Debt (Tables)

12 Months Ended

Dec. 31, 2014

Components of Long-Term Debt

The components of long-term debt are shown in the table below:

		At December 31,
Interest Rate	Maturity	2014		2013
		(millions of dollars)
First Mortgage Bonds
Pepco:
4.65% (a)(b)	2014	$	—	$	175
3.05%	2022		200		200
6.20% (c)(d)	2022		110		110
3.60%	2024		400		—
5.75% (a)(b)	2034		100		100
5.40% (a)(b)	2035		175		175
6.50% (a)(c)	2037		500		500
7.90%	2038		250		250
4.15%	2043		250		250
4.95%	2043		150		150
ACE:
7.63% (e)	2014		—		7
7.68% (e)	2015 - 2016		17		17
7.75%	2018		250		250
6.80% (b)(f)	2021		39		39
4.35%	2021		200		200
3.375%	2024		150		—
4.875% (c)(f)	2029		23		23
5.80% (b)(g)	2034		120		120
5.80% (b)(g)	2036		105		105
DPL:
5.22% (h)	2016		100		100
3.50%	2023		500		300
4.00%	2042		250		250
Total First Mortgage Bonds			3,889		3,321
Unsecured Tax-Exempt Bonds
DPL:
5.40%	2031		78		78
Total Unsecured Tax-Exempt Bonds			78		78

		At December 31,
Interest Rate	Maturity	2014			2013
		(millions of dollars)
Medium-Term Notes (unsecured)
DPL:
7.56% - 7.58%	2017	$	14		$	14
6.81%	2018		4			4
7.61%	2019		12			12
7.72%	2027		10			10
Total Medium-Term Notes (unsecured)			40			40
ACE Variable Rate Term Loan	2014		—			100
Recourse Debt
PCI:
6.59% - 6.69%	2014		—			11
Notes (secured)
Pepco Energy Services:
6.70% - 7.46%	2015-2018		4			14
Notes (unsecured)
PHI:
2.70%	2015		250			250
5.90%	2016		190			190
6.125%	2017		81			81
7.45%	2032		185			185
DPL:
5.00%	2014		—			100
5.00%	2015		100			100
Total Notes (unsecured)			806			906
Total Long-Term Debt			4,817			4,470
Net unamortized discount			(10	)		(14	)
Current portion of long-term debt			(366	)		(403	)
Total Net Long-Term Debt		$	4,441		$	4,053

(a) Represents a series of Collateral First Mortgage Bonds (as defined herein) securing a series of senior notes issued by Pepco.

(b) Represents a series of Collateral First Mortgage Bonds which must be cancelled and released as security for the issuer’s obligations under the corresponding series of issuer notes (as defined herein) or tax-exempt bonds, at such time as the issuer does not have any first mortgage bonds outstanding (other than its Collateral First Mortgage Bonds).

(c) Represents a series of Collateral First Mortgage Bonds which must be cancelled and released as security for the issuer’s obligations under the corresponding series of issuer notes or tax-exempt bonds, at such time as the issuer does not have any first mortgage bonds outstanding (other than its Collateral First Mortgage Bonds), except that the issuer may not permit such release of collateral unless the issuer substitutes comparable obligations for such collateral.

(d) Represents a series of Collateral First Mortgage Bonds securing a series of senior notes issued by Pepco, which in turn secures a series of tax-exempt bonds issued for the benefit of Pepco.

(e) Represents a series of Collateral First Mortgage Bonds securing a series of medium-term notes issued by ACE.

(f) Represents a series of Collateral First Mortgage Bonds securing a series of tax-exempt bonds issued for the benefit of ACE.

(g) Represents a series of Collateral First Mortgage Bonds securing a series of senior notes issued by ACE.

(h) Represents a series of Collateral First Mortgage Bonds securing a series of debt securities issued by DPL.

The components of transition bonds are shown in the table below:

		At December 31,
Interest Rate	Maturity	2014			2013
		(millions of dollars)
4.46%	2016	$	—		$	8
4.91%	2017		17			46
5.05%	2020		51			54
5.55%	2023		147			147
Total Transition Bonds			215			255
Current portion of long-term debt			(44	)		(41	)
Total Net Long-Term Transition Bonds		$	171		$	214

Components of Short-Term Debt

The components of PHI’s short-term debt at December 31, 2014 and 2013 are as follows:

	2014		2013
	(millions of dollars)
Commercial paper	$	624	$	442
Variable rate demand bonds		105		123
Total	$	729	$	565

Potomac Electric Power Co [Member]

Components of Long-Term Debt

The components of long-term debt are shown in the table below:

Type of Debt	Interest Rate			Maturity		2014			2013
						(millions of dollars)
First Mortgage Bonds
		4.65	%(a)(b)		2014	$	—		$	175
		3.05	%		2022		200			200
		6.20	%(c)(d)		2022		110			110
		3.60	%		2024		400			—
		5.75	%(a)(b)		2034		100			100
		5.40	%(a)(b)		2035		175			175
		6.50	%(a)(c)		2037		500			500
		7.90	%		2038		250			250
		4.15	%		2043		250			250
		4.95	%		2043		150			150
Total long-term debt							2,135			1,910
Net unamortized discount							(11	)		(11	)
Current portion of long-term debt							—			(175	)
Total net long-term debt						$	2,124		$	1,724

(a) Represents a series of Collateral First Mortgage Bonds (as defined herein) securing a series of senior notes issued by Pepco.

(b) Represents a series of Collateral First Mortgage Bonds which must be cancelled and released as security for Pepco’s obligations under the corresponding series of senior notes or tax-exempt bonds, at such time as Pepco does not have any first mortgage bonds outstanding (other than its Collateral First Mortgage Bonds).

(c) Represents a series of Collateral First Mortgage Bonds which must be cancelled and released as security for Pepco’s obligations under the corresponding series of senior notes or tax-exempt bonds, at such time as Pepco does not have any first mortgage bonds outstanding (other than its Collateral First Mortgage Bonds), except that Pepco may not permit such release of collateral unless Pepco substitutes comparable obligations for such collateral.

(d) Represents a series of Collateral First Mortgage Bonds securing a series of senior notes issued by Pepco, which in turn secures a series of tax-exempt bonds issued for the benefit of Pepco.

Components of Short-Term Debt

Pepco’s short-term debt at December 31, 2014 and 2013 consisted of the following:

	2014		2013
	(millions of dollars)
Commercial paper	$	104	$	151

Delmarva Power & Light Co/De [Member]

Components of Long-Term Debt

The components of long-term debt are shown in the table below:

Type of Debt	Interest Rate	Maturity	2014			2013
			(millions of dollars)
First Mortgage Bonds
	5.22%(a)	2016	$	100		$	100
	3.50%	2023		500			300
	4.00%	2042		250			250
				850			650
Unsecured Tax-Exempt Bonds
	5.40%	2031		78			78
				78			78
Medium-Term Notes (unsecured)
	7.56%-7.58%	2017		14			14
	6.81%	2018		4			4
	7.61%	2019		12			12
	7.72%	2027		10			10
				40			40
Notes (unsecured)
	5.00%	2014		—			100
	5.00%	2015		100			100
				100			200
Total long-term debt				1,068			968
Net unamortized premium (discount)				3			(1	)
Current portion of long-term debt				(100	)		(100	)
Total net long-term debt			$	971		$	867

(a) Represents a series of Collateral First Mortgage Bonds securing a series of debt securities issued by DPL.

Components of Short-Term Debt

The components of DPL’s short-term debt at December 31, 2014 and 2013 are as follows:

	2014		2013
	(millions of dollars)
Commercial paper	$	106	$	147
Variable rate demand bonds		105		105
Total	$	211	$	252

Atlantic City Electric Co [Member]

Components of Long-Term Debt

The components of long-term debt are shown in the table below:

Type of Debt	Interest Rate			Maturity	2014			2013
					(millions of dollars)
First Mortgage Bonds
		7.63	% (a)	2014	$	—		$	7
		7.68	% (a)	2015-2016		17			17
		7.75	%	2018		250			250
		6.80	% (b)(c)	2021		39			39
		4.35	%	2021		200			200
		3.375	%	2024		150			—
		4.875	% (c)(d)	2029		23			23
		5.80	% (b)(e)	2034		120			120
		5.80	% (b)(e)	2036		105			105
						904			761
Variable Rate Term Loan						—			100
Total long-term debt						904			861
Net unamortized discount						(1	)		(1	)
Current portion of long-term debt						(15	)		(107	)
Total net long-term debt					$	888		$	753

(a) Represents a series of Collateral First Mortgage Bonds (as defined herein) securing a series of medium-term notes issued by ACE.

(b) Represents a series of Collateral First Mortgage Bonds which must be cancelled and released as security for ACE’s obligations under the corresponding series of issuer notes (as defined herein) or tax-exempt bonds, at such time as ACE does not have any first mortgage bonds outstanding (other than its Collateral First Mortgage Bonds).

(c) Represents a series of Collateral First Mortgage Bonds securing a series of tax-exempt bonds issued for the benefit of ACE.

(d) Represents a series of Collateral First Mortgage Bonds which must be cancelled and released as security for ACE’s obligations under the corresponding series of issuer notes or tax-exempt bonds, at such time as ACE does not have any first mortgage bonds outstanding (other than its Collateral First Mortgage Bonds), except that ACE may not permit such release of collateral unless ACE substitutes comparable obligations for such collateral.

(e) Represents a series of Collateral First Mortgage Bonds securing a series of senior notes issued by ACE.

The components of transition bonds are shown in the table below:

Type of Debt	Interest Rate			Maturity	2014			2013
					(millions of dollars)
Transition Bonds
		4.46	%	2016	$	—		$	8
		4.91	%	2017		17			46
		5.05	%	2020		51			54
		5.55	%	2023		147			147
						215			255
Current portion of long-term debt						(44	)		(41	)
Total net long-term Transition Bonds					$	171		$	214

Components of Short-Term Debt

The components of ACE’s short-term debt at December 31, 2014 and 2013 are as follows:

	2014		2013
	(millions of dollars)
Commercial paper	$	127	$	120
Variable rate demand bonds		—		18
Total	$	127	$	138