Related Party Transactions (All Registrants)

12 Months Ended

Dec. 31, 2019

Related Party Transactions (All Registrants)

Operating revenues from affiliates

Generation

The following table presents Generation’s Operating revenues from affiliates, which are primarily recorded as Purchased power from affiliates and an immaterial amount recorded as Operating and maintenance expense from affiliates at the Utility Registrants:



	For the Years Ended December 31,
	2019		2018		2017
Operating revenues from affiliates:
ComEd ^(a)(b)	$	369	$	523	$	121
PECO ^(c)	158		128		138
BGE ^(d)	289		260		388
PHI	353		355		463
Pepco ^(e)	264		206		255
DPL ^(f)	70		120		179
ACE^(g)	19		29		29
Other	3		2		5
Total operating revenues from affiliates (Generation)	$	1,172	$	1,268	$	1,115

__________


(a)	Generation has an ICC-approved RFP contract with ComEd to provide a portion of ComEd’s electricity supply requirements. Generation also sells RECs and ZECs to ComEd.


(b)	For 2019, ComEd’s Purchased power from Generation of $376 million is recorded as Operating revenues from ComEd of $369 million and Purchased power and fuel from ComEd of $7 million at Generation. For 2018, ComEd’s Purchased power from Generation of $529 million is recorded as Operating revenues from ComEd of $523 million and Purchased power and fuel from ComEd of $6 million at Generation.


(c)	Generation provides electric supply to PECO under contracts executed through PECO’s competitive procurement process. In addition, Generation has a ten-year agreement with PECO to sell solar AECs.


(d)	Generation provides a portion of BGE’s energy requirements under its MDPSC-approved market-based SOS and gas commodity programs.


(e)	Generation provides electric supply to Pepco under contracts executed through Pepco's competitive procurement process approved by the MDPSC and DCPSC.


(f)	Generation provides a portion of DPL's energy requirements under its MDPSC and DPSC approved market based SOS and gas commodity programs.


(g)	Generation provides electric supply to ACE under contracts executed through ACE's competitive procurement process.

PHI

PHI’s Operating revenues from affiliates are primarily with BSC for services that PHISCO provides to BSC.

Operating and maintenance expense from affiliates

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:



	Operating and maintenance from affiliates						Operating and maintenance		Capitalized costs
	For the years ended December 31,						For the years ended December 31,		For the years ended December 31,
	2019		2018		2017		2017		2019		2018		2017
Exelon
BSC									$	516	$	448	$	330
PHISCO									72		79		—
Generation
BSC	$	570	$	652	$	689	$	—	66		67		98
ComEd
BSC	263		265		270		—		148		135		118
PECO
BSC	149		146		146		—		88		64		59
BGE
BSC	157		157		152		—		126		79		54
PHI
BSC	139		147		145		—		88		102		—
PHISCO ^(a)	—		—		—		—		72		79		—
Pepco
BSC	85		89		53		—		38		40		—
PHISCO^(a)	124		137		5		219		33		32		—
PES ^(b)	—		—		—		29		—		—		—
DPL
BSC	52		51		31		—		25		28		—
PHISCO^(a)	100		111		—		165		20		25		—
PES^(b)	—		—		—		9		—		—		—
ACE
BSC	42		42		25		—		19		20		—
PHISCO^(a)	90		98		—		135		19		21		—

__________


(a)	Due to the PHI entities' system conversion to Exelon's accounting systems on January 1, 2018, corporate support services received from PHISCO are reported in Operating and maintenance from affiliates and in Capitalized costs beginning in 2018.


(b)	PES performed underground transmission, distribution construction and maintenance services, including services that are treated as capital costs, for Pepco and DPL.

Current Receivables from/Payables to affiliates

The following tables present current receivables from affiliates and current payables to affiliates:

December 31, 2019



	Receivables from affiliates:
Payables to affiliates:	Generation			Comed		PECO		BGE		ACE		BSC		PHISCO		Other		Total
Generation				$	27	$	—	$	—	$	—	$	67	$	—	$	23	$	117
ComEd	$	78	(a)			—		—		—		54		—		8		140
PECO	27			—				—		—		25		—		3		55
BGE	28			—		—				—		34		—		4		66
PHI	—			—		—		—		—		4		—		10		14
Pepco	34			—		—		—		—		16		15		1		66
DPL	7			—		—		—		3		10		11		1		32
ACE	7			—		—		—				7		10		1		25
Other	9			1		1		1		1		—		—				13
Total	$	190		$	28	$	1	$	1	$	4	$	217	$	36	$	51	$	528

December 31, 2018



	Receivables from affiliates:
Payables to affiliates:	Generation			Comed		BGE		Pepco		ACE		BSC		PHISCO		Other		Total
Generation				$	19	$	—	$	—	$	—	$	95	$	—	$	25	$	139
ComEd	$	69	(a)			—		—		—		56		—		8		133
PECO	30			—		—		—		—		26		—		3		59
BGE	24			—				—		—		38		—		3		65
PHI	—			—		—		—		—		3		—		9		12
Pepco	28			—		—				—		19		14		1		62
DPL	7			—		—		1		1		11		12		1		33
ACE	5			—		—		—				8		13		2		28
Other	10			1		1		—		—		—		—				12
Total	$	173		$	20	$	1	$	1	$	1	$	256	$	39	$	52	$	543

__________

(a)

At December 31, 2019 and 2018, Generation also had a contract liability with ComEd for $37 million and $14 million, respectively, that was included in Other liabilities on Generation’s Consolidated Balance Sheets. At December 31, 2019 and 2018, ComEd had a Current Payable to Generation of $41 million and $55 million, respectively, on its Consolidated Balance Sheets, which consisted of Generation’s Current Receivable from ComEd, partially offset by Generation’s contract liability with ComEd.

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. Generation, ComEd, PECO, and PHI Corporate participate in the Exelon money pool. Pepco, DPL and ACE participate in the PHI intercompany money pool.

Noncurrent Receivables from/Payables to affiliates

Generation has long-term payables to ComEd and PECO as a result of the nuclear decommissioning contractual construct whereby, to the extent NDT funds are greater than the underlying ARO at the end of decommissioning, such amounts are due back to ComEd and PECO, as applicable, for payment to their respective customers. See Note 9 — Asset Retirement Obligations for additional information.

The following table presents noncurrent receivables from affiliates at ComEd and PECO which are recorded as noncurrent payables to affiliates at Generation:



	December 31,
	2019		2018
ComEd	$	2,622	$	2,217
PECO	480		389
Other	1		—
Total:	$	3,103	$	2,606

Long-term debt to financing trusts

The following table presents Long-term debt to financing trusts:



	As of December 31,
	2019						2018
	Exelon		ComEd		PECO		Exelon		ComEd		PECO
ComEd Financing III	$	206	$	205	$	—	$	206	$	205	$	—
PECO Trust III	81		—		81		81		—		81
PECO Trust IV	103		—		103		103		—		103
Total	$	390	$	205	$	184	$	390	$	205	$	184

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) assumed intercompany loan agreements that mirror the terms and amounts of the third-party debt obligations of Exelon, resulting in intercompany notes payable included in Long-term debt to affiliates in Generation’s Consolidated Balance Sheets and intercompany notes receivable at Exelon Corporate.