Exelon Corporate, ComEd, and BGE meet their short-term liquidity requirements primarily through the issuance of commercial paper. Generation and PECO meet their 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.


	Maximum Program Size at December 31,				Outstanding Commercial Paper at December 31,				Average Interest Rate on Commercial Paper Borrowings at December 31,
Commercial Paper Issuer	2020(a)(b)(c)		2019(a)(b)(c)		2020		2019		2020		2019
Exelon(d)	$	9,000	$	9,000	$	1,031	$	870	0.25	%	2.25	%
Generation	5,300		5,300		340		320		0.27	%	1.84	%
ComEd	1,000		1,000		323		130		0.23	%	2.38	%
PECO	600		600		—		—		—	%	2.39	%
BGE	600		600		—		76		—	%	2.46	%
PHI(e)	900		900		368		208		0.24	%	N/A
Pepco	300		300		35		82		0.22	%	2.56	%
DPL	300		300		146		56		0.24	%	2.02	%
ACE	300		300		187		70		0.25	%	2.43	%

(a)Excludes $1,500 million and $1,400 million in bilateral credit facilities at December 31, 2020 and 2019, respectively, and $144 million and $159 million in credit facilities for project finance at December 31, 2020 and 2019, respectively. These credit facilities do not back Generation's commercial paper program.

(b)At December 31, 2020, excludes $135 million of credit facility agreements arranged at minority and community banks at Generation, ComEd, PECO, BGE, Pepco, DPL, and ACE with aggregate commitments of $38 million, $32 million, $33 million, $8 million, $8 million, $8 million, and $8 million, respectively. These facilities expire on October 8, 2021. These facilities are solely utilized to issue letters of credit. At December 31, 2019, excludes $142 million of credit facility agreements arranged at minority and community banks at Generation, ComEd, PECO, BGE, Pepco, DPL, and ACE with aggregate commitments of $44 million, $33 million, $33 million, $8 million, $8 million, $8 million, and $8 million, respectively.

(c)Pepco, DPL, and ACE's revolving credit facility has 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.

(d)Includes revolving credit agreement at Exelon Corporate with a maximum program size of $600 million at both December 31, 2020 and 2019, respectively. Exelon Corporate had no outstanding commercial paper as of December 31, 2020 and $136 million at 2019 with an average interest rate on commercial paper borrowings of 1.92%.

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.


								Available Capacity at December 31, 2020
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 / Bilaterals / Project Finance	$	10,644	$	—	$	1,230	$	9,414	$	7,698
Generation	Syndicated Revolver	5,300		—		262		5,038		4,698
Generation	Bilaterals	1,500		—		840		660		—
Generation	Project Finance	144		—		119		25		—
ComEd	Syndicated Revolver	1,000		—		2		998		675
PECO	Syndicated Revolver	600		—		—		600		600
BGE	Syndicated Revolver	600		—		—		600		600
PHI	Syndicated Revolver	900		—		1		899		531
Pepco	Syndicated Revolver	300		—		1		299		264
DPL	Syndicated Revolver	300		—		—		300		154
ACE	Syndicated Revolver	300		—		—		300		113

(b)Excludes $135 million of credit facility agreements arranged at minority and community banks at Generation, ComEd, PECO, BGE, Pepco, DPL, and ACE with aggregate commitments of $38 million, $32 million, $33 million, $8 million, $8 million, $8 million, and $8 million, respectively. These facilities expire on October 8, 2021. These facilities are solely utilized to issue letters of credit. As of December 31, 2020, letters of credit issued under these facilities totaled $5 million, $5 million, and $2 million for Generation, ComEd, and BGE, respectively.

(c)Includes $600 million aggregate bank commitment related to Exelon Corporate. Exelon Corporate had $6 million outstanding letters of credit at December 31, 2020. Exelon Corporate had $594 million in available capacity to support additional commercial paper at December 31, 2020.

On March 19, 2020, Generation borrowed $1.5 billion on its revolving credit facility due to disruptions in the commercial paper markets as a result of COVID-19. The funds were used to refinance commercial paper. Generation repaid the $1.5 billion borrowed on the revolving credit facility on April 3, 2020.

On March 23, 2017, Exelon Corporate entered into a 12-month term loan agreement for $500 million, which was renewed annually on March 22, 2018, March 20, 2019, and March 19, 2020, respectively. The loan agreement will expire on March 18, 2021. Pursuant to the loan agreement, as of December 31, 2020, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.65% and all indebtedness thereunder is unsecured. The loans beared interest at LIBOR plus 0.95% as of December 31, 2019 as part of the March 20, 2019 renewal. The loan agreement is reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings.

On March 19, 2020, Generation entered into a term loan agreement for $200 million. The loan agreement has an expiration of March 18, 2021. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.50% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Generation's Consolidated Balance Sheet within Short-term borrowings.

On March 31, 2020, Generation entered into a term loan agreement for $300 million. The loan agreement has an expiration of March 30, 2021. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.75% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Generation's Consolidated Balance Sheet within Short-term borrowings.

On April 24, 2020, Exelon Corporate entered into a credit agreement establishing a $550 million 364-day revolving credit facility at a variable interest rate of LIBOR plus 1.75%. This facility will be used by Exelon as an additional source of short-term liquidity as needed.

Registrant

Date Initiated

Latest Amendment Date

Maturity Date(a)

Amount

Generation(b)

October 26, 2012

October 23, 2020

October 22, 2021

200

Generation(c)

January 11, 2013

January 4, 2019

March 1, 2021

100

Generation(c)

January 5, 2016

January 4, 2019

April 5, 2021

150

Generation(c)

February 21, 2019

N/A

March 31, 2021

100

Generation(c)

October 25, 2019

N/A

200

Generation(c)

October 25, 2019

N/A

100

Generation(c)

November 20, 2019

N/A

300

Generation(c)

November 21, 2019

N/A

150

Generation(c)

November 21, 2019

N/A

November 21, 2021

100

Generation(c)

May 15, 2020

N/A

100

(b)Bilateral credit facility relates to CENG, which is incorporated within Generation, and supports the issuance of letters of credit and funding for working capital and does not back Generation's commercial paper program. During the second and third quarters of 2020, CENG drew on its bilateral credit facility. As of December 31, 2020, there was no outstanding balance at this facility.

Borrowings under Exelon’s, Generation’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 LIBOR-based rate, plus an adder based upon the particular Registrant’s credit rating. The adders for the prime based borrowings and LIBOR-based borrowings are presented in the following table:

If any registrant loses its investment grade rating, the maximum adders for prime rate borrowings and LIBOR-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.

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. As of both December 31, 2020 and December 31, 2019, $79 million in variable


						Maturity Date	December 31,
	Rates						2020		2019
Long-term debt

First mortgage bonds(a)	0.19	%	-	7.90	%	2021 - 2050	$	18,915	$	17,486
Senior unsecured notes	2.45	%	-	7.60	%	2021 - 2050	10,585		10,685
Unsecured notes	2.40	%	-	6.35	%	2021 - 2050	3,700		3,300
Pollution control notes	2.50	%	-	2.70	%	2020	—		412
Nuclear fuel procurement contracts				3.15	%	2020	—		3

Notes payable and other	2.10	%	-	7.99	%	2021 - 2053	170		154
Junior subordinated notes				3.50	%	2022	1,150		1,150

Long-term software licensing agreement				3.95	%	2024	30		55
Unsecured tax-exempt bonds	0.17	%	-	1.70	%	2022 - 2024	143		222
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Transition bonds				5.55	%	2021	21		40
Loan agreement				2.00	%	2023	50		50
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	977		1,182
Variable rates	2.99	%	-	3.18	%	2021 - 2027	765		811
Total long-term debt							36,516		35,560
Unamortized debt discount and premium, net							(77)		(72)
Unamortized debt issuance costs							(248)		(214)
Fair value adjustment							721		765

Long-term debt due within one year							(1,819)		(4,710)
Long-term debt							$	35,093	$	31,329
Long-term debt to financing trusts(b)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206	$	206
Subordinated debentures to PECO Trust III	5.25	%	-	7.38	%	2028	81		81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103		103

Total long-term debt to financing trusts							$	390	$	390


						Maturity Date	December 31,
	Rates						2020		2019
Long-term debt
Senior unsecured notes	3.25	%	-	7.60	%	2022 - 2042	$	4,219	$	5,420
Pollution control notes	2.50	%	-	2.70	%	2020	—		412
Nuclear fuel procurement contracts				3.15	%	2020	—		3

Notes payable and other	2.10	%	-	4.85	%	2021 - 2028	111		115
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	977		1,182
Variable rates	2.99	%	-	3.18	%	2021 - 2027	765		811
Total long-term debt							6,072		7,943
Unamortized debt discount and premium, net							(5)		(5)
Unamortized debt issuance costs							(46)		(42)
Fair value adjustment							66		78
Long-term debt due within one year							(197)		(3,182)
Long-term debt							$	5,890	$	4,792


						Maturity Date	December 31,
	Rates						2020		2019
Long-term debt
First mortgage bonds(a)	2.20	%	-	6.45	%	2021 - 2050	$	9,079	$	8,578
Other				7.49	%	2053	8		8
Total long-term debt							9,087		8,586
Unamortized debt discount and premium, net							(28)		(27)
Unamortized debt issuance costs							(76)		(68)
Long-term debt due within one year							(350)		(500)
Long-term debt							$	8,633	$	7,991
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


						Maturity Date	December 31,
	Rates						2020		2019
Long-term debt
First mortgage bonds(a)	1.70	%	-	5.95	%	2021 - 2050	$	3,750	$	3,400
Loan agreement				2.00	%	2023	50		50
Total long-term debt							3,800		3,450
Unamortized debt discount and premium, net							(20)		(21)
Unamortized debt issuance costs							(27)		(24)
Long-term debt due within one year							(300)		—
Long-term debt							$	3,453	$	3,405
Long-term debt to financing trusts(b)
Subordinated debentures to PECO Trust III	5.25	%	-	7.38	%	2028	$	81	$	81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103		103


Long-term debt to financing trusts							$	184	$	184


						Maturity Date	December 31,
	Rates						2020		2019
Long-term debt

Unsecured notes	2.40	%	-	6.35	%	2021 - 2050	$	3,700	$	3,300
Total long-term debt							3,700		3,300
Unamortized debt discount and premium, net							(12)		(9)
Unamortized debt issuance costs							(24)		(21)
Long-term debt due within one year							(300)		—
Long-term debt							$	3,364	$	3,270


						Maturity Date	December 31,
	Rates						2020		2019
Long-term debt
First mortgage bonds(a)	0.19	%	-	7.90	%	2021 - 2050	$	6,086	$	5,508
Senior unsecured notes				7.45	%	2032	185		185
Unsecured tax-exempt bonds	0.17	%	-	1.70	%	2022 - 2024	143		222
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Transition bonds				5.55	%	2021	21		40
Finance leases				3.54	%	2022 - 2028	50		28
Other	7.28	%	-	7.99	%	2021 - 2022	1		2
Total long-term debt							6,496		5,995
Unamortized debt discount and premium, net							4		4
Unamortized debt issuance costs							(28)		(19)
Fair value adjustment							534		583
Long-term debt due within one year							(347)		(103)
Long-term debt							$	6,659	$	6,460


						Maturity Date	December 31,
	Rates						2020		2019
Long-term debt
First mortgage bonds(a)	2.53	%	-	7.90	%	2022 - 2050	$	3,075	$	2,775
Unsecured tax-exempt bonds				1.70	%	2022	110		110
Finance leases				3.54	%	2025 - 2028	17		10
Other	7.28	%	-	7.99	%	2021 - 2022	1		2
Total long-term debt							3,203		2,897
Unamortized debt discount and premium, net							2		2
Unamortized debt issuance costs							(40)		(35)
Long-term debt due within one year							(3)		(2)
Long-term debt							$	3,162	$	2,862


						Maturity Date	December 31,
	Rates						2020		2019
Long-term debt
First mortgage bonds(a)	0.19	%	-	4.27	%	2023 - 2049	$	1,624	$	1,446
Unsecured tax-exempt bonds	0.17	%	-	0.20	%	2024	33		112
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Finance leases				3.54	%	2025 - 2028	20		10
Total long-term debt							1,687		1,578
Unamortized debt discount and premium, net							1		1
Unamortized debt issuance costs							(11)		(12)
Long-term debt due within one year							(82)		(80)
Long-term debt							$	1,595	$	1,487


						Maturity Date	December 31,
	Rates						2020		2019
Long-term debt
First mortgage bonds(a)	2.25	%	-	6.80	%	2021 - 2050	$	1,387	$	1,287
Transition bonds				5.55	%	2021	21		40
Finance leases				3.54	%	2022 - 2028	13		8
Total long-term debt							1,421		1,335
Unamortized debt discount and premium, net							(1)		(1)
Unamortized debt issuance costs							(7)		(7)
Long-term debt due within one year							(261)		(20)
Long-term debt							$	1,152	$	1,307


Year	Exelon			Generation		ComEd			PECO			BGE		PHI		Pepco		DPL		ACE
2021	$	1,819		$	197	$	350		$	300		$	300	$	347	$	3	$	82	$	261
2022	3,092			1,025		—			350			250		317		312		3		2
2023	859			1		—			50			300		508		3		503		2
2024	814			1		250			—			—		558		403		3		152
2025	2,215			900		—			350			—		158		3		3		152
Thereafter	28,107		(a)	3,948		8,692		(b)	2,934		(c)	2,850		4,608		2,479		1,093		852
Total	$	36,906		$	6,072	$	9,292		$	3,984		$	3,700	$	6,496	$	3,203	$	1,687	$	1,421

Exelon and Generation have issued nonrecourse debt financing, in which approximately $2.2 billion of generating assets have been pledged as collateral at December 31, 2020. Borrowings under these agreements are secured by the assets and equity of each respective project. The lenders do not have recourse against Exelon or Generation in the event of a default. If a specific project financing entity does not maintain compliance with its specific nonrecourse debt financing covenants, there could be a requirement to accelerate repayment of the associated debt or other borrowings earlier than the stated maturity dates. In these instances, if such repayment was not satisfied, the lenders or security holders would generally have rights to foreclose against the project-specific assets and related collateral. The potential requirement to satisfy its associated debt or other borrowings earlier than otherwise anticipated could lead to impairments due to a higher likelihood of disposing of the respective project-specific assets significantly before the end of their useful lives.

Antelope Valley Solar Ranch One. In December 2011, the DOE Loan Programs Office issued a guarantee for up to $646 million for a nonrecourse loan from the Federal Financing Bank to support the financing of the construction of the Antelope Valley facility. The project became fully operational in 2014. The loan will mature on January 5, 2037. Interest rates on the loan were fixed upon each advance at a spread of 37.5 basis points above U.S. Treasuries of comparable maturity. The advances were completed as of December 31, 2015 and the outstanding loan balance will bear interest at an average blended interest rate of 2.82%. As of December 31, 2020 and December 31, 2019, approximately $460 million and $485 million were outstanding, respectively. In addition, Generation has issued letters of credit to support its equity investment in the project. As of December 31, 2020, Generation had $37 million in letters of credit outstanding related to the project. In December 2017, Generation’s interests in Antelope Valley were contributed to and are pledged as collateral for the EGR IV financing structures referenced below.

Antelope Valley sells all of its output to PG&E through a PPA. On January 29, 2019, PG&E filed for protection under Chapter 11 of the U.S. Bankruptcy Code, which created an event of default for Antelope Valley’s nonrecourse debt that provided the lender with a right to accelerate amounts outstanding under the loan such that they would become immediately due and payable. As a result of the event of default and in the absence of a waiver from the lender foregoing their acceleration rights, the debt was reclassified as current in Exelon’s and Generation’s Consolidated Balance Sheets in the first quarter of 2019. Further, distributions from Antelope Valley to EGR IV were suspended.

The United States Bankruptcy Court entered an order on June 20, 2020 confirming PG&E’s plan of reorganization. On July 1, 2020 the plan became effective, and PG&E emerged from bankruptcy. On July 21, 2020, Antelope Valley received a waiver from the DOE for the event of default and, as such, distributions from Antelope Valley to EGR IV were permitted and the debt was classified as noncurrent as of June 30, 2020. The debt continues to be presented as noncurrent as of December 31, 2020.

Continental Wind, LLC. In September 2013, Continental Wind, an indirect subsidiary of Exelon and Generation, completed the issuance and sale of $613 million senior secured notes. Continental Wind owns and operates a portfolio of wind farms in Idaho, Kansas, Michigan, Oregon, New Mexico, and Texas with a total net capacity of 667 MW. The net proceeds were distributed to Generation for its general business purposes. The notes are scheduled to mature on February 28, 2033. The notes bear interest at a fixed rate of 6.00% with interest payable semi-annually. As of December 31, 2020 and December 31, 2019, approximately $415 million and $447 million were outstanding, respectively.

In addition, Continental Wind has a $122 million letter of credit facility and $4 million working capital revolver facility. Continental Wind has issued letters of credit to satisfy certain of its credit support and security obligations. As of December 31, 2020, the Continental Wind letter of credit facility had $114 million in letters of credit outstanding related to the project.

Renewable Power Generation. In March 2016, RPG, an indirect subsidiary of Exelon and Generation, issued $150 million aggregate principal amount of a nonrecourse senior secured notes. The net proceeds were distributed to Generation for paydown of long term debt obligations at Sacramento PV Energy and Constellation

Solar Horizons and for general business purposes. The loan is scheduled to mature on March 31, 2035. The term loan bears interest at a fixed rate of 4.11% payable semi-annually. As of December 31, 2020 and December 31, 2019, approximately $95 million and $106 million were outstanding, respectively.

SolGen, LLC. In September 2016, SolGen, an indirect subsidiary of Exelon and Generation, issued $150 million aggregate principal amount of a nonrecourse senior secured notes. The net proceeds were distributed to Generation for general business purposes. The loan is scheduled to mature on September 30, 2036. The term loan bears interest at a fixed rate of 3.93% payable semi-annually. As of December 31, 2020 and December 31, 2019, approximately $125 million and $131 million were outstanding, respectively. As a result of the sale agreement with an affiliate of Brookfield Renewable in the fourth quarter of 2020, the outstanding balance was reclassified to Liabilities held for sale in Exelon's and Generation's Consolidated Balance Sheets as of December 31, 2020. In 2017, Generation’s interests in SolGen were contributed to and were pledged as collateral for the EGR IV financing structure. In December 2020, as part of the EGR IV financing, SolGen was removed from the collateral terms structured within the agreement. See EGR IV discussed below for additional information and Note 2 — Mergers, Acquisitions, and Dispositions for additional information on the sale agreement.

ExGen Renewables IV. In November 2017, EGR IV, an indirect subsidiary of Exelon and Generation, entered into an $850 million nonrecourse senior secured term loan credit facility agreement with a maturity date of November 28, 2024. In addition to the financing, EGR IV entered into interest rate swaps with an initial notional amount of $636 million at an interest rate of 2.32% to manage a portion of the interest rate exposure in connection with the financing.

In December 2020, EGR IV entered into a financing agreement for a $750 million nonrecourse senior secured term loan credit facility, scheduled to mature on December 15, 2027. The term loan bears interest at a variable rate equal to LIBOR plus 2.75%, subject to a 1% LIBOR floor with interest payable quarterly. In addition to the financing, EGR IV entered into interest rate swaps with an initial notional amount of $516 million at an interest rate of 1.05% to manage a portion of the interest rate exposure in connection with the financing.

The proceeds were used to repay the November 2017 nonrecourse senior secured term loan credit facility of $850 million, of which $709 million was outstanding as of the retirement date in December of 2020, and to settle the November 2017 interest rate swap. Generation’s interests in EGRP and Antelope Valley remained contributed to and are pledged as collateral for this financing. As of December 31, 2020, $750 million was outstanding. See Note 23 — Variable Interest Entities for additional information on EGRP and Note 16 — Derivative Financial Instruments for additional information on interest rate swaps.