Commission File Number | Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number | IRS Employer Identification Number | ||||||||||||
(a | ||||||||||||||
(an | ||||||||||||||
(a | ||||||||||||||
(a | ||||||||||||||
(a | ||||||||||||||
(a | ||||||||||||||
(a | ||||||||||||||
(a |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
EXELON CORPORATION: | ||||||||||||||
PECO ENERGY COMPANY: | ||||||||||||||
Trust Receipts of PECO Energy Capital Trust III, each representing a 7.38% |
Exelon Corporation | 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 | |||||
Baltimore Gas and Electric Company Common Stock, without par value | |||||
Pepco Holdings LLC | not applicable | ||||
Potomac Electric Power Company Common Stock, $0.01 par value | |||||
Delmarva Power & Light Company Common Stock, $2.25 par value | |||||
Atlantic City Electric Company Common Stock, $3.00 par value |
Page No. | ||||||||
Page No. | ||||||||
Page No. | ||||||||
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 | |||||||
BSC | 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 | |||||||
PHISCO | PHI Service Company | |||||||
Former Related Entities | ||||||||
Constellation | Constellation Energy Corporation | |||||||
Generation | Constellation Energy Generation, LLC (formerly Exelon Generation Company, LLC, a subsidiary of Exelon prior to separation on February 1, 2022) | |||||||
GLOSSARY OF TERMS AND ABBREVIATIONS | ||||||||
Other Terms and Abbreviations | ||||||||
Note - of the 2022 Form 10-K | Reference to specific Combined Note to Consolidated Financial Statements within Exelon's 2022 Annual Report on Form 10-K | |||||||
ABO | Accumulated Benefit Obligation | |||||||
AECs | Alternative Energy Credits that are issued for each megawatt hour of generation from a qualified alternative energy source | |||||||
AFUDC | Allowance for Funds Used During Construction | |||||||
AMI | Advanced Metering Infrastructure | |||||||
AOCI | Accumulated Other Comprehensive Income (Loss) | |||||||
ARO | Asset Retirement Obligation | |||||||
BGS | Basic Generation Service | |||||||
BSA | Bill Stabilization Adjustment | |||||||
CEJA | Climate and Equitable Jobs Act; Illinois Public Act 102-0662 signed into law on September 15, 2021 | |||||||
CERCLA | Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended | |||||||
CIP | Conservation Incentive Program | |||||||
CMC | Carbon Mitigation Credit | |||||||
CODMs | Chief Operating Decision Maker(s) | |||||||
DC PLUG | District of Columbia Power Line Undergrounding Initiative | |||||||
DCPSC | Public Service Commission of the District of Columbia | |||||||
DEPSC | Delaware Public Service Commission | |||||||
DOEE | District of Columbia Department of Energy & Environment | |||||||
DPA | Deferred Prosecution Agreement | |||||||
DPP | Deferred Purchase Price | |||||||
DSIC | Distribution System Improvement Charge | |||||||
EIMA | Energy Infrastructure Modernization Act (Illinois Senate Bill 1652 and Illinois House Bill 3036) | |||||||
EPA | United States Environmental Protection Agency | |||||||
ERCOT | Electric Reliability Council of Texas | |||||||
ERISA | Employee Retirement Income Security Act of 1974, as amended | |||||||
ERP | Enterprise Resource Program | |||||||
ETAC | Energy Transition Assistance Charge | |||||||
FEJA | Illinois Public Act 99-0906 or Future Energy Jobs Act | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
GAAP | Generally Accepted Accounting Principles in the United States | |||||||
GCR | Gas Cost Rate | |||||||
GSA | Generation Supply Adjustment | |||||||
GWhs | Gigawatt hours | |||||||
ICC | Illinois Commerce Commission | |||||||
IIJA | Infrastructure Investment and Jobs Act | |||||||
Illinois Settlement Legislation | Legislation enacted in 2007 affecting electric utilities in Illinois | |||||||
IPA | Illinois Power Agency | |||||||
IRA | Inflation Reduction Act | |||||||
IRC | Internal Revenue Code | |||||||
IRS | Internal Revenue Service | |||||||
MDPSC | Maryland Public Service Commission | |||||||
MGP | Manufactured Gas Plant |
GLOSSARY OF TERMS AND ABBREVIATIONS | ||||||||
Other Terms and Abbreviations | ||||||||
mmcf | Million Cubic Feet | |||||||
MMG | Middle Mile Grant | |||||||
MRP | Multi-Year Rate Plan | |||||||
MWh | Megawatt hour | |||||||
N/A | Not applicable | |||||||
NAV | Net Asset Value | |||||||
NDT | Nuclear Decommissioning Trust | |||||||
NJBPU | New Jersey Board of Public Utilities | |||||||
NPNS | Normal Purchase Normal Sale scope exception | |||||||
NPS | National Park Service | |||||||
NRD | Natural Resources Damages | |||||||
OCI | Other Comprehensive Income | |||||||
OPEB | Other Postretirement Employee Benefits | |||||||
PAPUC | Pennsylvania Public Utility Commission | |||||||
PGC | Purchased Gas Cost Clause | |||||||
PJM | PJM Interconnection, LLC | |||||||
POLR | Provider of Last Resort | |||||||
PPA | Power Purchase Agreement | |||||||
PP&E | Property, plant, and equipment | |||||||
PRPs | Potentially Responsible Parties | |||||||
REC | 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 | |||||||
RFP | Request for Proposal | |||||||
Rider | Reconcilable Surcharge Recovery Mechanism | |||||||
ROE | Return on equity | |||||||
ROU | Right-of-use | |||||||
RPS | Renewable Energy Portfolio Standards | |||||||
RTO | Regional Transmission Organization | |||||||
SEC | United States Securities and Exchange Commission | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
SOS | Standard Offer Service | |||||||
STRIDE | Maryland Strategic Infrastructure Development and Enhancement Program | |||||||
TCJA | Tax Cuts and Jobs Act | |||||||
ZEC | Zero Emission Credit or Zero Emission Certificate |
Three Months Ended March 31, | |||||||||||
(In millions, except per share data) | 2023 | 2022 | |||||||||
Operating revenues | |||||||||||
Electric operating revenues | $ | $ | |||||||||
Natural gas operating revenues | |||||||||||
Revenues from alternative revenue programs | |||||||||||
Total operating revenues | |||||||||||
Operating expenses | |||||||||||
Purchased power | |||||||||||
Purchased fuel | |||||||||||
Purchased power and fuel from affiliates | |||||||||||
Operating and maintenance | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Other income and (deductions) | |||||||||||
Interest expense, net | ( | ( | |||||||||
Interest expense to affiliates | ( | ( | |||||||||
Other, net | |||||||||||
Total other income and (deductions) | ( | ( | |||||||||
Income from continuing operations before income taxes | |||||||||||
Income taxes | |||||||||||
Net income from continuing operations after income taxes | |||||||||||
Net income from discontinued operations after income taxes (Note 2) | |||||||||||
Net income | |||||||||||
Net income attributable to noncontrolling interests | |||||||||||
Net income attributable to common shareholders | $ | $ | |||||||||
Amounts attributable to common shareholders: | |||||||||||
Net income from continuing operations | |||||||||||
Net income from discontinued operations | |||||||||||
Net income attributable to common shareholders | $ | $ | |||||||||
Comprehensive income, net of income taxes | |||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss), net of income taxes | |||||||||||
Pension and non-pension postretirement benefit plans: | |||||||||||
Actuarial loss reclassified to periodic benefit cost | |||||||||||
Pension and non-pension postretirement benefit plan valuation adjustment | ( | ||||||||||
Unrealized gain on cash flow hedges | |||||||||||
Other comprehensive (loss) income | ( | ||||||||||
Comprehensive income | |||||||||||
Comprehensive income attributable to noncontrolling interests | |||||||||||
Comprehensive income attributable to common shareholders | $ | $ | |||||||||
Average shares of common stock outstanding: | |||||||||||
Basic | |||||||||||
Assumed exercise and/or distributions of stock-based awards | |||||||||||
Diluted | |||||||||||
Earnings per average common share from continuing operations | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Earnings per average common share from discontinued operations | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ |
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization | |||||||||||
Gain on sales of assets and businesses | ( | ||||||||||
Deferred income taxes and amortization of investment tax credits | |||||||||||
Net fair value changes related to derivatives | ( | ||||||||||
Net realized and unrealized losses on NDT funds | |||||||||||
Net unrealized losses on equity investments | |||||||||||
Other non-cash operating activities | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | |||||||||||
Accounts payable and accrued expenses | ( | ||||||||||
Option premiums paid, net | ( | ||||||||||
Collateral (paid) received, net | ( | ||||||||||
Income taxes | |||||||||||
Regulatory assets and liabilities, net | ( | ( | |||||||||
Pension and non-pension postretirement benefit contributions | ( | ( | |||||||||
Other assets and liabilities | ( | ( | |||||||||
Net cash flows provided by operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds from NDT fund sales | |||||||||||
Investment in NDT funds | ( | ||||||||||
Collection of DPP | |||||||||||
Proceeds from sales of assets and businesses | |||||||||||
Other investing activities | ( | ||||||||||
Net cash flows used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | ( | ( | |||||||||
Proceeds from short-term borrowings with maturities greater than 90 days | |||||||||||
Repayments on short-term borrowings with maturities greater than 90 days | ( | ( | |||||||||
Issuance of long-term debt | |||||||||||
Retirement of long-term debt | ( | ( | |||||||||
Dividends paid on common stock | ( | ( | |||||||||
Proceeds from employee stock plans | |||||||||||
Transfer of cash, restricted cash, and cash equivalents to Constellation | ( | ||||||||||
Other financing activities | ( | ( | |||||||||
Net cash flows provided by financing activities | |||||||||||
(Decrease) increase in cash, restricted cash, and cash equivalents | ( | ||||||||||
Cash, restricted cash, and cash equivalents at beginning of period | |||||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | $ | |||||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | ( | $ | ( | |||||||
Increase in DPP | |||||||||||
Decrease in PP&E related to ARO update | ( |
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents | |||||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | |||||||||||
Customer allowance for credit losses | ( | ( | |||||||||
Customer accounts receivable, net | |||||||||||
Other accounts receivable | |||||||||||
Other allowance for credit losses | ( | ( | |||||||||
Other accounts receivable, net | |||||||||||
Inventories, net | |||||||||||
Fossil fuel | |||||||||||
Materials and supplies | |||||||||||
Regulatory assets | |||||||||||
Other | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $ | |||||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | |||||||||||
Goodwill | |||||||||||
Receivable related to Regulatory Agreement Units | |||||||||||
Investments | |||||||||||
Other | |||||||||||
Total deferred debits and other assets | |||||||||||
Total assets | $ | $ |
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | $ | |||||||||
Long-term debt due within one year | |||||||||||
Accounts payable | |||||||||||
Accrued expenses | |||||||||||
Payables to affiliates | |||||||||||
Regulatory liabilities | |||||||||||
Mark-to-market derivative liabilities | |||||||||||
Unamortized energy contract liabilities | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term debt to financing trusts | |||||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | |||||||||||
Regulatory liabilities | |||||||||||
Pension obligations | |||||||||||
Non-pension postretirement benefit obligations | |||||||||||
Asset retirement obligations | |||||||||||
Mark-to-market derivative liabilities | |||||||||||
Unamortized energy contract liabilities | |||||||||||
Other | |||||||||||
Total deferred credits and other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity | |||||||||||
Common stock ( | |||||||||||
Treasury stock, at cost ( | ( | ( | |||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss, net | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended March 31, 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, December 31, 2022 | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Long-term incentive plan activity | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Employee stock purchase plan issuances | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of income taxes | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 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, December 31, 2021 | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Long-term incentive plan activity | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||
Employee stock purchase plan issuances | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Changes in equity of noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Distribution of Constellation (Note 2) | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Operating revenues | |||||||||||
Electric operating revenues | $ | $ | |||||||||
Revenues from alternative revenue programs | |||||||||||
Operating revenues from affiliates | |||||||||||
Total operating revenues | |||||||||||
Operating expenses | |||||||||||
Purchased power | |||||||||||
Purchased power from affiliate | |||||||||||
Operating and maintenance | |||||||||||
Operating and maintenance from affiliates | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Other income and (deductions) | |||||||||||
Interest expense, net | ( | ( | |||||||||
Interest expense to affiliates | ( | ( | |||||||||
Other, net | |||||||||||
Total other income and (deductions) | ( | ( | |||||||||
Income before income taxes | |||||||||||
Income taxes | |||||||||||
Net income | $ | $ | |||||||||
Comprehensive income | $ | $ |
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes and amortization of investment tax credits | |||||||||||
Other non-cash operating activities | ( | ( | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Receivables from and payables to affiliates, net | ( | ||||||||||
Inventories | ( | ||||||||||
Accounts payable and accrued expenses | ( | ( | |||||||||
Collateral (paid) received, net | ( | ||||||||||
Income taxes | ( | ||||||||||
Regulatory assets and liabilities, net | ( | ( | |||||||||
Pension and non-pension postretirement benefit contributions | ( | ( | |||||||||
Other assets and liabilities | ( | ( | |||||||||
Net cash flows (used in) provided by operating activities | ( | ||||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Other investing activities | |||||||||||
Net cash flows used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | ( | ||||||||||
Repayments on short-term borrowings with maturities greater than 90 days | ( | ||||||||||
Issuance of long-term debt | |||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Contributions from parent | |||||||||||
Other financing activities | ( | ( | |||||||||
Net cash flows provided by financing activities | |||||||||||
Increase in cash, restricted cash, and cash equivalents | |||||||||||
Cash, restricted cash, and cash equivalents at beginning of period | |||||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | $ | |||||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | ( | $ | ( | |||||||
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents | |||||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | |||||||||||
Customer allowance for credit losses | ( | ( | |||||||||
Customer accounts receivable, net | |||||||||||
Other accounts receivable | |||||||||||
Other allowance for credit losses | ( | ( | |||||||||
Other accounts receivable, net | |||||||||||
Receivables from affiliates | |||||||||||
Inventories, net | |||||||||||
Regulatory assets | |||||||||||
Other | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $ | |||||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | |||||||||||
Goodwill | |||||||||||
Receivable related to Regulatory Agreement Units | |||||||||||
Investments | |||||||||||
Prepaid pension asset | |||||||||||
Other | |||||||||||
Total deferred debits and other assets | |||||||||||
Total assets | $ | $ |
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued expenses | |||||||||||
Payables to affiliates | |||||||||||
Customer deposits | |||||||||||
Regulatory liabilities | |||||||||||
Mark-to-market derivative liabilities | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term debt to financing trust | |||||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | |||||||||||
Regulatory liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Non-pension postretirement benefits obligations | |||||||||||
Mark-to-market derivative liabilities | |||||||||||
Other | |||||||||||
Total deferred credits and other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity | |||||||||||
Common stock | |||||||||||
Other paid-in capital | |||||||||||
Retained earnings | |||||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
(In millions) | Common Stock | Other Paid-In Capital | Retained Earnings | Total Shareholders’ Equity | |||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Common stock dividends | — | — | ( | ( | |||||||||||||||||||
Contributions from parent | — | — | |||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||
(In millions) | Common Stock | Other Paid-In Capital | Retained Earnings | Total Shareholders’ Equity | |||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Common stock dividends | — | — | ( | ( | |||||||||||||||||||
Contributions from parent | — | — | |||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Operating revenues | |||||||||||
Electric operating revenues | $ | $ | |||||||||
Natural gas operating revenues | |||||||||||
Revenues from alternative revenue programs | ( | ||||||||||
Operating revenues from affiliates | |||||||||||
Total operating revenues | |||||||||||
Operating expenses | |||||||||||
Purchased power | |||||||||||
Purchased fuel | |||||||||||
Purchased power from affiliate | |||||||||||
Operating and maintenance | |||||||||||
Operating and maintenance from affiliates | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Other income and (deductions) | |||||||||||
Interest expense, net | ( | ( | |||||||||
Interest expense to affiliates | ( | ( | |||||||||
Other, net | |||||||||||
Total other income and (deductions) | ( | ( | |||||||||
Income before income taxes | |||||||||||
Income taxes | |||||||||||
Net income | $ | $ | |||||||||
Comprehensive income | $ | $ |
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes and amortization of investment tax credits | ( | ||||||||||
Other non-cash operating activities | |||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Receivables from and payables to affiliates, net | ( | ||||||||||
Inventories | |||||||||||
Accounts payable and accrued expenses | ( | ( | |||||||||
Income taxes | |||||||||||
Regulatory assets and liabilities, net | ( | ||||||||||
Pension and non-pension postretirement benefit contributions | ( | ||||||||||
Other assets and liabilities | ( | ( | |||||||||
Net cash flows provided by operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Other investing activities | |||||||||||
Net cash flows used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | ( | ||||||||||
Changes in Exelon intercompany money pool | |||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Contributions from parent | |||||||||||
Other financing activities | ( | ||||||||||
Net cash flows provided by financing activities | |||||||||||
Decrease in cash, restricted cash, and cash equivalents | ( | ( | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | |||||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | $ | |||||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | ( | $ | ( | |||||||
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents | |||||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | |||||||||||
Customer allowance for credit losses | ( | ( | |||||||||
Customer accounts receivable, net | |||||||||||
Other accounts receivable | |||||||||||
Other allowance for credit losses | ( | ( | |||||||||
Other accounts receivable, net | |||||||||||
Receivables from affiliates | |||||||||||
Inventories, net | |||||||||||
Fossil fuel | |||||||||||
Materials and supplies | |||||||||||
Prepaid utility taxes | |||||||||||
Regulatory assets | |||||||||||
Other | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $ | |||||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | |||||||||||
Receivable related to Regulatory Agreement Units | |||||||||||
Investments | |||||||||||
Prepaid pension asset | |||||||||||
Other | |||||||||||
Total deferred debits and other assets | |||||||||||
Total assets | $ | $ |
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | $ | |||||||||
Long-term debt due within one year | |||||||||||
Accounts payable | |||||||||||
Accrued expenses | |||||||||||
Payables to affiliates | |||||||||||
Customer deposits | |||||||||||
Regulatory liabilities | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term debt to financing trusts | |||||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | |||||||||||
Regulatory liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Non-pension postretirement benefits obligations | |||||||||||
Other | |||||||||||
Total deferred credits and other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Shareholder’s equity | |||||||||||
Common stock | |||||||||||
Retained earnings | |||||||||||
Total shareholder’s equity | |||||||||||
Total liabilities and shareholder's equity | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | ||||||||||||||
Net income | — | ||||||||||||||||
Common stock dividends | — | ( | ( | ||||||||||||||
Contributions from parent | — | ||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | ||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | ||||||||||||||
Net income | — | ||||||||||||||||
Common stock dividends | — | ( | ( | ||||||||||||||
Contributions from parent | — | ||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | ||||||||||||||
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Operating revenues | |||||||||||
Electric operating revenues | $ | $ | |||||||||
Natural gas operating revenues | |||||||||||
Revenues from alternative revenue programs | ( | ||||||||||
Operating revenues from affiliates | |||||||||||
Total operating revenues | |||||||||||
Operating expenses | |||||||||||
Purchased power | |||||||||||
Purchased fuel | |||||||||||
Purchased power from affiliate | |||||||||||
Operating and maintenance | |||||||||||
Operating and maintenance from affiliates | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Other income and (deductions) | |||||||||||
Interest expense, net | ( | ( | |||||||||
Other, net | |||||||||||
Total other income and (deductions) | ( | ( | |||||||||
Income before income taxes | |||||||||||
Income taxes | |||||||||||
Net income | $ | $ | |||||||||
Comprehensive income | $ | $ |
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes and amortization of investment tax credits | |||||||||||
Other non-cash operating activities | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Receivables from and payables to affiliates, net | ( | ( | |||||||||
Inventories | |||||||||||
Accounts payable and accrued expenses | ( | ( | |||||||||
Collateral (paid) received, net | ( | ||||||||||
Income taxes | |||||||||||
Regulatory assets and liabilities, net | ( | ( | |||||||||
Pension and non-pension postretirement benefit contributions | ( | ( | |||||||||
Other assets and liabilities | ( | ( | |||||||||
Net cash flows provided by operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Other investing activities | |||||||||||
Net cash flows used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | ( | ||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Contributions from parent | |||||||||||
Other financing activities | ( | ||||||||||
Net cash flows (used in) provided by financing activities | ( | ||||||||||
(Decrease) increase in cash, restricted cash, and cash equivalents | ( | ||||||||||
Cash, restricted cash, and cash equivalents at beginning of period | |||||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | $ | |||||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | ( | $ | ( | |||||||
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents | |||||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | |||||||||||
Customer allowance for credit losses | ( | ( | |||||||||
Customer accounts receivable, net | |||||||||||
Other accounts receivable | |||||||||||
Other allowance for credit losses | ( | ( | |||||||||
Other accounts receivable, net | |||||||||||
Inventories, net | |||||||||||
Fossil fuel | |||||||||||
Materials and supplies | |||||||||||
Prepaid utility taxes | |||||||||||
Regulatory assets | |||||||||||
Other | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $ | |||||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | |||||||||||
Investments | |||||||||||
Prepaid pension asset | |||||||||||
Other | |||||||||||
Total deferred debits and other assets | |||||||||||
Total assets | $ | $ |
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | $ | |||||||||
Long-term debt due within one year | |||||||||||
Accounts payable | |||||||||||
Accrued expenses | |||||||||||
Payables to affiliates | |||||||||||
Customer deposits | |||||||||||
Regulatory liabilities | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | |||||||||||
Regulatory liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Non-pension postretirement benefits obligations | |||||||||||
Other | |||||||||||
Total deferred credits and other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Shareholder's equity | |||||||||||
Common stock | |||||||||||
Retained earnings | |||||||||||
Total shareholder's equity | |||||||||||
Total liabilities and shareholder's equity | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | ||||||||||||||
Net income | — | ||||||||||||||||
Common stock dividends | — | ( | ( | ||||||||||||||
Contributions from parent | — | ||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | ||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | ||||||||||||||
Net income | — | ||||||||||||||||
Common stock dividends | — | ( | ( | ||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | ||||||||||||||
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Operating revenues | |||||||||||
Electric operating revenues | $ | $ | |||||||||
Natural gas operating revenues | |||||||||||
Revenues from alternative revenue programs | ( | ||||||||||
Operating revenues from affiliates | |||||||||||
Total operating revenues | |||||||||||
Operating expenses | |||||||||||
Purchased power | |||||||||||
Purchased fuel | |||||||||||
Purchased power from affiliate | |||||||||||
Operating and maintenance | |||||||||||
Operating and maintenance from affiliates | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Other income and (deductions) | |||||||||||
Interest expense, net | ( | ( | |||||||||
Other, net | |||||||||||
Total other income and (deductions) | ( | ( | |||||||||
Income before income taxes | |||||||||||
Income taxes | |||||||||||
Net income | $ | $ | |||||||||
Comprehensive income | $ | $ |
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes and amortization of investment tax credits | |||||||||||
Other non-cash operating activities | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Receivables from and payables to affiliates, net | ( | ||||||||||
Inventories | |||||||||||
Accounts payable and accrued expenses | ( | ( | |||||||||
Collateral (paid) received, net | ( | ||||||||||
Income taxes | |||||||||||
Regulatory assets and liabilities, net | ( | ||||||||||
Pension and non-pension postretirement benefit contributions | ( | ( | |||||||||
Other assets and liabilities | ( | ( | |||||||||
Net cash flows provided by operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Other investing activities | |||||||||||
Net cash flows used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | ( | ( | |||||||||
Issuance of long-term debt | |||||||||||
Changes in Exelon intercompany money pool | |||||||||||
Distributions to member | ( | ( | |||||||||
Contributions from member | |||||||||||
Other financing activities | ( | ( | |||||||||
Net cash flows provided by financing activities | |||||||||||
Increase in cash, restricted cash, and cash equivalents | |||||||||||
Cash, restricted cash, and cash equivalents at beginning of period | |||||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | $ | |||||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | ( | $ | ( | |||||||
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents | |||||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | |||||||||||
Customer allowance for credit losses | ( | ( | |||||||||
Customer accounts receivable, net | |||||||||||
Other accounts receivable | |||||||||||
Other allowance for credit losses | ( | ( | |||||||||
Other accounts receivable, net | |||||||||||
Receivables from affiliates | |||||||||||
Inventories, net | |||||||||||
Fossil fuel | |||||||||||
Materials and supplies | |||||||||||
Regulatory assets | |||||||||||
Other | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $ | |||||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | |||||||||||
Goodwill | |||||||||||
Investments | |||||||||||
Prepaid pension asset | |||||||||||
Other | |||||||||||
Total deferred debits and other assets | |||||||||||
Total assets | $ | $ |
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND MEMBER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | $ | |||||||||
Long-term debt due within one year | |||||||||||
Accounts payable | |||||||||||
Accrued expenses | |||||||||||
Payables to affiliates | |||||||||||
Borrowings from Exelon intercompany money pool | |||||||||||
Customer deposits | |||||||||||
Regulatory liabilities | |||||||||||
Unamortized energy contract liabilities | |||||||||||
PPA termination obligation | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | |||||||||||
Regulatory liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Non-pension postretirement benefit obligations | |||||||||||
Unamortized energy contract liabilities | |||||||||||
Other | |||||||||||
Total deferred credits and other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Member's equity | |||||||||||
Membership interest | |||||||||||
Undistributed losses | ( | ( | |||||||||
Total member's equity | |||||||||||
Total liabilities and member's equity | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||
(In millions) | Membership Interest | Undistributed (Losses)/Gains | Total Member's Equity | ||||||||||||||
Balance, December 31, 2022 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Distributions to member | — | ( | ( | ||||||||||||||
Contributions from member | — | ||||||||||||||||
Balance, March 31, 2023 | $ | $ | ( | $ | |||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||
(In millions) | Membership Interest | Undistributed (Losses)/Gains | Total Member's Equity | ||||||||||||||
Balance, December 31, 2021 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Distributions to member | — | ( | ( | ||||||||||||||
Contributions from member | — | ||||||||||||||||
Balance, March 31, 2022 | $ | $ | ( | $ | |||||||||||||
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Operating revenues | |||||||||||
Electric operating revenues | $ | $ | |||||||||
Revenues from alternative revenue programs | ( | ||||||||||
Operating revenues from affiliates | |||||||||||
Total operating revenues | |||||||||||
Operating expenses | |||||||||||
Purchased power | |||||||||||
Purchased power from affiliate | |||||||||||
Operating and maintenance | |||||||||||
Operating and maintenance from affiliates | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Other income and (deductions) | |||||||||||
Interest expense, net | ( | ( | |||||||||
Other, net | |||||||||||
Total other income and (deductions) | ( | ( | |||||||||
Income before income taxes | |||||||||||
Income taxes | ( | ||||||||||
Net income | $ | $ | |||||||||
Comprehensive income | $ | $ |
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes and amortization of investment tax credits | ( | ||||||||||
Other non-cash operating activities | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Receivables from and payables to affiliates, net | ( | ||||||||||
Inventories | ( | ||||||||||
Accounts payable and accrued expenses | ( | ||||||||||
Collateral (paid) received, net | ( | ||||||||||
Income taxes | |||||||||||
Regulatory assets and liabilities, net | ( | ( | |||||||||
Pension and non-pension postretirement benefit contributions | ( | ( | |||||||||
Other assets and liabilities | ( | ||||||||||
Net cash flows provided by operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Other investing activities | |||||||||||
Net cash flows used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | ( | ( | |||||||||
Issuance of long-term debt | |||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Contributions from parent | |||||||||||
Other financing activities | ( | ( | |||||||||
Net cash flows provided by financing activities | |||||||||||
Increase in cash, restricted cash, and cash equivalents | |||||||||||
Cash, restricted cash, and cash equivalents at beginning of period | |||||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | $ | |||||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | ( | $ | ( | |||||||
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents | |||||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | |||||||||||
Customer allowance for credit losses | ( | ( | |||||||||
Customer accounts receivable, net | |||||||||||
Other accounts receivable | |||||||||||
Other allowance for credit losses | ( | ( | |||||||||
Other accounts receivable, net | |||||||||||
Receivables from affiliates | |||||||||||
Inventories, net | |||||||||||
Regulatory assets | |||||||||||
Other | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $ | |||||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | |||||||||||
Investments | |||||||||||
Prepaid pension asset | |||||||||||
Other | |||||||||||
Total deferred debits and other assets | |||||||||||
Total assets | $ | $ |
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | $ | |||||||||
Long-term debt due within one year | |||||||||||
Accounts payable | |||||||||||
Accrued expenses | |||||||||||
Payables to affiliates | |||||||||||
Customer deposits | |||||||||||
Regulatory liabilities | |||||||||||
Merger related obligation | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | |||||||||||
Regulatory liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Other | |||||||||||
Total deferred credits and other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Shareholder's equity | |||||||||||
Common stock | |||||||||||
Retained earnings | |||||||||||
Total shareholder's equity | |||||||||||
Total liabilities and shareholder's equity | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | ||||||||||||||
Net income | — | ||||||||||||||||
Common stock dividends | — | ( | ( | ||||||||||||||
Contributions from parent | — | ||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | ||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | ||||||||||||||
Net income | — | ||||||||||||||||
Common stock dividends | — | ( | ( | ||||||||||||||
Contributions from parent | — | ||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | ||||||||||||||
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Operating revenues | |||||||||||
Electric operating revenues | $ | $ | |||||||||
Natural gas operating revenues | |||||||||||
Revenues from alternative revenue programs | ( | ||||||||||
Operating revenues from affiliates | |||||||||||
Total operating revenues | |||||||||||
Operating expenses | |||||||||||
Purchased power | |||||||||||
Purchased fuel | |||||||||||
Purchased power from affiliate | |||||||||||
Operating and maintenance | |||||||||||
Operating and maintenance from affiliates | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Other income and (deductions) | |||||||||||
Interest expense, net | ( | ( | |||||||||
Other, net | |||||||||||
Total other income and (deductions) | ( | ( | |||||||||
Income before income taxes | |||||||||||
Income taxes | |||||||||||
Net income | $ | $ | |||||||||
Comprehensive income | $ | $ |
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes and amortization of investment tax credits | |||||||||||
Other non-cash operating activities | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Receivables from and payables to affiliates, net | ( | ||||||||||
Inventories | |||||||||||
Accounts payable and accrued expenses | ( | ||||||||||
Collateral (paid) received, net | ( | ||||||||||
Income taxes | ( | ||||||||||
Regulatory assets and liabilities, net | |||||||||||
Pension and non-pension postretirement benefit contributions | ( | ||||||||||
Other assets and liabilities | |||||||||||
Net cash flows provided by operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Other investing activities | |||||||||||
Net cash flows used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | ( | ( | |||||||||
Issuance of long-term debt | |||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Contributions from parent | |||||||||||
Other financing activities | ( | ( | |||||||||
Net cash flows provided by financing activities | |||||||||||
(Decrease) increase in cash, restricted cash, and cash equivalents | ( | ||||||||||
Cash, restricted cash, and cash equivalents at beginning of period | |||||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | $ | |||||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | ( | $ | ( | |||||||
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents | |||||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | |||||||||||
Customer allowance for credit losses | ( | ( | |||||||||
Customer accounts receivable, net | |||||||||||
Other accounts receivable | |||||||||||
Other allowance for credit losses | ( | ( | |||||||||
Other accounts receivable, net | |||||||||||
Inventories, net | |||||||||||
Fossil fuel | |||||||||||
Materials and supplies | |||||||||||
Regulatory assets | |||||||||||
Other | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $ | |||||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | |||||||||||
Prepaid pension asset | |||||||||||
Other | |||||||||||
Total deferred debits and other assets | |||||||||||
Total assets | $ | $ |
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | $ | |||||||||
Long-term debt due within one year | |||||||||||
Accounts payable | |||||||||||
Accrued expenses | |||||||||||
Payables to affiliates | |||||||||||
Customer deposits | |||||||||||
Regulatory liabilities | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | |||||||||||
Regulatory liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Non-pension postretirement benefits obligations | |||||||||||
Other | |||||||||||
Total deferred credits and other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Shareholder's equity | |||||||||||
Common stock | |||||||||||
Retained earnings | |||||||||||
Total shareholder's equity | |||||||||||
Total liabilities and shareholder's equity | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | ||||||||||||||
Net income | — | ||||||||||||||||
Common stock dividends | — | ( | ( | ||||||||||||||
Contributions from parent | — | ||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | ||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | ||||||||||||||
Net income | — | ||||||||||||||||
Common stock dividends | — | ( | ( | ||||||||||||||
Contributions from parent | — | ||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | ||||||||||||||
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Operating revenues | |||||||||||
Electric operating revenues | $ | $ | |||||||||
Revenues from alternative revenue programs | |||||||||||
Operating revenues from affiliates | |||||||||||
Total operating revenues | |||||||||||
Operating expenses | |||||||||||
Purchased power | |||||||||||
Purchased power from affiliate | |||||||||||
Operating and maintenance | |||||||||||
Operating and maintenance from affiliates | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Other income and (deductions) | |||||||||||
Interest expense, net | ( | ( | |||||||||
Other, net | |||||||||||
Total other income and (deductions) | ( | ( | |||||||||
Income before income taxes | |||||||||||
Income taxes | |||||||||||
Net income | $ | $ | |||||||||
Comprehensive income | $ | $ |
Three Months Ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes and amortization of investment tax credits | |||||||||||
Other non-cash operating activities | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Receivables from and payables to affiliates, net | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Accounts payable and accrued expenses | ( | ( | |||||||||
Collateral paid, net | ( | ( | |||||||||
Income taxes | |||||||||||
Regulatory assets and liabilities, net | ( | ||||||||||
Pension and non-pension postretirement benefit contributions | ( | ( | |||||||||
Other assets and liabilities | ( | ||||||||||
Net cash flows provided by operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Net cash flows used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | ( | ||||||||||
Issuance of long-term debt | |||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Contributions from parent | |||||||||||
Other financing activities | ( | ( | |||||||||
Net cash flows provided by financing activities | |||||||||||
(Decrease) increase in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | ( | $ | ( | |||||||
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | |||||||||||
Customer allowance for credit losses | ( | ( | |||||||||
Customer accounts receivable, net | |||||||||||
Other accounts receivable | |||||||||||
Other allowance for credit losses | ( | ( | |||||||||
Other accounts receivable, net | |||||||||||
Receivables from affiliates | |||||||||||
Inventories, net | |||||||||||
Regulatory assets | |||||||||||
Other | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $ | |||||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | |||||||||||
Prepaid pension asset | |||||||||||
Other | |||||||||||
Total deferred debits and other assets | |||||||||||
Total assets | $ | $ |
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Long-term debt due within one year | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued expenses | |||||||||||
Payables to affiliates | |||||||||||
Customer deposits | |||||||||||
Regulatory liabilities | |||||||||||
PPA termination obligation | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | |||||||||||
Regulatory liabilities | |||||||||||
Non-pension postretirement benefit obligations | |||||||||||
Other | |||||||||||
Total deferred credits and other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Shareholder's equity | |||||||||||
Common stock | |||||||||||
Retained earnings (deficit) | ( | ||||||||||
Total shareholder's equity | |||||||||||
Total liabilities and shareholder's equity | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||
(In millions) | Common Stock | Retained (Deficit) Earnings | Total Shareholder's Equity | ||||||||||||||
Balance, December 31, 2022 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Common stock dividends | — | ( | ( | ||||||||||||||
Contributions from parent | — | ||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | ||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||
(In millions) | Common Stock | Retained Deficit | Total Shareholder's Equity | ||||||||||||||
Balance, December 31, 2021 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Common stock dividends | — | ( | ( | ||||||||||||||
Contributions from parent | — | ||||||||||||||||
Balance, March 31, 2022 | $ | $ | ( | $ | |||||||||||||
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 |
Three Months Ended March 31, | |||||
2022 | |||||
Operating revenues | |||||
Competitive business revenues | $ | ||||
Competitive business revenues from affiliates | |||||
Total operating revenues | |||||
Operating expenses | |||||
Competitive businesses purchased power and fuel | |||||
Operating and maintenance(a) | |||||
Depreciation and amortization | |||||
Taxes other than income taxes | |||||
Total operating expenses | |||||
Gain on sales of assets and businesses | |||||
Operating income | |||||
Other income and (deductions) | |||||
Interest expense, net | ( | ||||
Other, net | ( | ||||
Total other (deductions) and income | ( | ||||
Income before income taxes | |||||
Income taxes | ( | ||||
Equity in losses of unconsolidated affiliates | ( | ||||
Net income | |||||
Net income attributable to noncontrolling interests | |||||
Net income from discontinued operations | $ |
Three Months Ended March 31, | |||||
2022 | |||||
Non-cash items included in net income from discontinued operations: | |||||
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization | $ | ||||
Loss on sales of assets and businesses | |||||
Deferred income taxes and amortization of investment tax credits | ( | ||||
Net fair value changes related to derivatives | ( | ||||
Net realized and unrealized losses on NDT fund investments | |||||
Net unrealized losses on equity investments | |||||
Other decommissioning-related activity | |||||
Cash flows from investing activities: | |||||
Capital expenditures | ( | ||||
Collection of DPP | |||||
Supplemental cash flow information: | |||||
Decrease in capital expenditures not paid | ( | ||||
Increase in DPP | |||||
Increase in PP&E related to ARO update | |||||
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 | $ | $ | % | November 17, 2022 | January 1, 2023 | |||||||||||||||||||||||||||||||||||||
PECO - Pennsylvania | March 31, 2022 | Natural Gas | N/A(b) | October 27, 2022 | January 1, 2023 | |||||||||||||||||||||||||||||||||||||||
BGE - Maryland(c) | May 15, 2020 (amended September 11, 2020) | Electric | % | December 16, 2020 | January 1, 2021 | |||||||||||||||||||||||||||||||||||||||
Natural Gas | % | |||||||||||||||||||||||||||||||||||||||||||
Pepco - Maryland(d) | October 26, 2020 (amended March 31, 2021) | Electric | % | June 28, 2021 | June 28, 2021 | |||||||||||||||||||||||||||||||||||||||
DPL - Maryland(e) | May 19, 2022 | Electric | % | 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 | $ | Fourth quarter of 2023 | ||||||||||||||||||||||||||||
ComEd - Illinois(b) | April 21, 2023 | Electric | Fourth quarter of 2023 | |||||||||||||||||||||||||||||
BGE - Maryland(c) | February 17, 2023 | Electric | Fourth quarter of 2023 | |||||||||||||||||||||||||||||
Natural Gas | ||||||||||||||||||||||||||||||||
Pepco - District of Columbia(d) | April 13, 2023 | Electric | First quarter of 2024 | |||||||||||||||||||||||||||||
DPL - Delaware(e) | December 15, 2022 (amended February 28, 2023) | Electric | Second quarter of 2024 | |||||||||||||||||||||||||||||
ACE - New Jersey(f) | February 15, 2023 | Electric | First quarter of 2024 |
Registrant(a) | Initial Revenue Requirement Increase | Annual Reconciliation Decrease | Total Revenue Requirement Increase | Allowed Return on Rate Base(b) | Allowed ROE(c) | |||||||||||||||||||||||||||
BGE | $ | $ | ( | $ | (d) | % | % | |||||||||||||||||||||||||
Exelon | ComEd(a) | BGE(b) | PHI | Pepco(c) | DPL(c) | ACE(b) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
December 31, 2022 |
Exelon(a) | PHI(a) | Pepco(a) | DPL | ACE | ||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Revenues recognized | ( | ( | ( | |||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Exelon(a) | PHI(a) | Pepco(a) | DPL | ACE | ||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Revenues recognized | ( | ( | ( | |||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Year | Exelon | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
2024 | |||||||||||||||||||||||||||||
2025 | |||||||||||||||||||||||||||||
2026 | |||||||||||||||||||||||||||||
2027 and thereafter | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
ComEd | PECO | BGE | PHI | Other(a) | Intersegment Eliminations | Exelon | |||||||||||||||||||||||||||||||||||
Operating revenues(b): | |||||||||||||||||||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||||||||||||||
Electric revenues | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Natural gas revenues | ( | ||||||||||||||||||||||||||||||||||||||||
Shared service and other revenues | ( | ||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
Electric revenues | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Natural gas revenues | ( | ||||||||||||||||||||||||||||||||||||||||
Shared service and other revenues | ( | ||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Intersegment revenues(c): | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
2022 | ( | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
2022 | ( | ||||||||||||||||||||||||||||||||||||||||
Interest expense, net: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
2022 | ( | ( | |||||||||||||||||||||||||||||||||||||||
Income taxes: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
2022 | ( | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
2022 | ( | ( | |||||||||||||||||||||||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
Total assets: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
December 31, 2022 | ( |
Pepco | DPL | ACE | Other(a) | Intersegment Eliminations | PHI | ||||||||||||||||||||||||||||||
Operating revenues(b): | |||||||||||||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||||||||
Electric revenues | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Natural gas revenues | |||||||||||||||||||||||||||||||||||
Shared service and other revenues | ( | ||||||||||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||
Electric revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Natural gas revenues | |||||||||||||||||||||||||||||||||||
Shared service and other revenues | ( | ||||||||||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Intersegment revenues(c): | |||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
2022 | ( | ||||||||||||||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
2022 | ( | ||||||||||||||||||||||||||||||||||
Interest expense, net: | |||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||
Income (loss) before income taxes: | |||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||
Income taxes: | |||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
2022 | ( | ||||||||||||||||||||||||||||||||||
Net income (loss): | |||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||||||||||||||
2023 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||
Total assets: | |||||||||||||||||||||||||||||||||||
March 31, 2023 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
December 31, 2022 | ( |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||
Electric revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Small commercial & industrial | |||||||||||||||||||||||||||||||||||||||||
Large commercial & industrial | |||||||||||||||||||||||||||||||||||||||||
Public authorities & electric railroads | |||||||||||||||||||||||||||||||||||||||||
Other(a) | |||||||||||||||||||||||||||||||||||||||||
Total electric revenues(b) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Natural gas revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Small commercial & industrial | |||||||||||||||||||||||||||||||||||||||||
Large commercial & industrial | |||||||||||||||||||||||||||||||||||||||||
Transportation | |||||||||||||||||||||||||||||||||||||||||
Other(c) | |||||||||||||||||||||||||||||||||||||||||
Total natural gas revenues(d) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Other revenues | |||||||||||||||||||||||||||||||||||||||||
Revenues from alternative revenue programs | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Other electric revenues(e) | |||||||||||||||||||||||||||||||||||||||||
Other natural gas revenues(e) | |||||||||||||||||||||||||||||||||||||||||
Total other revenues | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Total revenues for reportable segments | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||
Electric revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Small commercial & industrial | |||||||||||||||||||||||||||||||||||||||||
Large commercial & industrial | |||||||||||||||||||||||||||||||||||||||||
Public authorities & electric railroads | |||||||||||||||||||||||||||||||||||||||||
Other(a) | |||||||||||||||||||||||||||||||||||||||||
Total electric revenues(b) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Natural gas revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Small commercial & industrial | |||||||||||||||||||||||||||||||||||||||||
Large commercial & industrial | |||||||||||||||||||||||||||||||||||||||||
Transportation | |||||||||||||||||||||||||||||||||||||||||
Other(c) | |||||||||||||||||||||||||||||||||||||||||
Total natural gas revenues(d) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Other revenues | |||||||||||||||||||||||||||||||||||||||||
Revenues from alternative revenue programs | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Other electric revenues(e) | |||||||||||||||||||||||||||||||||||||||||
Other natural gas revenues(e) | |||||||||||||||||||||||||||||||||||||||||
Total other revenues | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Total revenues for reportable segments | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Plus: Current period provision for expected credit losses(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries(b) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Plus: Current period provision for expected credit losses | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Plus: Current period provision for expected credit losses | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Plus: Current period provision for expected credit losses | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | $ | $ | $ | $ | $ | $ | $ |
Unbilled customer revenues(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
December 31, 2022 |
Total receivables purchased | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon(a) | ComEd | PECO | BGE(a) | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2022 |
Three Months Ended March 31, 2023(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO(b) | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
U.S. Federal statutory rate | % | % | % | % | % | % | % | % | |||||||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | |||||||||||||||||||||||||||||||||||||||||||||||
State income taxes, net of Federal income tax benefit | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Plant basis differences | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Excess deferred tax amortization | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Tax credits | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Effective income tax rate | % | % | % | % | % | % | % | % |
Three Months Ended March 31, 2022(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO(c) | BGE(c) | PHI | Pepco(c) | DPL | ACE(c) | ||||||||||||||||||||||||||||||||||||||||
U.S. Federal statutory rate | % | % | % | % | % | % | % | % | |||||||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | |||||||||||||||||||||||||||||||||||||||||||||||
State income taxes, net of Federal income tax benefit(d) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Plant basis differences | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Excess deferred tax amortization | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Tax credits(e) | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Other(f) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Effective income tax rate | % | % | % | % | % | ( | % | % | % |
Exelon(a) | PHI | ACE | |||||||||||||||
March 31, 2023 | $ | $ | $ | ||||||||||||||
December 31, 2022 |
Pension Benefits | OPEB | ||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service cost (credit) | ( | ( | |||||||||||||||||||||
Actuarial loss | |||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
Pension and OPEB Costs (Benefit) | 2023 | 2022 | |||||||||
Exelon | $ | $ | |||||||||
ComEd | |||||||||||
PECO | ( | ( | |||||||||
BGE | |||||||||||
PHI | |||||||||||
Pepco | |||||||||||
DPL | |||||||||||
ACE |
Three Months Ended March 31, | |||||||||||
Savings Plan Employer Contributions | 2023 | 2022 | |||||||||
Exelon | $ | $ | |||||||||
ComEd | |||||||||||
PECO | |||||||||||
BGE | |||||||||||
PHI | |||||||||||
Pepco | |||||||||||
DPL | |||||||||||
ACE |
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 | |||||||||
PECO | Electricity | NPNS | Fixed price contracts for default supply requirements through full requirements contracts. | ||||||||
Gas | NPNS | Fixed price contracts to cover about | |||||||||
BGE | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. | ||||||||
Gas | NPNS | Fixed price contracts for between | |||||||||
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 | |||||||||
ACE | Electricity | NPNS | Fixed price contracts for all BGS requirements through full requirements contracts. |
March 31, 2023 | |||||||||||||||||
Derivatives Designated as Hedging Instruments | Economic Hedges | Total | |||||||||||||||
Other deferred debits (noncurrent assets) | $ | $ | $ | ||||||||||||||
Total derivative assets | |||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | ( | ( | |||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | ( | ( | |||||||||||||||
Total mark-to-market derivative liabilities | ( | ( | ( | ||||||||||||||
Total mark-to-market derivative net assets | $ | ( | $ | $ |
December 31, 2022 | |||||||||||||||||
Derivatives Designated as Hedging Instruments | Economic Hedges | Total | |||||||||||||||
Other deferred debits (noncurrent assets) | $ | $ | $ | ||||||||||||||
Total derivative assets | |||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | ( | ( | |||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | ( | ( | |||||||||||||||
Total mark-to-market derivative liabilities | ( | ( | ( | ||||||||||||||
Total mark-to-market derivative net assets | $ | $ | $ |
Gain (Loss) | ||||||||
Income Statement Location | 2023 | |||||||
Electric operating revenues | $ | |||||||
Interest expense | ( | |||||||
Total | $ |
March 31, 2023 | December 31, 2022 | |||||||||||||
Exelon | $ | $ | ||||||||||||
ComEd | ||||||||||||||
BGE | ||||||||||||||
PHI | ||||||||||||||
Pepco | ||||||||||||||
DPL | ||||||||||||||
ACE |
Outstanding Commercial Paper as of | Average Interest Rate on Commercial Paper Borrowings as of | ||||||||||||||||||||||
Commercial Paper Issuer | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Exelon(a) | $ | $ | % | % | |||||||||||||||||||
ComEd | % | % | |||||||||||||||||||||
PECO | % | % | |||||||||||||||||||||
BGE | % | % | |||||||||||||||||||||
PHI(b) | % | % | |||||||||||||||||||||
Pepco | % | % | |||||||||||||||||||||
DPL | % | % | |||||||||||||||||||||
Borrower | Aggregate Bank Commitment | Interest Rate | ||||||||||||
Exelon Corporate | $ | SOFR plus | % | |||||||||||
ComEd | SOFR plus | % | ||||||||||||
PECO | SOFR plus | % | ||||||||||||
BGE | SOFR plus | % | ||||||||||||
Pepco | SOFR plus | % | ||||||||||||
DPL | SOFR plus | % | ||||||||||||
ACE | SOFR plus | % |
Company | Type | Interest Rate | Maturity | Amount | Use of Proceeds | |||||||||||||||||||||||||||
Exelon | Notes | March 15, 2028 | $ | Repay existing indebtedness and for general corporate purposes. | ||||||||||||||||||||||||||||
Exelon | Notes | March 15, 2033 | Repay existing indebtedness and for general corporate purposes. | |||||||||||||||||||||||||||||
Exelon | Notes | March 15, 2053 | Repay existing indebtedness and for general corporate purposes. | |||||||||||||||||||||||||||||
ComEd | First Mortgage Bonds, Series 134 | February 1, 2033 | Repay outstanding commercial paper obligations and to fund other general corporate purposes. | |||||||||||||||||||||||||||||
ComEd | First Mortgage Bonds Series 135 | February 1, 2053 | Repay outstanding commercial paper obligations and to fund other general corporate purposes. | |||||||||||||||||||||||||||||
Pepco(a) | First Mortgage Bonds | March 15, 2033 | Repay existing indebtedness and for general corporate purposes. | |||||||||||||||||||||||||||||
Pepco | First Mortgage Bonds | March 15, 2038 | Repay existing indebtedness and for general corporate purposes. | |||||||||||||||||||||||||||||
Pepco | First Mortgage Bonds | March 15, 2053 | Repay existing indebtedness and for general corporate purposes. | |||||||||||||||||||||||||||||
DPL(b) | First Mortgage Bonds | March 15, 2033 | Repay existing indebtedness and for general corporate purposes. | |||||||||||||||||||||||||||||
DPL | First Mortgage Bonds | March 15, 2053 | Repay existing indebtedness and for general corporate purposes. | |||||||||||||||||||||||||||||
ACE | First Mortgage Bonds | March 15, 2053 | Repay existing indebtedness and for general corporate purposes. |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
Level 2 | Level 3 | Total | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, including amounts due within one year(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
ComEd | ||||||||||||||||||||||||||||||||||||||||||||||||||
PECO | ||||||||||||||||||||||||||||||||||||||||||||||||||
BGE | ||||||||||||||||||||||||||||||||||||||||||||||||||
PHI | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pepco | ||||||||||||||||||||||||||||||||||||||||||||||||||
DPL | ||||||||||||||||||||||||||||||||||||||||||||||||||
ACE | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt to Financing Trusts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
ComEd | ||||||||||||||||||||||||||||||||||||||||||||||||||
PECO |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | |||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivative assets | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||
Economic hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivative assets subtotal | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Interest rate derivative liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Economic hedges | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Interest rate derivative liabilities subtotal | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | $ |
ComEd | PECO | BGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 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) | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities(b) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ | $ | $ | ( | $ | $ |
ComEd | PECO | BGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of 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) | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities(b) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ | $ | $ | ( | $ | $ |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
PHI | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | |||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Total net assets | $ | $ | $ | $ | $ | $ | $ | $ |
Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 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) | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of 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) | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Exelon | ComEd | PHI and Pepco | |||||||||||||||
Three Months Ended March 31, 2023 | Total | Mark-to-Market Derivatives | Life Insurance Contracts | ||||||||||||||
Balance as of December 31, 2022 | $ | ( | $ | ( | $ | ||||||||||||
Total realized / unrealized gains | |||||||||||||||||
Included in net income(a) | |||||||||||||||||
Included in regulatory assets/liabilities | ( | ( | (b) | ||||||||||||||
Balance as of March 31, 2023 | $ | ( | $ | ( | (c) | $ | |||||||||||
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities as of March 31, 2023 | $ | $ | $ |
Exelon | ComEd | PHI and Pepco | |||||||||||||||
Three Months Ended March 31, 2022 | Total | Mark-to-Market Derivatives | Life Insurance Contracts | ||||||||||||||
Balance as of December 31, 2021 | $ | ( | $ | ( | $ | ||||||||||||
Total realized / unrealized gains | |||||||||||||||||
Included in net income(a) | |||||||||||||||||
Included in regulatory assets | (b) | ||||||||||||||||
Transfers out of Level 3 | ( | ||||||||||||||||
Balance as of March 31, 2022 | $ | ( | $ | ( | $ | ||||||||||||
The amount of total gains included in income attributed to the change in unrealized gain related to assets and liabilities as of March 31, 2022 | $ | $ | $ |
Type of trade | Fair Value as of March 31, 2023 | Fair Value as of December 31, 2022 | Valuation Technique | Unobservable Input | 2023 Range & Arithmetic Average | 2022 Range & Arithmetic Average | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivatives | $ | ( | $ | ( | Discounted Cash Flow | Forward power price(a) | $ | - | $ | $ | $ | - | $ | $ |
Description | Exelon | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||
Total commitments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Remaining commitments(a) | |||||||||||||||||||||||||||||
Expiration within | |||||||||||||||||||||||||||||||||||||||||
Total | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and beyond | |||||||||||||||||||||||||||||||||||
Exelon | |||||||||||||||||||||||||||||||||||||||||
Letters of credit | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Surety bonds(a) | |||||||||||||||||||||||||||||||||||||||||
Financing trust guarantees | |||||||||||||||||||||||||||||||||||||||||
Guaranteed lease residual values(b) | |||||||||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
ComEd | |||||||||||||||||||||||||||||||||||||||||
Letters of credit | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Surety bonds(a) | |||||||||||||||||||||||||||||||||||||||||
Financing trust guarantees | |||||||||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
PECO | |||||||||||||||||||||||||||||||||||||||||
Letters of credit | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Surety bonds(a) | |||||||||||||||||||||||||||||||||||||||||
Financing trust guarantees | |||||||||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
BGE | |||||||||||||||||||||||||||||||||||||||||
Letters of credit | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Surety bonds(a) | |||||||||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
PHI | |||||||||||||||||||||||||||||||||||||||||
Surety bonds(a) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Guaranteed lease residual values(b) | |||||||||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Pepco | |||||||||||||||||||||||||||||||||||||||||
Surety bonds(a) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Guaranteed lease residual values(b) | |||||||||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
DPL | |||||||||||||||||||||||||||||||||||||||||
Surety bonds(a) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Guaranteed lease residual values(b) | |||||||||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
ACE | |||||||||||||||||||||||||||||||||||||||||
Surety bonds(a) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Guaranteed lease residual values(b) | |||||||||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
March 31, 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 | $ | $ | $ | $ | |||||||||||||||||||
ComEd | |||||||||||||||||||||||
PECO | |||||||||||||||||||||||
BGE | |||||||||||||||||||||||
PHI | |||||||||||||||||||||||
Pepco | |||||||||||||||||||||||
DPL | |||||||||||||||||||||||
ACE |
Three Months Ended March 31, 2023 | Cash Flow Hedges | Pension and Non-Pension Postretirement Benefit Plan Items(a) | Foreign Currency Items | Total | |||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | ( | $ | $ | ( | |||||||||||||||||
OCI before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||
Net current-period OCI | ( | ( | |||||||||||||||||||||
Balance as of March 31, 2023 | $ | $ | ( | $ | $ | ( |
Three Months Ended March 31, 2022 | Cash Flow Hedges | Pension and Non-Pension Postretirement Benefit Plan Items(a) | Foreign Currency Items | Total | |||||||||||||||||||
Balance as of December 31, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Separation of Constellation | |||||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||
Net current-period OCI | |||||||||||||||||||||||
Balance as of March 31, 2022 | $ | $ | ( | $ | $ | ( |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Pension and non-pension postretirement benefit plans: | |||||||||||
Actuarial loss reclassified to periodic benefit cost | $ | ( | $ | ( | |||||||
Pension and non-pension postretirement benefit plans valuation adjustment | |||||||||||
Unrealized gain on cash flow hedges | ( | ||||||||||
Taxes other than income taxes | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Utility taxes(a) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Property | |||||||||||||||||||||||||||||||||||||||||||||||
Payroll | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Utility taxes(a) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Property | |||||||||||||||||||||||||||||||||||||||||||||||
Payroll | |||||||||||||||||||||||||||||||||||||||||||||||
Other, Net | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
AFUDC — Equity | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Non-service net periodic benefit cost | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
AFUDC — Equity | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Non-service net periodic benefit cost |
Depreciation, amortization, and accretion | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon(a) | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment(b) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Amortization of regulatory assets(b) | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets, net(b) | |||||||||||||||||||||||||||||||||||||||||||||||
Total depreciation and amortization | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment(b) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Amortization of regulatory assets(b) | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets, net(b) | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of energy contract assets and liabilities(c) | |||||||||||||||||||||||||||||||||||||||||||||||
Nuclear fuel(d) | |||||||||||||||||||||||||||||||||||||||||||||||
ARO accretion(e) | |||||||||||||||||||||||||||||||||||||||||||||||
Total depreciation, amortization, and accretion | $ | $ | $ | $ | $ | $ | $ | $ |
Other non-cash operating activities | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon(a) | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension and OPEB costs (benefit) | $ | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||
True-up adjustments to decoupling mechanisms and formula rates(b) | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Long-term incentive plan | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of operating ROU asset | |||||||||||||||||||||||||||||||||||||||||||||||
Change in environmental liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
AFUDC — Equity | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension and OPEB costs (benefit) | $ | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||
Other decommissioning-related activity | |||||||||||||||||||||||||||||||||||||||||||||||
Energy-related options | |||||||||||||||||||||||||||||||||||||||||||||||
True-up adjustments to decoupling mechanisms and formula rates(b) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Long-term incentive plan | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of operating ROU asset | |||||||||||||||||||||||||||||||||||||||||||||||
AFUDC — Equity | ( | ( | ( | ( | ( | ( | ( | ( |
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash included in other deferred debits and other assets | |||||||||||||||||||||||||||||||||||||||||||||||
Total cash, restricted cash, and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash included in other deferred debits and other assets | |||||||||||||||||||||||||||||||||||||||||||||||
Total cash, restricted cash, and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash included in other deferred debits and other assets | |||||||||||||||||||||||||||||||||||||||||||||||
Total cash, restricted cash, and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash included in other deferred debits and other assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash, restricted cash, and cash equivalents from discontinued operations | |||||||||||||||||||||||||||||||||||||||||||||||
Total cash, restricted cash, and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ |
Accrued expenses | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Compensation-related accruals(a) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Taxes accrued | |||||||||||||||||||||||||||||||||||||||||||||||
Interest accrued | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Compensation-related accruals(a) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Taxes accrued | |||||||||||||||||||||||||||||||||||||||||||||||
Interest accrued |
Three Months Ended March 31, | |||||
2022 | |||||
ComEd(a) | $ | ||||
PECO(b) | |||||
BGE(c) | |||||
PHI | |||||
Pepco(d) | |||||
DPL(e) | |||||
ACE(f) |
Operating and maintenance from affiliates | Capitalized costs | |||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Exelon | ||||||||||||||||||||||||||
BSC | $ | $ | ||||||||||||||||||||||||
PHISCO | ||||||||||||||||||||||||||
ComEd | ||||||||||||||||||||||||||
BSC | $ | $ | ||||||||||||||||||||||||
PECO | ||||||||||||||||||||||||||
BSC | ||||||||||||||||||||||||||
BGE | ||||||||||||||||||||||||||
BSC | ||||||||||||||||||||||||||
PHI | ||||||||||||||||||||||||||
BSC | ||||||||||||||||||||||||||
PHISCO | ||||||||||||||||||||||||||
Pepco | ||||||||||||||||||||||||||
BSC | ||||||||||||||||||||||||||
PHISCO | ||||||||||||||||||||||||||
DPL | ||||||||||||||||||||||||||
BSC | ||||||||||||||||||||||||||
PHISCO | ||||||||||||||||||||||||||
ACE | ||||||||||||||||||||||||||
BSC | ||||||||||||||||||||||||||
PHISCO |
Receivables from affiliates: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables to affiliates: | ComEd | PECO | BGE | Pepco | DPL | ACE | BSC | PHISCO | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ComEd | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PECO | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BGE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PHI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pepco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DPL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables from affiliates: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables to affiliates: | ComEd | PECO | BGE | Pepco | DPL | ACE | BSC | PHISCO | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ComEd | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PECO | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BGE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PHI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pepco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DPL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | Exelon | ComEd | PECO | ||||||||||||||||||||||||||||||
ComEd Financing III | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
PECO Trust III | |||||||||||||||||||||||||||||||||||
PECO Trust IV | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, | Favorable (Unfavorable) Variance | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Exelon | $ | $ | $ | 188 | |||||||||||||
ComEd | 241 | 188 | 53 | ||||||||||||||
PECO | 166 | 206 | (40) | ||||||||||||||
BGE | 200 | 198 | 2 | ||||||||||||||
PHI | 155 | 130 | 25 | ||||||||||||||
Pepco | 65 | 46 | 19 | ||||||||||||||
DPL | 60 | 56 | 4 | ||||||||||||||
ACE | 33 | 26 | 7 | ||||||||||||||
Other(a) | (93) | (241) | 148 |
Three Months Ended March 31, | |||||||||||||||||||||||
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 | $ | 669 | $ | 0.67 | $ | $ | 0.49 | ||||||||||||||||
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $0) | (1) | — | — | — | |||||||||||||||||||
Change in Environmental Liabilities (net of taxes of $7) | 18 | 0.02 | — | — | |||||||||||||||||||
ERP System Implementation Costs (net of taxes of $0)(a) | — | — | 1 | — | |||||||||||||||||||
Change in FERC Audit Liability (net of taxes of $4) | 11 | 0.01 | — | — | |||||||||||||||||||
Separation Costs (net of taxes of $0 and $7, respectively)(b) | (1) | — | 17 | 0.02 | |||||||||||||||||||
Income Tax-Related Adjustments (entire amount represents tax expense)(c) | — | — | 134 | 0.14 | |||||||||||||||||||
Adjusted (non-GAAP) Operating Earnings | $ | 696 | $ | 0.70 | $ | 634 | $ | 0.64 |
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 | $ | 1,472 | 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 | % | First quarter of 2024 | ||||||||||||||||||||||||||
DPL - Delaware | December 15, 2022 (amended February 28, 2023) | Electric | 48 | 10.50 | % | Second quarter of 2024 | ||||||||||||||||||||||||||
ACE - New Jersey | February 15, 2023 | Electric | 105 | 10.50 | % | First quarter of 2024 |
Registrant | Initial Revenue Requirement Increase | Annual Reconciliation Decrease | Total Revenue Requirement Increase | Allowed Return on Rate Base | Allowed ROE | |||||||||||||||||||||||||||
BGE | $ | 19 | $ | (12) | $ | 4 | 7.34 | % | 10.50 | % | ||||||||||||||||||||||
Three Months Ended March 31, | (Unfavorable) Favorable Variance | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Operating revenues | $ | 1,667 | $ | 1,734 | $ | (67) | |||||||||||
Operating expenses | |||||||||||||||||
Purchased power | 488 | 638 | 150 | ||||||||||||||
Operating and maintenance | 337 | 351 | 14 | ||||||||||||||
Depreciation and amortization | 338 | 321 | (17) | ||||||||||||||
Taxes other than income taxes | 93 | 96 | 3 | ||||||||||||||
Total operating expenses | 1,256 | 1,406 | 150 | ||||||||||||||
Operating income | 411 | 328 | 83 | ||||||||||||||
Other income and (deductions) | |||||||||||||||||
Interest expense, net | (117) | (100) | (17) | ||||||||||||||
Other, net | 18 | 12 | 6 | ||||||||||||||
Total other income and (deductions) | (99) | (88) | (11) | ||||||||||||||
Income before income taxes | 312 | 240 | 72 | ||||||||||||||
Income taxes | 71 | 52 | (19) | ||||||||||||||
Net income | $ | 241 | $ | 188 | $ | 53 | |||||||||||
Three Months Ended March 31, 2023 | |||||
Increase (Decrease) | |||||
Distribution | $ | 111 | |||
Transmission | (12) | ||||
Energy efficiency | 14 | ||||
Other | 2 | ||||
115 | |||||
Regulatory required programs | (182) | ||||
Total decrease | $ | (67) |
Three Months Ended March 31, 2023 | |||||
Increase (Decrease) | |||||
Labor, other benefits, contracting and materials | $ | 17 | |||
Storm-related costs | 1 | ||||
Pension and non-pension postretirement benefits expense | (4) | ||||
BSC costs | (2) | ||||
Other(a) | (8) | ||||
4 | |||||
Regulatory required programs(b) | (18) | ||||
Total decrease | $ | (14) |
Three Months Ended March 31, 2023 | |||||
Increase | |||||
Depreciation and amortization(a) | $ | 13 | |||
Regulatory asset amortization(b) | 4 | ||||
Total increase | $ | 17 |
Three Months Ended March 31, | Favorable (Unfavorable) Variance | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Operating revenues | $ | 1,112 | $ | 1,047 | $ | 65 | |||||||||||
Operating expenses | |||||||||||||||||
Purchased power and fuel | 484 | 407 | (77) | ||||||||||||||
Operating and maintenance | 270 | 247 | (23) | ||||||||||||||
Depreciation and amortization | 98 | 92 | (6) | ||||||||||||||
Taxes other than income taxes | 50 | 47 | (3) | ||||||||||||||
Total operating expenses | 902 | 793 | (109) | ||||||||||||||
Operating income | 210 | 254 | (44) | ||||||||||||||
Other income and (deductions) | |||||||||||||||||
Interest expense, net | (48) | (41) | (7) | ||||||||||||||
Other, net | 8 | 7 | 1 | ||||||||||||||
Total other income and (deductions) | (40) | (34) | (6) | ||||||||||||||
Income before income taxes | 170 | 220 | (50) | ||||||||||||||
Income taxes | 4 | 14 | 10 | ||||||||||||||
Net income | $ | 166 | $ | 206 | $ | (40) |
Three Months Ended March 31, 2023 | |||||||||||||||||
(Decrease) Increase | |||||||||||||||||
Electric | Gas | Total | |||||||||||||||
Weather | $ | (25) | $ | (25) | $ | (50) | |||||||||||
Volume | (7) | 2 | (5) | ||||||||||||||
Pricing | 11 | 23 | 34 | ||||||||||||||
Transmission | (2) | — | (2) | ||||||||||||||
Other | (1) | 6 | 5 | ||||||||||||||
(24) | 6 | (18) | |||||||||||||||
Regulatory required programs | 78 | 5 | 83 | ||||||||||||||
Total increase | $ | 54 | $ | 11 | $ | 65 |
Three Months Ended March 31, | % Change | ||||||||||||||||||||||||||||
PECO Service Territory | 2023 | 2022 | Normal | 2023 vs. 2022 | 2023 vs. Normal | ||||||||||||||||||||||||
Heating Degree-Days | 1,888 | 2,228 | 2,418 | (15.3) | % | (21.9) | % | ||||||||||||||||||||||
Cooling Degree-Days | — | 1 | 1 | (100.0) | % | (100.0) | % |
Electric Retail Deliveries to Customers (in GWhs) | Three Months Ended March 31, | % Change | Weather - Normal % Change(b) | ||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Residential | 3,358 | 3,758 | (10.6) | % | (0.1) | % | |||||||||||||||||
Small commercial & industrial | 1,843 | 1,937 | (4.9) | % | 0.4 | % | |||||||||||||||||
Large commercial & industrial | 3,237 | 3,332 | (2.9) | % | (1.2) | % | |||||||||||||||||
Public authorities & electric railroads | 168 | 182 | (7.7) | % | 9.3 | % | |||||||||||||||||
Total electric retail deliveries(a) | 8,606 | 9,209 | (6.5) | % | (0.2) | % |
As of March 31, | |||||||||||
Number of Electric Customers | 2023 | 2022 | |||||||||
Residential | 1,529,779 | 1,521,255 | |||||||||
Small commercial & industrial | 155,846 | 155,485 | |||||||||
Large commercial & industrial | 3,118 | 3,102 | |||||||||
Public authorities & electric railroads | 10,401 | 10,342 | |||||||||
Total | 1,699,144 | 1,690,184 |
Natural Gas Deliveries to Customers (in mmcf) | Three Months Ended March 31, | % Change | Weather - Normal % Change(b) | ||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Residential | 17,190 | 20,837 | (17.5) | % | (2.4) | % | |||||||||||||||||
Small commercial & industrial | 8,699 | 10,546 | (17.5) | % | (3.4) | % | |||||||||||||||||
Large commercial & industrial | 29 | 10 | 190.0 | % | 21.7 | % | |||||||||||||||||
Transportation | 7,014 | 7,639 | (8.2) | % | (5.4) | % | |||||||||||||||||
Total natural gas retail deliveries(a) | 32,932 | 39,032 | (15.6) | % | (3.2) | % |
As of March 31, | |||||||||||
Number of Natural Gas Customers | 2023 | 2022 | |||||||||
Residential | 504,181 | 499,188 | |||||||||
Small commercial & industrial | 45,003 | 44,959 | |||||||||
Large commercial & industrial | 9 | 5 | |||||||||
Transportation | 650 | 664 | |||||||||
Total | 549,843 | 544,816 |
Three Months Ended March 31, 2023 | ||||||||
Increase (Decrease) | ||||||||
Labor, other benefits, contracting and materials | $ | 14 | ||||||
Credit loss expense | 10 | |||||||
BSC costs | 2 | |||||||
Pension and non-pension postretirement benefit expense | (2) | |||||||
Storm-related costs | (4) | |||||||
Other | (3) | |||||||
17 | ||||||||
Regulatory required programs | 6 | |||||||
Total increase | $ | 23 |
Three Months Ended March 31, 2023 | ||||||||
Increase (Decrease) | ||||||||
Depreciation and amortization(a) | $ | 7 | ||||||
Regulatory asset amortization | (1) | |||||||
Total increase | $ | 6 |
Three Months Ended March 31, | Favorable (Unfavorable) Variance | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Operating revenues | $ | 1,257 | $ | 1,154 | $ | 103 | ||||||||||||||
Operating expenses | ||||||||||||||||||||
Purchased power and fuel | 492 | 454 | (38) | |||||||||||||||||
Operating and maintenance | 222 | 218 | (4) | |||||||||||||||||
Depreciation and amortization | 167 | 171 | 4 | |||||||||||||||||
Taxes other than income taxes | 83 | 76 | (7) | |||||||||||||||||
Total operating expenses | 964 | 919 | (45) | |||||||||||||||||
Operating income | 293 | 235 | 58 | |||||||||||||||||
Other income and (deductions) | ||||||||||||||||||||
Interest expense, net | (44) | (35) | (9) | |||||||||||||||||
Other, net | 3 | 7 | (4) | |||||||||||||||||
Total other income and (deductions) | (41) | (28) | (13) | |||||||||||||||||
Income before income taxes | 252 | 207 | 45 | |||||||||||||||||
Income taxes | 52 | 9 | (43) | |||||||||||||||||
Net income | $ | 200 | $ | 198 | $ | 2 | ||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||
Increase | ||||||||||||||||||||
Electric | Gas | Total | ||||||||||||||||||
Distribution | $ | 26 | $ | 23 | $ | 49 | ||||||||||||||
Transmission | 18 | — | 18 | |||||||||||||||||
Other | — | 1 | 1 | |||||||||||||||||
44 | 24 | 68 | ||||||||||||||||||
Regulatory required programs | 34 | 1 | 35 | |||||||||||||||||
Total increase | $ | 78 | $ | 25 | $ | 103 |
As of March 31, | |||||||||||
Number of Electric Customers | 2023 | 2022 | |||||||||
Residential | 1,207,486 | 1,199,272 | |||||||||
Small commercial & industrial | 115,658 | 115,363 | |||||||||
Large commercial & industrial | 12,911 | 12,674 | |||||||||
Public authorities & electric railroads | 266 | 268 | |||||||||
Total | 1,336,321 | 1,327,577 |
As of March 31, | |||||||||||
Number of Natural Gas Customers | 2023 | 2022 | |||||||||
Residential | 656,583 | 653,397 | |||||||||
Small commercial & industrial | 38,260 | 38,356 | |||||||||
Large commercial & industrial | 6,261 | 6,193 | |||||||||
Total | 701,104 | 697,946 |
Three Months Ended March 31, 2023 | ||||||||
Increase (Decrease) | ||||||||
Labor, other benefits, contracting, and materials | $ | 8 | ||||||
Storm-related costs | (5) | |||||||
Pension and non-pension postretirement benefits expense | 1 | |||||||
BSC costs | 3 | |||||||
Other | (3) | |||||||
4 | ||||||||
Regulatory required programs | — | |||||||
Total increase | $ | 4 | ||||||
Three Months Ended March 31, 2023 | ||||||||
Increase (Decrease) | ||||||||
Depreciation and amortization(a) | $ | 7 | ||||||
Regulatory required programs | (9) | |||||||
Regulatory asset amortization | (2) | |||||||
Total decrease | $ | (4) |
Three Months Ended March 31, | Favorable (Unfavorable) Variance | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
PHI | $ | 155 | $ | 130 | $ | 25 | |||||||||||
Pepco | 65 | 46 | 19 | ||||||||||||||
DPL | 60 | 56 | 4 | ||||||||||||||
ACE | 33 | 26 | 7 | ||||||||||||||
Other(a) | (3) | 2 | (5) |
Three Months Ended March 31, | Favorable (Unfavorable) Variance | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Operating revenues | $ | 710 | $ | 614 | $ | 96 | |||||||||||
Operating expenses | |||||||||||||||||
Purchased power | 258 | 213 | (45) | ||||||||||||||
Operating and maintenance | 150 | 131 | (19) | ||||||||||||||
Depreciation and amortization | 108 | 108 | — | ||||||||||||||
Taxes other than income taxes | 94 | 95 | 1 | ||||||||||||||
Total operating expenses | 610 | 547 | (63) | ||||||||||||||
Operating income | 100 | 67 | 33 | ||||||||||||||
Other income and (deductions) | |||||||||||||||||
Interest expense, net | (39) | (36) | (3) | ||||||||||||||
Other, net | 16 | 13 | 3 | ||||||||||||||
Total other income and (deductions) | (23) | (23) | — | ||||||||||||||
Income before income taxes | 77 | 44 | 33 | ||||||||||||||
Income taxes | 12 | (2) | (14) | ||||||||||||||
Net income | $ | 65 | $ | 46 | $ | 19 |
Three Months Ended March 31, 2023 | |||||
Increase | |||||
Distribution | $ | 40 | |||
Transmission | 18 | ||||
58 | |||||
Regulatory required programs | 38 | ||||
Total increase | $ | 96 |
As of March 31, | |||||||||||
Number of Electric Customers | 2023 | 2022 | |||||||||
Residential | 859,207 | 846,258 | |||||||||
Small commercial & industrial | 54,089 | 54,509 | |||||||||
Large commercial & industrial | 22,858 | 22,620 | |||||||||
Public authorities & electric railroads | 201 | 184 | |||||||||
Total | 936,355 | 923,571 |
Three Months Ended March 31, 2023 | |||||
Increase (Decrease) | |||||
Labor, other benefits, contracting and materials(a) | $ | 24 | |||
Pension and non-pension postretirement benefits expense | 3 | ||||
Storm-related costs | (5) | ||||
Credit loss expense | (4) | ||||
BSC and PHISCO Costs | (1) | ||||
Other | (3) | ||||
14 | |||||
Regulatory required programs | 5 | ||||
Total increase | $ | 19 |
Three Months Ended March 31, 2023 | |||||
Increase (Decrease) | |||||
Depreciation and amortization(a) | $ | 3 | |||
Regulatory asset amortization | 4 | ||||
Regulatory required programs | (7) | ||||
Total increase | $ | — |
Three Months Ended March 31, | Favorable (Unfavorable) Variance | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Operating revenues | $ | 474 | $ | 431 | $ | 43 | |||||||||||
Operating expenses | |||||||||||||||||
Purchased power and fuel | 221 | 189 | (32) | ||||||||||||||
Operating and maintenance | 87 | 93 | 6 | ||||||||||||||
Depreciation and amortization | 60 | 57 | (3) | ||||||||||||||
Taxes other than income taxes | 20 | 18 | (2) | ||||||||||||||
Total operating expenses | 388 | 357 | (31) | ||||||||||||||
Operating income | 86 | 74 | 12 | ||||||||||||||
Other income and (deductions) | |||||||||||||||||
Interest expense, net | (17) | (16) | (1) | ||||||||||||||
Other, net | 3 | 2 | 1 | ||||||||||||||
Total other income and (deductions) | (14) | (14) | — | ||||||||||||||
Income before income taxes | 72 | 60 | 12 | ||||||||||||||
Income taxes | 12 | 4 | (8) | ||||||||||||||
Net income | $ | 60 | $ | 56 | $ | 4 |
Three Months Ended March 31, 2023 | |||||||||||||||||
(Decrease) Increase | |||||||||||||||||
Electric | Gas | Total | |||||||||||||||
Weather | $ | (5) | $ | (4) | $ | (9) | |||||||||||
Volume | (2) | (2) | (4) | ||||||||||||||
Distribution | 11 | 5 | 16 | ||||||||||||||
Transmission | 7 | — | 7 | ||||||||||||||
11 | (1) | 10 | |||||||||||||||
Regulatory required programs | 18 | 15 | 33 | ||||||||||||||
Total increase | $ | 29 | $ | 14 | $ | 43 |
Three Months Ended March 31, | % Change | ||||||||||||||||||||||||||||
Delaware Electric Service Territory | 2023 | 2022 | Normal | 2023 vs. 2022 | 2023 vs. Normal | ||||||||||||||||||||||||
Heating Degree-Days | 1,952 | 2,355 | 2,489 | (17.1) | % | (21.6) | % | ||||||||||||||||||||||
Cooling Degree-Days | — | 3 | 1 | (100.0) | % | (100.0) | % |
Three Months Ended March 31, | % Change | ||||||||||||||||||||||||||||
Delaware Natural Gas Service Territory | 2023 | 2022 | Normal | 2023 vs. 2022 | 2023 vs. Normal | ||||||||||||||||||||||||
Heating Degree-Days | 1,952 | 2,355 | 2,497 | (17.1) | % | (21.8) | % |
Electric Retail Deliveries to Delaware Customers (in GWhs) | Three Months Ended March 31, | % Change | Weather - Normal % Change(b) | ||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Residential | 797 | 895 | (10.9) | % | (1.2) | % | |||||||||||||||||
Small commercial & industrial | 327 | 370 | (11.6) | % | (7.2) | % | |||||||||||||||||
Large commercial & industrial | 719 | 765 | (6.0) | % | (4.7) | % | |||||||||||||||||
Public authorities & electric railroads | 9 | 9 | — | % | (6.3) | % | |||||||||||||||||
Total electric retail deliveries(a) | 1,852 | 2,039 | (9.2) | % | (3.6) | % |
As of March 31, | |||||||||||
Number of Total Electric Customers (Maryland and Delaware) | 2023 | 2022 | |||||||||
Residential | 482,979 | 478,009 | |||||||||
Small commercial & industrial | 63,794 | 63,296 | |||||||||
Large commercial & industrial | 1,236 | 1,221 | |||||||||
Public authorities & electric railroads | 595 | 603 | |||||||||
Total | 548,604 | 543,129 |
Natural Gas Retail Deliveries to Delaware Customers (in mmcf) | Three Months Ended March 31, | % Change | Weather - Normal % Change(b) | ||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Residential | 3,581 | 4,453 | (19.6) | % | (6.6) | % | |||||||||||||||||
Small commercial & industrial | 1,652 | 1,983 | (16.7) | % | (1.8) | % | |||||||||||||||||
Large commercial & industrial | 414 | 457 | (9.4) | % | (9.5) | % | |||||||||||||||||
Transportation | 1,900 | 2,207 | (13.9) | % | (6.9) | % | |||||||||||||||||
Total natural gas deliveries(a) | 7,547 | 9,100 | (17.1) | % | (5.8) | % |
As of March 31, | |||||||||||
Number of Delaware Natural Gas Customers | 2023 | 2022 | |||||||||
Residential | 129,791 | 128,695 | |||||||||
Small commercial & industrial | 10,158 | 10,097 | |||||||||
Large commercial & industrial | 16 | 17 | |||||||||
Transportation | 158 | 159 | |||||||||
Total | 140,123 | 138,968 |
Three Months Ended March 31, 2023 | |||||
(Decrease) Increase | |||||
Labor, other benefits, contracting and materials | $ | (3) | |||
Storm-related costs | (3) | ||||
BSC and PHISCO costs | (1) | ||||
Credit loss expense | (1) | ||||
Pension and non-pension postretirement benefits expense | 1 | ||||
(7) | |||||
Regulatory required programs | 1 | ||||
Total decrease | $ | (6) |
Three Months Ended March 31, 2023 | |||||
Increase (Decrease) | |||||
Depreciation and amortization(a) | $ | 7 | |||
Regulatory asset amortization | (1) | ||||
Regulatory required programs | (3) | ||||
Total increase | $ | 3 |
Three Months Ended March 31, | Favorable (Unfavorable) Variance | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Operating revenues | $ | 353 | $ | 349 | $ | 4 | |||||||||||
Operating expenses | |||||||||||||||||
Purchased power | 148 | 178 | 30 | ||||||||||||||
Operating and maintenance | 81 | 84 | 3 | ||||||||||||||
Depreciation and amortization | 67 | 47 | (20) | ||||||||||||||
Taxes other than income taxes | 2 | 2 | — | ||||||||||||||
Total operating expenses | 298 | 311 | 13 | ||||||||||||||
Operating income | 55 | 38 | 17 | ||||||||||||||
Other income and (deductions) | |||||||||||||||||
Interest expense, net | (16) | (14) | (2) | ||||||||||||||
Other, net | 5 | 3 | 2 | ||||||||||||||
Total other income and (deductions) | (11) | (11) | — | ||||||||||||||
Income before income taxes | 44 | 27 | 17 | ||||||||||||||
Income taxes | 11 | 1 | (10) | ||||||||||||||
Net income | $ | 33 | $ | 26 | $ | 7 |
Three Months Ended March 31, 2023 | |||||
Increase (Decrease) | |||||
Distribution | $ | 8 | |||
Transmission | 12 | ||||
20 | |||||
Regulatory required programs | (16) | ||||
Total increase | $ | 4 |
As of March 31, | |||||||||||
Number of Electric Customers | 2023 | 2022 | |||||||||
Residential | 503,260 | 500,511 | |||||||||
Small commercial & industrial | 62,230 | 62,124 | |||||||||
Large commercial & industrial | 3,030 | 3,124 | |||||||||
Public authorities & electric railroads | 726 | 724 | |||||||||
Total | 569,246 | 566,483 |
Three Months Ended March 31, 2023 | |||||
(Decrease) Increase | |||||
Labor, other benefits, contracting and materials | $ | (2) | |||
Storm-related costs | (2) | ||||
Other | 2 | ||||
(2) | |||||
Regulatory required programs(a) | (1) | ||||
Total decrease | $ | (3) |
Three Months Ended March 31, 2023 | |||||
Increase | |||||
Depreciation and amortization(a) | $ | 7 | |||
Regulatory asset amortization | — | ||||
Regulatory required programs(b) | 13 | ||||
Total increase | $ | 20 |
Increase (decrease) in cash flows from operating activities | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 71 | $ | 53 | $ | (40) | $ | 2 | $ | 25 | $ | 19 | $ | 4 | $ | 7 | |||||||||||||||||||||||||||||||
Adjustments to reconcile net income to cash: | |||||||||||||||||||||||||||||||||||||||||||||||
Non-cash operating activities | (683) | (126) | (7) | (61) | (8) | (17) | (9) | 14 | |||||||||||||||||||||||||||||||||||||||
Option premiums (paid), net | 39 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Collateral (paid) received, net | (1,356) | (47) | — | (52) | (226) | (26) | (150) | (41) | |||||||||||||||||||||||||||||||||||||||
Income taxes | (54) | 17 | 20 | 25 | 15 | 7 | 10 | 5 | |||||||||||||||||||||||||||||||||||||||
Pension and non-pension postretirement benefit contributions | 530 | 153 | 12 | 48 | 60 | 1 | 1 | 6 | |||||||||||||||||||||||||||||||||||||||
Regulatory assets and liabilities, net | (293) | (330) | 19 | (23) | 45 | 4 | 27 | 6 | |||||||||||||||||||||||||||||||||||||||
Changes in working capital and other assets and liabilities | 448 | 24 | 23 | 93 | 113 | 70 | 30 | 3 | |||||||||||||||||||||||||||||||||||||||
(Decrease) increase in cash flows from operating activities | $ | (1,298) | $ | (256) | $ | 27 | $ | 32 | $ | 24 | $ | 58 | $ | (87) | $ | — |
Increase (decrease) in cash flows from investing activities | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 41 | $ | — | $ | 9 | $ | (47) | $ | (152) | $ | (46) | $ | (31) | $ | (74) | |||||||||||||||||||||||||||||||
Investment in NDT fund sales, net | 28 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Collection of DPP | (169) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Proceeds from sales of assets and businesses | (16) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other investing activities | 64 | (6) | (2) | — | 6 | 7 | (1) | — | |||||||||||||||||||||||||||||||||||||||
(Decrease) increase in cash flows from investing activities | $ | (52) | $ | (6) | $ | 7 | $ | (47) | $ | (146) | $ | (39) | $ | (32) | $ | (74) |
(Decrease) increase in cash flows from financing activities | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||
Changes in short-term borrowings, net | $ | (1,380) | $ | (168) | $ | (94) | $ | (285) | $ | 54 | $ | (124) | $ | 34 | $ | 144 | |||||||||||||||||||||||||||||||
Long-term debt, net | (1,227) | 225 | — | — | (250) | (150) | — | (100) | |||||||||||||||||||||||||||||||||||||||
Changes in intercompany money pool | — | — | (65) | — | (31) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends paid on common stock | (26) | (43) | (1) | (4) | — | (6) | (1) | (2) | |||||||||||||||||||||||||||||||||||||||
Distributions to member | — | — | — | — | (10) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Contributions from parent/member | — | 19 | 103 | 237 | (299) | (144) | (45) | (110) | |||||||||||||||||||||||||||||||||||||||
Transfer of cash, restricted cash, and cash equivalents to Constellation | 2,594 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other financing activities | 3 | (1) | 1 | 1 | (8) | (9) | — | 2 | |||||||||||||||||||||||||||||||||||||||
(Decrease) increase in cash flows from financing activities | $ | (36) | $ | 32 | $ | (56) | $ | (51) | $ | (544) | $ | (433) | $ | (12) | $ | (66) |
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 | 3.70 | % | August 9, 2025 | 1 | |||||||||||||||||||||
Period | Declaration Date | Shareholder of Record Date | 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 9, 2023 | $ | 0.3600 | |||||||||||||||||||||
PJM Credit Policy Collateral | Other Incremental Collateral Required(a) | Available Credit Facility Capacity Prior to Any Incremental Collateral | |||||||||||||||
ComEd | $ | 17 | $ | — | $ | 586 | |||||||||||
PECO | 1 | 39 | 455 | ||||||||||||||
BGE | 3 | 73 | 357 | ||||||||||||||
Pepco | 4 | — | 300 | ||||||||||||||
DPL | 4 | 14 | 300 | ||||||||||||||
ACE | 2 | — | 300 |
(In millions) | Transmission | Distribution | Gas | Total(a) | |||||||||||||||||||
Exelon | N/A | N/A | N/A | $ | 7,175 | ||||||||||||||||||
ComEd | 500 | 2,075 | N/A | 2,550 | |||||||||||||||||||
PECO | 75 | 975 | 325 | 1,375 | |||||||||||||||||||
BGE | 325 | 525 | 475 | 1,325 | |||||||||||||||||||
PHI | 550 | 1,225 | 125 | 1,900 | |||||||||||||||||||
Pepco | 250 | 650 | N/A | 900 | |||||||||||||||||||
DPL | 175 | 275 | 125 | 575 | |||||||||||||||||||
ACE | 125 | 300 | N/A | 425 |
During the Three Months Ended March 31, 2023 | As of March 31, 2023 | |||||||||||||||||||
Exelon Intercompany Money Pool | Maximum Contributed | Maximum Borrowed | Contributed (Borrowed) | |||||||||||||||||
Exelon Corporate | $ | 510 | $ | — | $ | 266 | ||||||||||||||
PECO | — | (238) | — | |||||||||||||||||
BSC | — | (327) | (259) | |||||||||||||||||
PHI Corporate | — | (52) | (52) | |||||||||||||||||
PCI | 45 | — | 45 |
As of March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Short-term Financing Authority | Remaining Long-term Financing Authority | |||||||||||||||||||||||||||||||||||||
Commission | Expiration Date | Amount | Commission | Expiration Date | Amount | |||||||||||||||||||||||||||||||||
ComEd | FERC | December 31, 2023 | $ | 2,500 | ICC | January 1, 2025 | $ | 368 | ||||||||||||||||||||||||||||||
PECO | FERC | December 31, 2023 | 1,500 | PAPUC | December 31, 2024 | 1,125 | ||||||||||||||||||||||||||||||||
BGE(a) | FERC | December 31, 2023 | 700 | MDPSC | N/A | 1,800 | ||||||||||||||||||||||||||||||||
Pepco(b) | FERC | December 31, 2023 | 500 | MDPSC / DCPSC | December 31, 2025 | 1,150 | ||||||||||||||||||||||||||||||||
DPL(b) | FERC | December 31, 2023 | 500 | MDPSC / DEPSC | December 31, 2025 | 1,075 | ||||||||||||||||||||||||||||||||
ACE | NJBPU | December 31, 2023 | 350 | NJBPU | December 31, 2024 | 625 |
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) | $ | (20) | $ | (16) | $ | (14) | $ | (12) | $ | (10) | $ | (26) | $ | (98) |
Exelon Corporation | |||||||||||||||||
Exhibit No. | Description | Location | |||||||||||||||
Sixth Supplemental Indenture, dated as of February 1, 2023, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee | |||||||||||||||||
Potomac Electric Power Company | |||||||||||||||||
Exhibit No. | Description | ||||||||||||||||
Supplemental Indenture to the Potomac Electric Power Company Mortgage and Deed of Trust, dated as of March 1, 2023 | |||||||||||||||||
Delmarva Power & Light Company | |||||||||||||||||
Exhibit No. | Description | ||||||||||||||||
Supplemental Indenture to the Delmarva Power & Light Company Mortgage and Deed of Trust, dated as of March 1, 2023 | |||||||||||||||||
Atlantic City Electric Company | |||||||||||||||||
Exhibit No. | Description | ||||||||||||||||
Supplemental Indenture to the Atlantic City Electric Company Mortgage and Deed of Trust, dated as of March 1, 2023 |
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 | ||||
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/ CALVIN G. BUTLER, JR. | /s/ JEANNE M. JONES | |||||||
Calvin G. Butler, Jr. | Jeanne M. Jones | |||||||
President, Chief Executive Officer (Principal Executive Officer) and Director | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||
/s/ JOSEPH R. TRPIK | ||||||||
Joseph R. Trpik | ||||||||
Senior Vice President and Corporate Controller (Principal Accounting Officer) |
/s/ GIL C. QUINIONES | /s/ ELISABETH J. GRAHAM | |||||||
Gil C. Quiniones | Elisabeth J. Graham | |||||||
Chief Executive Officer (Principal Executive Officer) and Director | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ STEVEN J. CICHOCKI | ||||||||
Steven J. Cichocki | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ MICHAEL A. INNOCENZO | /s/ MARISSA HUMPHREY | |||||||
Michael A. Innocenzo | Marissa Humphrey | |||||||
President, Chief Executive Officer (Principal Executive Officer) and Director | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ CAROLINE FULGINITI | ||||||||
Caroline Fulginiti | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ CARIM V. KHOUZAMI | /s/ DAVID M. VAHOS | |||||||
Carim V. Khouzami | David M. Vahos | |||||||
President, Chief Executive Officer (Principal Executive Officer) and Director | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ JASON T. JONES | ||||||||
Jason T. Jones | ||||||||
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 and Treasurer (Principal Financial Officer) | |||||||
/s/ JULIE E. GIESE | ||||||||
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 | ||||||||
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 and Treasurer (Principal Financial Officer) | |||||||
/s/ JULIE E. GIESE | ||||||||
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 and Treasurer (Principal Financial Officer) | |||||||
/s/ JULIE E. GIESE | ||||||||
Julie E. Giese | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ CALVIN G. BUTLER, JR. | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ JEANNE M. JONES | |||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) |
/s/ GIL C. QUINIONES | |||||
Chief Executive Officer (Principal Executive Officer) |
/s/ ELISABETH J. GRAHAM | |||||
Senior Vice President, Chief Financial Officer and Treasurer | |||||
(Principal Financial Officer) |
/s/ MICHAEL A. INNOCENZO | |||||
President, Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ MARISSA HUMPHREY | |||||
Senior Vice President, Chief Financial Officer and Treasurer | |||||
(Principal Financial Officer) |
/s/ CARIM V. KHOUZAMI | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ DAVID M. VAHOS | |||||
Senior Vice President, Chief Financial Officer and Treasurer | |||||
(Principal Financial Officer) |
/s/ J. TYLER ANTHONY | |||||
President, Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ PHILLIP S. BARNETT | |||||
Senior Vice President, Chief Financial Officer and Treasurer | |||||
(Principal Financial Officer) |
/s/ J. TYLER ANTHONY | |||||
President, Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ PHILLIP S. BARNETT | |||||
Senior Vice President, Chief Financial Officer and Treasurer | |||||
(Principal Financial Officer) |
/s/ J. TYLER ANTHONY | |||||
President, Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ PHILLIP S. BARNETT | |||||
Senior Vice President, Chief Financial Officer and Treasurer | |||||
(Principal Financial Officer) |
/s/ J. TYLER ANTHONY | |||||
President, Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ PHILLIP S. BARNETT | |||||
Senior Vice President, Chief Financial Officer and Treasurer | |||||
(Principal Financial Officer) |
/s/ CALVIN G. BUTLER, JR. | |||||
Calvin G. Butler | |||||
President and Chief Executive Officer |
/s/ JEANNE M. JONES | |||||
Jeanne M. Jones | |||||
Executive Vice President and Chief Financial Officer |
/s/ GIL C. QUINIONES | |||||
Gil C. Quiniones | |||||
Chief Executive Officer |
/s/ ELISABETH J. GRAHAM | |||||
Elisabeth J. Graham | |||||
Senior Vice President, Chief Financial Officer and Treasurer |
/s/ MICHAEL A. INNOCENZO | |||||
Michael A. Innocenzo | |||||
President and Chief Executive Officer |
/s/ MARISSA HUMPHREY | |||||
Marissa Humphrey | |||||
Senior Vice President, Chief Financial Officer and Treasurer |
/s/ CARIM V. KHOUZAMI | |||||
Carim V. Khouzami | |||||
President and Chief Executive Officer |
/s/ DAVID M. VAHOS | |||||
David M. Vahos | |||||
Senior Vice President, Chief Financial Officer and Treasurer |
/s/ J. TYLER ANTHONY | |||||
J. Tyler Anthony | |||||
President and Chief Executive Officer |
/s/ PHILLIP S. BARNETT | |||||
Phillip S. Barnett | |||||
Senior Vice President, Chief Financial Officer and Treasurer |
/s/ J. TYLER ANTHONY | |||||
J. Tyler Anthony | |||||
President and Chief Executive Officer |
/s/ PHILLIP S. BARNETT | |||||
Phillip S. Barnett | |||||
Senior Vice President, Chief Financial Officer and Treasurer |
/s/ J. TYLER ANTHONY | |||||
J. Tyler Anthony | |||||
President and Chief Executive Officer |
/s/ PHILLIP S. BARNETT | |||||
Phillip S. Barnett | |||||
Senior Vice President, Chief Financial Officer and Treasurer |
/s/ J. TYLER ANTHONY | |||||
J. Tyler Anthony | |||||
President and Chief Executive Officer |
/s/ PHILLIP S. BARNETT | |||||
Phillip S. Barnett | |||||
Senior Vice President, Chief Financial Officer and Treasurer |
Consolidated Statements of Changes in Shareholders Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions |
Total |
Correcting Adjustment [Member] |
Common Stock [Member] |
Common Stock [Member]
Correcting Adjustment [Member]
|
Treasury Stock [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Noncontrolling Interest [Member] |
Commonwealth Edison Co [Member] |
Commonwealth Edison Co [Member]
Common Stock [Member]
|
Commonwealth Edison Co [Member]
Retained Earnings [Member]
|
Commonwealth Edison Co [Member]
Other Paid-in-Capital [Member]
|
PECO Energy Co [Member] |
PECO Energy Co [Member]
Common Stock [Member]
|
PECO Energy Co [Member]
Retained Earnings [Member]
|
Baltimore Gas and Electric Company [Member] |
Baltimore Gas and Electric Company [Member]
Common Stock [Member]
|
Baltimore Gas and Electric Company [Member]
Retained Earnings [Member]
|
Pepco Holdings LLC [Member] |
Pepco Holdings LLC [Member]
Retained Earnings [Member]
|
Pepco Holdings LLC [Member]
Membership Interest [Member]
|
Potomac Electric Power Company [Member] |
Potomac Electric Power Company [Member]
Common Stock [Member]
|
Potomac Electric Power Company [Member]
Retained Earnings [Member]
|
Delmarva Power and Light Company [Member] |
Delmarva Power and Light Company [Member]
Common Stock [Member]
|
Delmarva Power and Light Company [Member]
Retained Earnings [Member]
|
Atlantic City Electric Company [Member] |
Atlantic City Electric Company [Member]
Common Stock [Member]
|
Atlantic City Electric Company [Member]
Retained Earnings [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2021 | 981,291 | |||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2021 | $ 34,795 | $ 20,324 | $ (123) | $ 16,942 | $ (2,750) | $ 402 | ||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2021 | $ 12,355 | $ 1,588 | $ 1,691 | $ 9,076 | $ 5,112 | $ 3,428 | $ 1,684 | $ 4,570 | $ 2,575 | $ 1,995 | $ 3,475 | $ 2,302 | $ 1,173 | $ 1,777 | $ 1,209 | $ 568 | $ 1,575 | $ 1,590 | $ (15) | |||||||||||
Beginning Balance at Dec. 31, 2021 | $ 10,585 | $ (210) | $ 10,795 | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||
Net income (loss) | $ 598 | 597 | 1 | 188 | 188 | 206 | 206 | 198 | 198 | 130 | 130 | 46 | 46 | 56 | 56 | 26 | 26 | |||||||||||||
Long -Term Incentive Plan Activity (shares) | 540 | |||||||||||||||||||||||||||||
Long-Term Incentive Plan Activity | $ (13) | $ (13) | ||||||||||||||||||||||||||||
Employee stock purchase plan issuances (shares) | 211 | |||||||||||||||||||||||||||||
Employee stock purchase plan issuances | $ 9 | 9 | ||||||||||||||||||||||||||||
Changes in equity of noncontrolling interests | (7) | (7) | ||||||||||||||||||||||||||||
Distribution of Constellation | $ (11,573) | (21) | (13,179) | 2,023 | (396) | |||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.34 | |||||||||||||||||||||||||||||
Common stock dividends | $ (332) | (332) | (144) | (144) | (100) | (100) | (76) | (76) | (42) | (42) | (41) | (41) | (19) | (19) | ||||||||||||||||
Other comprehensive income (loss), net of income taxes | $ 14 | 14 | ||||||||||||||||||||||||||||
Distributions to member | (102) | (102) | ||||||||||||||||||||||||||||
Contributions from parent | 167 | 167 | 227 | 227 | 704 | 704 | 387 | 387 | 144 | 144 | 173 | 173 | ||||||||||||||||||
Ending balance (in shares) at Mar. 31, 2022 | 982,042 | |||||||||||||||||||||||||||||
Ending balance at Mar. 31, 2022 | $ 23,491 | 20,299 | (123) | 4,028 | (713) | 0 | ||||||||||||||||||||||||
Ending Balance at Mar. 31, 2022 | 12,566 | 1,588 | 1,735 | 9,243 | 5,445 | 3,655 | 1,790 | 4,692 | 2,575 | 2,117 | 3,866 | 2,689 | 1,177 | 1,936 | 1,353 | 583 | 1,755 | 1,763 | (8) | |||||||||||
Ending Balance at Mar. 31, 2022 | 11,317 | (182) | 11,499 | |||||||||||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2022 | 995,830 | |||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2022 | $ 24,744 | 20,908 | (123) | 4,597 | (638) | 0 | ||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2022 | 24,744 | 13,364 | 1,588 | 2,030 | 9,746 | 5,563 | 3,702 | 1,861 | 4,936 | 2,861 | 2,075 | 3,782 | 2,767 | 1,015 | 1,950 | 1,356 | 594 | 1,753 | 1,765 | (12) | ||||||||||
Beginning Balance at Dec. 31, 2022 | 11,230 | (352) | 11,582 | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||
Net income (loss) | $ 669 | 669 | 0 | 241 | 241 | 166 | 166 | 200 | 200 | 155 | 155 | 65 | 65 | 60 | 60 | 33 | 33 | |||||||||||||
Long -Term Incentive Plan Activity (shares) | 306 | |||||||||||||||||||||||||||||
Long-Term Incentive Plan Activity | $ 1 | 1 | ||||||||||||||||||||||||||||
Employee stock purchase plan issuances (shares) | 266 | |||||||||||||||||||||||||||||
Employee stock purchase plan issuances | $ 12 | 12 | ||||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.36 | |||||||||||||||||||||||||||||
Common stock dividends | $ (359) | (359) | (187) | (187) | (101) | (101) | (80) | (80) | (48) | (48) | (42) | (42) | (21) | (21) | ||||||||||||||||
Other comprehensive income (loss), net of income taxes | $ (1) | (1) | ||||||||||||||||||||||||||||
Distributions to member | (112) | (112) | ||||||||||||||||||||||||||||
Contributions from parent | 186 | 186 | 330 | 330 | 237 | 237 | 405 | 405 | 243 | 243 | 99 | 99 | 63 | 63 | ||||||||||||||||
Ending balance (in shares) at Mar. 31, 2023 | 996,402 | |||||||||||||||||||||||||||||
Ending balance at Mar. 31, 2023 | $ 25,066 | $ 20,921 | $ (123) | $ 4,907 | $ (639) | $ 0 | ||||||||||||||||||||||||
Ending Balance at Mar. 31, 2023 | $ 25,066 | $ 13,604 | $ 1,588 | $ 2,084 | $ 9,932 | $ 5,958 | $ 4,032 | $ 1,926 | $ 5,293 | $ 3,098 | $ 2,195 | $ 4,042 | $ 3,010 | $ 1,032 | $ 2,067 | $ 1,455 | $ 612 | $ 1,828 | $ 1,828 | $ 0 | ||||||||||
Ending Balance at Mar. 31, 2023 | $ 11,678 | $ (309) | $ 11,987 |
Significant Accounting Policies (All Registrants) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies (All Registrants) | Significant Accounting Policies (All Registrants) Description of Business Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through ComEd, PECO, BGE, Pepco, DPL, and ACE. On February 21, 2021, Exelon's Board of Directors approved a plan to separate the Utility Registrants and Generation. The separation was completed on February 1, 2022, creating two publicly traded companies, Exelon and Constellation. See Note 2 — Discontinued Operations for additional information.
Basis of Presentation This is a combined quarterly report of all Registrants. The Notes to the Consolidated Financial Statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. When appropriate, the Registrants are named specifically for their related activities and disclosures. Each of the Registrant’s Consolidated Financial Statements includes the accounts of its subsidiaries. All intercompany transactions have been eliminated, except for the historical transactions between the Utility Registrants and Generation for the purposes of presenting discontinued operations in all periods presented in the Consolidated Statements of Operations and Comprehensive Income. Through its business services subsidiary, BSC, Exelon provides its subsidiaries with a variety of support services at cost, including legal, human resources, financial, information technology, and supply management services. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services at cost, including legal, finance, engineering, customer operations, distribution and transmission planning, asset management, system operations, and power procurement, to PHI operating companies. The costs of BSC and PHISCO are directly charged or allocated to the applicable subsidiaries. The results of Exelon’s corporate operations are presented as “Other” in the consolidated financial statements and include intercompany eliminations unless otherwise disclosed. The accompanying consolidated financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 are unaudited but, in the opinion of the management of each Registrant include all adjustments that are considered necessary for a fair statement of the Registrants’ respective financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The December 31, 2022 Consolidated Balance Sheets were derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Additionally, financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2023. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The separation of Constellation, including Generation and its subsidiaries, met the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. Accounting rules require that certain BSC costs previously allocated to Generation be presented as part of Exelon’s continuing operations as these costs do not qualify as expenses of the discontinued operations. Comprehensive income, shareholders' equity, and cash flows related to Constellation have not been segregated and are included in the Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Changes in Shareholders’ Equity, and Consolidated Statements of Cash Flows, respectively, for the three months ended March 31, 2022. See Note 2 — Discontinued Operations for additional information.
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Discontinued Operations (Exelon) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations (Exelon) On February 21, 2021, Exelon's Board of Directors approved a plan to separate the Utility Registrants and Generation, creating two publicly traded companies ("the separation"). Exelon completed the separation on February 1, 2022. Constellation was newly formed and incorporated in Pennsylvania on June 15, 2021 for the purposes of separation and holds Generation (including Generation's subsidiaries). Pursuant to the separation, Exelon contributed its equity ownership interest in Generation to Constellation. Exelon no longer retains any equity ownership interest in Generation or Constellation. See Note 2 — Discontinued Operations of the 2022 Form 10-K for additional information. Continuing Involvement In order to govern the ongoing relationships between Exelon and Constellation after the separation, and to facilitate an orderly transition, Exelon and Constellation have entered into several agreements, including the following: •Separation Agreement – governs the rights and obligations between Exelon and Constellation regarding certain actions to be taken in connection with the separation, among others, including the allocation of assets and liabilities between Exelon and Constellation. •Transition Services Agreement (TSA) – governs the terms and conditions of the services that Exelon will provide to Constellation and Constellation will provide to Exelon for an expected period of two years, provided that certain services may be longer than the term and services may be extended with approval from both parties. The services include specified accounting, finance, information technology, human resources, employee benefits and other services that have historically been provided on a centralized basis by BSC. For the three months ended March 31, 2023, the amounts Exelon billed Constellation and Constellation billed Exelon for these services were $50 million recorded in Other income, net and $6 million recorded in Operating and maintenance expense, respectively. For the period from February 1, 2022 to March 31, 2022, the amounts Exelon billed Constellation and Constellation billed Exelon for these services were $56 million recorded in Other income, net and $9 million recorded in Operating and maintenance expense, respectively. •Tax Matters Agreement (TMA) – governs the respective rights, responsibilities and obligations of Exelon and Constellation with respect to all tax matters, including tax liabilities and benefits, tax attributes, tax returns, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns. See Note 7 — Income Taxes for additional information. In addition, the Utility Registrants will continue to incur expenses from transactions with Constellation after the separation. Prior to the separation, such expenses were primarily recorded as Purchased power from affiliates and an immaterial amount recorded as Operating and maintenance expense from affiliates at the Utility Registrants. After the separation, such expenses are primarily recorded as Purchased power and an immaterial amount recorded as Operating and maintenance expense at the Utility Registrants. •ComEd had an ICC-approved RFP contract with Constellation to provide a portion of ComEd’s electric supply requirements. ComEd also purchased RECs and ZECs from Constellation. •PECO received electric supply from Constellation under contracts executed through PECO’s competitive procurement process. In addition, PECO had a ten-year agreement with Constellation to sell solar AECs. •BGE received a portion of its energy requirements from Constellation under its MDPSC-approved market-based SOS and gas commodity programs. •Pepco received electric supply from Constellation under contracts executed through Pepco’s competitive procurement process approved by the MDPSC and DCPSC. •DPL received a portion of its energy requirements from Constellation under its MDPSC and DEPSC approved market-based SOS commodity programs. •ACE received electric supply from Constellation under contracts executed through ACE’s competitive procurement process approved by the NJBPU. ComEd and PECO also have receivables with Constellation for estimated excess funds at the end of decommissioning the Regulatory Agreement Units, such amounts are due back to ComEd and PECO, as applicable, for payment to their respective customers. See Note 3 — Regulatory Matters and Note 23 — Related Party Transactions of the 2022 Form 10-K for additional information. Discontinued Operations The separation represented a strategic shift that would have a major effect on Exelon’s operations and financial results. Accordingly, the separation meets the criteria for discontinued operations. There were no results from discontinued operations for the three months ended March 31, 2023. The following table presents the results of Constellation that have been reclassified from continuing operations and included in discontinued operations within Exelon’s Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2022. These results are primarily Generation, which is comprised of Exelon’s Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions reportable segments, and include the impact of transaction costs, certain BSC costs, including any transition costs, that were historically allocated and directly attributable to Generation, transactions between Generation and the Utility Registrants, and tax-related adjustments. Transaction costs include costs for external bankers, accountants, appraisers, lawyers, external counsels and other advisors, among others, who are involved in the negotiation, appraisal, due diligence and regulatory approval of the separation. Transition costs are primarily employee-related costs such as recruitment expenses, costs to establish certain stand-alone functions and information technology systems, professional services fees and other separation-related costs during the transition to separate Generation. For the purposes of reporting discontinued operations, these results also include transactions between Generation and the Utility Registrants that were historically eliminated within Exelon’s Consolidated Statements of Operations as these transactions will be ongoing after the separation. Certain BSC costs that were historically allocated to Generation are presented as part of continuing operations in Exelon’s Consolidated Statements of Operations as these costs do not qualify as expenses of the discontinued operations per the accounting rules.
__________ (a)Includes transaction and transition costs related to the separation of $52 million for the three months ended March 31, 2022. There were no assets or liabilities of discontinued operations included in Exelon's Consolidated Balance Sheet as of March 31, 2023 and December 31, 2022. Constellation had net assets of $11,573 million that separated on February 1, 2022 that resulted in a reduction to Exelon's equity during the year ended December 31, 2022. Refer to the Distribution of Constellation line in Exelon's Consolidated Statement of Changes in Shareholders' Equity for further information. There were no discontinued operations included within Exelon’s Consolidated Statements of Cash Flows for the three months ended March 31, 2023. The following table presents selected financial information regarding cash flows of the discontinued operations that are included within Exelon’s Consolidated Statements of Cash Flows for the three months ended March 31, 2022.
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Regulatory Matters (All Registrants) |
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Regulatory Matters (All Registrants) | Regulatory Matters (All Registrants) As discussed in Note 3 — Regulatory Matters of the 2022 Form 10-K, the Registrants are involved in rate and regulatory proceedings at FERC and their state commissions. The following discusses developments in 2023 and updates to the 2022 Form 10-K. Distribution Base Rate Case Proceedings The following tables show the completed and pending distribution base rate case proceedings in 2023. Completed Distribution Base Rate Case Proceedings
__________ (a)ComEd's 2023 approved revenue requirement above reflects an increase of $144 million for the initial year revenue requirement for 2023 and an increase of $55 million related to the annual reconciliation for 2021. The revenue requirement for 2023 provides for a weighted average debt and equity return on distribution rate base of 5.94%, inclusive of an allowed ROE of 7.85%, reflecting the monthly average yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2021 provides for a weighted average debt and equity return on distribution rate base of 5.91%, inclusive of an allowed ROE of 7.78%, reflecting the monthly yields on 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points. This is ComEd's last performance-based electric distribution formula rate update filing under EIMA. See discussion of CEJA below for details on the transition away from the electric distribution formula rate. (b)The PECO natural gas base rate case proceeding was resolved through a settlement agreement, which did not specify an approved ROE. (c)Reflects a three-year cumulative multi-year plan for 2021 through 2023. BGE proposed to use certain tax benefits to fully offset the increases in 2021 and 2022 and partially offset the increase in 2023. The MDPSC awarded BGE electric revenue requirement increases of $59 million, $39 million, and $42 million, before offsets, in 2021, 2022, and 2023, respectively, and natural gas revenue requirement increases of $53 million, $11 million, and $10 million, before offsets, in 2021, 2022, and 2023, respectively. However, the MDPSC utilized the tax benefits to fully offset the increases in 2021 and January 2022 such that customer rates remained unchanged. For the remainder of 2022, the MDPSC chose to offset only 25% of the cumulative 2021 and 2022 electric revenue requirement increases and 50% of the cumulative gas revenue requirement increases. In 2021, the MDPSC deferred a decision on whether to use certain tax benefits to offset the revenue requirement increases in 2023 and directed BGE to make another proposal at the end of 2022. In September 2022 BGE proposed that tax benefits not be used to offset the 2023 revenue requirement increases. On October 26, 2022, the MDPSC accepted BGE's recommendation to not use tax benefits to offset the 2023 revenue requirement increases. (d)Reflects a three-year cumulative multi-year plan for April 1, 2021 through March 31, 2024. The MDPSC awarded Pepco electric incremental revenue requirement increases of $21 million, $16 million, and $15 million, before offsets, for the 12-month periods ending March 31, 2022, 2023, and 2024, respectively. Pepco proposed to utilize certain tax benefits to fully offset the increase through 2023 and partially offset customer rate increases in 2024. However, the MDPSC only utilized the acceleration of refunds for certain tax benefits to fully offset the increases such that customer rates remain unchanged through March 31, 2022. On February 23, 2022, the MDPSC chose to offset 25% of the cumulative revenue requirement increase for the 12-month period ending March 31, 2023. Whether certain tax benefits will be used to offset the customer rate increases for the 12-month period ending March 31, 2024 has not been decided, and Pepco cannot predict the outcome. (e)Reflects a three-year cumulative multi-year plan for January 1, 2023 through December 31, 2025. The MDPSC awarded DPL electric incremental revenue requirement increases of $17 million, $6 million, and $6 million for 2023, 2024, and 2025, respectively. Pending Distribution Base Rate Case Proceedings
(a)Reflects a four-year cumulative MRP for January 1, 2024 to December 31, 2027 and total requested revenue requirement increases of $877 million effective January 1, 2024, $175 million effective January 1, 2025, $217 million effective January 1, 2026, and $203 million effective January 1, 2027, based on forecasted revenue requirements. The revenue requirement will provide for a weighted average debt and equity return on distribution rate base of 7.43% in 2024, 7.50% in 2025, 7.62% in 2026, and 7.70% in 2027, inclusive of an allowed ROE of 10.50% in 2024, 10.55% in 2025, 10.60% in 2026, and 10.65% in 2027. The requested revenue requirements are based on capital structures that reflect between 50.58% and 51.19% common equity. ComEd’s MRP also includes a proposed rate phase-in to defer approximately $307 million of the $877 million year-over-year increase for 2024 revenue from 2024 to 2026. (b)On April 21, 2023, ComEd filed its proposed Delivery Reconciliation Amount of $247 million under Rider Delivery Service Pricing Reconciliation (Rider DSPR) which allows for the reconciliation of the revenue requirement in effect in the final years in which formula rates are determined and until such time as new rates are established under ComEd’s approved MRP. The 2023 filing reconciles the delivery service rates in effect in 2022 with the actual delivery service costs incurred in 2022. Final order is expected by December 2023, and the reconciliation amount will be in customer rates beginning January 1, 2024. (c)Reflects a three-year cumulative multi-year plan for January 1, 2024 through December 31, 2026 submitted to the MDPSC. Inclusive of the proposed acceleration of remaining electric tax benefits in 2024 and 2025, and remaining gas tax benefits in 2024, BGE requested total electric revenue requirement increases of $85 million, $103 million, and $125 million in 2024, 2025, and 2026, respectively, and natural gas revenue requirement increases of $158 million, $77 million, and $54 million in 2024, 2025, and 2026, respectively. Requested revenue requirement increases will be used to recover capital investments designed to increase the resilience of the electric and gas distribution systems and support Maryland’s climate and regulatory initiatives. The 2021 and 2022 reconciliation amounts are not included in the requested revenue requirement increase, as BGE is proposing that these amounts be recovered through the separate electric and gas riders in 2024. The 2021 reconciliation amounts are $11 million and $7 million for electric and gas, respectively, and the 2022 reconciliation amounts are $44 million and $15 million for electric and gas, respectively. (d)Reflects a three-year cumulative multi-year plan for January 1, 2024 through December 31, 2026 submitted to the DCPSC. Pepco requested total electric revenue requirement increases of $117 million, $37 million, and $37 million in 2024, 2025, and 2026, respectively. Requested revenue requirement increases will be used to recover capital investments designed to advance system-readiness and support the District of Columbia’s climate and clean energy goals. (e)The rates will go into effect on July 15, 2023, subject to refund. (f)Requested increases are before New Jersey sales and use tax. ACE intends to put rates into effect on November 17, 2023, subject to refund. Transmission Formula Rates The Utility Registrants' transmission rates are each established based on a FERC-approved formula. ComEd, BGE, Pepco, DPL, and ACE are required to file an annual update to the FERC-approved formula on or before May 15, and PECO is required to file on or before May 31, with the resulting rates effective on June 1 of the same year. The annual update for BGE is based on prior year actual costs and current year projected capital additions, accumulated depreciation, depreciation and amortization expense, and accumulated deferred income taxes. The update for BGE also reconciles any differences between the actual costs and actual revenues for the calendar year (annual reconciliation). For 2023, the following increases/(decreases) were included in BGE's annual electric transmission formula rate updates. ComEd, PECO, Pepco, DPL, and ACE intend to file by the required deadline for the annual update.
__________ (a)All rates are effective June 1, 2023 - May 31, 2024, subject to review by interested parties pursuant to review protocols of tariffs. (b)Represents the weighted average debt and equity return on transmission rate bases. (c)The rate of return on common equity includes a 50-basis-point incentive adder for being a member of a RTO. (d)The increase in BGE's transmission revenue requirement includes a $3 million reduction related to a FERC-approved dedicated facilities charge to recover the costs of providing transmission service to specifically designated load by BGE. Other State Regulatory Matters Illinois Regulatory Matters CEJA (Exelon and ComEd). On September 15, 2021, the Governor of Illinois signed into law CEJA. CEJA includes, among other features, (1) procurement of CMCs from qualifying nuclear-powered generating facilities, (2) a requirement to file a general rate case or a new four-year MRP no later than January 20, 2023 to establish rates effective after ComEd’s existing performance-based distribution formula rate sunsets, (3) an extension of and certain adjustments to ComEd’s energy efficiency MWh savings goals, (4) revisions to the Illinois RPS requirements, including expanded charges for the procurement of RECs from wind and solar generation, (5) a requirement to accelerate amortization of ComEd’s unprotected excess deferred income taxes (EDIT) that ComEd was previously directed by the ICC to amortize using the average rate assumption method which equates to approximately 39.5 years, and (6) requirements that ComEd and the ICC initiate and conduct various regulatory proceedings on subjects including ethics, spending, grid investments, and performance metrics. Regulatory or legal challenges regarding the validity or implementation of CEJA are possible and Exelon and ComEd cannot reasonably predict the outcome of any such challenges. ComEd Electric Distribution Rates ComEd filed, and received approval for, its last performance-based electric distribution formula rate update filing under EIMA in 2022; those rates are in effect throughout 2023. On February 3, 2022, the ICC approved a tariff that establishes the process under which ComEd will reconcile its 2022 and 2023 rate year revenue requirements with actual costs. Those reconciliation amounts will be determined using the same process as were used for prior reconciliations under the performance-based electric distribution formula rate. Using that process, for the rate years 2022 and 2023 ComEd will ultimately collect revenues from customers reflecting each year’s actual recoverable costs, year-end rate base, and a weighted average debt and equity return on distribution rate base, with the ROE component based on the annual average of the monthly yields of the 30-year U.S. Treasury bonds plus 580 basis points. In April 2023, ComEd filed its first petition with the ICC to reconcile its 2022 actual costs with the approved revenue requirement that was in effect in 2022. The rate year 2023 reconciliation will be filed in 2024. Beginning in 2024, ComEd will recover from retail customers, subject to certain exceptions, the costs it incurs to provide electric delivery services either through its electric distribution rate or other recovery mechanisms authorized by CEJA. On January 17, 2023, ComEd filed a petition with the ICC seeking approval of a MRP for 2024-2027. The MRP supports a multi-year grid plan (Grid Plan), also filed on January 17, covering planned investments on the electric distribution system within ComEd’s service area through 2027. Costs incurred during each year of the MRP are subject to ICC review and the plan’s revenue requirement for each year will be reconciled with the actual costs that the ICC determines are prudently and reasonably incurred for that year. The reconciliation is subject to adjustment for certain costs, including a limitation on recovery of costs that are more than 105% of certain costs in the previously approved MRP revenue requirement, absent a modification of the rate plan itself. Thus, for example, the rate adjustments necessary to reconcile 2024 revenues to ComEd’s actual 2024 costs incurred would take effect in January 2026 after the ICC’s review during 2025. The ICC must issue its decision on both the MRP and Grid Plan by mid-December 2023, for rates to begin with the January 2024 billing cycle. In January 2022, ComEd filed a request with the ICC proposing performance metrics that would be used in determining ROE incentives and penalties in the event ComEd filed a MRP in January 2023. On September 27, 2022, the ICC issued a final order approving seven performance metrics that provide symmetrical performance adjustments of 32 total basis points to ComEd’s rate of return on common equity based on the extent to which ComEd achieves the annual performance goals. On November 10, 2022, the ICC granted ComEd's application for rehearing, in part. On April 5, the ICC issued its final order on rehearing for the performance and tracking metrics proceeding, in which the ICC declined to adopt ComEd’s proposed modifications to the reliability and peak load reduction performance metrics. ComEd is determining how to implement the performance metrics, which take effect on January 1, 2024. ComEd will make its initial filing in 2025 to assess performance achieved under the metrics in 2024, and to determine any ROE adjustment, which would take effect in 2026. Carbon Mitigation Credit CEJA establishes decarbonization requirements for Illinois as well as programs to support the retention and development of emissions-free sources of electricity. ComEd is required to purchase CMCs from participating nuclear-powered generating facilities between June 1, 2022 and May 31, 2027. The price to be paid for each CMC was established through a competitive bidding process that included consumer-protection measures that capped the maximum acceptable bid amount and a formula that reduces CMC prices by an energy price index, the base residual auction capacity price in the ComEd zone of PJM, and the monetized value of any federal tax credit or other subsidy if applicable. The consumer protection measures contained in CEJA will result in net payments to ComEd ratepayers if the energy index, the capacity price and applicable federal tax credits or subsidy exceed the CMC contract price. ComEd began issuing credits to its retail customers under its new CMC rider in the June 2022 billing period and recorded a regulatory asset of $1,118 million as of March 31, 2023 for the difference between customer credits issued and the credit to be received from the participating nuclear-powered generating facilities. Under CEJA, the costs of procuring CMCs, including carrying costs, will be recovered through a rider, the Rider Carbon-Free Resource Adjustment (Rider CFRA). The Rider CFRA provides for an annual reconciliation and true-up to actual costs incurred or credits received by ComEd to purchase CMCs, with any difference to be credited to or collected from ComEd’s retail customers in subsequent periods. The difference between the net payments to (or receivables from) ComEd ratepayers and the credits received by ComEd to purchase CMCs is recorded to Purchased Power expense with an offset to the regulatory asset (or regulatory liability). On December 21, 2022, ComEd filed a supplemental statement to the Rider CFRA proposing that the company recover costs or provide credits faster than the tariff allows, implement monthly reconciliations, and allow the Company to adjust Rider CFRA rates based not only on anticipated differences but also past payments or credits. The ICC approved the proposal on January 19, 2023. Beneficial Electrification Plan On July 1, 2022, ComEd filed a proposed plan to promote beneficial electrification efforts in its Northern Illinois service area with the ICC as required by CEJA. ComEd's plan is designed to meaningfully reduce barriers to beneficial electrification, including those related to electric vehicles (EV), such as upfront technology adoption costs, charging costs, and charging availability; promote equity and environmental justice; reduce carbon emissions and surface-level pollutants; and support customer education and awareness of electrification options. As proposed, ComEd could expend approximately $300 million in total over the three-year period 2023 through 2025. The beneficial electrification plan requests recovery of all those costs through a rider mechanism, under which certain of the costs would be amortized over ten years with a return on the unrecovered balance. On November 10, 2022, in responses to a Staff motion, the ICC approved an interim order dismissing from ComEd’s Beneficial Electrification Plan certain rebates (rebates to support residential customers’ purchase of EVs; and rebates to ComEd’s commercial and industrial customers to support the installation of EV chargers). However, the ICC found that building electrification measures were properly within the scope of beneficial electrification, in line with ComEd’s proposal. The ICC also adopted ComEd’s position regarding the rate impact of spending associated with EV related infrastructure. On November 21, 2022, ComEd filed an application for rehearing of the interim order, which the ICC denied. On December 9, 2022, the Office of the Illinois Attorney General (AG) also sought rehearing. On December 15, 2022, ComEd filed an appeal of the ICC’s interim order and the denial of rehearing with the Illinois Appellate Court. That appeal has been stayed pending the ICC's disposition of the case. Also on December 15, 2022, the ICC denied the AG’s application for rehearing and the AG subsequently filed an appeal. On March 23, 2023, the ICC issued its final order in the beneficial electrification plan docket. The order adopts the beneficial electrification plan with modifications and directs ComEd to seek cost recovery through the multi-year rate plan filing for 2024 and 2025, and the final formula rate reconciliation docket for 2023, rather than through a new rider beneficial electrification as ComEd had proposed. The order also rejects ComEd’s request for a regulatory asset. The order approves an overall annual budget of $77 million per year for each of the three years in the plan (2023 through 2025), with flexibility to roll forward unused funds to future years within the same plan period. The final order also made specific reductions to the proposed $100 million per year budget, reducing the proposed customer education and awareness budget; the portfolio budget for cross-cutting administrative support; and the light, medium, and heavy-duty EV rebate programs. The order dedicates funds for rebates related to the installation of heat pumps and the promotion of home electrification for low-income customers and those in Environmental Justice and Restore, Reinvest, and Renew designated communities. The order also requires ComEd to propose methods to minimize or exempt low-income ratepayers from the impact of its beneficial electrification plan, possibly through ComEd’s next rate design investigation. On April 18, 2023, ComEd filed an application for rehearing concerning aspects of the ICC’s order, including the approved budgets. The ICC must act on that application by May 8, 2023. On April 21, 2023 the Chicago Transit Authority and city of Chicago jointly filed an application for rehearing requesting the ICC modify the final order so the transit agencies do not pay the cost of make-ready infrastructure and to exempt transit agencies from paying the required deposit or providing a letter of credit to ComEd for the cost of make-ready infrastructure. On April 24, 2023, the AG also filed an application for rehearing on several topics, including the budget, rebate levels, retail rate cap, types of programs included in the beneficial electrification plan, compliance with the EV Act, benefit-to-cost analysis, and rate-related issues. On April 27, 2023, ICC staff filed a motion for clarification of the order’s language regarding the annual budget. The ICC will likely rule on all of the applications for rehearing and staff’s motion at their regularly scheduled May 4, 2023 regular open meeting. If the ICC denies rehearing, parties have 35 days to appeal arguments raised in their rehearing applications. New Jersey Regulatory Matters Termination of Energy Procurement Provisions of PPAs (Exelon, PHI, and ACE). On December 22, 2021, ACE filed with the NJBPU a petition to terminate the provisions in the PPAs to purchase electricity from two coal-powered generation facilities located in the state of New Jersey. The petition was approved by the NJBPU on March 23, 2022. Upon closing of the transaction on March 31, 2022, ACE recognized a liability of $203 million for the contract termination fee, which is to be paid by the end of 2024, and recognized a corresponding regulatory asset of $203 million. As of March 31, 2023, the $118 million liability for the contract termination fee consists of $87 million and $31 million included in Other current liabilities and Other deferred credits and other liabilities, respectively, in Exelon's Consolidated Balance Sheet. The current and noncurrent liabilities are included in PPA termination obligation and Other deferred credits and other liabilities, respectively, in PHI's and ACE's Consolidated Balance Sheets. For the three months ended March 31, 2023, ACE has paid $19 million of the liability, which is recorded in Changes in Other assets and liabilities in Exelon's, PHI's, and ACE's Consolidated Statements of Cash Flows. Other Federal Regulatory Matters FERC Audit (Exelon and ComEd). The Utility Registrants are subject to periodic audits by FERC. FERC’s Division of Audits and Accounting initiated a nonpublic audit of ComEd in May 2021 evaluating ComEd’s compliance with (1) approved terms, rates and conditions of its federally regulated service; (2) accounting requirements of the Uniform System of Accounts; (3) reporting requirements of the FERC Form 1; and (4) the requirements for record retention. The audit covered the period from January 1, 2017 through August 31, 2022. On January 17 and February 21, 2023, ComEd was provided with information on a series of potential findings, including concerning ComEd's methodology regarding the allocation of certain overhead costs to capital under FERC regulations. As of March 31, 2023, ComEd has continued discussions with FERC staff and determined that a loss is probable and has recorded a liability that reflects management's best estimate. The final outcome and resolution of the findings or of the audit itself cannot be predicted and the results could be material to the Exelon and ComEd financial statements. Regulatory Assets and Liabilities The Utility Registrants' regulatory assets and liabilities have not changed materially since December 31, 2022, unless noted below. See Note 3 — Regulatory Matters of the 2022 Form 10-K for additional information on the specific regulatory assets and liabilities. ComEd. Regulatory assets increased $547 million primarily due to increases of $275 million in the CMC regulatory asset, as discussed in CEJA above, and $143 million in the Electric Distribution Formula Rate Annual Reconciliations regulatory asset. PECO. Regulatory assets increased $44 million primarily due to an increase of $48 million in the Deferred Income Taxes regulatory asset. Regulatory liabilities increased $45 million primarily due to increases of $31 million in the Electric Energy and Natural Gas Costs regulatory liability and $28 million in the Decommissioning the Regulatory Agreement Units regulatory liability. BGE. Regulatory assets increased $66 million primarily due to an increase of $54 million in the Under-Recovered Revenue Decoupling regulatory asset. DPL. Regulatory assets decreased $17 million primarily due to a decrease of $18 million in the Electric Energy and Natural Gas Costs regulatory asset. ACE. Regulatory assets decreased $18 million primarily due to a decrease of $35 million in the Electric Energy Costs regulatory asset as a result of the PPA termination. Regulatory liabilities decreased $19 million primarily due to a $9 million decrease in the Over-Recovered Revenue Decoupling regulatory liability. Capitalized Ratemaking Amounts Not Recognized 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 the Registrants' 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 the Utility Registrants' customers. PECO had no related amounts as of March 31, 2023 and December 31, 2022.
__________ (a)Reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution formula rate regulatory assets. (b)BGE's and ACE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholder's investment on their respective AMI programs. (c)Pepco's and DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholder's investment on their respective AMI Programs and Energy Efficiency and Demand Response Programs, and for Pepco District of Columbia revenue decoupling program. The earnings on energy efficiency are on Pepco District of Columbia and DPL Delaware programs only.
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Revenue from Contracts with Customers (All Registrants) |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers (All Registrants) | Revenue from Contracts with Customers (All Registrants) The Registrants recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that the entities expect to be entitled to in exchange for those goods or services. The primary sources of revenue include regulated electric and gas tariff sales, distribution, and transmission services. See Note 4 — Revenue from Contracts with Customers of the 2022 Form 10-K for additional information regarding the primary sources of revenue for the Registrants. Contract Liabilities The Registrants record contract liabilities when consideration is received or due prior to the satisfaction of the performance obligations. The Registrants record contract liabilities in Other current liabilities and Other noncurrent deferred credits and other liabilities in their Consolidated Balance Sheets. For PHI, Pepco, DPL, and ACE these contract liabilities primarily relate to upfront consideration received in the third quarter of 2020 for a collaborative arrangement with an unrelated owner and manager of communication infrastructure. The revenue attributable to this arrangement will be recognized as operating revenue over the 35 years under the collaborative arrangement. The following table provides a rollforward of the contract liabilities reflected in Exelon's, PHI's, Pepco's, DPL's, and ACE's Consolidated Balance Sheets for the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022, ComEd's, PECO's, and BGE's contract liabilities were immaterial.
(a)Revenues recognized in the three months ended March 31, 2023 and 2022, were included in the contract liabilities at December 31, 2022 and 2021, respectively. Transaction Price Allocated to Remaining Performance Obligations The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2023. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years. This disclosure excludes the Utility Registrants' gas and electric tariff sales contracts and transmission revenue contracts as they generally have an original expected duration of one year or less and, therefore, do not contain any future, unsatisfied performance obligations to be included in this disclosure.
Revenue Disaggregation The Registrants disaggregate 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. See Note 5 — Segment Information for the presentation of the Registrants' revenue disaggregation.
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Segment Information (All Registrants) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information (All Registrants) | Segment Information (All Registrants) Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants. Exelon has six reportable segments, which include 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 the segments based on net income. An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three months ended March 31, 2023 and 2022 is as follows:
__________ (a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities. (b)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 15 — Supplemental Financial Information for additional information on total utility taxes. (c)See Note 16 — Related Party Transactions for additional information on intersegment revenues. PHI:
__________ (a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities. (b)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 15 — Supplemental Financial Information for additional information on total utility taxes. (c)Includes intersegment revenues with ComEd, BGE, and PECO, which are eliminated at Exelon. Electric and Gas Revenue by Customer Class (Utility Registrants): The following tables disaggregate the Registrants' revenues 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 the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.
__________ (a)Includes revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue. (b)Includes operating revenues from affiliates in 2023 and 2022 respectively of: •$3 million, $6 million at ComEd •$1 million, $1 million at PECO •$2 million, $2 million at BGE •$3 million, $3 million at PHI •$1 million, $1 million at Pepco •$2 million, $2 million at DPL •$1 million, $1 million at ACE (c)Includes revenues from off-system natural gas sales. (d)Includes operating revenues from affiliates in 2023 and 2022 respectively of: •$1 million, less than a $1 million at PECO •$1 million, $6 million at BGE (e)Includes late payment charge revenues.
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Accounts Receivable (All Registrants) |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable (All Registrants) | Accounts Receivable (All Registrants) Allowance for Credit Losses on Accounts Receivable The following tables present the rollforward of Allowance for Credit Losses on Customer Accounts Receivable.
__________ (a)For PECO and BGE, the change in current period provision for expected credit losses is primarily a result of increased aging of receivables. (b)Recoveries were not material to the Registrants. The following tables present the rollforward of Allowance for Credit Losses on Other Accounts Receivable.
__________ (a)Recoveries were not material to the Registrants. Unbilled Customer Revenue The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022.
__________ (a)Unbilled customer revenues are classified in Customer accounts receivable, net in the Registrants' Consolidated Balance Sheets. Other Purchases of Customer and Other Accounts Receivables The Utility Registrants are required, under separate legislation and regulations in Illinois, Pennsylvania, Maryland, District of Columbia, Delaware, and New Jersey, to purchase certain receivables from alternative retail electric and, as applicable, natural gas suppliers that participate in the utilities' consolidated billing. The following table presents the total receivables purchased.
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Income Taxes (All Registrants) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes (All Registrants) | Income Taxes (All Registrants) Rate Reconciliation The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following:
__________ (a)Positive percentages represent income tax expense. Negative percentages represent income tax benefit. (b)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions. (c)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions. For BGE, the lower effective tax rate is primarily due to the Maryland multi-year plan which resulted in the acceleration of certain income tax benefits. For Pepco, the income tax benefit is primarily due to the Maryland and Washington, D.C. multi-year plans which resulted in the acceleration of certain income tax benefits. For ACE, the lower effective tax rate is primarily related to the acceleration of certain income tax benefits due to distribution rate case settlements. (d)For Exelon, the higher state income taxes, net of federal income tax benefit, is primarily due to the long-term marginal state income tax rate change of approximately $67 million and the recognition of a valuation allowance of approximately $40 million against the net deferred tax asset position for certain standalone state filing jurisdiction as a result of the separation. (e)For Exelon, reflects the income tax expense related to the write-off of federal tax credits subject to recapture of approximately $15 million as a result of the separation. (f)For Exelon, primarily reflects the nondeductible transaction costs of approximately $19 million arising as part of the separation. Unrecognized Tax Benefits Exelon, PHI and ACE have the following unrecognized tax benefits as of March 31, 2023 and December 31, 2022. ComEd's, PECO's, BGE's, Pepco's, and DPL's amounts are not material.
(a)As of March 31, 2023 and December 31, 2022, Exelon recorded a receivable of $50 million in Other deferred debits and other assets in the Consolidated Balance Sheet for Constellation’s share of unrecognized tax benefits for periods prior to the separation. Reasonably possible the total amount of unrecognized tax benefits could significantly increase or decrease within 12 months after the reporting date As of March 31, 2023, ACE has $14 million of unrecognized state tax benefits that could significantly decrease within the 12 months after the reporting date based on the outcome of pending court cases involving other taxpayers. The unrecognized tax benefit, if recognized, may be included in future base rates and that portion would have no impact to the effective tax rate. Other Tax Matters Tax Matters Agreement (Exelon) In connection with the separation, Exelon entered into a TMA with Constellation. The TMA governs the respective rights, responsibilities, and obligations between Exelon and Constellation after the separation with respect to tax liabilities, refunds and attributes for open tax years that Constellation was part of Exelon’s consolidated group for U.S. federal, state, and local tax purposes. Indemnification for Taxes. As a former subsidiary of Exelon, Constellation has joint and several liability with Exelon to the IRS and certain state jurisdictions relating to the taxable periods prior to the separation. The TMA specifies that Constellation is liable for their share of taxes required to be paid by Exelon with respect to taxable periods prior to the separation to the extent Constellation would have been responsible for such taxes under the existing Exelon tax sharing agreement. As of March 31, 2023, Exelon recorded a payable of $18 million in Other current liabilities that is due to Constellation. Tax Refunds. The TMA specifies that Constellation is entitled to their share of any future tax refunds claimed by Exelon with respect to taxable periods prior to the separation to the extent that Constellation would have received such tax refunds under the existing Exelon tax sharing agreement. Tax Attributes. At the date of separation certain tax attributes, primarily pre-closing tax credit carryforwards, that were generated by Constellation were required by law to be allocated to Exelon. The TMA provides that Exelon will reimburse Constellation when those allocated tax credit carryforwards are utilized. As of March 31, 2023, Exelon recorded a payable of $212 million and $319 million in Other current liabilities and Other deferred credits and other liabilities, respectively, in the Consolidated Balance Sheet for tax attribute carryforwards that are expected to be utilized and reimbursed to Constellation. Corporate Alternative Minimum Tax (All Registrants) On August 16, 2022, the IRA was signed into law and implements a new corporate alternative minimum tax (CAMT) that imposes a 15.0% tax on modified GAAP net income. Corporations are entitled to a tax credit (minimum tax credit) to the extent the CAMT liability exceeds the regular tax liability. This amount can be carried forward indefinitely and used in future years when regular tax exceeds the CAMT. Beginning in 2023, Exelon and each of the Utility Registrants will be subject to and will report the CAMT on a separate Registrant basis in the Consolidated Statements of Operations and Comprehensive Income and the Consolidated Balance Sheets. The deferred tax asset related to the minimum tax credit carryforward will be realized to the extent Exelon’s consolidated deferred tax liabilities exceed the minimum tax credit carryforward. Exelon’s deferred tax liabilities are expected to exceed the minimum tax credit carryforward for the foreseeable future and thus no valuation allowance is required. Exelon is continuing to assess the financial statement impacts of the IRA and will update estimates based on future guidance issued by the U.S. Treasury.
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Retirement Benefits (All Registrants) |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits (All Registrants) | Retirement Benefits (All Registrants) Defined Benefit Pension and OPEB The majority of the 2023 pension benefit cost for the Exelon-sponsored plans is calculated using an expected long-term rate of return on plan assets of 7.00% and a discount rate of 5.53%. The majority of the 2023 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.50% for funded plans and a discount rate of 5.51%. During the first quarter of 2023, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of January 1, 2023. This valuation resulted in an increase to the pension obligation of $27 million and an increase to the OPEB obligation of $2 million. Additionally, AOCI increased by $10 million (after-tax) and regulatory assets and liabilities increased by $18 million and $1 million, respectively. A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the three months ended March 31, 2023 and 2022.
The amounts below represent the Registrants' allocated pension and OPEB costs. For Exelon, the service cost component is included in Operating and maintenance expense and Property, plant, and equipment, net while the non-service cost components are included in Other, net and Regulatory assets. For the Utility Registrants, which apply multi-employer accounting, the service cost and non-service cost components are included in Operating and maintenance expense and Property, plant, and equipment, net in their consolidated financial statements.
Defined Contribution Savings Plan The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allows employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents the employer contributions and employer matching contributions to the savings plan for the three months ended March 31, 2023 and 2022.
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Derivative Financial Instruments (All Registrants) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments (All Registrants) | Derivative Financial Instruments (All Registrants) The Registrants use derivative instruments to manage commodity price risk and interest rate risk related to ongoing business operations. The Registrants do not execute derivatives for speculative or proprietary trading purposes. Authoritative guidance requires that derivative instruments be recognized as either assets or liabilities at fair value, with changes in fair value of the derivative recognized in earnings immediately. Other accounting treatments are available through special election and designation, provided they meet specific, restrictive criteria both at the time of designation and on an ongoing basis. These alternative permissible accounting treatments include NPNS, cash flow hedges, and fair value hedges. At ComEd, derivative economic hedges related to commodities are recorded at fair value and offset by a corresponding regulatory asset or liability. At Exelon, derivative economic hedges related to interest rates are recorded at fair value and offsets are recorded to Electric operating revenues or Interest expense based on the activity the transaction is economically hedging. For all NPNS derivative instruments, accounts receivable or accounts payable are recorded when derivatives settle and revenue or expense is recognized in earnings as the underlying physical commodity is sold or consumed. At Exelon, derivative hedges that qualify and are designated as cash flow hedges are recorded at fair value and offsets are recorded to AOCI. ComEd’s use of cash collateral is generally unrestricted unless ComEd is downgraded below investment grade. Cash collateral held by PECO, BGE, Pepco, DPL, and ACE must be deposited in an unaffiliated major U.S. commercial bank or foreign bank with a U.S. branch office that meets certain qualifications. Commodity Price Risk The Registrants employ established policies and procedures to manage their risks associated with market fluctuations in commodity prices by entering into physical and financial derivative contracts, which are either determined to be non-derivative or classified as economic hedges. The Utility Registrants procure electric and natural gas supply through a competitive procurement process approved by each of the respective state utility commissions. The Utility Registrants’ hedging programs are intended to reduce exposure to energy and natural gas price volatility and have no direct earnings impact as the costs are fully recovered from customers through regulatory-approved recovery mechanisms. The following table provides a summary of the Utility Registrants’ primary derivative hedging instruments, listed by commodity and accounting treatment.
__________ (a)See Note 3 — Regulatory Matters of the 2022 Form 10-K for additional information. (b)The fair value of the DPL economic hedge is not material as of March 31, 2023 and December 31, 2022. The fair value of derivative economic hedges is presented in Other current assets and current and noncurrent Mark-to-market derivative liabilities in Exelon's and ComEd's Consolidated Balance Sheets. Interest Rate and Other Risk (Exelon) Exelon Corporate uses a combination of fixed-rate and variable-rate debt to manage interest rate exposure. Exelon Corporate may utilize interest rate derivatives to lock in rate levels in anticipation of future financings, which are typically designated as cash flow hedges. In addition, Exelon Corporate may also utilize interest rate swaps to manage interest rate exposure and manage potential fluctuations in Electric operating revenues at the corporate level in consolidation, which are directly correlated to yields on U.S. Treasury bonds under ComEd's distribution formula rate. These interest rate swaps are accounted for as economic hedges. A hypothetical 50 basis point change in the interest rates associated with Exelon's interest rate swaps as of March 31, 2023 would result in an immaterial impact to Exelon's Consolidated Net Income. Below is a summary of the interest rate hedge balances as of March 31, 2023 and December 31, 2022.
Cash Flow Hedges (Interest Rate Risk) For derivative instruments that qualify and are designated as cash flow hedges, the changes in fair value each period are initially recorded in AOCI and reclassified into earnings when the underlying transaction affects earnings. The total notional of the swaps issued as of December 31, 2022 was $1.27 billion. In January 2023, Exelon Corporate entered into $115 million notional of 5-year maturity floating-to-fixed swaps and $115 million notional of 10-year maturity floating-to-fixed swaps, for a total of $230 million designated as cash flow hedges. In February 2023, Exelon terminated the previously issued floating-to-fixed swaps with a total notional of $1.5 billion upon issuance of $2.5 billion of debt. See Note 10 – Debt and Credit Agreements for additional information on the debt issuance. Prior to the termination, the AOCI derivative gain was $7 million (net of tax). The settlements resulted in a cash receipt of $10 million, which will be amortized into Interest expense in Exelon's Consolidated Statement of Operations and Comprehensive Income over the terms of the swaps. See Note 14 – Changes in Accumulated Other Comprehensive Income (Loss) for additional information. In March 2023, Exelon Corporate entered into $65 million notional of 5-year maturity floating-to-fixed swaps and $65 million 10-year maturity floating-to-fixed swaps, for a total of $130 million designated as cash flow hedges. The related AOCI derivative gain for the three months ended as of March 31, 2023 was immaterial. Economic Hedges (Interest Rate and Other Risk) Exelon Corporate executes derivative instruments to mitigate exposure to fluctuations in interest rates but for which the fair value or cash flow hedge elections were not made. For derivatives intended to serve as economic hedges, fair value is recorded on the balance sheet and changes in fair value each period are recognized in earnings or as a regulatory asset or liability, if regulatory requirements are met, each period. Exelon Corporate enters into floating-to-fixed interest rate cap swaps to manage a portion of interest rate exposure in connection with existing borrowings. In the fourth quarter of 2022, Exelon Corporate entered into $1 billion notional of 18-month maturity floating-to-fixed interest rate cap swaps and $850 million notional of 6-month maturity floating-to-fixed interest rate cap swaps, for a total of $1.85 billion notional of floating-to-fixed interest rate cap swaps as of December 31, 2022. The 6-month maturity floating-to-fixed interest rate cap swaps of $850 million notional matured in March 2023. The total remaining notional of the swaps was $1 billion as of March 31, 2023. Additionally, to manage potential fluctuations in Electric operating revenues related to ComEd's distribution formula rate, Exelon Corporate enters into 30-year constant maturity treasury interest rate (Corporate 30-year treasury) swaps. In the first quarter of 2023, Exelon Corporate entered into a total of $3.6 billion notional of calendar year 2023 Corporate 30-year treasury swaps. The total notional of the swaps issued was $4.1 billion and $500 million as of March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023, Exelon Corporate recognized the following net pre-tax mark-to-market gains (losses) which are also recognized in Net fair value changes related to derivatives in Exelon's Consolidated Statements of Cash Flows. Exelon had no swaps for the three months ended March 31, 2022.
Credit Risk The Registrants would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts, before collateral, is represented by the fair value of contracts at the reporting date. The Utility Registrants have contracts to procure electric and natural gas supply that provide suppliers with a certain amount of unsecured credit. If the exposure on the supply contract exceeds the amount of unsecured credit, the suppliers may be required to post collateral. The net credit exposure is mitigated primarily by the ability to recover procurement costs through customer rates. The amount of cash collateral received from external counterparties decreased as of March 31, 2023 due to decreasing energy prices. The amount of cash collateral for PECO was immaterial as of March 31, 2023 and December 31, 2022. The following table reflects the Registrants' cash collateral held with external counterparties, which is recorded in Other current liabilities on their respective Consolidated Balance Sheets, as of March 31, 2023 and December 31, 2022:
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Debt and Credit Agreements (All Registrants) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Credit Agreements (All Registrants) | Debt and Credit Agreements (All Registrants) Short-Term Borrowings Exelon Corporate, ComEd, and BGE meet their short-term liquidity requirements primarily through the issuance of commercial paper. PECO meets their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the Exelon intercompany money pool. Pepco, DPL, and ACE meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the PHI intercompany money pool. PHI Corporate meets its short-term liquidity requirements primarily through the issuance of short-term notes and borrowings from the Exelon intercompany money pool. The Registrants may use their respective credit facilities for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit. Commercial Paper The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements and bilateral credit agreements as of March 31, 2023 and December 31, 2022. As of March 31, 2023 and December 31, 2022, ACE had no commercial paper borrowings:
__________ (a)Exelon Corporate had $10 million and $449 million in outstanding commercial paper borrowings as of March 31, 2023 and December 31, 2022, respectively. (b)Represents the consolidated amounts of Pepco, DPL, and ACE. Revolving Credit Agreements Exelon Corporate and the Utility Registrants each have a 5-year revolving credit facility. The following table reflects the credit agreements:
Exelon Corporate and the Utility Registrants had no outstanding amounts on the revolving credit facilities as of March 31, 2023. The Utility Registrants have credit facility agreements, arranged at minority and community banks, which are solely utilized to issue letters of credit. The new facility agreements have aggregate commitments of $40 million, $40 million, $15 million, $15 million, $15 million, and $15 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively. These facilities expire on October 6, 2023. See Note 16 — Debt and Credit Agreements of the 2022 Form 10-K for additional information on the Registrants' credit facilities. Short-Term Loan Agreements On March 23, 2017, Exelon Corporate entered into a term loan agreement for $500 million. The loan agreement was renewed in the first quarter of 2023 and was bifurcated into two tranches of $300 million on March 14, 2023 and $200 million on March 24, 2023. The agreements will expire on March 14, 2024 and March 22, 2024, respectively. Pursuant to the loan agreements, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.90% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings. On October 4, 2022, ComEd entered into a 364-day term loan agreement for $150 million with a variable rate equal to SOFR plus 0.75% and an expiration date of October 3, 2023. The proceeds from this loan were used to repay outstanding commercial paper obligations. The balance of the loan was repaid on January 13, 2023 in conjunction with the $400 million and $575 million First Mortgage Bond agreements that were entered into on January 3, 2023. Refer to the Issuance of Long-Term Debt table below for further information. Long-Term Debt Issuance of Long-Term Debt During the three months ended March 31, 2023, the following long-term debt was issued:
__________ (a)On March 15, 2023, Pepco entered into a purchase agreement of First Mortgage Bonds of $100 million at 5.35% due on September 13, 2033. The closing date of the issuance is expected to occur in September 2023. (b)On March 15, 2023, DPL entered into a purchase agreement of First Mortgage Bonds of $340 million, $75 million, and $110 million at 5.45%, 5.55% and 5.72% due on November 8, 2033, November 8, 2038, and November 8, 2053, respectively. The closing date of the issuance is expected to occur in November 2023. Debt Covenants As of March 31, 2023, the Registrants are in compliance with debt covenants.
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Fair Value of Financial Assets and Liabilities (All Registrants) |
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Fair Value of Financial Assets and Liabilities (All Registrants) | Fair Value of Financial Assets and Liabilities (All Registrants) Exelon measures and classifies fair value measurements in accordance with the hierarchy as defined by GAAP. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: •Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities that the Registrants have the ability to liquidate as of the reporting date. •Level 2 — inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. •Level 3 — unobservable inputs, such as internally developed pricing models or third-party valuations for the asset or liability due to little or no market activity for the asset or liability. Fair Value of Financial Liabilities Recorded at Amortized Cost The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of March 31, 2023 and December 31, 2022. The Registrants have no financial liabilities classified as Level 1 or measured using the NAV practical expedient. The carrying amounts of the Registrants’ short-term liabilities as presented in their Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments.
__________ (a)Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 16 — Debt and Credit Agreements of the 2022 Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 10 — Leases of the 2022 Form 10-K for finance lease liabilities. Recurring Fair Value Measurements The following tables present assets and liabilities measured and recorded at fair value in the Registrants' Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2023 and December 31, 2022. The Registrants have no financial assets or liabilities measured using the NAV practical expedient: Exelon
__________ (a)Exelon excludes cash of $482 million and $345 million as of March 31, 2023 and December 31, 2022, respectively, and restricted cash of $78 million and $81 million as of March 31, 2023 and December 31, 2022, respectively, and includes long-term restricted cash of $180 million and $117 million as of March 31, 2023 and December 31, 2022, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets. ComEd, PECO, and BGE
__________ (a)ComEd excludes cash of $51 million and $42 million as of March 31, 2023 and December 31, 2022, respectively, and restricted cash of $73 million and $77 million as of March 31, 2023 and December 31, 2022, respectively, and includes long-term restricted cash of $180 million and $117 million as of March 31, 2023 and December 31, 2022, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets. PECO excludes cash of $25 million and $58 million as of March 31, 2023 and December 31, 2022, respectively. BGE excludes cash of $19 million and $43 million as of March 31, 2023 and December 31, 2022, respectively, and restricted cash of $1 million and $1 million as of March 31, 2023 and December 31, 2022, respectively. (b)The Level 3 balance consists of the current and noncurrent liability of $22 million and $76 million, respectively, as of March 31, 2023 and $5 million and $79 million, respectively, as of December 31, 2022 related to floating-to-fixed energy swap contracts with unaffiliated suppliers. PHI, Pepco, DPL, and ACE
__________ (a)PHI excludes cash of $358 million and $165 million as of March 31, 2023 and December 31, 2022, respectively, and restricted cash of $3 million and $3 million as of March 31, 2023 and December 31, 2022, respectively. Pepco excludes cash of $124 million and $45 million as of March 31, 2023 and December 31, 2022, respectively, and restricted cash of $3 million and $3 million as of March 31, 2023 and December 31, 2022, respectively. DPL excludes cash of $142 million and $31 million as of March 31, 2023 and December 31, 2022, respectively. ACE excludes cash of $70 million and $71 million as of March 31, 2023 and December 31, 2022, respectively. Reconciliation of Level 3 Assets and Liabilities The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2023 and 2022:
(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. (b)Includes $25 million of decreases in fair value and an increase for realized gains due to settlements of $11 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2023. Includes $69 million of increases in fair value and an increase for realized losses due to settlements of $6 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2022. (c)The balance consists of a current and noncurrent liability of $22 million and $76 million, respectively, as of March 31, 2023. Valuation Techniques Used to Determine Fair Value Exelon’s valuation techniques used to measure the fair value of the assets and liabilities shown in the tables below are in accordance with the policies discussed in Note 17 — Fair Value of Financial Assets and Liabilities of the 2022 Form 10-K. Mark-to-Market Derivatives (Exelon and ComEd) The table below discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives.
________ (a)An increase to the forward power price would increase the fair value.
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Commitments and Contingencies (All Registrants) |
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Commitments and Contingencies (All Registrants) | Commitments and Contingencies (All Registrants) The following is an update to the current status of commitments and contingencies set forth in Note 18 — Commitments and Contingencies of the 2022 Form 10-K. Commitments PHI Merger Commitments (Exelon, PHI, Pepco, DPL, and ACE). Approval of the PHI Merger in Delaware, New Jersey, Maryland, and the District of Columbia was conditioned upon Exelon and PHI agreeing to certain commitments. The following amounts represent total commitment costs that have been recorded since the acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE as of March 31, 2023:
__________ (a)Remaining commitments extend through 2026 and include rate credits, energy efficiency programs and delivery system modernization. Commercial Commitments (All Registrants). The Registrants’ commercial commitments as of March 31, 2023, representing commitments potentially triggered by future events were as follows:
__________ (a)Surety bonds — Guarantees issued related to contract and commercial agreements, excluding bid bonds. (b)Represents the maximum potential obligation in the event that the fair value of certain leased equipment and fleet vehicles is zero at the end of the maximum lease term. The lease term associated with these assets ranges from 1 to 9 years. The maximum potential obligation at the end of the minimum lease term would be $65 million guaranteed by Exelon and PHI, of which $21 million, $27 million, and $17 million is guaranteed by Pepco, DPL, and ACE, respectively. Historically, payments under the guarantees have not been made and PHI believes the likelihood of payments being required under the guarantees is remote. Environmental Remediation Matters General (All Registrants). The Registrants’ operations have in the past, and may in the future, require substantial expenditures to comply with environmental laws. Additionally, under federal and state environmental laws, the Registrants are generally liable for the costs of remediating environmental contamination of property now or formerly owned by them and of property contaminated by hazardous substances generated by them. The Registrants own or lease a number of real estate parcels, including parcels on which their operations or the operations of others may have resulted in contamination by substances that are considered hazardous under environmental laws. In addition, the Registrants are currently involved in a number of proceedings relating to sites where hazardous substances have been deposited and may be subject to additional proceedings in the future. Unless otherwise disclosed, the Registrants cannot reasonably estimate whether they will incur significant liabilities for additional investigation and remediation costs at these or additional sites identified by the Registrants, environmental agencies or others, or whether such costs will be recoverable from third parties, including customers. Additional costs could have a material, unfavorable impact on the Registrants' financial statements. MGP Sites (All Registrants). ComEd, PECO, BGE, and DPL have identified sites where former MGP or gas purification activities have or may have resulted in actual site contamination. For some sites, there are additional PRPs that may share responsibility for the ultimate remediation of each location. •ComEd has 20 sites that are currently under some degree of active study and/or remediation. ComEd expects the majority of the remediation at these sites to continue through at least 2031. •PECO has 6 sites that are currently under some degree of active study and/or remediation. PECO expects the majority of the remediation at these sites to continue through at least 2024. •BGE has 4 sites that currently require some level of remediation and/or ongoing activity. BGE expects the majority of the remediation at these sites to continue through at least 2025. •DPL has 1 site that is currently under study and the required cost at the site is not expected to be material. The historical nature of the MGP and gas purification sites and the fact that many of the sites have been buried and built over, impacts the ability to determine a precise estimate of the ultimate costs prior to initial sampling and determination of the exact scope and method of remedial activity. Management determines its best estimate of remediation costs using all available information at the time of each study, including probabilistic and deterministic modeling for ComEd and PECO, and the remediation standards currently required by the applicable state environmental agency. Prior to completion of any significant clean up, each site remediation plan is approved by the appropriate state environmental agency. ComEd, pursuant to an ICC order, and PECO, pursuant to a PAPUC order, are currently recovering environmental remediation costs of former MGP facility sites through customer rates. While BGE and DPL do not have riders for MGP clean-up costs, they have historically received recovery of actual clean-up costs in distribution rates. As of March 31, 2023 and December 31, 2022, the Registrants had accrued the following undiscounted amounts for environmental liabilities in Accrued expenses, Other current liabilities, and Other deferred credits and other liabilities in their respective Consolidated Balance Sheets:
Benning Road Site (Exelon, PHI, and Pepco). In September 2010, PHI received a letter from EPA identifying the Benning Road site as one of six land-based sites potentially contributing to contamination of the lower Anacostia River. A portion of the site, which is owned by Pepco, was formerly the location of an electric generating facility owned by Pepco subsidiary, Pepco Energy Services (PES), which became a part of Generation, following the 2016 merger between PHI and Exelon. This generating facility was deactivated in June 2012. The remaining portion of the site consists of a Pepco transmission and distribution service center that remains in operation. In December 2011, the U.S. District Court for the District of Columbia approved a Consent Decree entered into by Pepco and Pepco Energy Services (hereinafter "Pepco Entities") with the DOEE, which requires the Pepco Entities to conduct a Remedial Investigation and Feasibility Study (RI/FS) for the Benning Road site and an approximately 10 to 15-acre portion of the adjacent Anacostia River. The purpose of this RI/FS is to define the nature and extent of contamination from the Benning Road site and to evaluate remedial alternatives. Pursuant to an internal agreement between the Pepco Entities, since 2013, Pepco has performed the work required by the Consent Decree and has been reimbursed for that work by an agreed upon allocation of costs between the Pepco Entities. In September 2019, the Pepco Entities issued a draft “final” RI report which DOEE approved on February 3, 2020. The Pepco Entities are completing a FS to evaluate possible remedial alternatives for submission to DOEE. In October 2022, DOEE approved dividing the work to complete the landside portion of the FS from the waterside portion to expedite the overall schedule for completion of the project. After completion and approval of the landside FS, now scheduled for September 2023, DOEE will prepare a Proposed Plan for public comment and then issue a Record of Decision (ROD) identifying any further response actions determined to be necessary to address any landside issues. The DOEE will issue a separate ROD for the waterside FS when that work is completed which is now anticipated to be by March 31, 2024. As part of the separation between Exelon and Constellation in February 2022, the internal agreement between the Pepco Entities for completion and payment for the remaining Consent Decree work was memorialized in a formal agreement for post-separation activities. A second post-separation assumption agreement between Exelon and Constellation transferred any of the potential remaining remediation liability, if any, of PES/Generation to a non-utility subsidiary of Exelon which going forward will be responsible for those liabilities. Exelon, PHI, and Pepco have determined that a loss associated with this matter is probable and have accrued an estimated liability, which is included in the table above. Anacostia River Tidal Reach (Exelon, PHI, and Pepco). Contemporaneous with the Benning Road site RI/FS being performed by the Pepco Entities, DOEE and NPS have been conducting a separate RI/FS focused on the entire tidal reach of the Anacostia River extending from just north of the Maryland-District of Columbia boundary line to the confluence of the Anacostia and Potomac Rivers. The river-wide RI incorporated the results of the river sampling performed by the Pepco Entities as part of the Benning RI/FS, as well as similar sampling efforts conducted by owners of other sites adjacent to this segment of the river and supplemental river sampling conducted by DOEE’s contractor. On September 30, 2020, DOEE released its Interim ROD. The Interim ROD reflects an adaptive management approach which will require several identified “hot spots” in the river to be addressed first while continuing to conduct studies and to monitor the river to evaluate improvements and determine potential future remediation plans. The adaptive management process chosen by DOEE is less intrusive, provides more long-term environmental certainty, is less costly, and allows for site specific remediation plans already underway, including the plan for the Benning Road site to proceed to conclusion. On July 15, 2022, Pepco received a letter from the District of Columbia's Office of the Attorney General (D.C. OAG) on behalf of DOEE conveying a settlement offer to resolve all PRPs' liability to the District of Columbia (District) for their past costs and their anticipated future costs to complete the work for the Interim ROD. Pepco responded on July 27, 2022 to enter into settlement discussions. Since that time Exelon and the other PRPs at the site have exchanged letters with the D.C. OAG exploring potential settlement options. Those discussions are ongoing. Exelon, PHI, and Pepco have determined that it is probable that costs for remediation will be incurred and have accrued a liability for management's best estimate of its share of the costs. Pepco concluded that incremental exposure remains reasonably possible, but management cannot reasonably estimate a range of loss beyond the amounts recorded, which are included in the table above. In addition to the activities associated with the remedial process outlined above, CERCLA separately requires federal and state (here including Washington, D.C.) Natural Resource Trustees (federal or state agencies designated by the President or the relevant state, respectively, or Indian tribes) to conduct an assessment of any damages to natural resources within their jurisdiction as a result of the contamination that is being remediated. The Trustees can seek compensation from responsible parties for such damages, including restoration costs. During the second quarter of 2018, Pepco became aware that the Trustees are in the beginning stages of a NRD assessment, a process that often takes many years beyond the remedial decision to complete. Pepco has entered into negotiations with the Trustees to evaluate possible incorporation of NRD assessment and restoration as part of its remedial activities associated with the Benning site to accelerate the NRD benefits for that portion of the Anacostia River Sediment Project (ARSP) assessment. Pepco has concluded that a loss associated with the eventual NRD assessment is reasonably possible. Due to the very early stage of the assessment process, Pepco cannot reasonably estimate the final range of loss potentially resulting from this process. As noted in the Benning Road Site disclosure above, as part of the separation of Exelon and Constellation in February 2022, an assumption agreement was executed transferring any potential future remediation liabilities associated with the Benning Site remediation to a non-utility subsidiary of Exelon. Similarly, any potential future liability associated with the ARSP was also assumed by this entity. Buzzard Point Site (Exelon, PHI, and Pepco). On December 8, 2022, Pepco received a letter from the D.C. OAG, alleging wholly past violations of the District's stormwater discharge and waste disposal requirements related to operations at the Buzzard Point facility, a 9-acre parcel of waterfront property in Washington, D.C. occupied by an active substation and former steam plant building. The letter also alleged wholly past violations by Pepco of stormwater discharge requirements related to its district-wide system of underground vaults. The D.C. OAG invited Pepco to resolve the threatened enforcement action through a court-approved consent decree, and Pepco is engaged in discussions with the D.C. OAG regarding a potential resolution. Exelon, PHI, and Pepco have determined that a loss associated with this matter is probable and have accrued an estimated liability. Pepco concluded that incremental exposure is reasonably possible, but the range of loss cannot be reasonably estimated beyond the amounts included in the table above. Litigation and Regulatory Matters DPA and Related Matters (Exelon and ComEd). Exelon and ComEd received a grand jury subpoena in the second quarter of 2019 from the U.S. Attorney’s Office for the Northern District of Illinois (USAO) requiring production of information concerning their lobbying activities in the State of Illinois. On October 4, 2019, Exelon and ComEd received a second grand jury subpoena from the USAO requiring production of records of any communications with certain individuals and entities. On October 22, 2019, the SEC notified Exelon and ComEd that it had also opened an investigation into their lobbying activities. On July 17, 2020, ComEd entered into a DPA with the USAO to resolve the USAO investigation. Under the DPA, the USAO filed a single charge alleging that ComEd improperly gave and offered to give jobs, vendor subcontracts, and payments associated with those jobs and subcontracts for the benefit of the former Speaker of the Illinois House of Representatives and the Speaker’s associates, with the intent to influence the Speaker’s action regarding legislation affecting ComEd’s interests. The DPA provides that the USAO will defer any prosecution of such charge and any other criminal or civil case against ComEd in connection with the matters identified therein for a three-year period subject to certain obligations of ComEd, including payment to the U.S. Treasury of $200 million, which was paid in November 2020. Exelon was not made a party to the DPA, and therefore the investigation by the USAO into Exelon’s activities ended with no charges being brought against Exelon. The SEC’s investigation remains ongoing and Exelon and ComEd have cooperated fully and intend to continue to cooperate fully with the SEC. Exelon and ComEd cannot predict the outcome of the SEC investigation. No loss contingency has been reflected in Exelon's and ComEd's consolidated financial statements with respect to the SEC investigation, as this contingency is neither probable nor reasonably estimable at this time. Subsequent to Exelon announcing the receipt of the subpoenas, various lawsuits were filed, and various demand letters were received related to the subject of the subpoenas, the conduct described in the DPA and the SEC's investigation, including: •Four putative class action lawsuits against ComEd and Exelon were filed in federal court on behalf of ComEd customers in the third quarter of 2020 alleging, among other things, civil violations of federal racketeering laws. In addition, the Citizens Utility Board (CUB) filed a motion to intervene in these cases on October 22, 2020 which was granted on December 23, 2020. On September 9, 2021, the federal court granted Exelon’s and ComEd’s motion to dismiss and dismissed the plaintiffs’ and CUB’s federal law claim with prejudice. The federal court also dismissed the related state law claims made by the federal plaintiffs and CUB on jurisdictional grounds. Plaintiffs appealed dismissal of the federal law claim to the Seventh Circuit Court of Appeals. Plaintiffs and CUB also refiled their state law claims in state court and moved to consolidate them with the already pending consumer state court class action, discussed below. On August 22, 2022, the Seventh Circuit affirmed the dismissal of the consolidated federal cases in their entirety. The time to further appeal has passed and the Seventh Circuit’s decision is final. •Three putative class action lawsuits against ComEd and Exelon were filed in Illinois state court in the third quarter of 2020 seeking restitution and compensatory damages on behalf of ComEd customers. The cases were consolidated into a single action in October of 2020. In November 2020, CUB filed a motion to intervene in the cases pursuant to an Illinois statute allowing CUB to intervene as a party or otherwise participate on behalf of utility consumers in any proceeding which affects the interest of utility consumers. On November 23, 2020, the court allowed CUB’s intervention, but denied CUB's request to stay these cases. Plaintiffs subsequently filed a consolidated complaint, and ComEd and Exelon filed a motion to dismiss on jurisdictional and substantive grounds on January 11, 2021. Briefing on that motion was completed on March 2, 2021. The parties agreed, on March 25, 2021, along with the federal court plaintiffs discussed above, to jointly engage in mediation. The parties participated in a one-day mediation on June 7, 2021 but no settlement was reached. On December 23, 2021, the state court granted ComEd and Exelon's motion to dismiss with prejudice. On December 30, 2021, plaintiffs filed a motion to reconsider that dismissal and for permission to amend their complaint. The court denied the plaintiffs' motion on January 21, 2022. Plaintiffs have appealed the court's ruling dismissing their complaint to the First District Court of Appeals. On February 15, 2022, Exelon and ComEd moved to dismiss the federal plaintiffs' refiled state law claims, seeking dismissal on the same legal grounds asserted in their motion to dismiss the original state court plaintiffs' complaint. The court granted dismissal of the refiled state claims on February 16, 2022. The original federal plaintiffs appealed that dismissal on February 18, 2022. The two state appeals were consolidated on March 21, 2022. The appellate briefing is complete and the parties are awaiting oral argument and/or a decision. •On November 3, 2022, a plaintiff filed a putative class action complaint in Lake County, Illinois Circuit Court against ComEd and Exelon for unjust enrichment and deceptive business practices in connection with the conduct giving rise to the DPA. Plaintiff seeks an accounting and disgorgement of any benefits ComEd allegedly obtained from said conduct. Plaintiff served initial discovery requests on ComEd in December 2022, to which ComEd has responded. ComEd and Exelon filed a motion to dismiss the Complaint on February 3, 2023. The parties fully briefed the motion, and on April 21, 2023, the court heard oral argument on the motion. The court expects to issue its ruling on the motion to dismiss on or before June 9, 2023. •A putative class action lawsuit against Exelon and certain officers of Exelon and ComEd was filed in federal court in December 2019 alleging misrepresentations and omissions in Exelon’s SEC filings related to ComEd’s lobbying activities and the related investigations. The complaint was amended on September 16, 2020, to dismiss two of the original defendants and add other defendants, including ComEd. Defendants filed a motion to dismiss in November 2020. The court denied the motion in April 2021. On May 26, 2021, defendants moved the court to certify its order denying the motion to dismiss for interlocutory appeal. Briefing on the motion was completed in June 2021. That motion was denied on January 28, 2022. In May 2021, the parties each filed respective initial discovery disclosures. On June 9, 2021, defendants filed their answer and affirmative defenses to the complaint and the parties engaged thereafter in discovery. On September 9, 2021, the U.S. government moved to intervene in the lawsuit and stay discovery until the parties entered into an amendment to their protective order that would prohibit the parties from requesting discovery into certain matters, including communications with the U.S. government. The court ordered said amendment to the protective order on November 15, 2021 and discovery resumed. The court further amended the protective order on October 17, 2022 and extended it until May 15, 2023. The next court status is set for June 27, 2023. Based on recent developments, management has determined that a probable loss exists for this matter in the amount of $173 million. Management anticipates that such loss would be fully covered by insurance. The probable loss and the expected insurance recovery are reflected in Exelon's Consolidated Balance Sheets within Accrued expenses and Other accounts receivable, respectively. •Several shareholders have sent letters to the Exelon Board of Directors since 2020 demanding, among other things, that the Exelon Board of Directors investigate and address alleged breaches of fiduciary duties and other alleged violations by Exelon and ComEd officers and directors related to the conduct described in the DPA. In the first quarter of 2021, the Exelon Board of Directors appointed a Special Litigation Committee (SLC) consisting of disinterested and independent parties to investigate and address these shareholders’ allegations and make recommendations to the Exelon Board of Directors based on the outcome of the SLC’s investigation. In July 2021, one of the demand letter shareholders filed a derivative action against current and former Exelon and ComEd officers and directors, and against Exelon, as nominal defendant, asserting the same claims made in its demand letter. On October 12, 2021, the parties to the derivative action filed an agreed motion to stay that litigation for 120 days in order to allow the SLC to continue its investigation, which the court granted. The stay has been extended several times. On March 27, 2023, the court issued an order further extending the stay until June 9, 2023, with a status report due by May 31, 2023. The parties participated in a mediation in February 2023 and efforts to resolve the matter remain ongoing. On April 26 and May 1, 2023, two additional demand letter shareholders each filed a separate derivative lawsuit against current and former Exelon and ComEd officers and directors, and certain third parties, and against Exelon as nominal defendant, asserting claims similar to those made in their respective demand letters. •Several shareholders have sent requests seeking review of certain Exelon books and records since August 2021. Exelon has responded to each request. Except as noted above, no loss contingencies have been reflected in Exelon's and ComEd's consolidated financial statements with respect to these matters, as such contingencies are neither probable nor reasonably estimable at this time. In August 2022, the ICC concluded its investigation initiated on August 12, 2021 into rate impacts of conduct admitted in the DPA, including the costs recovered from customers related to the DPA and Exelon's funding of the fine paid by ComEd. On August 17, 2022, the ICC issued its final order accepting ComEd's voluntary customer refund offer of approximately $38 million (of which about $31 million is ICC jurisdictional; the remaining balance is FERC jurisdictional) that resolves the question of whether customer funds were used for DPA related activities. The customer refund includes the cost of every individual or entity that was either (i) identified in the DPA or (ii) identified by ComEd as an associate of the former Speaker of the Illinois House of Representatives in the ICC proceeding. The ICC rejected an argument by the Illinois Attorney General, City of Chicago, and CUB that a costly permanent adjustment also needed to be made to ComEd's ratemaking capital structure on account of Exelon having funded ComEd's payment of the DPA fine with an equity infusion. On October 6, the ICC denied the application for rehearing filed by the Illinois Attorney General, City of Chicago, and CUB that specifically focused on their capital structure argument. The window to file an appeal on the ICC final order has expired and the ICC’s DPA investigation is now closed. An accrual for the amount of the customer refund has been recorded in Regulatory liabilities and Regulatory assets in Exelon’s and ComEd’s Consolidated Balance Sheets as of March 31, 2023. The ICC jurisdictional refund is being made to customers during the April 2023 billing cycle, as required by the ICC. The FERC jurisdictional refund will be made as part of the next transmission formula rate update proceeding in 2023. The customer refund will not be recovered in rates or charged to customers and ComEd will not seek or accept reimbursement or indemnification from any source other than Exelon. Savings Plan Claim (Exelon). On December 6, 2021, seven current and former employees filed a putative ERISA class action suit in U.S. District Court for the Northern District of Illinois against Exelon, its Board of Directors, the former Board Investment Oversight Committee, the Corporate Investment Committee, individual defendants, and other unnamed fiduciaries of the Exelon Corporation Employee Savings Plan (Plan). The complaint alleges that the defendants violated their fiduciary duties under the Plan by including certain investment options that allegedly were more expensive than and underperformed similar passively-managed or other funds available in the marketplace and permitting a third-party administrative service provider/recordkeeper and an investment adviser to charge excessive fees for the services provided. The plaintiffs seek declaratory, equitable and monetary relief on behalf of the Plan and participants. On February 16, 2022, the court granted the parties' stipulated dismissal of the individual named defendants without prejudice. The remaining defendants filed a motion to dismiss the complaint on February 25, 2022. On March 4, 2022, the Chamber of Commerce filed a brief of amicus curiae in support of the defendants' motion to dismiss. On September 22, 2022, the court granted Exelon’s motion to dismiss without prejudice. The court granted plaintiffs leave until October 31, 2022 to file an amended complaint, which was later extended to November 30, 2022. Plaintiffs filed their amended complaint on November 30, 2022. Defendants filed their motion to dismiss the amended complaint on January 20, 2023. Briefing on the motion to dismiss is now complete and the parties await a ruling. No loss contingencies have been reflected in Exelon’s consolidated financial statements with respect to this matter, as such contingencies are neither probable nor reasonably estimable at this time. General (All Registrants). The Registrants are involved in various other litigation matters that are being defended and handled in the ordinary course of business. The Registrants are also from time to time subject to audits and investigations by the FERC and other regulators. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. The Registrants maintain accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of reasonably possible loss, particularly where (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss.
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Shareholders' Equity (Exelon) |
3 Months Ended |
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Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure | Shareholders' Equity (Exelon) At-the-Market (ATM) Program On August 4, 2022, Exelon executed an equity distribution agreement (“Equity Distribution Agreement”), with certain sales agents and forward sellers and certain forward purchasers, establishing an ATM equity distribution program under which it may offer and sell shares of its Common Stock, having an aggregate gross sales price of up to $1.0 billion. Exelon has no obligation to offer or sell any shares of Common Stock under the Equity Distribution Agreement and may, at any time, suspend or terminate offers and sales under the Equity Distribution Agreement. As of March 31, 2023, Exelon has not issued any shares of Common Stock under the ATM program and has not entered into any forward sale agreements.
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Changes in Accumulated Other Comprehensive Income (Exelon) |
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Changes in Accumulated Other Comprehensive Income | Changes in Accumulated Other Comprehensive Income (Loss) (Exelon) The following tables present changes in Exelon's AOCI, net of tax, by component:
(a)This AOCI component is included in the computation of net periodic pension and OPEB cost. Additionally, as of February 1, 2022, in connection with the separation, Exelon's pension and OPEB plans were remeasured. See Note 14 — Retirement Benefits of the 2022 Form 10-K and Note 8 — Retirement Benefits for additional information. See Exelon's Statements of Operations and Comprehensive Income for individual components of AOCI. The following table presents Income tax benefit (expense) allocated to each component of Exelon's Other comprehensive income (loss):
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Supplemental Financial Information (All Registrants) |
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Supplemental Financial Information (All Registrants) | Supplemental Financial Information (All Registrants) Supplemental Statement of Operations Information The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Operations and Comprehensive Income:
(a)The Registrants' utility taxes represent municipal and state utility taxes and gross receipts taxes related to their operating revenues. The offsetting collection of utility taxes from customers is recorded in revenues in the Registrants’ Consolidated Statements of Operations and Comprehensive Income.
Supplemental Cash Flow Information The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Cash Flows.
__________ (a)Exelon's 2022 amounts include amounts related to Generation prior to the separation. See Note 2 — Discontinued Operations for additional information. (b)Included in Depreciation and amortization in the Registrants' Consolidated Statements of Operations and Comprehensive Income. (c)Included in Electric operating revenues or Purchased power expense in Exelon’s Consolidated Statements of Operations and Comprehensive Income. (d)Included in Purchased fuel expense in Exelon's Consolidated Statement of Operations and Comprehensive Income. (e)Included in Operating and maintenance expense in Exelon's Consolidated Statement of Operations and Comprehensive Income.
__________ (a)Exelon's 2022 amounts include amounts related to Generation prior to the separation. See Note 2 — Discontinued Operations for additional information. (b)For ComEd, reflects the true-up adjustments in regulatory assets and liabilities associated with its distribution, energy efficiency, distributed generation, and transmission formula rates. For PECO, reflects the change in regulatory assets and liabilities associated with its transmission formula rates. For BGE, Pepco, DPL, and ACE, reflects the change in regulatory assets and liabilities associated with their decoupling mechanisms and transmission formula rates. See Note 3 — Regulatory Matters of the 2022 Form 10-K for additional information. The following tables provide a reconciliation of cash, cash equivalents, and restricted cash reported within the Registrants’ Consolidated Balance Sheets that sum to the total of the same amounts in their Consolidated Statements of Cash Flows.
For additional information on restricted cash see Note 1 — Significant Accounting Policies of the 2022 Form 10-K. Supplemental Balance Sheet Information The following table provides additional information about material items recorded in the Registrants' Consolidated Balance Sheets.
__________ (a)Primarily includes accrued payroll, bonuses and other incentives, vacation, and benefits.
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Related Party Transactions (All Registrants) |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions (All Registrants) | Related Party Transactions (All Registrants) Utility Registrants' expense with Generation The Utility Registrants incurred expenses from transactions with the Generation affiliate as described in the footnotes to the table below prior to separation on February 1, 2022. Such expenses were primarily recorded as Purchased power from affiliate and an immaterial amount recorded as Operating and maintenance expense from affiliates at the Utility Registrants. Effective February 1, 2022, Generation is no longer considered a related party.
(a)ComEd had an ICC-approved RFP contract with Generation to provide a portion of ComEd’s electric supply requirements. ComEd also purchased RECs and ZECs from Generation. (b)PECO received electric supply from Generation under contracts executed through PECO’s competitive procurement process. In addition, PECO had a ten-year agreement with Generation to sell solar AECs. (c)BGE received a portion of its energy requirements from Generation under its MDPSC-approved market-based SOS and gas commodity programs. (d)Pepco received electric supply from Generation under contracts executed through Pepco's competitive procurement process approved by the MDPSC and DCPSC. (e)DPL received a portion of its energy requirements from Generation under its MDPSC and DEPSC approved market-based SOS commodity programs. (f)ACE received electric supply from Generation under contracts executed through ACE's competitive procurement process approved by the NJBPU. Service Company Costs for Corporate Support 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:
Current Receivables from/Payables to affiliates The following tables present current Receivables from affiliates and current Payables to affiliates: March 31, 2023
December 31, 2022
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. PECO and PHI Corporate participate in the Exelon intercompany money pool. Pepco, DPL, and ACE participate in the PHI intercompany money pool. Long-term debt to financing trusts The following table presents Long-term debt to financing trusts:
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Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of Business and Basis of Presentation (All Registrants) | Description of Business Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through ComEd, PECO, BGE, Pepco, DPL, and ACE. On February 21, 2021, Exelon's Board of Directors approved a plan to separate the Utility Registrants and Generation. The separation was completed on February 1, 2022, creating two publicly traded companies, Exelon and Constellation. See Note 2 — Discontinued Operations for additional information.
Basis of Presentation This is a combined quarterly report of all Registrants. The Notes to the Consolidated Financial Statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. When appropriate, the Registrants are named specifically for their related activities and disclosures. Each of the Registrant’s Consolidated Financial Statements includes the accounts of its subsidiaries. All intercompany transactions have been eliminated, except for the historical transactions between the Utility Registrants and Generation for the purposes of presenting discontinued operations in all periods presented in the Consolidated Statements of Operations and Comprehensive Income. Through its business services subsidiary, BSC, Exelon provides its subsidiaries with a variety of support services at cost, including legal, human resources, financial, information technology, and supply management services. PHI also has a business services subsidiary, PHISCO, which provides a variety of support services at cost, including legal, finance, engineering, customer operations, distribution and transmission planning, asset management, system operations, and power procurement, to PHI operating companies. The costs of BSC and PHISCO are directly charged or allocated to the applicable subsidiaries. The results of Exelon’s corporate operations are presented as “Other” in the consolidated financial statements and include intercompany eliminations unless otherwise disclosed. The accompanying consolidated financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 are unaudited but, in the opinion of the management of each Registrant include all adjustments that are considered necessary for a fair statement of the Registrants’ respective financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The December 31, 2022 Consolidated Balance Sheets were derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Additionally, financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2023. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The separation of Constellation, including Generation and its subsidiaries, met the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. Accounting rules require that certain BSC costs previously allocated to Generation be presented as part of Exelon’s continuing operations as these costs do not qualify as expenses of the discontinued operations. Comprehensive income, shareholders' equity, and cash flows related to Constellation have not been segregated and are included in the Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Changes in Shareholders’ Equity, and Consolidated Statements of Cash Flows, respectively, for the three months ended March 31, 2022. See Note 2 — Discontinued Operations for additional information.
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Discontinued Operations (Tables) - Exelon Generation Co L L C [Member] |
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Discontinued Operations - Income Statement | The following table presents the results of Constellation that have been reclassified from continuing operations and included in discontinued operations within Exelon’s Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2022. These results are primarily Generation, which is comprised of Exelon’s Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions reportable segments, and include the impact of transaction costs, certain BSC costs, including any transition costs, that were historically allocated and directly attributable to Generation, transactions between Generation and the Utility Registrants, and tax-related adjustments. Transaction costs include costs for external bankers, accountants, appraisers, lawyers, external counsels and other advisors, among others, who are involved in the negotiation, appraisal, due diligence and regulatory approval of the separation. Transition costs are primarily employee-related costs such as recruitment expenses, costs to establish certain stand-alone functions and information technology systems, professional services fees and other separation-related costs during the transition to separate Generation. For the purposes of reporting discontinued operations, these results also include transactions between Generation and the Utility Registrants that were historically eliminated within Exelon’s Consolidated Statements of Operations as these transactions will be ongoing after the separation. Certain BSC costs that were historically allocated to Generation are presented as part of continuing operations in Exelon’s Consolidated Statements of Operations as these costs do not qualify as expenses of the discontinued operations per the accounting rules.
__________ (a)Includes transaction and transition costs related to the separation of $52 million for the three months ended March 31, 2022.
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Discontinued Operations - Cash Flows [Table Text Block] | The following table presents selected financial information regarding cash flows of the discontinued operations that are included within Exelon’s Consolidated Statements of Cash Flows for the three months ended March 31, 2022.
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Regulatory Matters (Tables) |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities Distribution Rate Cases [Table Text Block] | The following tables show the completed and pending distribution base rate case proceedings in 2023. Completed Distribution Base Rate Case Proceedings
__________ (a)ComEd's 2023 approved revenue requirement above reflects an increase of $144 million for the initial year revenue requirement for 2023 and an increase of $55 million related to the annual reconciliation for 2021. The revenue requirement for 2023 provides for a weighted average debt and equity return on distribution rate base of 5.94%, inclusive of an allowed ROE of 7.85%, reflecting the monthly average yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2021 provides for a weighted average debt and equity return on distribution rate base of 5.91%, inclusive of an allowed ROE of 7.78%, reflecting the monthly yields on 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points. This is ComEd's last performance-based electric distribution formula rate update filing under EIMA. See discussion of CEJA below for details on the transition away from the electric distribution formula rate. (b)The PECO natural gas base rate case proceeding was resolved through a settlement agreement, which did not specify an approved ROE. (c)Reflects a three-year cumulative multi-year plan for 2021 through 2023. BGE proposed to use certain tax benefits to fully offset the increases in 2021 and 2022 and partially offset the increase in 2023. The MDPSC awarded BGE electric revenue requirement increases of $59 million, $39 million, and $42 million, before offsets, in 2021, 2022, and 2023, respectively, and natural gas revenue requirement increases of $53 million, $11 million, and $10 million, before offsets, in 2021, 2022, and 2023, respectively. However, the MDPSC utilized the tax benefits to fully offset the increases in 2021 and January 2022 such that customer rates remained unchanged. For the remainder of 2022, the MDPSC chose to offset only 25% of the cumulative 2021 and 2022 electric revenue requirement increases and 50% of the cumulative gas revenue requirement increases. In 2021, the MDPSC deferred a decision on whether to use certain tax benefits to offset the revenue requirement increases in 2023 and directed BGE to make another proposal at the end of 2022. In September 2022 BGE proposed that tax benefits not be used to offset the 2023 revenue requirement increases. On October 26, 2022, the MDPSC accepted BGE's recommendation to not use tax benefits to offset the 2023 revenue requirement increases. (d)Reflects a three-year cumulative multi-year plan for April 1, 2021 through March 31, 2024. The MDPSC awarded Pepco electric incremental revenue requirement increases of $21 million, $16 million, and $15 million, before offsets, for the 12-month periods ending March 31, 2022, 2023, and 2024, respectively. Pepco proposed to utilize certain tax benefits to fully offset the increase through 2023 and partially offset customer rate increases in 2024. However, the MDPSC only utilized the acceleration of refunds for certain tax benefits to fully offset the increases such that customer rates remain unchanged through March 31, 2022. On February 23, 2022, the MDPSC chose to offset 25% of the cumulative revenue requirement increase for the 12-month period ending March 31, 2023. Whether certain tax benefits will be used to offset the customer rate increases for the 12-month period ending March 31, 2024 has not been decided, and Pepco cannot predict the outcome. (e)Reflects a three-year cumulative multi-year plan for January 1, 2023 through December 31, 2025. The MDPSC awarded DPL electric incremental revenue requirement increases of $17 million, $6 million, and $6 million for 2023, 2024, and 2025, respectively. Pending Distribution Base Rate Case Proceedings
(a)Reflects a four-year cumulative MRP for January 1, 2024 to December 31, 2027 and total requested revenue requirement increases of $877 million effective January 1, 2024, $175 million effective January 1, 2025, $217 million effective January 1, 2026, and $203 million effective January 1, 2027, based on forecasted revenue requirements. The revenue requirement will provide for a weighted average debt and equity return on distribution rate base of 7.43% in 2024, 7.50% in 2025, 7.62% in 2026, and 7.70% in 2027, inclusive of an allowed ROE of 10.50% in 2024, 10.55% in 2025, 10.60% in 2026, and 10.65% in 2027. The requested revenue requirements are based on capital structures that reflect between 50.58% and 51.19% common equity. ComEd’s MRP also includes a proposed rate phase-in to defer approximately $307 million of the $877 million year-over-year increase for 2024 revenue from 2024 to 2026. (b)On April 21, 2023, ComEd filed its proposed Delivery Reconciliation Amount of $247 million under Rider Delivery Service Pricing Reconciliation (Rider DSPR) which allows for the reconciliation of the revenue requirement in effect in the final years in which formula rates are determined and until such time as new rates are established under ComEd’s approved MRP. The 2023 filing reconciles the delivery service rates in effect in 2022 with the actual delivery service costs incurred in 2022. Final order is expected by December 2023, and the reconciliation amount will be in customer rates beginning January 1, 2024. (c)Reflects a three-year cumulative multi-year plan for January 1, 2024 through December 31, 2026 submitted to the MDPSC. Inclusive of the proposed acceleration of remaining electric tax benefits in 2024 and 2025, and remaining gas tax benefits in 2024, BGE requested total electric revenue requirement increases of $85 million, $103 million, and $125 million in 2024, 2025, and 2026, respectively, and natural gas revenue requirement increases of $158 million, $77 million, and $54 million in 2024, 2025, and 2026, respectively. Requested revenue requirement increases will be used to recover capital investments designed to increase the resilience of the electric and gas distribution systems and support Maryland’s climate and regulatory initiatives. The 2021 and 2022 reconciliation amounts are not included in the requested revenue requirement increase, as BGE is proposing that these amounts be recovered through the separate electric and gas riders in 2024. The 2021 reconciliation amounts are $11 million and $7 million for electric and gas, respectively, and the 2022 reconciliation amounts are $44 million and $15 million for electric and gas, respectively. (d)Reflects a three-year cumulative multi-year plan for January 1, 2024 through December 31, 2026 submitted to the DCPSC. Pepco requested total electric revenue requirement increases of $117 million, $37 million, and $37 million in 2024, 2025, and 2026, respectively. Requested revenue requirement increases will be used to recover capital investments designed to advance system-readiness and support the District of Columbia’s climate and clean energy goals. (e)The rates will go into effect on July 15, 2023, subject to refund. (f)Requested increases are before New Jersey sales and use tax. ACE intends to put rates into effect on November 17, 2023, subject to refund.
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Public Utilities Transmission Rate Filings [Table Text Block] | For 2023, the following increases/(decreases) were included in BGE's annual electric transmission formula rate updates. ComEd, PECO, Pepco, DPL, and ACE intend to file by the required deadline for the annual update.
__________ (a)All rates are effective June 1, 2023 - May 31, 2024, subject to review by interested parties pursuant to review protocols of tariffs. (b)Represents the weighted average debt and equity return on transmission rate bases. (c)The rate of return on common equity includes a 50-basis-point incentive adder for being a member of a RTO. (d)The increase in BGE's transmission revenue requirement includes a $3 million reduction related to a FERC-approved dedicated facilities charge to recover the costs of providing transmission service to specifically designated load by BGE.
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Capitalized Ratemaking Amounts Not Recognized [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 the Registrants' 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 the Utility Registrants' customers. PECO had no related amounts as of March 31, 2023 and December 31, 2022.
__________ (a)Reflects ComEd's unrecognized equity returns earned for ratemaking purposes on its electric distribution formula rate regulatory assets. (b)BGE's and ACE's authorized amounts capitalized for ratemaking purposes primarily relate to earnings on shareholder's investment on their respective AMI programs. (c)Pepco's and DPL's authorized amounts capitalized for ratemaking purposes relate to earnings on shareholder's investment on their respective AMI Programs and Energy Efficiency and Demand Response Programs, and for Pepco District of Columbia revenue decoupling program. The earnings on energy efficiency are on Pepco District of Columbia and DPL Delaware programs only.
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Revenue from Contracts with Customers (Tables) |
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Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2023. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years. This disclosure excludes the Utility Registrants' gas and electric tariff sales contracts and transmission revenue contracts as they generally have an original expected duration of one year or less and, therefore, do not contain any future, unsatisfied performance obligations to be included in this disclosure.
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Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | The following table provides a rollforward of the contract liabilities reflected in Exelon's, PHI's, Pepco's, DPL's, and ACE's Consolidated Balance Sheets for the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022, ComEd's, PECO's, and BGE's contract liabilities were immaterial.
(a)Revenues recognized in the three months ended March 31, 2023 and 2022, were included in the contract liabilities at December 31, 2022 and 2021, respectively.
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Segment Information (Tables) |
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Analysis and reconciliation of reportable segment information | An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three months ended March 31, 2023 and 2022 is as follows:
__________ (a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities. (b)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 15 — Supplemental Financial Information for additional information on total utility taxes. (c)See Note 16 — Related Party Transactions for additional information on intersegment revenues. PHI:
__________ (a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities. (b)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 15 — Supplemental Financial Information for additional information on total utility taxes. (c)Includes intersegment revenues with ComEd, BGE, and PECO, which are eliminated at Exelon. Electric and Gas Revenue by Customer Class (Utility Registrants): The following tables disaggregate the Registrants' revenues 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 the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.
__________ (a)Includes revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue. (b)Includes operating revenues from affiliates in 2023 and 2022 respectively of: •$3 million, $6 million at ComEd •$1 million, $1 million at PECO •$2 million, $2 million at BGE •$3 million, $3 million at PHI •$1 million, $1 million at Pepco •$2 million, $2 million at DPL •$1 million, $1 million at ACE (c)Includes revenues from off-system natural gas sales. (d)Includes operating revenues from affiliates in 2023 and 2022 respectively of: •$1 million, less than a $1 million at PECO •$1 million, $6 million at BGE (e)Includes late payment charge revenues.
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Accounts Receivable (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit loss rollforward | The following tables present the rollforward of Allowance for Credit Losses on Customer Accounts Receivable.
__________ (a)For PECO and BGE, the change in current period provision for expected credit losses is primarily a result of increased aging of receivables. (b)Recoveries were not material to the Registrants. The following tables present the rollforward of Allowance for Credit Losses on Other Accounts Receivable.
__________ (a)Recoveries were not material to the Registrants.
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Unbilled customer revenue | The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022.
__________ (a)Unbilled customer revenues are classified in Customer accounts receivable, net in the Registrants' Consolidated Balance Sheets.
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Purchases of accounts receivable | The Utility Registrants are required, under separate legislation and regulations in Illinois, Pennsylvania, Maryland, District of Columbia, Delaware, and New Jersey, to purchase certain receivables from alternative retail electric and, as applicable, natural gas suppliers that participate in the utilities' consolidated billing. The following table presents the total receivables purchased.
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Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following:
__________ (a)Positive percentages represent income tax expense. Negative percentages represent income tax benefit. (b)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions. (c)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions. For BGE, the lower effective tax rate is primarily due to the Maryland multi-year plan which resulted in the acceleration of certain income tax benefits. For Pepco, the income tax benefit is primarily due to the Maryland and Washington, D.C. multi-year plans which resulted in the acceleration of certain income tax benefits. For ACE, the lower effective tax rate is primarily related to the acceleration of certain income tax benefits due to distribution rate case settlements. (d)For Exelon, the higher state income taxes, net of federal income tax benefit, is primarily due to the long-term marginal state income tax rate change of approximately $67 million and the recognition of a valuation allowance of approximately $40 million against the net deferred tax asset position for certain standalone state filing jurisdiction as a result of the separation. (e)For Exelon, reflects the income tax expense related to the write-off of federal tax credits subject to recapture of approximately $15 million as a result of the separation. (f)For Exelon, primarily reflects the nondeductible transaction costs of approximately $19 million arising as part of the separation.
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Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Exelon, PHI and ACE have the following unrecognized tax benefits as of March 31, 2023 and December 31, 2022. ComEd's, PECO's, BGE's, Pepco's, and DPL's amounts are not material.
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Retirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Net Periodic Benefit Costs | A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the three months ended March 31, 2023 and 2022.
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Allocated Portion of Pension and Postretirement Benefit Costs | The amounts below represent the Registrants' allocated pension and OPEB costs. For Exelon, the service cost component is included in Operating and maintenance expense and Property, plant, and equipment, net while the non-service cost components are included in Other, net and Regulatory assets. For the Utility Registrants, which apply multi-employer accounting, the service cost and non-service cost components are included in Operating and maintenance expense and Property, plant, and equipment, net in their consolidated financial statements.
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Defined Contribution Savings Plans | The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allows employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents the employer contributions and employer matching contributions to the savings plan for the three months ended March 31, 2023 and 2022.
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Derivative Instruments and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives | Below is a summary of the interest rate hedge balances as of March 31, 2023 and December 31, 2022.
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Economic Hedges (Commodity Price Risk) | For the three months ended March 31, 2023, Exelon Corporate recognized the following net pre-tax mark-to-market gains (losses) which are also recognized in Net fair value changes related to derivatives in Exelon's Consolidated Statements of Cash Flows. Exelon had no swaps for the three months ended March 31, 2022.
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Cash collateral held with external counterparties [Table] | The following table reflects the Registrants' cash collateral held with external counterparties, which is recorded in Other current liabilities on their respective Consolidated Balance Sheets, as of March 31, 2023 and December 31, 2022:
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Debt and Credit Agreements (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Commercial Paper Borrowings | The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements and bilateral credit agreements as of March 31, 2023 and December 31, 2022. As of March 31, 2023 and December 31, 2022, ACE had no commercial paper borrowings:
__________ (a)Exelon Corporate had $10 million and $449 million in outstanding commercial paper borrowings as of March 31, 2023 and December 31, 2022, respectively. (b)Represents the consolidated amounts of Pepco, DPL, and ACE.
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Schedule of Revolving Credit Agreements | Exelon Corporate and the Utility Registrants each have a 5-year revolving credit facility. The following table reflects the credit agreements:
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Schedule of Long-term Debt Instruments [Table Text Block] | During the three months ended March 31, 2023, the following long-term debt was issued:
__________ (a)On March 15, 2023, Pepco entered into a purchase agreement of First Mortgage Bonds of $100 million at 5.35% due on September 13, 2033. The closing date of the issuance is expected to occur in September 2023. (b)On March 15, 2023, DPL entered into a purchase agreement of First Mortgage Bonds of $340 million, $75 million, and $110 million at 5.45%, 5.55% and 5.72% due on November 8, 2033, November 8, 2038, and November 8, 2053, respectively. The closing date of the issuance is expected to occur in November 2023.
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Fair Value of Financial Assets and Liabilities (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Liabilities Recorded at Amortized Cost | Fair Value of Financial Liabilities Recorded at Amortized Cost The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of March 31, 2023 and December 31, 2022. The Registrants have no financial liabilities classified as Level 1 or measured using the NAV practical expedient. The carrying amounts of the Registrants’ short-term liabilities as presented in their Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments.
__________ (a)Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 16 — Debt and Credit Agreements of the 2022 Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 10 — Leases of the 2022 Form 10-K for finance lease liabilities.
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Recurring Fair Value Measurements The following tables present assets and liabilities measured and recorded at fair value in the Registrants' Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2023 and December 31, 2022. The Registrants have no financial assets or liabilities measured using the NAV practical expedient: Exelon
__________ (a)Exelon excludes cash of $482 million and $345 million as of March 31, 2023 and December 31, 2022, respectively, and restricted cash of $78 million and $81 million as of March 31, 2023 and December 31, 2022, respectively, and includes long-term restricted cash of $180 million and $117 million as of March 31, 2023 and December 31, 2022, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets. ComEd, PECO, and BGE
__________ (a)ComEd excludes cash of $51 million and $42 million as of March 31, 2023 and December 31, 2022, respectively, and restricted cash of $73 million and $77 million as of March 31, 2023 and December 31, 2022, respectively, and includes long-term restricted cash of $180 million and $117 million as of March 31, 2023 and December 31, 2022, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets. PECO excludes cash of $25 million and $58 million as of March 31, 2023 and December 31, 2022, respectively. BGE excludes cash of $19 million and $43 million as of March 31, 2023 and December 31, 2022, respectively, and restricted cash of $1 million and $1 million as of March 31, 2023 and December 31, 2022, respectively. (b)The Level 3 balance consists of the current and noncurrent liability of $22 million and $76 million, respectively, as of March 31, 2023 and $5 million and $79 million, respectively, as of December 31, 2022 related to floating-to-fixed energy swap contracts with unaffiliated suppliers. PHI, Pepco, DPL, and ACE
__________ (a)PHI excludes cash of $358 million and $165 million as of March 31, 2023 and December 31, 2022, respectively, and restricted cash of $3 million and $3 million as of March 31, 2023 and December 31, 2022, respectively. Pepco excludes cash of $124 million and $45 million as of March 31, 2023 and December 31, 2022, respectively, and restricted cash of $3 million and $3 million as of March 31, 2023 and December 31, 2022, respectively. DPL excludes cash of $142 million and $31 million as of March 31, 2023 and December 31, 2022, respectively. ACE excludes cash of $70 million and $71 million as of March 31, 2023 and December 31, 2022, respectively.
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Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | Reconciliation of Level 3 Assets and Liabilities The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2023 and 2022:
(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. (b)Includes $25 million of decreases in fair value and an increase for realized gains due to settlements of $11 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2023. Includes $69 million of increases in fair value and an increase for realized losses due to settlements of $6 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2022. (c)The balance consists of a current and noncurrent liability of $22 million and $76 million, respectively, as of March 31, 2023.
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Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis, Valuation Technique | Mark-to-Market Derivatives (Exelon and ComEd) The table below discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives.
________ (a)An increase to the forward power price would increase the fair value.
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PHI Merger Commitments | The following amounts represent total commitment costs that have been recorded since the acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE as of March 31, 2023:
__________ (a)Remaining commitments extend through 2026 and include rate credits, energy efficiency programs and delivery system modernization.
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Commercial Commitments | The Registrants’ commercial commitments as of March 31, 2023, representing commitments potentially triggered by future events were as follows:
__________ (a)Surety bonds — Guarantees issued related to contract and commercial agreements, excluding bid bonds. (b)Represents the maximum potential obligation in the event that the fair value of certain leased equipment and fleet vehicles is zero at the end of the maximum lease term. The lease term associated with these assets ranges from 1 to 9 years. The maximum potential obligation at the end of the minimum lease term would be $65 million guaranteed by Exelon and PHI, of which $21 million, $27 million, and $17 million is guaranteed by Pepco, DPL, and ACE, respectively. Historically, payments under the guarantees have not been made and PHI believes the likelihood of payments being required under the guarantees is remote.
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Accrued environmental liabilities | As of March 31, 2023 and December 31, 2022, the Registrants had accrued the following undiscounted amounts for environmental liabilities in Accrued expenses, Other current liabilities, and Other deferred credits and other liabilities in their respective Consolidated Balance Sheets:
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Changes in Accumulated Other Comprehensive Income (Tables) |
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Changes in Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The following tables present changes in Exelon's AOCI, net of tax, by component:
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Schedule of Income Taxes Allocated to Other Comprehensive Income (Loss) Components | The following table presents Income tax benefit (expense) allocated to each component of Exelon's Other comprehensive income (loss):
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Supplemental Financial Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes Other Than Income Taxes | The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Operations and Comprehensive Income:
(a)The Registrants' utility taxes represent municipal and state utility taxes and gross receipts taxes related to their operating revenues. The offsetting collection of utility taxes from customers is recorded in revenues in the Registrants’ Consolidated Statements of Operations and Comprehensive Income.
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Schedule of Other Nonoperating Income, by Component |
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Cash Flow Supplemental Disclosures | The following tables provide additional information about material items recorded in the Registrants' Consolidated Statements of Cash Flows.
__________ (a)Exelon's 2022 amounts include amounts related to Generation prior to the separation. See Note 2 — Discontinued Operations for additional information. (b)Included in Depreciation and amortization in the Registrants' Consolidated Statements of Operations and Comprehensive Income. (c)Included in Electric operating revenues or Purchased power expense in Exelon’s Consolidated Statements of Operations and Comprehensive Income. (d)Included in Purchased fuel expense in Exelon's Consolidated Statement of Operations and Comprehensive Income. (e)Included in Operating and maintenance expense in Exelon's Consolidated Statement of Operations and Comprehensive Income.
__________ (a)Exelon's 2022 amounts include amounts related to Generation prior to the separation. See Note 2 — Discontinued Operations for additional information. (b)For ComEd, reflects the true-up adjustments in regulatory assets and liabilities associated with its distribution, energy efficiency, distributed generation, and transmission formula rates. For PECO, reflects the change in regulatory assets and liabilities associated with its transmission formula rates. For BGE, Pepco, DPL, and ACE, reflects the change in regulatory assets and liabilities associated with their decoupling mechanisms and transmission formula rates. See Note 3 — Regulatory Matters of the 2022 Form 10-K for additional information. The following tables provide a reconciliation of cash, cash equivalents, and restricted cash reported within the Registrants’ Consolidated Balance Sheets that sum to the total of the same amounts in their Consolidated Statements of Cash Flows.
For additional information on restricted cash see Note 1 — Significant Accounting Policies of the 2022 Form 10-K.
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Supplemental Balance Sheet Disclosures | The following table provides additional information about material items recorded in the Registrants' Consolidated Balance Sheets.
__________ (a)Primarily includes accrued payroll, bonuses and other incentives, vacation, and benefits.
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Related Party Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utility Registrants' expense with Generation | The Utility Registrants incurred expenses from transactions with the Generation affiliate as described in the footnotes to the table below prior to separation on February 1, 2022. Such expenses were primarily recorded as Purchased power from affiliate and an immaterial amount recorded as Operating and maintenance expense from affiliates at the Utility Registrants. Effective February 1, 2022, Generation is no longer considered a related party.
(a)ComEd had an ICC-approved RFP contract with Generation to provide a portion of ComEd’s electric supply requirements. ComEd also purchased RECs and ZECs from Generation. (b)PECO received electric supply from Generation under contracts executed through PECO’s competitive procurement process. In addition, PECO had a ten-year agreement with Generation to sell solar AECs. (c)BGE received a portion of its energy requirements from Generation under its MDPSC-approved market-based SOS and gas commodity programs. (d)Pepco received electric supply from Generation under contracts executed through Pepco's competitive procurement process approved by the MDPSC and DCPSC. (e)DPL received a portion of its energy requirements from Generation under its MDPSC and DEPSC approved market-based SOS commodity programs. (f)ACE received electric supply from Generation under contracts executed through ACE's competitive procurement process approved by the NJBPU.
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BSC and PHISCO Service Companies | The following table presents the service company costs allocated to the Registrants:
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Current Receivables From/Payables To Affiliates | The following tables present current Receivables from affiliates and current Payables to affiliates: March 31, 2023
December 31, 2022
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Long Term Debt to Financing Trusts | The following table presents Long-term debt to financing trusts:
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Discontinued Operations and Disposal Groups (Details) - USD ($) $ in Millions |
2 Months Ended | 3 Months Ended | |
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2023 |
Feb. 01, 2022 |
|
Discontinued Operations - Income Statement | |||
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Expense | $ 56 | $ 50 | |
Exelon Generation Co L L C [Member] | |||
Discontinued Operations - Income Statement | |||
Net assets | $ (11,573) | ||
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Expense | $ 9 | $ 6 |
Regulatory Matters - Annual Electric Transmission Fillings (Details) - Baltimore Gas and Electric Company [Member] $ in Millions |
Apr. 25, 2023
USD ($)
|
May 27, 2022 |
---|---|---|
2023 Transmission Formula Rate Annual Update [Domain] | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 19 | |
Annual Reconciliation Increase | (12) | |
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 4 | |
Public Utilities, Approved Equity Capital Structure, Percentage | 7.34% | |
Public Utilities, Approved Return on Equity, Percentage | 10.50% | |
Basis points for Transmission Formula Rate | 50 | |
2023 Transmission Formula Rate Revenue Reduction | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 3 |
Regulatory Matters - Energy Efficiency Formula Rate (Details) |
Feb. 03, 2022 |
---|---|
Schedule of Energy Efficiency Formula Rate Updates [Line Items] | |
Basis points for ComEd's Revenue Requirement | 580 |
Segment Information - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2023
Reportable_segment
| |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 6 |
Pepco Holdings LLC [Member] | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 3 |
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Income Tax Contingency [Line Items] | ||
Unrecognized Tax Benefits | $ 148 | $ 148 |
Income Taxes Receivable, Noncurrent | 50 | |
Pepco Holdings LLC [Member] | ||
Income Tax Contingency [Line Items] | ||
Unrecognized Tax Benefits | 59 | 59 |
Atlantic City Electric Company [Member] | ||
Income Tax Contingency [Line Items] | ||
Unrecognized Tax Benefits | $ 17 | $ 17 |
Retirement Benefits - Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Defined Benefit Plan Disclosure [Line Items] | |
Increase (Decrease) in Obligation, Pension Benefits | $ (27) |
Increase (Decrease) in Obligation, Other Postretirement Benefits | 2 |
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | 10 |
Defined Benefit Plan Amounts Recognized In Regulatory Assets Before Tax | 18 |
Defined Benefit Plan Amounts Recognized In Regulatory Liabilities Before Tax | $ 1 |
Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected return on assets | 7000000.00% |
Discount rate | 5530000.00% |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected return on assets | 6500000.00% |
Discount rate | 5510000.00% |
Retirement Benefits - Calculation of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Amortization of: | ||
Non-service net periodic benefit cost | $ (1) | $ 17 |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 39 | 61 |
Interest cost | 145 | 110 |
Expected return on assets | (189) | (209) |
Amortization of: | ||
Prior service cost (credit) | 1 | 1 |
Actuarial loss | 41 | 76 |
Non-service net periodic benefit cost | 37 | 39 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 6 | 10 |
Interest cost | 25 | 19 |
Expected return on assets | (21) | (25) |
Amortization of: | ||
Prior service cost (credit) | (2) | (5) |
Actuarial loss | 0 | 4 |
Non-service net periodic benefit cost | $ 8 | $ 3 |
Shareholder's Equity (Details) $ in Millions |
Aug. 04, 2022
USD ($)
|
---|---|
Equity Distribution Agreement | $ 1,000 |
Changes in Accumulated Other Comprehensive Income - Income Taxes Allocated to Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Actuarial losses | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Tax | $ (1) | $ (5) |
Pension and Non-Pension Postretirement Benefit Plan Items | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Tax | 3 | 0 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Tax | $ (1) | $ 0 |
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