Debt and Credit Agreements (All Registrants)

12 Months Ended

Dec. 31, 2023

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 its 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 at December 31, 2023 and 2022:

	Credit Facility Size at December 31,					Outstanding Commercial Paper at December 31,				Average Interest Rate on Commercial Paper Borrowings at December 31,
Commercial Paper Issuer	2023(a)			2022(a)		2023		2022		2023		2022
Exelon(b)	$	4,000		$	4,000	$	1,624	$	1,938	5.58	%	4.77	%
ComEd	$	1,000		$	1,000	$	202	$	427	5.53	%	4.71	%
PECO	$	600		$	600	$	165	$	239	5.57	%	4.71	%
BGE	$	600		$	600	$	336	$	409	5.59	%	4.81	%
PHI(c)	$	900		$	900	$	394	$	414	5.60	%	4.78	%
Pepco	$	300	(d)	$	300	$	132	$	299	5.59	%	4.79	%
DPL	$	300	(d)	$	300	$	63	$	115	5.60	%	4.76	%
ACE	$	300	(d)	$	300	$	199	$	—	5.60	%	—	%

__________

(a)Excludes credit facility agreements arranged at minority and community banks. See below for additional information.

(b)Includes revolving credit agreements at Exelon Corporate with a maximum program size of $900 million as of December 31, 2023 and December 31, 2022. Exelon Corporate had $527 million in outstanding commercial paper as of December 31, 2023 and $449 million outstanding commercial paper as of December 31, 2022.

(c)Represents the consolidated amounts of Pepco, DPL, and ACE.

(d)The standard maximum program size for revolving credit facilities is $300 million each for Pepco, DPL and ACE based on the credit agreements in place. However, the facilities at Pepco, DPL, and ACE have the ability to flex to $500 million, $500 million, and $350 million, respectively. The borrowing capacity may be increased or decreased during the term of the facility, except that (i) the sum of the borrowing capacity must equal the total amount of the facility, and (ii) the aggregate amount of credit used at any given time by each of Pepco, DPL, or ACE may not exceed $900 million or the maximum amount of short-term debt the company is permitted to have outstanding by its regulatory authorities. The total number of the borrowing reallocations may not exceed eight per year during the term of the facility. In January 2024, this ability was utilized to increase ACE's program size to $350 million. As a result, the program size for Pepco did not change and DPL was decreased to $250 million, which prevents the aggregate amount of outstanding short-term debt from exceeding the $900 million limit.

In order to maintain their respective commercial paper programs in the amounts indicated above, each Registrant must have credit facilities in place, at least equal to the amount of its commercial paper program. A registrant does not issue commercial paper in an aggregate amount exceeding the then available capacity under its credit facility.

At December 31, 2023, the Registrants had the following aggregate bank commitments, credit facility borrowings, and available capacity under their respective credit facilities:

								Available Capacity at December 31, 2023
Borrower(a)	Facility Type	Aggregate Bank Commitment(b)		Facility Draws		Outstanding Letters of Credit		Actual		To Support Additional Commercial Paper(c)
Exelon(c)	Syndicated Revolver	$	4,000	$	—	$	19	$	3,981	$	2,357
ComEd	Syndicated Revolver	1,000		—		10		990		788
PECO	Syndicated Revolver	600		—		—		600		435
BGE	Syndicated Revolver	600		—		6		594		258
PHI(d)	Syndicated Revolver	900		—		—		900		506
Pepco	Syndicated Revolver	300		—		—		300		168
DPL	Syndicated Revolver	300		—		—		300		237
ACE	Syndicated Revolver	300		—		—		300		101

__________

(a)On February 1, 2022, Exelon Corporate and the Utility Registrants' respective syndicated revolving credit facilities were replaced with a new 5-year revolving credit facility.

(b)Excludes credit facility agreements arranged at minority and community banks. See below for additional information.

(c)Includes $900 million aggregate bank commitment related to Exelon Corporate. Exelon Corporate had $3 million outstanding letters of credit as of December 31, 2023. Exelon Corporate had $370 million in available capacity to support additional commercial paper as of December 31, 2023.

(d)Represents the consolidated amounts of Pepco, DPL, and ACE.

The following table reflects the Registrants' credit facility agreements arranged at minority and community banks at December 31, 2023 and 2022. These are excluded from the Maximum Program Size and Aggregate Bank Commitment amounts within the two tables above and the facilities are solely used to issue letters of credit.

	Aggregate Bank Commitments				Outstanding Letters of Credit
Borrower	2023(a)		2022		2023		2022
Exelon(b)	$	140	$	140	$	10	$	10
ComEd	40		40		7		7
PECO	40		40		1		1
BGE	15		15		2		2
PHI(c)	45		45		—		—
Pepco	15		15		—		—
DPL	15		15		—		—
ACE	15		15		—		—

__________

(a)These facilities were entered into on October 6, 2023 and expire on October 4, 2024.

(b)Represents the consolidated amounts of ComEd, PECO, BGE, Pepco, DPL, and ACE.

(c)Represents the consolidated amounts of Pepco, DPL, and ACE.

Revolving Credit Agreements

On February 1, 2022, Exelon Corporate and the Utility Registrants each entered into a new 5-year revolving credit facility that replaced its existing syndicated revolving credit facility. The following table reflects the credit agreements:

Borrower	Aggregate Bank Commitment		Interest Rate
Exelon Corporate	$	900	SOFR plus 1.275	%
ComEd	$	1,000	SOFR plus 1.000	%
PECO	$	600	SOFR plus 0.900	%
BGE	$	600	SOFR plus 0.900	%
Pepco	$	300	SOFR plus 1.075	%
DPL	$	300	SOFR plus 1.000	%
ACE	$	300	SOFR plus 1.000	%

Borrowings under Exelon’s, ComEd’s, PECO’s, BGE's, Pepco's, DPL's, and ACE's revolving credit agreements bear interest at a rate based upon either the prime rate or a SOFR-based rate, plus an adder based upon the particular Registrant’s credit rating. The adders for the prime based borrowings and SOFR-based borrowings are presented in the following table:

	Exelon(a)	ComEd	PECO	BGE	Pepco	DPL	ACE
Prime based borrowings	0 - 27.5	—	—	—	7.5	—	—
SOFR-based borrowings	90.0 - 127.5	100.0	90.0	90.0	107.5	100.0	100.0

__________

(a)Includes interest rate adders at Exelon Corporate of 27.5 basis points and 127.5 basis points for prime and SOFR-based borrowings, respectively.

If any registrant loses its investment grade rating, the maximum adders for prime rate borrowings and SOFR-based rate borrowings would be 65 basis points and 165 basis points, respectively. The credit agreements also require the borrower to pay a facility fee based upon the aggregate commitments. The fee varies depending upon the respective credit ratings of the borrower. Exelon Corporate and the Utility Registrants had no outstanding amounts on the revolving credit facilities as of December 31, 2023.

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 loan agreement is reflected in Exelon's and ComEd's Consolidated Balance Sheets within Short-term borrowings. 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.

On May 9, 2023, ComEd entered into a 364-day term loan agreement for $400 million with a variable rate equal to SOFR plus 1.00% and an expiration date of May 7, 2024. The proceeds from this loan were used to repay outstanding commercial paper obligations and for general corporate purposes. The loan agreement is reflected in Exelon's and ComEd's Consolidated Balance Sheets within Short-term borrowings.

Variable Rate Demand Bonds

DPL has outstanding obligations in respect of Variable Rate Demand Bonds (VRDB). VRDBs are subject to repayment on the demand of the holders and, for this reason, are accounted for as short-term debt in accordance with GAAP. However, these bonds may be converted to a fixed-rate, fixed-term option to establish a maturity which corresponds to the date of final maturity of the bonds. On this basis, PHI views VRDBs as a source of long-term financing. At both December 31, 2023 and December 31, 2022, $79 million in variable rate demand bonds issued by DPL were outstanding and are included in the Long-term debt due within one year in Exelon's, PHI's, and DPL's Consolidated Balance Sheets.

Long-Term Debt

The following tables present the outstanding long-term debt at the Registrants at December 31, 2023 and 2022:

Exelon

						Maturity Date	December 31,
	Rates						2023		2022
Long-term debt
First mortgage bonds(a)	1.05	%	-	7.90	%	2024 - 2053	$	24,776	$	22,651
Senior unsecured notes	2.75	%	-	7.60	%	2025 - 2053	10,824		8,324
Unsecured notes	2.25	%	-	6.35	%	2026 - 2053	4,650		4,250
Notes payable and other	1.64	%	-	7.49	%	2025 - 2053	84		86
Long-term software licensing agreement	2.30	%	-	3.95	%	2024 - 2025	12		25
Unsecured tax-exempt bonds	4.15	%	-	4.20	%	2024	33		33
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Loan agreement(b)				6.23	%	2024	500		1,400
Total long-term debt							40,889		36,779
Unamortized debt discount and premium, net							(80)		(74)
Unamortized debt issuance costs							(296)		(257)
Fair value adjustment							582		626
Long-term debt due within one year							(1,403)		(1,802)
Long-term debt							$	39,692	$	35,272
Long-term debt to financing trusts(c)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206	$	206
Subordinated debentures to PECO Trust III	7.38	%	-	10.50	%	2028	81		81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103		103
Total long-term debt to financing trusts							$	390	$	390

__________

(a)Substantially all of ComEd’s assets other than expressly excluded property and substantially all of PECO’s, Pepco's, DPL's, and ACE's assets are subject to the liens of their respective mortgage indentures.

(b)Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.85%.

(c)Amounts owed to these financing trusts are recorded as Long-term debt to financing trusts within Exelon’s Consolidated Balance Sheets.

ComEd

						Maturity Date	December 31,
	Rates						2023		2022
Long-term debt
First mortgage bonds(a)	2.20	%	-	6.45	%	2024 - 2053	$	11,603	$	10,629
Other				7.49	%	2053	8		8
Total long-term debt							11,611		10,637
Unamortized debt discount and premium, net							(28)		(27)
Unamortized debt issuance costs							(97)		(92)
Long-term debt due within one year							(250)		—
Long-term debt							$	11,236	$	10,518
Long-term debt to financing trust(b)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206	$	206
Total long-term debt to financing trusts							206		206
Unamortized debt issuance costs							(1)		(1)
Long-term debt to financing trusts							$	205	$	205

__________

(a)Substantially all of ComEd’s assets, other than expressly excluded property, are subject to the lien of its mortgage indenture.

(b)Amount owed to this financing trust is recorded as Long-term debt to financing trust within ComEd’s Consolidated Balance Sheets.

PECO

						Maturity Date	December 31,
	Rates						2023		2022
Long-term debt
First mortgage bonds(a)	2.80	%	-	5.95	%	2025 - 2052	$	5,200	$	4,625
Loan agreement				2.00	%	2023	—		50
Total long-term debt							5,200		4,675
Unamortized debt discount and premium, net							(24)		(24)
Unamortized debt issuance costs							(42)		(39)
Long-term debt due within one year							—		(50)
Long-term debt							$	5,134	$	4,562
Long-term debt to financing trusts(b)
Subordinated debentures to PECO Trust III	7.38	%	-	10.50	%	2028	$	81	$	81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103		103
Long-term debt to financing trusts							$	184	$	184

__________

(a)Substantially all of PECO’s assets are subject to the lien of its mortgage indenture.

(b)Amounts owed to this financing trust are recorded as Long-term debt to financing trusts within PECO’s Consolidated Balance Sheets.

BGE

						Maturity Date	December 31,
	Rates						2023		2022
Long-term debt
Unsecured notes	2.25	%	-	6.35	%	2026 - 2053	$	4,650	$	4,250
Total long-term debt							4,650		4,250
Unamortized debt discount and premium, net							(12)		(13)
Unamortized debt issuance costs							(36)		(30)
Long-term debt due within one year							—		(300)
Long-term debt							$	4,602	$	3,907

PHI

						Maturity Date	December 31,
	Rates						2023		2022
Long-term debt
First mortgage bonds(a)	1.05	%	-	7.90	%	2024 - 2053	$	7,972	$	7,397
Senior unsecured notes				7.45	%	2032	185		185
Unsecured tax-exempt bonds	4.15	%	-	4.20	%	2024	33		33
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Finance leases				5.62	%	2025 - 2031	74		76
Total long-term debt							8,274		7,701
Unamortized debt discount and premium, net							—		4
Unamortized debt issuance costs							(55)		(47)
Fair value adjustment							429		462
Long-term debt due within one year							(644)		(591)
Long-term debt							$	8,004	$	7,529

_________

(a)Substantially all of Pepco's, DPL's, and ACE's assets are subject to the liens of their respective mortgage indentures.

Pepco

						Maturity Date	December 31,
	Rates						2023		2022
Long-term debt
First mortgage bonds(a)	2.32	%	-	7.90	%	2024 - 2053	$	4,125	$	3,775
Finance leases				5.62	%	2025 - 2031	26		25
Total long-term debt							4,151		3,800
Unamortized debt discount and premium, net							2		2
Unamortized debt issuance costs							(57)		(51)
Long-term debt due within one year							(405)		(4)
Long-term debt							$	3,691	$	3,747

________

(a)Substantially all of Pepco's assets are subject to the lien of its mortgage indenture.

DPL

						Maturity Date	December 31,
	Rates						2023		2022
Long-term debt
First mortgage bonds(a)	1.05	%	-	5.72	%	2028 - 2053	$	2,024	$	1,874
Unsecured tax-exempt bonds	4.15	%	-	4.20	%	2024	33		33
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Finance leases				5.62	%	2025 - 2031	29		32
Total long-term debt							2,096		1,949
Unamortized debt discount and premium, net(b)							—		—
Unamortized debt issuance costs							(16)		(11)
Long-term debt due within one year							(84)		(584)
Long-term debt							$	1,996	$	1,354

__________

(a)Substantially all of DPL's assets are subject to the lien of its mortgage indenture.

(b)The amount in the Unamortized debt discount and premium, net category was less than $1 million as of December 31, 2023 and 2022.

ACE

						Maturity Date	December 31,
	Rates						2023		2022
Long-term debt
First mortgage bonds(a)	2.25	%	-	5.80	%	2024 - 2053	$	1,823	$	1,748
Finance leases				5.62	%	2025 - 2031	19		19
Total long-term debt							1,842		1,767
Unamortized debt discount and premium, net							—		(1)
Unamortized debt issuance costs							(9)		(9)
Long-term debt due within one year							(154)		(3)
Long-term debt							$	1,679	$	1,754

__________

(a)Substantially all of ACE's assets are subject to the lien of its mortgage indenture.

Long-term debt maturities at the Registrants in the periods 2024 through 2028 and thereafter are as follows:

Year	Exelon			ComEd			PECO			BGE		PHI		Pepco		DPL		ACE
2024	$	1,403		$	250		$	—		$	—	$	644	$	405	$	84	$	154
2025	1,327			—			350			—		166		6		6		154
2026	1,615			500			—			350		15		5		6		4
2027	1,023			350			—			—		22		4		15		3
2028	1,990			550			81			—		358		3		3		352
Thereafter	33,921		(a)	10,167		(b)	4,953		(c)	4,300		7,070		3,728		1,982		1,175
Total	$	41,279		$	11,817		$	5,384		$	4,650	$	8,275	$	4,151	$	2,096	$	1,842

__________

(a)Includes $390 million due to ComEd and PECO financing trusts.

(b)Includes $206 million due to ComEd financing trust.

(c)Includes $184 million due to PECO financing trusts.

Long-Term Debt to Affiliates

In connection with the debt obligations assumed by Exelon as part of the Constellation merger, Exelon and subsidiaries of Generation (former Constellation subsidiaries) entered into intercompany loan agreements that mirror the terms and amounts of the third-party debt obligations of Exelon, resulting in intercompany notes receivable at Exelon Corporate from Generation. In connection with the separation, on January 31, 2022, Exelon Corporate received cash from Generation of $258 million to settle the intercompany loan.

Debt Covenants

As of December 31, 2023, the Registrants are in compliance with debt covenants.