Debt and Credit Agreements (All Registrants)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt and Credit Agreements (All Registrants)

Debt and Credit Agreements (All Registrants)

Short-Term Borrowings

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

Commercial Paper

The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements and bilateral credit agreements as of December 31, 2022 and 2021:

	Credit Facility Size as of December 31,					Outstanding Commercial Paper as of December 31,				Average Interest Rate on Commercial Paper Borrowings as of December 31,
Commercial Paper Issuer	2022(a)			2021(a)		2022		2021		2022		2021
Exelon(b)	$	4,000		$	3,700	$	1,938	$	599	4.77	%	0.35	%
ComEd	1,000			1,000		427		—		4.71	%	—	%
PECO	600			600		239		—		4.71	%	—	%
BGE	600			600		409		130		4.81	%	0.37	%
PHI(c)	900			900		414		469		4.78	%	0.35	%
Pepco	300		(d)	300		299		175		4.79	%	0.33	%
DPL	300		(d)	300		115		149		4.76	%	0.36	%
ACE	300		(d)	300		—		145		—	%	0.35	%

__________

(a)Excludes credit facility agreements arranged at minority and community banks. See below for additional information.

(b)Includes revolving credit agreements at Exelon Corporate with a maximum program size of $900 million and $600 million as of December 31, 2022 and December 31, 2021, respectively. Exelon Corporate had $449 million in outstanding commercial paper as of December 31, 2022 and no outstanding commercial paper as of December 31, 2021.

(c)Represents the consolidated amounts of Pepco, DPL, and ACE.

(d)The standard maximum program size for revolving credit facilities is $300 million each for Pepco, DPL and ACE based on the credit agreements in place. However, the facilities at Pepco, DPL, and ACE have 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. As of December 23, 2022, this ability was utilized to increase Pepco's program size to $400 million. As a result, the program sizes for DPL and ACE were decreased to $250 million each, which prevents the aggregate amount of outstanding short-term debt from potentially exceeding the $900 million limit.

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.

As of December 31, 2022, the Registrants had the following aggregate bank commitments, credit facility borrowings, and available capacity under their respective credit facilities:

								Available Capacity as of December 31, 2022
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	$	4,000	$	—	$	8	$	3,992	$	2,054
ComEd	Syndicated Revolver	1,000		—		5		995		568
PECO	Syndicated Revolver	600		—		—		600		361
BGE	Syndicated Revolver	600		—		—		600		191
PHI(d)	Syndicated Revolver	900		—		—		900		486
Pepco	Syndicated Revolver	300		—		—		300		1
DPL	Syndicated Revolver	300		—		—		300		185
ACE	Syndicated Revolver	300		—		—		300		300

__________

(a)On February 1, 2022, Exelon Corporate and the Utility Registrants' respective syndicated revolving credit facilities were replaced with a new 5-year revolving credit facility.

(b)Excludes credit facility agreements arranged at minority and community banks. See below for additional information.

(c)Includes $900 million aggregate bank commitment related to Exelon Corporate. Exelon Corporate had $3 million outstanding letters of credit as of December 31, 2022. Exelon Corporate had $448 million in available capacity to support additional commercial paper as of December 31, 2022.

(d)Represents the consolidated amounts of Pepco, DPL, and ACE.

The following table reflects the Registrants' credit facility agreements arranged at minority and community banks as of December 31, 2022 and 2021. These are excluded from the Maximum Program Size and Aggregate Bank Commitment amounts within the two tables above and the facilities are solely used to issue letters of credit.

	Aggregate Bank Commitments				Outstanding Letters of Credit
Borrower	2022(a)		2021		2022		2021
Exelon(b)	$	140	$	98	$	10	$	8
ComEd	40		33		7		5
PECO	40		33		1		1
BGE	15		8		2		2
PHI(c)	45		24		—		—
Pepco	15		8		—		—
DPL	15		8		—		—
ACE	15		8		—		—

__________

(a)These facilities were entered into on October 7, 2022 and expire on October 6, 2023.

(b)Represents the consolidated amounts of ComEd, PECO, BGE, Pepco, DPL, and ACE.

(c)Represents the consolidated amounts of Pepco, DPL, and ACE.

Revolving Credit Agreements

On February 1, 2022, Exelon Corporate and the Utility Registrants each entered into a new 5-year revolving credit facility that replaced its existing syndicated revolving credit facility. The following table reflects the credit agreements:

Borrower	Aggregate Bank Commitment		Interest Rate
Exelon Corporate	$	900	SOFR plus 1.275	%
ComEd	1,000		SOFR plus 1.000	%
PECO	600		SOFR plus 0.900	%
BGE	600		SOFR plus 0.900	%
Pepco	300		SOFR plus 1.075	%
DPL	300		SOFR plus 1.000	%
ACE	300		SOFR plus 1.075	%

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

	Exelon(a)	ComEd	PECO	BGE	Pepco	DPL	ACE
Prime based borrowings	0 - 27.5	—	—	—	7.5	—	7.5
SOFR-based borrowings	90.0 - 127.5	100.0	90.0	90.0	107.5	100.0	107.5

__________

(a)Includes interest rate adders at Exelon Corporate of 27.5 basis points and 127.5 basis points for prime and SOFR-based borrowings, respectively.

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

Short-Term Loan Agreements

On March 23, 2017, Exelon Corporate entered into a term loan agreement for $500 million. The loan agreement was renewed on March 14, 2022 and will expire on March 16, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.65% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings.

On March 31, 2021, Exelon Corporate entered into a 364-day term loan agreement for $150 million with a variable interest rate of LIBOR plus 0.65% and an expiration date of March 30, 2022. Exelon Corporate repaid the term loan on March 30, 2022.

In connection with the separation, on January 24, 2022, Exelon Corporate entered into a 364-day term loan agreement for $1.15 billion. The loan agreement had an expiration date of January 23, 2023. Pursuant to the loan agreement, loans made thereunder bore interest at a variable rate equal to SOFR plus 0.75% until July 23, 2022 and a rate of SOFR plus 0.975% thereafter. All indebtedness pursuant to the loan agreement was unsecured. On August 11, 2022, Exelon Corporate made a partial repayment of $575 million on the term loan. On October 11, 2022, the remaining $575 million outstanding balance was repaid in conjunction with the $500 million 18-month term loan that was entered into on October 7, 2022.

On October 4, 2022, ComEd entered into a 364-day term loan agreement for $150 million with a variable rate equal to SOFR plus 0.75% and an expiration date of October 3, 2023. The proceeds from this loan were used to repay outstanding commercial paper obligations. The loan agreement is reflected in Exelon's and ComEd's Consolidated Balance Sheets within Short-term borrowings. The balance of the loan was repaid on January 13, 2023 in conjunction with the $400 million and $575 million First Mortgage Bond agreements that were entered into on January 3, 2023.

Variable Rate Demand Bonds

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, 2022 and December 31, 2021, $79 million in variable rate demand bonds issued by DPL were outstanding and are included in the Long-term debt due within one year in Exelon's, PHI's, and DPL's Consolidated Balance Sheets.

Long-Term Debt

The following tables present the outstanding long-term debt at the Registrants as of December 31, 2022 and 2021:

Exelon

						Maturity Date	December 31,
	Rates						2022		2021
Long-term debt
First mortgage bonds(a)(b)	1.05	%	-	7.90	%	2023 - 2052	$	22,651	$	20,751
Senior unsecured notes	2.75	%	-	7.60	%	2025 - 2052	8,324		6,324
Unsecured notes	2.25	%	-	6.35	%	2023 - 2052	4,250		4,000
Notes payable and other	1.64	%	-	7.49	%	2025 - 2053	86		86
Junior subordinated notes				3.50	%	2022	—		1,150
Long-term software licensing agreement	2.30	%	-	3.95	%	2024 - 2025	25		9
Unsecured tax-exempt bonds	4.00	%	-	4.05	%	2024	33		143
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Loan agreement	2.00	%		5.15	%	2023 - 2024	1,400		50
Total long-term debt							36,779		32,523
Unamortized debt discount and premium, net							(74)		(70)
Unamortized debt issuance costs							(257)		(220)
Fair value adjustment							626		669
Long-term debt due within one year(c)							(1,802)		(2,153)
Long-term debt							$	35,272	$	30,749
Long-term debt to financing trusts(d)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206	$	206
Subordinated debentures to PECO Trust III	7.38	%	-	9.50	%	2028	81		81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103		103
Total long-term debt to financing trusts							$	390	$	390

__________

(a)Substantially all of ComEd’s assets other than expressly excepted property and substantially all of PECO’s, Pepco's, DPL's, and ACE's assets are subject to the liens of their respective mortgage indentures.

(b)On January 3, 2023, ComEd entered into a purchase agreement of First Mortgage Bonds of $400 million and $575 million at 4.90% and 5.30% due on February 1, 2033 and February 1, 2053, respectively. The closing date of the issuance occurred on January 10, 2023.

(c)In connection with the separation, Exelon Corporate entered into three 18-month term loan agreements. On January 21, 2022, two of the loan agreements were issued for $300 million each with an expiration date of July 21, 2023. On January 24, 2022, the third loan agreement was issued for $250 million with an expiration date of July 24, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.65%.

(d)Amounts owed to these financing trusts are recorded as Long-term debt to financing trusts within Exelon’s Consolidated Balance Sheets.

ComEd

						Maturity Date	December 31,
	Rates						2022		2021
Long-term debt
First mortgage bonds(a)(b)	2.20	%	-	6.45	%	2024 - 2052	$	10,629	$	9,879
Other				7.49	%	2053	8		8
Total long-term debt							10,637		9,887
Unamortized debt discount and premium, net							(27)		(27)
Unamortized debt issuance costs							(92)		(87)
Long-term debt							$	10,518	$	9,773
Long-term debt to financing trust(c)
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

__________

(a)Substantially all of ComEd’s assets, other than expressly excepted property, are subject to the lien of its mortgage indenture.

(b)On January 3, 2023, ComEd entered into a purchase agreement of First Mortgage Bonds of $400 million and $575 million at 4.90% and 5.30% due on February 1, 2033 and February 1, 2053, respectively. The closing date of the issuance occurred on January 10, 2023.

(c)Amount owed to this financing trust is recorded as Long-term debt to financing trust within ComEd’s Consolidated Balance Sheets.

PECO

						Maturity Date	December 31,
	Rates						2022		2021
Long-term debt
First mortgage bonds(a)	2.80	%	-	5.95	%	2025 - 2052	$	4,625	$	4,200
Loan agreement				2.00	%	2023	50		50
Total long-term debt							4,675		4,250
Unamortized debt discount and premium, net							(24)		(20)
Unamortized debt issuance costs							(39)		(33)
Long-term debt due within one year							(50)		(350)
Long-term debt							$	4,562	$	3,847
Long-term debt to financing trusts(b)
Subordinated debentures to PECO Trust III	7.38	%	-	9.50	%	2028	$	81	$	81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103		103
Long-term debt to financing trusts							$	184	$	184

__________

(a)Substantially all of PECO’s assets are subject to the lien of its mortgage indenture.

(b)Amounts owed to this financing trust are recorded as Long-term debt to financing trusts within PECO’s Consolidated Balance Sheets.

BGE

						Maturity Date	December 31,
	Rates						2022		2021
Long-term debt
Unsecured notes	2.25	%	-	6.35	%	2023 - 2052	$	4,250	$	4,000
Total long-term debt							4,250		4,000
Unamortized debt discount and premium, net							(13)		(12)
Unamortized debt issuance costs							(30)		(27)
Long-term debt due within one year							(300)		(250)
Long-term debt							$	3,907	$	3,711

PHI

						Maturity Date	December 31,
	Rates						2022		2021
Long-term debt
First mortgage bonds(a)	1.05	%	-	7.90	%	2023 - 2052	$	7,397	$	6,672
Senior unsecured notes				7.45	%	2032	185		185
Unsecured tax-exempt bonds	4.00	%	-	4.05	%	2024	33		143
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Finance leases				5.59	%	2025 - 2030	76		74
Other(b)	7.28	%	-	7.49	%	2022	—		—
Total long-term debt							7,701		7,084
Unamortized debt discount and premium, net							4		4
Unamortized debt issuance costs							(47)		(36)
Fair value adjustment							462		495
Long-term debt due within one year							(591)		(399)
Long-term debt							$	7,529	$	7,148

_________

(a)Substantially all of Pepco's, DPL's, and ACE's assets are subject to the liens of their respective mortgage indentures.

(b)The amount in the Other category was zero and less than $1 million as of December 31, 2022 and December 31, 2021, respectively.

Pepco

						Maturity Date	December 31,
	Rates						2022		2021
Long-term debt
First mortgage bonds(a)	2.32	%	-	7.90	%	2024 - 2052	$	3,775	$	3,350
Unsecured tax-exempt bonds				1.70	%	2022	—		110
Finance leases				5.59	%	2025 - 2029	25		26
Other(b)	7.28	%	-	7.49	%	2022	—		—
Total long-term debt							3,800		3,486
Unamortized debt discount and premium, net							2		2
Unamortized debt issuance costs							(51)		(43)
Long-term debt due within one year							(4)		(313)
Long-term debt							$	3,747	$	3,132

________

(a)Substantially all of Pepco's assets are subject to the lien of its mortgage indenture.

(b)The amount in the Other category was zero and less than $1 million as of December 31, 2022 and December 31, 2021, respectively.

DPL

						Maturity Date	December 31,
	Rates						2022		2021
Long-term debt
First mortgage bonds(a)	1.05	%	-	4.27	%	2023 - 2052	$	1,874	$	1,749
Unsecured tax-exempt bonds	4.00	%	-	4.05	%	2024	33		33
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Finance leases				5.39	%	2025 - 2030	32		29
Total long-term debt							1,949		1,821
Unamortized debt discount and premium, net(b)							—		—
Unamortized debt issuance costs							(11)		(11)
Long-term debt due within one year							(584)		(83)
Long-term debt							$	1,354	$	1,727

__________

(a)Substantially all of DPL's assets are subject to the lien of its mortgage indenture.

(b)The amount in the Unamortized debt discount and premium, net category was less than $1 million as of December 31, 2022 and 2021.

ACE

						Maturity Date	December 31,
	Rates						2022		2021
Long-term debt
First mortgage bonds(a)	2.25	%	-	5.80	%	2024 - 2052	$	1,748	$	1,573
Finance leases				5.59	%	2025 - 2030	19		19
Total long-term debt							1,767		1,592
Unamortized debt discount and premium, net							(1)		(1)
Unamortized debt issuance costs							(9)		(9)
Long-term debt due within one year							(3)		(3)
Long-term debt							$	1,754	$	1,579

__________

(a)Substantially all of ACE's assets are subject to the lien of its mortgage indenture.

Long-term debt maturities at the Registrants in the periods 2023 through 2027 and thereafter are as follows:

Year	Exelon			ComEd			PECO			BGE		PHI		Pepco		DPL		ACE
2023	$	1,802		$	—		$	50		$	300	$	591	$	4	$	584	$	3
2024	1,317			250			—			—		564		405		6		153
2025	1,414			—			350			—		242		5		84		153
2026	1,613			500			—			350		13		4		6		3
2027	1,021			350			—			—		21		3		15		3
Thereafter	30,002		(a)	9,743		(b)	4,459		(c)	3,600		6,270		3,379		1,254		1,452
Total	$	37,169		$	10,843		$	4,859		$	4,250	$	7,701	$	3,800	$	1,949	$	1,767

__________

(a)Includes $390 million due to ComEd and PECO financing trusts.

(b)Includes $206 million due to ComEd financing trust.

(c)Includes $184 million due to PECO financing trusts.

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) entered into intercompany loan agreements that mirror the terms and amounts of the third-party debt obligations of Exelon, resulting in intercompany notes

receivable at Exelon Corporate from Generation. As of December 31, 2021, Exelon Corporate had $319 million recorded to intercompany notes receivable from Generation. In connection with the separation, on January 31, 2022, Exelon Corporate received cash from Generation of $258 million to settle the intercompany loan.

Debt Covenants

As of December 31, 2022, the Registrants are in compliance with debt covenants.