Regulatory Matters (Tables)

9 Months Ended

Sep. 30, 2014

Regulated Operations [Abstract]

Schedule of Regulatory Assets

September 30, 2014	Exelon				ComEd				PECO				BGE
	Current		Noncurrent		Current		Noncurrent		Current		Noncurrent		Current			Noncurrent
Regulatory assets
Pension and other postretirement        benefits	$	208	$	2,455	$	—	$	—	$	—	$	—	$	—		$	—
Deferred income taxes	7		1,517		1		67		—		1,377		6			73
AMI programs	9		254		9		69		—		74		—			111
Under-recovered distribution service        costs	243		223		243		223		—		—		—			—
Debt costs	9		50		7		48		2		2		1			8
Fair value of BGE long-term debt(a)	6		192		—		—		—		—		—			—
Fair value of BGE supply contract(b)	3		—		—		—		—		—		—			—
Severance	4		9		—		—		—		—		4			9
Asset retirement obligations	1		111		1		73		—		26		—			12
MGP remediation costs	39		220		32		186		6		33		1			1
RTO start-up costs	1		—		1		—		—		—		—			—
Under-recovered uncollectible accounts	—		70		—		70		—		—		—			—
Renewable energy	14		164		14		164		—		—		—			—
Energy and transmission programs	22		5		19		—		—		—		3		(f)	5
Deferred storm costs	3		—		—		—		—		—		3			—
Electric generation-related          regulatory asset	12		21		—		—		—		—		12			21
Rate stabilization deferral	75		101		—		—		—		—		75			101
Energy efficiency and demand          response programs	84		151		—		—		—		—		84			151
Merger integration costs	2		7		—		—		—		—		2			7
Conservation voltage reduction	1		1		—		—		—		—		1			1
Under-recovered revenue decoupling(e)	14		—		—		—		—		—		14			—
Other	17		38		3		28		13		8		—			—
Total regulatory assets	$	774	$	5,589	$	330	$	928	$	21	$	1,520	$	206		$	500

September 30, 2014	Exelon				ComEd				PECO					BGE
	Current		Noncurrent		Current		Noncurrent		Current			Noncurrent		Current			Noncurrent
Regulatory liabilities
Other postretirement benefits	$	53	$	96	$	—	$	—	$	—		$	—	$	—		$	—
Nuclear decommissioning	—		2,850		—		2,371		—			479		—			—
Removal costs	110		1,455		86		1,257		—			—		24			198
Energy efficiency and demand        response programs	28		2		28		—		—			2		—			—
DLC Program Costs	—		10		—		—		—			10		—			—
Energy efficiency Phase 2	—		32		—		—		—			32		—			—
Electric distribution tax repairs	20		100		—		—		20			100		—			—
Gas distribution tax repairs	8		32		—		—		8			32		—			—
Energy and transmission programs	73		13		26		13		44		(c)	—		3		(f)	—
Over-recovered gas and electric          universal service fund costs	4		—		—		—		4			—		—			—
Revenue subject to refund(d)	47		—		47		—		—			—		—			—
Over-recovered revenue decoupling(e)	16		—		—		—		—			—		16			—
Other	5		3		—		2		3			—		2			1
Total regulatory liabilities	$	364	$	4,593	$	187	$	3,643	$	79		$	655	$	45		$	199

December 31, 2013	Exelon				ComEd				PECO				BGE
	Current		Noncurrent		Current		Noncurrent		Current		Noncurrent		Current			Noncurrent
Regulatory assets
Pension and other postretirement       benefits	$	221	$	2,794	$	—	$	—	$	—	$	—	$	—		$	—
Deferred income taxes	10		1,459		2		65		—		1,317		8			77
AMI programs	5		159		5		35		—		58		—			66
AMI meter events	—		5		—		—		—		5		—			—
Under-recovered distribution service       costs	178		285		178		285		—		—		—			—
Debt costs	12		56		9		53		3		3		1			8
Fair value of BGE long-term debt(a)	—		219		—		—		—		—		—			—
Fair value of BGE supply contract(b)	12		—		—		—		—		—		—			—
Severance	16		12		12		—		—		—		4			12
Asset retirement obligations	1		102		1		67		—		25		—			10
MGP remediation costs	40		212		33		178		6		33		1			1
RTO start-up costs	2		—		2		—		—		—		—			—
Under-recovered uncollectible accounts	—		48		—		48		—		—		—			—
Renewable energy	17		176		17		176		—		—		—			—
Energy and transmission programs	53		—		52		—		—		—		1		(f)	—
Deferred storm costs	3		3		—		—		—		—		3			3
Electric generation-related regulatory        asset	13		30		—		—		—		—		13			30
Rate stabilization deferral	71		154		—		—		—		—		71			154
Energy efficiency and demand        response programs	73		148		—		—		—		—		73			148
Merger integration costs	2		9		—		—		—		—		2			9
Other	31		39		18		26		8		7		4			6
Total regulatory assets	$	760	$	5,910	$	329	$	933	$	17	$	1,448	$	181		$	524

December 31, 2013	Exelon				ComEd				PECO					BGE
	Current		Noncurrent		Current		Noncurrent		Current			Noncurrent		Current			Noncurrent
Regulatory liabilities
Other postretirement benefits	$	2	$	43	$	—	$	—	$	—		$	—	$	—		$	—
Nuclear decommissioning	—		2,740		—		2,293		—			447		—			—
Removal costs	99		1,423		78		1,219		—			—		21			204
Energy efficiency and demand        response programs	53		—		45		—		8			—		—			—
DLC Program Costs	1		10		—		—		1			10		—			—
Energy efficiency phase II	—		21		—		—		—			21		—			—
Electric distribution tax repairs	20		114		—		—		20			114		—			—
Gas distribution tax repairs	8		37		—		—		8			37
Energy and transmission programs	78		—		9		—		58		(c)	—		11		(f)	—
Over-recovered gas and electric       universal service fund costs	8		—		—		—		8			—		—			—
Revenue subject to refund(d)	38		—		38		—		—			—		—			—
Over-recovered revenue decoupling(e)	16		—		—		—		—			—		16			—
Other	4		—		—		—		3			—		—			—
Total regulatory liabilities	$	327	$	4,388	$	170	$	3,512	$	106		$	629	$	48		$	204

________________

(a) Represents the regulatory asset recorded at Exelon Corporate for the difference in the fair value of the long-term debt of BGE as of the merger date. The asset is amortized over the life of the underlying debt.

(b) Represents the regulatory asset recorded at Exelon Corporate representing the fair value of BGE’s supply contracts as of the close of the merger date. BGE is allowed full recovery of the costs of its electric and gas supply contracts through approved, regulated rates. The asset is amortized over a period of approximately 3 years.

(c) Includes $28 million related to the DSP program, $11 million related to the over-recovered natural gas costs under the PGC and $5 million related to over-recovered electric transmission costs as of September 30, 2014. As of December 31, 2013, includes $34 million related to the DSP program, $8 million related to the over-recovered electric transmission costs and $16 million related to the over-recovered natural gas costs under the PGC.

(d) Primarily represents the regulatory liability for revenue subject to refund recorded pursuant to the ICC’s order in the 2007 Rate Case. See Note 3 — Regulatory Matters of the Exelon 2013 Form 10-K. for further information.

(e) Represents the electric and gas distribution costs recoverable from customers under BGE’s decoupling mechanism. As of September 30, 2014, BGE had a regulatory asset of $14 million related to under-recovered electric revenue decoupling and a regulatory liability of $16 million related to over-recovered natural gas revenue decoupling. As of December 31, 2013, BGE had a regulatory liability of $7 million related to over-recovered electric revenue decoupling and $9 million related to over-recovered natural gas revenue decoupling.

(f) Relates to $3 million associated with the transmission formula rate and $3 million of over-recovered natural gas supply costs as of September 30, 2014. As of December 31, 2013, includes $1 million of under-recovered electric supply costs and $11 million of over-recovered natural gas supply costs.

Schedule of Regulatory Liabilities

September 30, 2014	Exelon				ComEd				PECO				BGE
	Current		Noncurrent		Current		Noncurrent		Current		Noncurrent		Current			Noncurrent
Regulatory assets
Pension and other postretirement        benefits	$	208	$	2,455	$	—	$	—	$	—	$	—	$	—		$	—
Deferred income taxes	7		1,517		1		67		—		1,377		6			73
AMI programs	9		254		9		69		—		74		—			111
Under-recovered distribution service        costs	243		223		243		223		—		—		—			—
Debt costs	9		50		7		48		2		2		1			8
Fair value of BGE long-term debt(a)	6		192		—		—		—		—		—			—
Fair value of BGE supply contract(b)	3		—		—		—		—		—		—			—
Severance	4		9		—		—		—		—		4			9
Asset retirement obligations	1		111		1		73		—		26		—			12
MGP remediation costs	39		220		32		186		6		33		1			1
RTO start-up costs	1		—		1		—		—		—		—			—
Under-recovered uncollectible accounts	—		70		—		70		—		—		—			—
Renewable energy	14		164		14		164		—		—		—			—
Energy and transmission programs	22		5		19		—		—		—		3		(f)	5
Deferred storm costs	3		—		—		—		—		—		3			—
Electric generation-related          regulatory asset	12		21		—		—		—		—		12			21
Rate stabilization deferral	75		101		—		—		—		—		75			101
Energy efficiency and demand          response programs	84		151		—		—		—		—		84			151
Merger integration costs	2		7		—		—		—		—		2			7
Conservation voltage reduction	1		1		—		—		—		—		1			1
Under-recovered revenue decoupling(e)	14		—		—		—		—		—		14			—
Other	17		38		3		28		13		8		—			—
Total regulatory assets	$	774	$	5,589	$	330	$	928	$	21	$	1,520	$	206		$	500

September 30, 2014	Exelon				ComEd				PECO					BGE
	Current		Noncurrent		Current		Noncurrent		Current			Noncurrent		Current			Noncurrent
Regulatory liabilities
Other postretirement benefits	$	53	$	96	$	—	$	—	$	—		$	—	$	—		$	—
Nuclear decommissioning	—		2,850		—		2,371		—			479		—			—
Removal costs	110		1,455		86		1,257		—			—		24			198
Energy efficiency and demand        response programs	28		2		28		—		—			2		—			—
DLC Program Costs	—		10		—		—		—			10		—			—
Energy efficiency Phase 2	—		32		—		—		—			32		—			—
Electric distribution tax repairs	20		100		—		—		20			100		—			—
Gas distribution tax repairs	8		32		—		—		8			32		—			—
Energy and transmission programs	73		13		26		13		44		(c)	—		3		(f)	—
Over-recovered gas and electric          universal service fund costs	4		—		—		—		4			—		—			—
Revenue subject to refund(d)	47		—		47		—		—			—		—			—
Over-recovered revenue decoupling(e)	16		—		—		—		—			—		16			—
Other	5		3		—		2		3			—		2			1
Total regulatory liabilities	$	364	$	4,593	$	187	$	3,643	$	79		$	655	$	45		$	199

December 31, 2013	Exelon				ComEd				PECO				BGE
	Current		Noncurrent		Current		Noncurrent		Current		Noncurrent		Current			Noncurrent
Regulatory assets
Pension and other postretirement       benefits	$	221	$	2,794	$	—	$	—	$	—	$	—	$	—		$	—
Deferred income taxes	10		1,459		2		65		—		1,317		8			77
AMI programs	5		159		5		35		—		58		—			66
AMI meter events	—		5		—		—		—		5		—			—
Under-recovered distribution service       costs	178		285		178		285		—		—		—			—
Debt costs	12		56		9		53		3		3		1			8
Fair value of BGE long-term debt(a)	—		219		—		—		—		—		—			—
Fair value of BGE supply contract(b)	12		—		—		—		—		—		—			—
Severance	16		12		12		—		—		—		4			12
Asset retirement obligations	1		102		1		67		—		25		—			10
MGP remediation costs	40		212		33		178		6		33		1			1
RTO start-up costs	2		—		2		—		—		—		—			—
Under-recovered uncollectible accounts	—		48		—		48		—		—		—			—
Renewable energy	17		176		17		176		—		—		—			—
Energy and transmission programs	53		—		52		—		—		—		1		(f)	—
Deferred storm costs	3		3		—		—		—		—		3			3
Electric generation-related regulatory        asset	13		30		—		—		—		—		13			30
Rate stabilization deferral	71		154		—		—		—		—		71			154
Energy efficiency and demand        response programs	73		148		—		—		—		—		73			148
Merger integration costs	2		9		—		—		—		—		2			9
Other	31		39		18		26		8		7		4			6
Total regulatory assets	$	760	$	5,910	$	329	$	933	$	17	$	1,448	$	181		$	524

December 31, 2013	Exelon				ComEd				PECO					BGE
	Current		Noncurrent		Current		Noncurrent		Current			Noncurrent		Current			Noncurrent
Regulatory liabilities
Other postretirement benefits	$	2	$	43	$	—	$	—	$	—		$	—	$	—		$	—
Nuclear decommissioning	—		2,740		—		2,293		—			447		—			—
Removal costs	99		1,423		78		1,219		—			—		21			204
Energy efficiency and demand        response programs	53		—		45		—		8			—		—			—
DLC Program Costs	1		10		—		—		1			10		—			—
Energy efficiency phase II	—		21		—		—		—			21		—			—
Electric distribution tax repairs	20		114		—		—		20			114		—			—
Gas distribution tax repairs	8		37		—		—		8			37
Energy and transmission programs	78		—		9		—		58		(c)	—		11		(f)	—
Over-recovered gas and electric       universal service fund costs	8		—		—		—		8			—		—			—
Revenue subject to refund(d)	38		—		38		—		—			—		—			—
Over-recovered revenue decoupling(e)	16		—		—		—		—			—		16			—
Other	4		—		—		—		3			—		—			—
Total regulatory liabilities	$	327	$	4,388	$	170	$	3,512	$	106		$	629	$	48		$	204

________________

(a) Represents the regulatory asset recorded at Exelon Corporate for the difference in the fair value of the long-term debt of BGE as of the merger date. The asset is amortized over the life of the underlying debt.

(b) Represents the regulatory asset recorded at Exelon Corporate representing the fair value of BGE’s supply contracts as of the close of the merger date. BGE is allowed full recovery of the costs of its electric and gas supply contracts through approved, regulated rates. The asset is amortized over a period of approximately 3 years.

(c) Includes $28 million related to the DSP program, $11 million related to the over-recovered natural gas costs under the PGC and $5 million related to over-recovered electric transmission costs as of September 30, 2014. As of December 31, 2013, includes $34 million related to the DSP program, $8 million related to the over-recovered electric transmission costs and $16 million related to the over-recovered natural gas costs under the PGC.

(d) Primarily represents the regulatory liability for revenue subject to refund recorded pursuant to the ICC’s order in the 2007 Rate Case. See Note 3 — Regulatory Matters of the Exelon 2013 Form 10-K. for further information.

(e) Represents the electric and gas distribution costs recoverable from customers under BGE’s decoupling mechanism. As of September 30, 2014, BGE had a regulatory asset of $14 million related to under-recovered electric revenue decoupling and a regulatory liability of $16 million related to over-recovered natural gas revenue decoupling. As of December 31, 2013, BGE had a regulatory liability of $7 million related to over-recovered electric revenue decoupling and $9 million related to over-recovered natural gas revenue decoupling.

(f) Relates to $3 million associated with the transmission formula rate and $3 million of over-recovered natural gas supply costs as of September 30, 2014. As of December 31, 2013, includes $1 million of under-recovered electric supply costs and $11 million of over-recovered natural gas supply costs.

Purchase Of Receivables

As of September 30, 2014	Exelon			ComEd			PECO			BGE
Purchased receivables(a)	$	306		$	152		$	78		$	76
Allowance for uncollectible accounts(b)	(36		)	(21		)	(8		)	(7		)
Purchased receivables, net	$	270		$	131		$	70		$	69

As of December 31, 2013	Exelon			ComEd			PECO			BGE
Purchased receivables(a)	$	263		$	105		$	72		$	86
Allowance for uncollectible accounts(b)	(30		)	(16		)	(7		)	(7		)
Purchased receivables, net	$	233		$	89		$	65		$	79

_________

(a) PECO’s gas POR program became effective on January 1, 2012 and includes a 1% discount on purchased receivables in order to recover the implementation costs of the program. If the costs are not fully recovered when PECO files its next gas distribution rate case, PECO will propose a mechanism to recover the remaining implementation costs as a distribution charge to low volume transportation customers or apply future discounts on purchased receivables from natural gas suppliers serving those customers.

(b) For ComEd and BGE, reflects the incremental allowance for uncollectible accounts recorded, which is in addition to the purchase discount. For ComEd, the incremental uncollectible accounts expense is recovered through its Purchase of Receivables with Consolidated Billing (PORCB) tariff.