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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of the derivative fair value
The following table provides a summary of the derivative fair value balances recorded by Exelon, Generation and ComEd as of June 30, 2020 and December 31, 2019:
June 30, 2020
 
Exelon
 
Generation
 
ComEd
Derivatives
 
Total
Derivatives
 
Economic
Hedges
 
Proprietary
Trading
 
Collateral

 (a)(b)
 
Netting (a)
 
Subtotal
 
Economic
Hedges
Mark-to-market derivative assets
(current assets)
 
$
570

 
$
3,240

 
$
70

 
$
179

 
$
(2,919
)
 
$
570

 
$
—

Mark-to-market derivative assets
(noncurrent assets)
 
466

 
1,582

 
20

 
77

 
(1,213
)
 
466

 
—

Total mark-to-market derivative assets
 
1,036

 
4,822

 
90

 
256

 
(4,132
)
 
1,036

 
—

Mark-to-market derivative liabilities
(current liabilities)
 
(190
)
 
(3,243
)
 
(46
)
 
211

 
2,919

 
(159
)
 
(31
)
Mark-to-market derivative liabilities
(noncurrent liabilities)
 
(421
)
 
(1,442
)
 
(14
)
 
109

 
1,213

 
(134
)
 
(287
)
Total mark-to-market derivative liabilities
 
(611
)
 
(4,685
)
 
(60
)
 
320

 
4,132

 
(293
)
 
(318
)
Total mark-to-market derivative net assets (liabilities)
 
$
425

 
$
137

 
$
30

 
$
576

 
$
—

 
$
743

 
$
(318
)
December 31, 2019
 
Exelon
 
Generation
 
ComEd
Description
 
Total
Derivatives
 
Economic
Hedges
 
Proprietary
Trading
 
Collateral

(a)(b)
 
Netting (a)
 
Subtotal
 
Economic
Hedges
Mark-to-market derivative assets
(current assets)
 
$
675

 
$
3,506

 
$
72

 
$
287

 
$
(3,190
)
 
$
675

 
$
—

Mark-to-market derivative assets
(noncurrent assets)
 
508

 
1,238

 
25

 
122

 
(877
)
 
508

 
—

Total mark-to-market derivative assets
 
1,183

 
4,744

 
97

 
409

 
(4,067
)
 
1,183

 
—

Mark-to-market derivative liabilities
(current liabilities)
 
(236
)
 
(3,713
)
 
(38
)
 
357

 
3,190

 
(204
)
 
(32
)
Mark-to-market derivative liabilities
(noncurrent liabilities)
 
(380
)
 
(1,140
)
 
(11
)
 
163

 
877

 
(111
)
 
(269
)
Total mark-to-market derivative liabilities
 
(616
)
 
(4,853
)
 
(49
)
 
520

 
4,067

 
(315
)
 
(301
)
Total mark-to-market derivative net assets (liabilities)
 
$
567

 
$
(109
)
 
$
48

 
$
929

 
$
—

 
$
868

 
$
(301
)
_________
(a)
Exelon and Generation net all available amounts allowed under the derivative authoritative guidance in the balance sheet. These amounts include unrealized derivative transactions with the same counterparty under legally enforceable master netting agreements and cash collateral. In some cases Exelon and Generation may have other offsetting exposures, subject to a master netting or similar agreement, such as trade receivables and payables, transactions that do not qualify as derivatives, letters of credit and other forms of non-cash collateral. These amounts are not material and not reflected in the table above.
(b)
Of the collateral posted/(received), $383 million and $511 million represents variation margin on the exchanges at June 30, 2020 and December 31, 2019 respectively.
Economic Hedges (Commodity Price Risk) For the three and six months ended June 30, 2020 and 2019, Exelon and Generation recognized the following net pre-tax commodity mark-to-market gains (losses) which are also located in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows.
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2020
 
2019
 
2020
 
2019
Income Statement Location
 
Gain (Loss)
 
Gain (Loss)
Operating revenues
 
$
24

 
$
40

 
$
199

 
$
(10
)
Purchased power and fuel
 
63

 
(114
)
 
15

 
(84
)
Total Exelon and Generation
 
$
87

 
$
(74
)
 
$
214

 
$
(94
)
Disclosure of Credit Derivatives [Table Text Block]
The following tables provide information on Generation’s credit exposure for all derivative instruments, NPNS and payables and receivables, net of collateral and instruments that are subject to master netting agreements, as of June 30, 2020. The tables further delineate that exposure by credit rating of the counterparties and provide guidance on the concentration of credit risk to individual counterparties. The figures in the tables below exclude credit risk exposure from individual retail counterparties, nuclear fuel procurement contracts and exposure through RTOs, ISOs, NYMEX, ICE, NASDAQ, NGX and Nodal commodity exchanges. 
Rating as of June 30, 2020
 
Total Exposure Before Credit Collateral
 
Credit Collateral(a)
 
Net Exposure
 
Number of Counterparties Greater than 10% of Net Exposure
 
Net Exposure of Counterparties Greater than 10% of Net Exposure
Investment grade
 
$
772

 
$
25

 
$
747

 
1

 
$
117

Non-investment grade
 
35

 
26

 
9

 
 
 
 
No external ratings
 
 
 
 
 
 
 
 
 
 
Internally rated — investment grade
 
213

 
1

 
212

 
 
 
 
Internally rated — non-investment grade
 
130

 
17

 
113

 
 
 
 
Total
 
$
1,150

 
$
69

 
$
1,081

 
1

 
$
117

 
Net Credit Exposure by Type of Counterparty
 
As of
June 30, 2020
Financial institutions
 
$
29

Investor-owned utilities, marketers, power producers
 
834

Energy cooperatives and municipalities
 
173

Other
 
45

Total
 
$
1,081

_________ 
(a)
As of June 30, 2020, credit collateral held from counterparties where Generation had credit exposure included $31 million of cash and $38 million of letters of credit. The credit collateral does not include non-liquid collateral.
Fair Value of Derivatives with Credit- Risk Related Contingent Features [Table Text Block] [Table Text Block]
The aggregate fair value of all derivative instruments with credit-risk related contingent features in a liability position that are not fully collateralized (excluding transactions on the exchanges that are fully collateralized) is detailed in the table below:
Credit-Risk Related Contingent Features
 
June 30, 2020
 
December 31, 2019
Gross fair value of derivative contracts containing this feature(a)
 
$
(969
)
 
$
(956
)
Offsetting fair value of in-the-money contracts under master netting arrangements(b)
 
697

 
649

Net fair value of derivative contracts containing this feature(c)
 
$
(272
)
 
$
(307
)
_________
(a)
Amount represents the gross fair value of out-of-the-money derivative contracts containing credit-risk related contingent features ignoring the effects of master netting agreements.
(b)
Amount represents the offsetting fair value of in-the-money derivative contracts under legally enforceable master netting agreements with the same counterparty, which reduces the amount of any liability for which a Registrant could potentially be required to post collateral.
(c)
Amount represents the net fair value of out-of-the-money derivative contracts containing credit-risk related contingent features after considering the mitigating effects of offsetting positions under master netting arrangements and reflects the actual net liability upon which any potential contingent collateral obligations would be based.
Cash Collateral and Letters of Credit on Derivative Contracts [Table Text Block]
As of June 30, 2020 and December 31, 2019, Exelon and Generation posted or held the following amounts of cash collateral and letters of credit on derivative contracts with external counterparties, after giving consideration to offsetting derivative and non-derivative positions under master netting agreements.
 
 
June 30, 2020
 
December 31, 2019
Cash collateral posted
 
$
645

 
$
982

Letters of credit posted
 
224

 
264

Cash collateral held
 
110

 
103

Letters of credit held
 
76

 
112

Additional collateral required in the event of a credit downgrade below investment grade
 
1,319

 
1,509