Related Party Transactions (Exelon, Generation, ComEd, PECO and BGE)

12 Months Ended

Dec. 31, 2013

Related-Party Transactions [Line Items]

Related-Party Transactions (Exelon, Generation, ComEd, PECO and BGE)

25.    RelatedParty Transactions (Exelon, Generation, ComEd, PECO and BGE)

Exelon

The financial statements of Exelon include related party transactions as presented in the tables below:

		For the Years Ended
		December 31,
		2013		2012		2011
Operating revenues from affiliates:
	PECO (a)	$	10	$	6	$	9
	CENG (b)		56		42		0
	BGE		4		0		0
	Total operating revenues from affiliates	$	70	$	48	$	9
Purchase power and fuel from affiliates:
	CENG (c)	$	992	$	793	$	0
	Keystone Fuels, LLC		144		119		68
	Conemaugh Fuels, LLC		98		101		69
	Safe Harbor Water Power Corp		22		23		0
	Total purchase power and fuel from affiliates	$	1,256	$	1,036	$	137
Interest expense to affiliates, net:
	ComEd Financing III	$	13	$	13	$	13
	PECO Trust III		6		6		6
	PECO Trust IV		6		6		6
	BGE Capital Trust II (f)		16		12		0
	Total interest expense to affiliates, net	$	41	$	37	$	25
Earnings (losses) in equity method investments:
	CENG (e)	$	9	$	(99)	$	0
	Qualifying facilities and domestic power projects		1		8		(1)
	Total earnings (losses) in equity method investments	$	10	$	(91)	$	(1)

		December 31,
		2013		2012
Investments in affiliates:
	ComEd Financing III	$	6	$	6
	PECO Energy Capital Corporation		4		4
	PECO Trust IV		4		4
	BGE Capital Trust II		8		8
	Total investments in affiliates	$	22	$	22
Receivables from affiliates (current):
	CENG (b)	$	3	$	16
Payables to affiliates (current):
	CENG (c)	$	85	$	83
	ComEd Financing III		4		4
	PECO Trust III		1		1
	BGE Capital Trust II		4		4
	Keystone Fuels, LLC		12		11
	Conemaugh Fuels, LLC		9		9
	Other		1		0
	Total payables to affiliates (current)	$	116	$	112
Long-term debt due to financing trusts:
	ComEd Financing III	$	206	$	206
	PECO Trust III		81		81
	PECO Trust IV		103		103
	BGE Capital Trust II		258		258
	Total long-term debt due to financing trusts	$	648	$	648

Transactions involving Generation, ComEd, PECO and BGE are further described in the tables below.

Generation

The financial statements of Generation include relatedparty transactions as presented in the tables below:

		For the Years Ended
		December 31,
		2013		2012		2011
Operating revenues from affiliates:
	ComEd (a)	$	506	$	795	$	653
	PECO (b)		405		543		508
	BGE (c)		455		322		0
	CENG (d)		56		42		0
	BSC		1		0		0
	Total operating revenues from affiliates	$	1,423	$	1,702	$	1,161
Purchase power and fuel from affiliates:
	PECO	$	0	$	0	$	1
	ComEd		1		0		0
	BGE		13		8		0
	CENG (e)		992		793		0
	Keystone Fuels, LLC		144		119		68
	Conemaugh Fuels, LLC		98		101		69
	Safe Harbor Water Power Corporation		22		23		0
	Total purchase power and fuel from affiliates	$	1,270	$	1,044	$	138
Operating and maintenance from affiliates:
	ComEd (f)	$	2	$	2	$	2
	PECO (f)		1		3		5
	BSC (g)		571		625		314
	Total operating and maintenance from affiliates	$	574	$	630	$	321
Interest expense to affiliates, net:
	Exelon Corporate	$	59	$	75	$	0
Earnings (losses) in equity method investments
	CENG (h)		9		(99)		0
	Qualifying facilities and domestic power projects		1		8		(1)
	Total earnings (losses) in equity method investments	$	10	$	(91)	$	(1)
Cash distribution paid to member		$	625	$	1,626	$	172
Contribution from member		$	26	$	48	$	30

		December 31,
		2013		2012
Mark-to-market derivative assets with affiliates (current):
	ComEd (i)	$	0	$	226
Receivables from affiliates (current):
	CENG (d)	$	3	$	0
	ComEd (a)(j)		38		54
	PECO (b)		38		56
	BGE (c)		27		31
	Other		2		0
	Total receivables from affiliates (current)	$	108	$	141
Receivable from affiliate (noncurrent)
	Exelon Corporate	$	0	$	1
Payables to affiliates (current):
	CENG (e)	$	85	$	83
	Exelon Corporate (k)		7		33
	BSC (g)		66		77
	Keystone Fuels, LLC		12		11
	Conemaugh Fuels, LLC		9		9
	Other		2		0
	Total payables to affiliates (current)	$	181	$	213
Payables to affiliates (noncurrent):
	ComEd (l)	$	2,293	$	2,037
	PECO (l)		447		360
	Total payables to affiliates (noncurrent)	$	2,740	$	2,397

(a)       Generation has an ICC-approved RFP contract with ComEd to provide a portion of ComEd's electricity supply requirements. Generation also sells RECs to ComEd. In addition, Generation had revenue from ComEd associated with the settled portion of the financial swap contract established as part of the Illinois Settlement. See Note 3 - Regulatory Matters for additional information.

(b)       Generation provides electric supply to PECO under contracts executed through PECO's competitive procurement process. In addition, Generation has five-year and ten-year agreements with PECO to sell non-solar and solar AECs, respectively. See Note 3 - Regulatory Matters for additional information.

(c)       Generation provides a portion of BGE's energy requirements under its MDPSC-approved market-based SOS and gas commodity programs. See Note 3 - Regulatory Matters for additional information.

(d)       Exelon has a shared services agreement with CENG, which expires in 2017. Pursuant to an agreement between Exelon and EDF, the pricing in the SSA for services reflect actual costs determined on the same basis that BSC charges its affiliates for similar services subject to an annual cap for most SSA services provided. In addition to the SSA, Generation has a power services agency agreement with the CENG plants, which expires on December 31, 2014. The PSAA is a five-year agreement under which Generation provides scheduling, asset management and billing services to the CENG plants for a specified monthly fee. The charges for services reflect the cost of the services.At the closing, as described under the Master Agreement, the PSAA will be amended and extended until the complete and permanent cessation of operation of the CENG generation plants. For further information regarding the Investment in CENG see Note 5 – Investment in Constellation Energy Nuclear Group, LLC.

(e)       CENG owns 100% of four nuclear units in Maryland and New York and 82% of Nine Mile Point Unit 2 in New York. Generation has a PPA under which it is purchasing 85% of the nuclear plant output owned by CENG that is not sold to third parties under pre-existing firm and unit-contingent PPAs through 2014. Beginning on January 1, 2015 and continuing to the end of the life of the respective plants, Generation will purchase on a unit-contingent basis 50.01% of the nuclear plant output owned by CENG and a subsidiary of EDF will purchase on a unit-contingent basis 49.99% of the nuclear plant output owned by CENG. This agreement will continue to be effective and is not affected by the Master Agreement, except that if the put option under the Master Agreement is exercised, then the EDF PPA would transfer to Generation upon completion of the Put Option Agreement transaction. For further information regarding the Investment in CENGsee Note 5 – Investment in Constellation Energy Nuclear Group, LLC.

(f)       Generation requires electricity for its own use at its generating stations. Generation purchases electricity and distribution and transmission services from PECO and only distribution and transmission services from ComEd for the delivery of electricity to its generating stations.

(g)       Generation receives a variety of corporate support services from BSC, including legal, human resources, financial, information technology and supply management services. All services are provided at cost, including applicable overhead. A portion of such services is capitalized.

(h)       Generation's total gain (loss) in equity method investments includes equity income (loss) and amortization of basis difference. For further information regarding the Investment in CENG see Note 5 – Investment in Constellation Energy Nuclear Group, LLC.

(i)       Represents the fair value of Generation's five-year financial swap contract with ComEd, which ended in 2013.

(j)       Generation had a $53 million receivable from ComEd at December 31, 2012associated with the completed portion of the financial swap contract entered into as part of the Illinois Settlement. See Note 3 -Regulatory Matters and Note 12 - Derivative Financial Instruments for additional information.

(k) As ofDecember 31, 2013 and 2012, the balance consists of interest owed to Exelon Corporation related to the senior unsecured notes. In addition, the balance at December 31, 2012, includes expense related to certain invoices Exelon Corporation processed on behalf of Generation.

(l)       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 15 - Asset Retirement Obligations.

ComEd

The financial statements of ComEd include related party transactions as presented in the tables below:

		For the Years Ended
		December 31,
		2013		2012		2011
Operating revenues from affiliates
	Generation	$	3	$	2	$	2
Purchased power from affiliate
	Generation (a)	$	512	$	789	$	653
Operating and maintenance from affiliate
	BSC (b)	$	157	$	163	$	158
Interest expense to affiliates, net:
	Exelon Corporate	$	0	$	0	$	2
	ComEd Financing III		13		13		13
	Total interest expense to affiliates, net	$	13	$	13	$	15
Capitalized costs
	BSC (b)	$	69	$	92	$	85
Cash dividends paid to parent		$	220	$	105	$	300
Contribution from parent		$	0	$	11	$	11

		December 31,
		2013			2012
Prepaid voluntary employee beneficiary association trust (c)		$	13	$	10
Investment in affiliate
	ComEd Financing III	$	6	$	6
Receivable from affiliates (current):
	Voluntary employee beneficiary association trust	$	3	$	0
	BGE		0		3
	Total receivable from affiliates (current)	$	3	$	3
Receivable from affiliates (noncurrent):
	Generation (d)	$	2,293	$	2,037
	Exelon Corporate (g)		176		2
	Total receivable from affiliates (noncurrent)	$	2,469	$	2,039
Payables to affiliates (current):
	Generation (a)(e)	$	38	$	54
	BSC (b)		30		35
	ComEd Financing III		4		4
	Exelon Corporate		9		2
	Other		2		2
	Total payables to affiliates (current)	$	83	$	97
Mark-to-market derivative liability with affiliate (current)
	Generation (f)	$	0	$	226
Mark-to-market derivative liability with affiliate (noncurrent)
Long-term debt to ComEd financing trust
	ComEd Financing III	$	206	$	206

____________________

(a)       ComEd procures a portion of its electricity supply requirements from Generation under an ICC-approved RFP contract. ComEd also purchases RECs from Generation. In addition, purchased power expense includes the settled portion of the financial swap contract with Generation established as part of the Illinois Settlement Legislation. See Note 3 - Regulatory Matters and Note 12 - Derivative Financial Instruments for additional information.

(b)       ComEd receives a variety of corporate support services from BSC, including legal, human resources, financial, information technology and supply management services. All services are provided at cost, including applicable overhead. A portion of such services is capitalized.

(c)       The voluntary employee benefit association trusts covering active employees are included in corporate operations and are funded by the operating segments. A prepayment to the active welfare plans has accumulated due to actuarially determined contribution rates, which are the basis for ComEd's contributions to the plans, being higher than actual claim expense incurred by the plans over time. The prepayment is included in other current assets.

(d)ComEd has a long-term receivable from Generation as a result of the nuclear decommissioning contractual construct for generating facilities previously owned by ComEd. To the extent the assets associated with decommissioning are greater than the applicable ARO at the end of decommissioning, such amounts are due back to ComEd for payment to ComEd's customers.

(e)       ComEd had a $53 million payable to Generation at December 31, 2012, associated with the completed portion of the financial swap contract entered into as part of the Illinois SettlementLegislation. See Note 3 -Regulatory Matters and Note 12 -Derivative Financial Information for additional information.

(f)       To fulfill a requirement of the Illinois Settlement Legislation, ComEd entered into a five-year financial swap with Generation, which ended in 2013.

(g)       In 2013, represents indemnification from Exelon Corporate related to the like-kind exchange transaction.

		For the Years Ended
		December 31,
		2013		2012		2011
Operating revenues from affiliates:
	Generation (a)	$	1	$	3	$	5
Purchased power from affiliate
	Generation (b)	$	392	$	533	$	495
Operating and maintenance from affiliates:
	BSC (c)	$	98	$	107	$	92
	Generation		3		4		4
	Total operating and maintenance from affiliates	$	101	$	111	$	96
Interest expense to affiliates, net:
	PECO Trust III	$	6	$	6	$	6
	PECO Trust IV		6		6		6
	Total interest expense to affiliates, net	$	12	$	12	$	12
Loss in equity method investments
Capitalized costs
	BSC (c)	$	46	$	54	$	60
Cash dividends paid to parent		$	332	$	343	$	348
Contribution from parent		$	27	$	9	$	18

		December 31,
		2013		2012
Prepaid voluntary employee beneficiary association trust (d)		$	3	$	2
Investments in affiliates:
	PECO Energy Capital Corporation	$	4	$	4
	PECO Trust IV		4		4
	Total investments in affiliates	$	8	$	8
Receivable from affiliate (noncurrent):
	BGE	$	3	$	2
Receivable from affiliate (noncurrent):
	Generation (e)	$	447	$	360
Mark-to-market derivative liability with affiliate (current):
Payables to affiliates (current):
	Generation (b)	$	38	$	56
	BSC (c)		17		18
	Exelon Corporate		2		1
	PECO Trust III		1		1
	Total payables to affiliates (current)	$	58	$	76
Long-term debt to financing trusts:
	PECO Trust III	$	81	$	81
	PECO Trust IV		103		103
	Total long-term debt to financing trusts	$	184	$	184

________

(a)       PECO provides energy to Generation for Generation's own use.

(b)       PECO purchases electric supply from Generation under contracts executed through its competitive procurement process. In addition, PECO has five-year and ten-year agreements with Generation to purchase non-solar and solar AECs, respectively. See Note 3 - Regulatory Matters for additional information on AECs.

(c)       PECO receives a variety of corporate support services from BSC, including legal, human resources, financial, information technology and supply management services. All services are provided at cost, including applicable overhead. A portion of such services is capitalized.

(d)       The voluntary employee beneficiary association trusts covering active employees are included in corporate operations and are funded by the operating segments. A prepayment to the active welfare plans has accumulated due to actuarially determined contribution rates, which are the basis for PECO's contributions to the plans, being higher than actual claim expense incurred by the plans over time.

(e)       PECO has a long-term receivable from Generation as a result of the nuclear decommissioning contractual construct, whereby, to the extent the assets associated with decommissioning are greater than the applicable ARO at the end of decommissioning, such amounts are due back to PECO for payment to PECO's customers.

		For the Years Ended
		December 31,
		2013		2012		2011
Operating revenues from affiliates:
	Generation (a)	$	13	$	10	$	8
Purchased power from affiliate
	Generation (b)	$	452	$	396	$	348
Operating and maintenance from affiliates:
	BSC (c)	$	83	$	106	$	150
Interest expense to affiliates, net:
	BGE Capital Trust II	$	16	$	16	$	16
Capitalized costs
	BSC (c)	$	15	$	21	$	29
Cash dividends paid to parent		$	0	$	0	$	(85)
Contribution from parent		$	0	$	66	$	0

		December 31,
		2013		2012
Prepaid voluntary employee beneficiary association trust (d)		$	1	$	0
Investments in affiliates:
	BGE Capital Trust II	$	8	$	8
Payables to affiliates (current):
	Generation (b)	$	27	$	31
	BSC (c)		20		12
	Exelon (d)		1		17
	ComEd		0		3
	PECO		3		2
	BGE Capital Trust II		4		4
	Total payables to affiliates (current)	$	55	$	69
Long-term debt to BGE financing trust
	BGE Capital Trust II	$	258	$	258