0000000000-20-002089.txt : 20200515 0000000000-20-002089.hdr.sgml : 20200515 20200309135126 ACCESSION NUMBER: 0000000000-20-002089 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20200309 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: COMMONWEALTH EDISON Co CENTRAL INDEX KEY: 0000022606 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 360938600 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 440 S LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60605-1028 BUSINESS PHONE: 3123944321 MAIL ADDRESS: STREET 1: 440 S LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60605-1028 FORMER COMPANY: FORMER CONFORMED NAME: COMMONWEALTH EDISON CO DATE OF NAME CHANGE: 19920703 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: PECO ENERGY CO CENTRAL INDEX KEY: 0000078100 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 230970240 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 2301 MARKET STREET STREET 2: PO BOX 8699 CITY: PHILADELPHIA STATE: PA ZIP: 19101-8699 BUSINESS PHONE: 215-841-4000 MAIL ADDRESS: STREET 1: 2301 MARKET STREET STREET 2: PO BOX 8699 CITY: PHILADELPHIA STATE: PA ZIP: 19101-8699 FORMER COMPANY: FORMER CONFORMED NAME: PHILADELPHIA ELECTRIC CO DATE OF NAME CHANGE: 19920703 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: ATLANTIC CITY ELECTRIC CO CENTRAL INDEX KEY: 0000008192 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 210398280 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 500 NORTH WAKEFIELD DRIVE CITY: NEWARK STATE: DE ZIP: 19702 BUSINESS PHONE: 202-872-2000 MAIL ADDRESS: STREET 1: 500 NORTH WAKEFIELD DRIVE CITY: NEWARK STATE: DE ZIP: 19702 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: BALTIMORE GAS & ELECTRIC CO CENTRAL INDEX KEY: 0000009466 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 520280210 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 2 CENTER PLAZA STREET 2: 110 W. FAYETTE STREET CITY: BALTIMORE STATE: MD ZIP: 21201 BUSINESS PHONE: 4104702800 MAIL ADDRESS: STREET 1: 2 CENTER PLAZA STREET 2: 110 W. FAYETTE STREET CITY: BALTIMORE STATE: MD ZIP: 21201 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: DELMARVA POWER & LIGHT CO /DE/ CENTRAL INDEX KEY: 0000027879 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 510084283 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 800 KING ST STREET 2: PO BOX 231 CITY: WILMINGTON STATE: DE ZIP: 19899 BUSINESS PHONE: 3024293114 MAIL ADDRESS: STREET 1: 800 KING ST STREET 2: P O BOX 231 CITY: WILMINGTON STATE: DE ZIP: 19899 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: POTOMAC ELECTRIC POWER CO CENTRAL INDEX KEY: 0000079732 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 530127880 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 701 NINTH STREET, NW STREET 2: OFFICE OF CORPORATE SECY., ROOM 1300 CITY: WASHINGTON STATE: DC ZIP: 20068 BUSINESS PHONE: 2028722000 MAIL ADDRESS: STREET 1: 701 NINTH STREET, NW STREET 2: OFFICE OF CORPORATE SECY., ROOM 1300 CITY: WASHINGTON STATE: DC ZIP: 20068 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: PEPCO HOLDINGS LLC CENTRAL INDEX KEY: 0001135971 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 522297449 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: SUITE 1300 STREET 2: 701 NINTH STREET, NW CITY: WASHINGTON STATE: DC ZIP: 20068 BUSINESS PHONE: 202-872-2000 MAIL ADDRESS: STREET 1: SUITE 1300 STREET 2: 701 NINTH STREET, NW CITY: WASHINGTON STATE: DC ZIP: 20068 FORMER COMPANY: FORMER CONFORMED NAME: PEPCO HOLDINGS INC DATE OF NAME CHANGE: 20020212 FORMER COMPANY: FORMER CONFORMED NAME: NEW RC INC DATE OF NAME CHANGE: 20010302 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: EXELON GENERATION CO LLC CENTRAL INDEX KEY: 0001168165 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 233064219 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 300 EXELON WAY CITY: KENNETT SQUARE STATE: PA ZIP: 19348-2473 BUSINESS PHONE: 610-765-5959 MAIL ADDRESS: STREET 1: 300 EXELON WAY CITY: KENNETT SQUARE STATE: PA ZIP: 19348-2473 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: EXELON CORP CENTRAL INDEX KEY: 0001109357 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 232990190 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: PO BOX 805398 CITY: CHICAGO STATE: IL ZIP: 60680-5398 BUSINESS PHONE: 3123947399 MAIL ADDRESS: STREET 1: PO BOX 805398 CITY: CHICAGO STATE: IL ZIP: 60680-5398 FORMER COMPANY: FORMER CONFORMED NAME: EXELON Corp DATE OF NAME CHANGE: 20180928 FORMER COMPANY: FORMER CONFORMED NAME: EXELON CORP DATE OF NAME CHANGE: 20000315 PUBLIC REFERENCE ACCESSION NUMBER: 0001109357-20-000053 LETTER 1 filename1.pdf begin 644 filename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@(" @(" @(" @(" @(" @(" @ M( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @ M(" @(" @"CP_>'!A8VME="!E;F0](G3)A,B8QHCNJ$W7F%";6GV;YX5/ M("#XOAF.ZCA()H=6]MU(CTXW8TF-ZH=STBABR<)""]%&3WC"PAE'5T/4ONJO M7 _M;S07MCLM1^<3%9,>]R197])=O< U',.%YV216RAL$*5=E1#MHA!J%BZ+ MC-](7J TEXT-EXTRACT 2 filename2.txt March 6, 2020 Fabian Souza Senior Vice President and Corporate Controller EXELON CORP 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 Re: EXELON CORP Form 10-K for the Fiscal Year Ended December 31, 2019 Filed February 11, 2020 File No. 001-16169 Dear Mr. Souza: We have reviewed your filing and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response. After reviewing your response to these comments, we may have additional comments. Form 10-K for the Fiscal Year Ended December 31, 2019 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations FERC Order on the PJM MOPR, page 66 1. You disclose that if Generation's state-supported nuclear plants in PJM or NYISO are subjected to the Minimum Offer Price Rule (MOPR) without compensation under an Fixed Resource Requirement (FRR) or similar program, it could have a material adverse impact on Exelon's and Generation's financial statements. In this regard, please tell us what consideration you gave to quantifying the expected impact of this known uncertainty on your future results of operations. Refer to Item 303(a)(3)(ii) of Regulation S-K. Fabian Souza FirstNameCORP EXELON LastNameFabian Souza Comapany NameEXELON CORP March 6, 2020 Page 2 March 6, 2020 Page 2 FirstName LastName Critical Accounting Policies Depreciable Lives of Property, Plant and Equipment (All Registrants), page 78 2. We note from your disclosure on page 267 that you recorded significant charges to earnings associated with accelerated depreciation due to early nuclear plant retirements over the last three fiscal years. We also note your disclosure in footnote 6 regarding the economic challenges faced by your nuclear generating stations and the resulting potential for early retirement of the Dresden, Byron, and Braidwood nuclear plants in Illinois. We also note that you have recorded charges to earnings over the last three fiscal years associated with early nuclear plant retirements. Please tell us your consideration of providing additional disclosures in your critical accounting policies that allows for an assessment of the probability, magnitude and timing of future material charges associated with accelerated deprecation or early retirement or shutdown of the Dresden, Byron and Braidwood units, the net book value and revenues of the business units along with a description of the specific events and/or changes in circumstances that could reasonably be expected to result in accelerated deprecation or early retirement or shutdown. Lastly, please address how the early retirement of these units would necessitate any incremental charges associated with their asset retirement obligations. Refer to Section V of SEC Release 33-8350 and Item 303(a)(3)(ii), which requires a description of a known uncertainty that will have a material impact on income from continuing operations. Results of Operations by Registrant, page 84 3. We note your presentation of the non-GAAP measure revenues net of purchased power and fuel expense. Please present a reconciliation for this non-GAAP measure in accordance with Item 10(e)(1)(i)(B) of Regulation S-K. In doing so, reconcile this measures to the most directly comparable GAAP measure of gross margin. If you do not believe gross margin that includes depreciation and amortization is the most directly comparable GAAP measure, please tell us why in your response. Item 8. Financial Statements and Supplementary Data Note 18 -- Commitments and Contingencies Asbestos Personal Injury Claims (Exelon and Generation), page 346 4. We note your disclosure that it is reasonably possible that additional exposure to estimated future asbestos-related bodily injury claims in excess of the amount accrued could have a material, unfavorable impact on Exelon's and Generation's financial statements. If it is at least reasonably possible that a loss exceeding amounts already recognized may have been incurred and the amount of that additional loss would be material, either disclose the estimated additional loss, or range of loss that is reasonably possible, or state that such an estimate cannot be made. Refer to ASC 450-20-50-4. Fabian Souza EXELON CORP March 6, 2020 Page 3 We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. You may contact Robert Babula, Staff Accountant at (202) 551-3339, or Gus Rodriguez, Branch Chief at (202) 551-3752 if you have questions regarding comments on the financial statements and related matters. FirstName LastNameFabian Souza Sincerely, Comapany NameEXELON CORP Division of Corporation Finance March 6, 2020 Page 3 Office of Energy & Transportation FirstName LastName