Total rate-regulated revenues for reportable segments	$	1,583		$	778		$	703		$	1,380		$	642		$	319		$	419



	Three Months Ended September 30, 2018
Revenues from contracts with customers	ComEd			PECO		BGE			PHI			Pepco			DPL		ACE
Rate-regulated electric revenues
Residential	$	861		$	458	$	366		$	726		$	306		$	180	$	240
Small commercial & industrial	391			108		68			140			39			48		53
Large commercial & industrial	131			64		117			303			230			25		48
Public authorities & electric railroads	11			7		7			14			8			3		3
Other^(a)	212			59		91			156			47			47		63
Total rate-regulated electric revenues^(b)	$	1,606		$	696	$	649		$	1,339		$	630		$	303	$	407
Rate-regulated natural gas revenues
Residential	$	—		$	36	$	46		$	8		$	—		$	8	$	—
Small commercial & industrial	—			15		8			5			—			5		—
Large commercial & industrial	—			—		17			2			—			2		—
Transportation	—			5		—			3			—			3		—
Other^(c)	—			1		12			6			—			6		—
Total rate-regulated natural gas revenues^(d)	$	—		$	57	$	83		$	24		$	—		$	24	$	—
Total rate-regulated revenues from contracts with customers	$	1,606		$	753	$	732		$	1,363		$	630		$	327	$	407

Other revenues
Revenues from alternative revenue programs	$	(15	)	$	1	$	(6	)	$	(5	)	$	(4	)	$	—	$	(1	)
Other rate-regulated electric revenues^(e)	7			3		4			3			2			1		—
Other rate-regulated natural gas revenues^(e)	—			—		1			—			—			—		—
Total other revenues	$	(8	)	$	4	$	(1	)	$	(2	)	$	(2	)	$	1	$	(1	)
Total rate-regulated revenues for reportable segments	$	1,598		$	757	$	731		$	1,361		$	628		$	328	$	406

__________


(a)	Includes revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue.


(b)	Includes operating revenues from affiliates of $4 million, $1 million, $2 million, $4 million, $2 million, $1 million and $1 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2019 and $4 million, $2 million, $1 million, $3 million $2 million, $2 million and $1 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2018.


(c)	Includes revenues from off-system natural gas sales.


(d)	Includes operating revenues from affiliates of less than $1 million and $4 million at PECO and BGE, respectively, in 2019 and less than $1 million and $5 million at PECO and BGE, respectively, in 2018.


(e)	Includes late payment charge revenues.

Nine Months Ended September 30, 2019 and 2018



	Generation^(a)		ComEd		PECO		BGE		PHI		Other^(b)		Intersegment Eliminations			Exelon
Operating revenues^(c):
2019
Competitive businesses electric revenues	$	12,365	$	—	$	—	$	—	$	—	$	—	$	(840	)	$	11,525
Competitive businesses natural gas revenues	1,479		—		—		—		—		—		—			1,479
Competitive businesses other revenues	436		—		—		—		—		—		(4		)	432
Rate-regulated electric revenues	—		4,342		1,901		1,817		3,574		—		(25		)	11,609
Rate-regulated natural gas revenues	—		—		432		510		116		—		(12		)	1,046
Shared service and other revenues	—		—		—		—		10		1,410		(1,415		)	5
Total operating revenues	$	14,280	$	4,342	$	2,333	$	2,327	$	3,700	$	1,410	$	(2,296	)	$	26,096
2018
Competitive businesses electric revenues	$	13,190	$	—	$	—	$	—	$	—	$	—	$	(969	)	$	12,221
Competitive businesses natural gas revenues	1,839		—		—		—		—		—		(8		)	1,831
Competitive businesses other revenues	339		—		—		—		—		—		(4		)	335
Rate-regulated electric revenues	—		4,508		1,893		1,850		3,549		—		(34		)	11,766
Rate-regulated natural gas revenues	—		—		382		519		129		—		(13		)	1,017
Shared service and other revenues	—		—		—		—		10		1,398		(1,408		)	—
Total operating revenues	$	15,368	$	4,508	$	2,275	$	2,369	$	3,688	$	1,398	$	(2,436	)	$	27,170
Shared service and other revenues
Intersegment revenues^(d):
2019	$	844	$	13	$	4	$	18	$	11	$	1,410	$	(2,300	)	$	—
2018	981		23		5		18		11		1,392		(2,430		)	—
Depreciation and amortization:
2019	$	1,221	$	767	$	247	$	368	$	562	$	72	$	—		$	3,237
2018	1,383		696		224		358		555		68		—			3,284
Operating expenses:
2019	$	13,333	$	3,431	$	1,783	$	1,936	$	3,106	$	1,405	$	(2,291	)	$	22,703
2018	14,475		3,610		1,853		2,005		3,165		1,395		(2,467		)	24,036
Interest expense, net:
2019	$	336	$	268	$	100	$	89	$	197	$	231	$	—		$	1,221
2018	305		261		96		78		193		205		—			1,138



	Generation^(a)		ComEd		PECO			BGE		PHI		Other^(b)			Intersegment Eliminations			Exelon
Income (loss) before income taxes:
2019	$	1,355	$	674	$	461		$	320	$	436	$	(218	)	$	—		$	3,028
2018	800		663		331			301		363		(195		)	—			2,263
Income Taxes:
2019	$	388	$	130	$	51		$	59	$	25	$	(27	)	$	—		$	626
2018	110		140		(5		)	59		28		(70		)	—			262
Net income (loss):
2019	$	784	$	544	$	410		$	261	$	412	$	(191	)	$	—		$	2,220
2018	667		523		336			242		336		(125		)	—			1,979
Capital Expenditures
2019	$	1,282	$	1,413	$	675		$	842	$	1,006	$	41		$	—		$	5,259
2018	1,660		1,540		615			667		988		27			—			5,497
Total assets:
September 30, 2019	$	47,984	$	32,326	$	11,379		$	10,304	$	22,576	$	8,254		$	(10,085	)	$	122,738
December 31, 2018	47,556		31,213		10,642			9,716		21,984		8,355			(9,800		)	119,666

__________

(a)

Intersegment revenues for Generation in 2019 include revenue from sales to PECO of $123 million, sales to BGE of $199 million, sales to Pepco of $188 million, sales to DPL of $50 million and sales to ACE of $16 million in the Mid-Atlantic region, and sales to ComEd of $266 million in the Midwest region, which eliminate upon consolidation. Intersegment revenues for Generation in 2018 include revenue from sales to PECO of $97 million, sales to BGE of $198 million, sales to Pepco of $143 million, sales to DPL of $103 million and sales to ACE of $21 million in the Mid-Atlantic region, and sales to ComEd of $419 million in the Midwest region, which eliminate upon consolidation.


(b)	Other primarily includes Exelon’s corporate operations, shared service entities and other financing and investment activities.


(c)	Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 17 — Supplemental Financial Information for additional information on total utility taxes.

(d)

PHI:



	Pepco		DPL		ACE		Other^(b)			Intersegment Eliminations			PHI
Operating revenues^(a):
2019
Rate-regulated electric revenues	$	1,748	$	871	$	966	$	(1	)	$	(10	)	$	3,574
Rate-regulated natural gas revenues	—		116		—		—			—			116
Shared service and other revenues	—		—		—		298			(288		)	10
Total operating revenues	$	1,748	$	987	$	966	$	297		$	(298	)	$	3,700
2018
Rate-regulated electric revenues	$	1,708	$	872	$	981	$	—		$	(12	)	$	3,549
Rate-regulated natural gas revenues	—		129		—		—			—			129
Shared service and other revenues	—		—		—		326			(316		)	10
Total operating revenues	$	1,708	$	1,001	$	981	$	326		$	(328	)	$	3,688
Intersegment revenues:
2019	$	5	$	5	$	2	$	297		$	(298	)	$	11
2018	5		6		2		325			(327		)	11
Depreciation and amortization:
2019	$	281	$	138	$	114	$	29		$	—		$	562
2018	286		135		107		27			—			555
Operating expenses:
2019	$	1,444	$	820	$	838	$	302		$	(298	)	$	3,106
2018	1,454		859		847		329			(324		)	3,165
Interest expense, net:
2019	$	100	$	45	$	44	$	8		$	—		$	197
2018	96		42		48		7			—			193
Income (loss) before income taxes:
2019	$	226	$	132	$	89	$	411		$	(422	)	$	436
2018	181		107		88		326			(339		)	363
Income Taxes:
2019	$	9	$	16	$	2	$	(1	)	$	(1	)	$	25
2018	7		17		12		(8		)	—			28
Net income (loss):
2019	$	217	$	116	$	87	$	(19	)	$	11		$	412
2018	174		90		76		(15		)	11			336
Capital Expenditures
2019	$	455	$	245	$	300	$	6		$	—		$	1,006
2018	475		254		247		12			—			988
Total assets:
September 30, 2019	$	8,603	$	4,724	$	3,916	$	11,071		$	(5,738	)	$	22,576
December 31, 2018	8,299		4,588		3,699		10,819			(5,421		)	21,984

__________


(a)	Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 17 — Supplemental Financial Information for additional information on total utility taxes.


(b)	Other primarily includes PHI’s corporate operations, shared service entities and other financing and investment activities.

Competitive Business Revenues (Generation):



	Nine Months Ended September 30, 2019
	Revenues from external customers^(a)						Intersegment Revenues			Total Revenues
	Contracts with customers		Other^(b)		Total		Intersegment Revenues			Total Revenues
Mid-Atlantic	$	3,798	$	9	$	3,807	$	2		$	3,809
Midwest	3,083		172		3,255		(31		)	3,224
New York	1,195		16		1,211		—			1,211
ERCOT	594		198		792		13			805
Other Power Regions	2,849		451		3,300		(46		)	3,254
Total Competitive Businesses Electric Revenues	11,519		846		12,365		(62		)	12,303
Competitive Businesses Natural Gas Revenues	1,041		438		1,479		62			1,541
Competitive Businesses Other Revenues^(c)	343		93		436		—			436
Total Generation Consolidated Operating Revenues	$	12,903	$	1,377	$	14,280	$	—		$	14,280



	Nine Months Ended September 30, 2018
	Revenues from external customers^(a)							Intersegment revenues			Total Revenues
	Contracts with customers		Other^(b)			Total		Intersegment revenues			Total Revenues
Mid-Atlantic	$	3,971	$	191		$	4,162	$	17		$	4,179
Midwest	3,432		169			3,601		(8		)	3,593
New York	1,305		(37		)	1,268		1			1,269
ERCOT	470		459			929		1			930
Other Power Regions	2,656		574			3,230		(116		)	3,114
Total Competitive Businesses Electric Revenues	11,834		1,356			13,190		(105		)	13,085
Competitive Businesses Natural Gas Revenues	1,016		823			1,839		105			1,944
Competitive Businesses Other Revenues^(c)	385		(46		)	339		—			339
Total Generation Consolidated Operating Revenues	$	13,235	$	2,133		$	15,368	$	—		$	15,368

__________


(a)	Includes all wholesale and retail electric sales to third parties and affiliated sales to the Utility Registrants.


(b)	Includes revenues from derivatives and leases.


(c)	Other represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market gains of $64 million and losses of $96 million in 2019 and 2018, respectively, and elimination of intersegment revenues.

Revenues net of purchased power and fuel expense (Generation):



	Nine Months Ended September 30, 2019							Nine Months Ended September 30, 2018
	RNF from external customers^(a)		Intersegment RNF			Total RNF		RNF from external customers^(a)		Intersegment RNF			Total RNF
Mid-Atlantic	$	2,007	$	16		$	2,023	$	2,303	$	45		$	2,348
Midwest	2,269		(22		)	2,247		2,381		19			2,400
New York	800		10			810		832		9			841
ERCOT	252		(27		)	225		396		(180		)	216
Other Power Regions	542		(64		)	478		740		(133		)	607
Total Revenues net of purchased power and fuel expense for Reportable Segments	5,870		(87		)	5,783		6,652		(240		)	6,412
Other^(b)	262		87			349		164		240			404
Total Generation Revenues net of purchased power and fuel expense	$	6,132	$	—		$	6,132	$	6,816	$	—		$	6,816

__________


(a)	Includes purchases and sales from/to third parties and affiliated sales to the Utility Registrants.

(b)

Other represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market losses of $84 million and $104 million in 2019 and 2018, respectively, accelerated nuclear fuel amortization associated with announced early plant retirements as discussed in Note 8 — Early Plant Retirements of $13 million and $53 million decrease to RNF in 2019 and 2018, respectively, and the elimination of intersegment RNF.

Electric and Gas Revenue by Customer Class (Utility Registrants):



	Nine Months Ended September 30, 2019
Revenues from contracts with customers	ComEd			PECO			BGE		PHI		Pepco		DPL			ACE
Rate-regulated electric revenues
Residential	$	2,221		$	1,231		$	1,019	$	1,816	$	792	$	499		$	525
Small commercial & industrial	1,103			304			193		387		114		141			132
Large commercial & industrial	399			163			335		843		633		75			135
Public authorities & electric railroads	35			23			20		47		27		10			10
Other^(a)	660			186			242		481		166		151			164
Total rate-regulated electric revenues^(b)	4,418			1,907			1,809		3,574		1,732		876			966
Rate-regulated natural gas revenues
Residential	—			285			327		64		—		64			—
Small commercial & industrial	—			122			55		30		—		30			—
Large commercial & industrial	—			1			93		4		—		4			—
Transportation	—			18			—		11		—		11			—
Other^(c)	—			5			19		6		—		6			—
Total rate-regulated natural gas revenues^(d)	—			431			494		115		—		115			—
Total rate-regulated revenues from contracts with customers	4,418			2,338			2,303		3,689		1,732		991			966

Other revenues
Revenues from alternative revenue programs	(98		)	(16		)	11		4		10		(6		)	—
Other rate-regulated electric revenues^(e)	22			10			10		7		6		1			—
Other rate-regulated natural gas revenues^(e)	—			1			3		—		—		1			—
Total other revenues	(76		)	(5		)	24		11		16		(4		)	—
Total rate-regulated revenues for reportable segments	$	4,342		$	2,333		$	2,327	$	3,700	$	1,748	$	987		$	966



	Nine Months Ended September 30, 2018
Revenues from contracts with customers	ComEd			PECO		BGE			PHI		Pepco		DPL		ACE
Rate-regulated electric revenues
Residential	$	2,277		$	1,199	$	1,054		$	1,839	$	792	$	513	$	534
Small commercial & industrial	1,132			306		196			370		104		138		128
Large commercial & industrial	411			174		325			845		632		74		139
Public authorities & electric railroads	36			21		21			44		24		10		10
Other^(a)	656			181		246			446		145		129		174
Total rate-regulated electric revenues^(b)	4,512			1,881		1,842			3,544		1,697		864		985
Rate-regulated natural gas revenues
Residential	—			259		345			68		—		68		—
Small commercial & industrial	—			102		55			31		—		31		—
Large commercial & industrial	—			1		88			7		—		7		—
Transportation	—			16		—			12		—		12		—
Other^(c)	—			4		49			11		—		11		—
Total rate-regulated natural gas revenues^(d)	—			382		537			129		—		129		—
Total rate-regulated revenues from contracts with customers	4,512			2,263		2,379			3,673		1,697		993		985

Other revenues
Revenues from alternative revenue programs	(27		)	2		(23		)	7		6		5		(4		)
Other rate-regulated electric revenues^(e)	23			10		10			8		5		3		—
Other rate-regulated natural gas revenues^(e)	—			—		3			—		—		—		—
Total other revenues	(4		)	12		(10		)	15		11		8		(4		)
Total rate-regulated revenues for reportable segments	$	4,508		$	2,275	$	2,369		$	3,688	$	1,708	$	1,001	$	981

__________


(a)	Includes revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue.


(b)	Includes operating revenues from affiliates of $13 million, $4 million, $5 million, $11 million, $5 million, $5 million and $2 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2019 and $23 million, $5 million, $5 million, $11 million $5 million, $6 million and $2 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2018.


(c)	Includes revenues from off-system natural gas sales.


(d)	Includes operating revenues from affiliates of less than $1 million and $13 million at PECO and BGE in 2019 and 2018, respectively.

(e)

Includes late payment charge revenues.