Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Tables [Line Items]

Fair value of financial liabilities recorded at the carrying amount

The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, SNF obligation, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of September 30, 2014 and December 31, 2013:

Exelon

	September 30, 2014
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	565	$	3	$	562	$	—	$	565
Long-term debt (including amounts due within one year)	21,264		1,168		20,278		1,297		22,743
Long-term debt to financing trusts	648		—		—		677		677
SNF obligation	1,021		—		849		—		849

	December 31, 2013
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	344	$	3	$	341	$	—	$	344
Long-term debt (including amounts due within one year)	19,132		—		18,672		1,079		19,751
Long-term debt to financing trusts	648		—		—		631		631
SNF obligation	1,021		—		790		—		790

Assets and liabilities measured and recorded at fair value on recurring basis

The following tables present assets and liabilities measured and recorded at fair value on Exelon's and Generation’s Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of September 30, 2014 and December 31, 2013:

	Generation								Exelon
As of September 30, 2014	Level 1		Level 2		Level 3		Total		Level 1			Level 2			Level 3		Total
Assets
Cash equivalents(a)	$	944	$	—	$	—	$	944	$	1,876		$	—		$	—	$	1,876
Nuclear decommissioning trust fund investments
Cash equivalents	261		62		—		323		261			62			—		323
Equity
Individually held	2,569		—		—		2,569		2,569			—			—		2,569
Exchange traded funds	170		—		—		170		170			—			—		170
Commingled funds	—		2,365		—		2,365		—			2,365			—		2,365
Equity funds subtotal	2,739		2,365		—		5,104		2,739			2,365			—		5,104
Balanced funds - commingled funds	—		273		—		273		—			273			—		273
Fixed income
Debt securities issued by the U.S.      Treasury and other U.S. government      corporations and agencies	967		—		—		967		967			—			—		967
Debt securities issued by states of the      United States and political      subdivisions of the states	—		429		—		429		—			429			—		429
Debt securities issued by foreign      governments	—		105		—		105		—			105			—		105
Corporate debt securities	—		2,001		235		2,236		—			2,001			235		2,236
Federal agency mortgage-backed      securities	—		79		—		79		—			79			—		79
Commercial mortgage-backed      securities (non-agency)	—		39		—		39		—			39			—		39
Residential mortgage-backed securities      (non-agency)	—		3		—		3		—			3			—		3
Mutual funds	—		21		—		21		—			21			—		21
Commingled funds	—		328		—		328		—			328		—	—		328
Fixed income subtotal	967		3,005		235		4,207		967			3,005			235		4,207
Middle market lending	—		—		354		354		—			—			354		354
Private Equity	—		—		54		54		—			—			54		54
Other debt obligations	—		19		—		19		—			19			—		19
Real Estate	—		—		1		1		—		—	—		—	1		1
Nuclear decommissioning trust fund investments subtotal(b)	3,967		5,724		644		10,335		3,967			5,724			644		10,335

	Generation												Exelon
As of September 30, 2014	Level 1			Level 2			Level 3			Total			Level 1				Level 2				Level 3				Total
Pledged assets for Zion Station decommissioning
Cash equivalents	—			12			—			12			—				12				—				12
Equity
Individually held	5			2			—			7			5				2				—				7
Equity funds subtotal	5			2			—			7			5				2				—				7
Fixed income
Debt securities issued by the U.S.      Treasury and other U.S. government      corporations and agencies	13			2			—			15			13				2				—				15
Debt securities issued by states of the      United States and political      subdivisions of the states	—			19			—			19			—				19				—				19
Corporate debt securities	—			138			—			138			—				138				—				138
Commingled funds	—			4			—			4			—			—	4			—	—			—	4
Fixed income subtotal	13			163			—			176			13				163				—				176
Middle market lending	—			—			166			166			—				—				166				166
Pledged assets for Zion Station      decommissioning subtotal(c)	18			177			166			361			18				177				166				361
Rabbi trust investments(e)
Mutual funds(d)	15			—			—			15			46				—				—				46
Rabbi trust investments subtotal	15			—			—			15			46				—				—				46
Commodity derivative assets
Economic hedges	396			2,523			1,683			4,602			396				2,523				1,683				4,602
Proprietary trading	129			537			214			880			129				537				214				880
Effect of netting and allocation of collateral(f)	(563		)	(2,472		)	(1,213		)	(4,248		)	(563		)		(2,472		)		(1,213		)		(4,248		)
Commodity derivative assets subtotal	(38		)	588			684			1,234			(38		)		588				684				1,234
Interest rate and foreign currency derivative         assets
Derivatives designated as hedging instruments	—			13			—			13			—				25				—				25
Economic hedges	—			7			—			7			—				12				—				12
Proprietary trading	18			3			—			21			18				3				—				21
Effect of netting and allocation of collateral	(19		)	(5		)	—			(24		)	(19		)		(5		)		—				(24		)
Interest rate and foreign currency derivative         assets subtotal	(1		)	18			—			17			(1		)		35				—				34
Other investments	13			—			3			16			13				—				3				16
Total assets	4,918			6,507			1,497			12,922			5,881				6,524				1,497				13,902
Liabilities
Commodity derivative liabilities
Economic hedges	(458		)	(2,194		)	(1,494		)	(4,146		)	(458		)		(2,194		)		(1,672		)		(4,324		)
Proprietary trading	(133		)	(555		)	(203		)	(891		)	(133		)		(555		)		(203		)		(891		)
Effect of netting and allocation of collateral(f)	591			2,672			1,444			4,707			591				2,672				1,444				4,707
Commodity derivative liabilities subtotal	—			(77		)	(253		)	(330		)	—				(77		)		(431		)		(508		)
Interest rate and foreign currency derivative         liabilities
Derivatives designated as hedging instruments	—			(2		)	—			(2		)	—				(12		)		—				(12		)
Economic hedges	—			(9		)	—			(9		)	—				(22		)		—				(22		)
Proprietary trading	(17		)	(3		)	—			(20		)	(17		)		(3		)		—				(20		)
Effect of netting and allocation of collateral	17			5			—			22			17				5				—				22
Interest rate and foreign currency derivative         liabilities subtotal	—			(9		)	—			(9		)	—				(32		)		—				(32		)
Deferred compensation obligation	—			(29		)	—			(29		)	—				(105		)		—				(105		)
Total liabilities	—			(115		)	(253		)	(368		)	—				(214		)		(431		)		(645		)
Total net assets	$	4,918		$	6,392		$	1,244		$	12,554		$	5,881			$	6,310			$	1,066			$	13,257

	Generation								Exelon
As of December 31, 2013	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	1,006	$	—	$	—	$	1,006	$	1,230	$	—	$	—	$	1,230
Nuclear decommissioning trust fund investments
Cash equivalents	459		—		—		459		459		—		—		459
Equity
Individually held	1,776		—		—		1,776		1,776		—		—		1,776
Exchange traded funds	115		—		—		115		115		—		—		115
Commingled funds	—		2,271		—		2,271		—		2,271		—		2,271
Equity funds subtotal	1,891		2,271		—		4,162		1,891		2,271		—		4,162
Fixed income
Debt securities issued by the U.S.     Treasury and other U.S. government     corporations and agencies	882		—		—		882		882		—		—		882
Debt securities issued by states of the     United States and political     subdivisions of the states	—		294		—		294		—		294		—		294
Debt securities issued by foreign     governments	—		87		—		87		—		87		—		87
Corporate debt securities	—		1,753		31		1,784		—		1,753		31		1,784
Federal agency mortgage-backed     securities	—		10		—		10		—		10		—		10
Commercial mortgage-backed     securities (non-agency)	—		40		—		40		—		40		—		40
Residential mortgage-backed securities     (non-agency)	—		7		—		7		—		7		—		7
Mutual funds	—		18		—		18		—		18		—		18
Fixed income subtotal	882		2,209		31		3,122		882		2,209		31		3,122
Middle market lending	—		—		314		314		—		—		314		314
Private Equity	—		—		5		5		—		—		5		5
Other debt obligations	—		14		—		14		—		14		—		14
Nuclear decommissioning trust fund investments      subtotal(b)	3,232		4,494		350		8,076		3,232		4,494		350		8,076
Pledged assets for Zion Station      decommissioning
Cash equivalents	—		26		—		26		—		26		—		26
Equity
Individually held	16		—		—		16		16		—		—		16
Equity funds subtotal	16		—		—		16		16		—		—		16
Fixed income
Debt securities issued by the U.S.      Treasury and other U.S. government      corporations and agencies	45		4		—		49		45		4		—		49
Debt securities issued by states of the      United States and political      subdivisions of the states	—		20		—		20		—		20		—		20
Corporate debt securities	—		227		—		227		—		227		—		227
Fixed income subtotal	45		251		—		296		45		251		—		296
Middle market lending	—		—		112		112		—		—		112		112
Other debt obligations	—		1		—		1		—		1		—		1
Pledged assets for Zion Station     decommissioning subtotal(c)	61		278		112		451		61		278		112		451
Rabbi trust investments(e)
Cash equivalents	—		—		—		—		2		—		—		2
Mutual funds(d)	13		—		—		13		54		—		—		54
Rabbi trust investments subtotal	13		—		—		13		56		—		—		56

	Generation												Exelon
As of December 31, 2013	Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Commodity derivative assets
Economic hedges	493			2,582			885			3,960			493			2,582			885			3,960
Proprietary trading	324			1,315			122			1,761			324			1,315			122			1,761
Effect of netting and allocation of collateral(f)	(863		)	(3,131		)	(430		)	(4,424		)	(863		)	(3,131		)	(430		)	(4,424		)
Commodity derivative assets subtotal	(46		)	766			577			1,297			(46		)	766			577			1,297
Interest rate and foreign currency derivative     assets	30			32			—			62			30			39			—			69
Effect of netting and allocation of collateral	(30		)	(2		)	—			(32		)	(30		)	(2		)	—			(32		)
Interest rate and foreign currency derivative     assets subtotal	—			30			—			30			—			37			—			37
Other investments	—			—			15			15			—			—			15			15
Total assets	4,266			5,568			1,054			10,888			4,533			5,575			1,054			11,162
Liabilities
Commodity derivative liabilities
Economic hedges	(540		)	(1,890		)	(397		)	(2,827		)	(540		)	(1,890		)	(590		)	(3,020		)
Proprietary trading	(328		)	(1,256		)	(119		)	(1,703		)	(328		)	(1,256		)	(119		)	(1,703		)
Effect of netting and allocation of collateral(f)	869			3,007			404			4,280			869			3,007			404			4,280
Commodity derivative liabilities subtotal	1			(139		)	(112		)	(250		)	1			(139		)	(305		)	(443		)
Interest rate and foreign currency derivative     liabilities	(31		)	(13		)	—			(44		)	(31		)	(17		)	—			(48		)
Effect of netting and allocation of collateral	31			1			—			32			31			1			—			32
Interest rate and foreign currency derivative     liabilities subtotal	—			(12		)	—			(12		)	—			(16		)	—			(16		)
Deferred compensation obligation	—			(29		)	—			(29		)	—			(114		)	—			(114		)
Total liabilities	1			(180		)	(112		)	(291		)	1			(269		)	(305		)	(573		)
Total net assets	$	4,267		$	5,388		$	942		$	10,597		$	4,534		$	5,306		$	749		$	10,589

(a) Excludes certain cash equivalents considered to be held-to-maturity and not reported at fair value.

(b) Excludes net assets (liabilities) of $14 million and $(5) million at September 30, 2014 and December 31, 2013, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, and payables related to pending securities purchases.

(c) Excludes net assets of $4 million and $7 million at September 30, 2014 and December 31, 2013, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, and payables related to pending securities purchases.

(d) The mutual funds held by the Rabbi trusts at Exelon include $45 million related to deferred compensation and $1 million related to Supplemental Executive Retirement Plan at September 30, 2014, and $53 million related to deferred compensation and $1 million related to Supplemental Executive Retirement Plan at December 31, 2013.

(e) Excludes $11 million and $35 million of cash surrender value of life insurance investment at September 30, 2014 and $10 million and $32 million of cash surrender value of life insurance investment at December 31, 2013 at Generation and Exelon, respectively.

(f) Includes collateral postings (received) from counterparties. Collateral posted (received) from counterparties for commodity positions, net of collateral paid to counterparties, totaled $28 million, $200 million and $231 million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of September 30, 2014. Collateral posted (received) from counterparties, net of collateral paid to counterparties, totaled $6 million, $(124) million and $(26) million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of December 31, 2013.

ComEd, PECO and BGE

The following tables present assets and liabilities measured and recorded at fair value on the ComEd, PECO and BGE Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of September 30, 2014 and December 31, 2013:

	ComEd											PECO										BGE
As of September 30, 2014	Level 1		Level 2			Level 3			Total			Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Assets
Cash equivalents	$	—	$	—		$	—		$	—		$	304	$	—		$	—	$	304		$	5	$	—		$	—	$	5
Rabbi trust investments
Mutual funds (a)	—		—			—			—			9		—			—		9			5		—			—		5
Rabbi trust investments    subtotal	—		—			—			—			9		—			—		9			5		—			—		5
Total assets	—		—			—			—			313		—			—		313			10		—			—		10
Liabilities
Deferred compensation     obligation	—		(8		)	—			(8		)	—		(15		)	—		(15		)	—		(5		)	—		(5		)
Mark-to-market derivative     liabilities (b)	—		—			(178		)	(178		)	—		—			—		—			—		—			—		—
Total liabilities	—		(8		)	(178		)	(186		)	—		(15		)	—		(15		)	—		(5		)	—		(5		)
Total net assets (liabilities)	$	—	$	(8	)	$	(178	)	$	(186	)	$	313	$	(15	)	$	—	$	298		$	10	$	(5	)	$	—	$	5

	ComEd											PECO										BGE
As of December 31, 2013	Level 1		Level 2			Level 3			Total			Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Assets
Cash equivalents	$	—	$	—		$	—		$	—		$	175	$	—		$	—	$	175		$	31	$	—		$	—	$	31
Rabbi trust investments
Mutual funds (a)	5		—			—			5			9		—			—		9			6		—			—		6
Rabbi trust investments subtotal	5		—			—			5			9		—			—		9			6		—			—		6
Total assets	5		—			—			5			184		—			—		184			37		—			—		37
Liabilities
Deferred compensation obligation	—		(8		)	—			(8		)	—		(17		)	—		(17		)	—		(6		)	—		(6		)
Mark-to-market derivative liabilities (b)	—		—			(193		)	(193		)	—		—			—		—			—		—			—		—
Total liabilities	—		(8		)	(193		)	(201		)	—		(17		)	—		(17		)	—		(6		)	—		(6		)
Total net assets (liabilities)	$	5	$	(8	)	$	(193	)	$	(196	)	$	184	$	(17	)	$	—	$	167		$	37	$	(6	)	$	—	$	31

(a) At PECO, excludes $14 million of the cash surrender value of life insurance investments at both September 30, 2014 and December 31, 2013.

(b) The Level 3 balance includes the current and noncurrent liability of $14 million and $164 million at September 30, 2014, respectively, and $17 million and $176 million at December 31, 2013, respectively, related to floating-to-fixed energy swap contracts with unaffiliated suppliers.

Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis

The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three and nine months ended September 30, 2014 and 2013:

	Generation															ComEd			Exelon
Three Months Ended September 30, 2014	Nuclear Decommissioning Trust Fund Investments			Pledged Assets for Zion Station Decommissioning			Mark-to-Market Derivatives			Other Investments			Total Generation			Mark-to-Market Derivatives (b)			Total
Balance as of June 30, 2014	$	592		$	133		$	242		$	10		$	977		$	(134	)	$	843
Total realized / unrealized gains     (losses)
Included in net income	1			—			76		(a)	—			77			—			77
Included in noncurrent     payables to affiliates	3			—			—			—			3			—			3
Included in payable for Zion     Station decommissioning	—			(2		)	—			—			(2		)	—			(2		)
Included in regulatory assets	—			—			—			—			—			(44		)	(44		)
Change in collateral	—			—			79			—			79			—			79
Purchases, sales, issuances and     settlements
Purchases	83			53			12			—			148			—			148
Sales	(8		)	(18		)	—			(7		)	(33		)	—			(33		)
Settlements	(27		)	—			—			—			(27		)	—			(27		)
Transfers into Level 3	—			—			21			—			21			—			21
Transfers out of Level 3	—			—			1			—			1			—			1
Balance as of September 30, 2014	$	644		$	166		$	431		$	3		$	1,244		$	(178	)	$	1,066
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities held for the three months ended September 30, 2014	$	1		$	—		$	163		$	—		$	164		$	—		$	164

	Generation																ComEd			Exelon
Nine Months Ended September 30, 2014	Nuclear Decommissioning Trust Fund Investments			Pledged Assets for Zion Station Decommissioning			Mark-to-Market Derivatives				Other Investments			Total Generation			Mark-to-Market Derivatives (b)			Total
Balance as of December 31, 2013	$	350		$	112		$	465			$	15		$	942		$	(193	)	$	749
Total realized / unrealized gains     (losses)
Included in net income	5			—			(284		)	(a)	—			(279		)	—			(279		)
Included in noncurrent     payables to affiliates	14			—			—				—			14			—			14
Included in payable for Zion     Station decommissioning	—			2			—				—			2			—			2
Included in regulatory assets	—			—			—				—			—			15			15
Change in collateral	—			—			257				—			257			—			257
Purchases, sales, issuances and     settlements
Purchases	331			95			27				2			455			—			455
Sales	(10		)	(43		)	(6		)		(7		)	(66		)	—			(66		)
Settlements	(46		)	—			—				—			(46		)	—			(46		)
Transfers into Level 3	—			—			(9		)		—			(9		)	—			(9		)
Transfers out of Level 3	—			—			(19		)		(7		)	(26		)	—			(26		)
Balance as of September 30, 2014	$	644		$	166		$	431			$	3		$	1,244		$	(178	)	$	1,066
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities held for the nine months ended September 30, 2014	$	3		$	—		$	(264	)		$	—		$	(261	)	$	—		$	(261	)

(a) Includes an increase for the reclassification of $87 million and $20 million of realized losses due to the settlement of derivative contracts recorded in results of operations for the three and nine months ended September 30, 2014, respectively.

(b) Includes $45 million of increases and $19 million of decreases in fair value and realized losses due to settlements of $1 million and realized gains due to settlements of $4 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three and nine months ended September 30, 2014, respectively.

	Generation															ComEd			Exelon
Three Months Ended September 30, 2013	Nuclear Decommissioning Trust Fund Investments			Pledged Assets for Zion Station Decommissioning			Mark-to-Market Derivatives				Other Investments		Total Generation			Mark-to-Market Derivatives(c)			Total
Balance as of June 30, 2013	$	240		$	111		$	516			$	11	$	878		$	(85	)	$	793
Total realized / unrealized gains     (losses)
Included in net income	—			—			(32		)	(a)	—		(32		)	—			(32		)
Included in noncurrent payables     to affiliates	(1		)	—			—				—		(1		)	—			(1		)
Included in payable for Zion     Station decommissioning	—			—			—				—		—			—			—
Included in regulatory assets	—			—			—				—		—			(37		)	(37		)
Change in collateral	—			—			(30		)		—		(30		)	—			(30		)
Purchases, sales, issuances and     settlements
Purchases	23			10			8				—		41			—			41
Sales	(14		)	(15		)	—				—		(29		)	—			(29		)
Settlements	(3		)	—			—				—		(3		)	—			(3		)
Transfers into Level 3	—			—			4				—		4			—			4
Transfers out of Level 3	—			—			(5		)		—		(5		)	—			(5		)
Balance as of September 30, 2013	$	245		$	106		$	461			$	11	$	823		$	(122	)	$	701
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities held for the three months ended September 30, 2013	$	—		$	—		$	51			$	—	$	51		$	—		$	51

	Generation																ComEd			Exelon
Nine Months Ended September 30, 2013	Nuclear Decommissioning Trust Fund Investments			Pledged Assets for Zion Station Decommissioning			Mark-to-Market Derivatives				Other Investments			Total Generation			Mark-to- Market Derivatives(c)(d)			Total
Balance as of December 31, 2012	$	183		$	89		$	660			$	17		$	949		$	(293	)	$	656
Total realized / unrealized gains     (losses)
Included in net income	2			—			(8		)	(a)(b)	—			(6		)	—			(6		)
Included in other     comprehensive income	—			—			(219		)	(b)	—			(219		)	—			(219		)
Included in noncurrent     payables to affiliates	8			—			—				—			8			226			234
Included in payable for Zion     Station decommissioning	—			1			—				—			1			—			1
Included in regulatory assets	—			—			—				—			—			(55		)	(55		)
Change in collateral	—			—			13				—			13			—			13
Purchases, sales, issuances and      settlements
Purchases	90			43			16				2			151			—			151
Sales	(27		)	(27		)	(8		)		(8		)	(70		)	—			(70		)
Settlements	(11		)	—			—				—			(11		)	—			(11		)
Transfers into Level 3	—			—			11				—			11			—			11
Transfers out of Level 3	—			—			(4		)		—			(4		)	—			(4		)
Balance as of September 30, 2013	$	245		$	106		$	461			$	11		$	823		$	(122	)	$	701
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities held for the nine months ended September 30, 2013	$	1		$	—		$	148			$	—		$	149		$	11		$	160

(a) Includes the reclassification of $83 million and $156 million of realized losses due to the settlement of derivative contracts recorded in results of operations for the three and nine months ended September 30, 2013, respectively.

(b) Includes $11 million of increases in fair value and realized gains due to settlements of $215 million associated with Generation's financial swap contract with ComEd for the nine months ended September 30, 2013. This position eliminates upon consolidation in Exelon’s Consolidated Financial Statements.

(c) Includes $11 million of decreases in fair value and realized gains due to settlements of $215 million associated with Generation's financial swap contract with ComEd for the nine months ended September 30, 2013. This position eliminates upon consolidation in Exelon’s Consolidated Financial Statements.

(d) Includes $37 million and $57 million of increases in fair value and realized losses due to settlements of $1 million and $5 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three and nine months ended September 30, 2013, respectively.

Total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis

The following tables present the income statement classification of the total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis during the three and nine months ended September 30, 2014 and 2013:

	Generation								Exelon
	Operating Revenues			Purchased Power and Fuel			Other, net(a)		Operating Revenues			Purchased Power and Fuel			Other, net(a)
Total gains (losses) included in net income for the three months ended September 30, 2014	$	70		$	6		$	1	$	70		$	6		$	1
Total gains (losses) included in net income for the nine months ended September 30, 2014	(260		)	(24		)	5		(260		)	(24		)	5
Change in the unrealized gains (losses) relating to assets and liabilities held for the three months ended September 30, 2014	142			21			1		142			21			1
Change in the unrealized gains (losses) relating to assets and liabilities held for the nine months ended September 30, 2014	(293		)	29			3		(293		)	29			3

	Generation							Exelon
	Operating Revenues			Purchased Power and Fuel		Other, net(a)		Operating Revenues			Purchased Power and Fuel		Other, net(a)
Total gains (losses) included in net income for the three months ended September 30, 2013	$	(39	)	$	7	$	—	$	(39	)	$	7	$	—
Total gains (losses) included in net income for the nine months ended September 30, 2013	(67		)	59		2		(61		)	60		2
Change in the unrealized gains (losses) relating to assets and liabilities held for the three months ended September 30, 2013	42			9		—		42			9		—
Change in the unrealized gains (losses) relating to assets and liabilities held for the nine months ended September 30, 2013	71			77		1		81			78		1

(a) Other, net activity consists of realized and unrealized gains (losses) included in income for the NDT funds held by Generation.

Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis, valuation technique

The table below discloses the significant inputs to the forward curve used to value these positions.

Type of trade	Fair Value at September 30, 2014			Valuation Technique	Unobservable Input	Range
Mark-to-market derivatives — Economic Hedges (Generation)(a)(c)	$	189		Discounted Cash Flow	Forward power price	$13	-	$194	(d)
					Forward gas price	$2.54	-	$22.15	(d)
				Option Model	Volatility percentage	8%	-	154%
Mark-to-market derivatives — Proprietary trading (Generation)(a)(c)	$	11		Discounted Cash Flow	Forward power price	$14	-	$191	(d)
				Option Model	Volatility percentage	8%	-	154%
Mark-to-market derivatives (ComEd)	$	(178	)	Discounted Cash Flow	Forward heat rate(b)	8x	-	9x
					Marketability reserve	3.5%	-	8%
					Renewable factor	86%	-	126%

(a) The valuation techniques, unobservable inputs and ranges are the same for the asset and liability positions.

(b) Quoted forward natural gas rates are utilized to project the forward power curve for the delivery of energy at specified future dates. The natural gas curve is extrapolated beyond its observable period to the end of the contract’s delivery.

(c) The fair values do not include cash collateral held on level three positions of $231 million as of September 30, 2014.

(d) The upper ends of the ranges are driven by the winter power and gas prices in the New England region. Without the New England region, the upper ends of the ranges for power and gas economic hedges would be approximately $146 and $10.62, respectively, and would be approximately $104 for power proprietary trading.

Type of trade	Fair Value at December 31, 2013			Valuation Technique	Unobservable Input	Range
Mark-to-market derivatives — Economic Hedges (Generation)(a)(c)	$	488		Discounted Cash Flow	Forward power price	$8	-	$176	(d)
					Forward gas price	$2.98	-	$16.63	(d)
				Option Model	Volatility percentage	15%	-	142%
Mark-to-market derivatives — Proprietary trading (Generation)(a)(c)	$	3		Discounted Cash Flow	Forward power price	$10	-	$176	(d)
				Option Model	Volatility percentage	14%	-	19%
Mark-to-market derivatives (ComEd)	$	(193	)	Discounted Cash Flow	Forward heat rate(b)	8x	-	9x
					Marketability reserve	3.5%	-	8%
					Renewable factor	84%	-	128%

(a) The valuation techniques, unobservable inputs and ranges are the same for the asset and liability positions.

(b) Quoted forward natural gas rates are utilized to project the forward power curve for the delivery of energy at specified future dates. The natural gas curve is extrapolated beyond its observable period to the end of the contract’s delivery.

(c) The fair values do not include cash collateral held on level three positions of $26 million as of December 31, 2013

(d) The upper ends of the ranges are driven by the winter power and gas prices in the New England region. Without the New England region, the upper ends of the ranges for power and gas would be approximately $100 and $5.70, respectively.

Exelon Generation Co L L C [Member]

Fair Value Tables [Line Items]

Fair value of financial liabilities recorded at the carrying amount

Generation

	September 30, 2014
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	14	$	—	$	14	$	—	$	14
Long-term debt (including amounts due within one year)	8,320		—		7,543		1,297		8,840
SNF obligation	1,021		—		849		—		849

	December 31, 2013
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	22	$	—	$	22	$	—	$	22
Long-term debt (including amounts due within one year)	7,729		—		6,586		1,062		7,648
SNF obligation	1,021		—		790		—		790

Commonwealth Edison Co [Member]

Fair Value Tables [Line Items]

Fair value of financial liabilities recorded at the carrying amount

ComEd

	September 30, 2014
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	528	$	—	$	528	$	—	$	528
Long-term debt (including amounts due within one year)	5,708		—		6,422		—		6,422
Long-term debt to financing trust	206		—		—		214		214

	December 31, 2013
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	184	$	—	$	184	$	—	$	184
Long-term debt (including amounts due within one year)	5,675		—		6,238		17		6,255
Long-term debt to financing trust	206		—		—		202		202

PECO Energy Co [Member]

Fair Value Tables [Line Items]

Fair value of financial liabilities recorded at the carrying amount

PECO

	September 30, 2014
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Long-term debt (including amounts due within one year)	$	2,496	$	—	$	2,720	$	—	$	2,720
Long-term debt to financing trusts	184		—		—		204		204

	December 31, 2013
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Long-term debt (including amounts due within one year)	$	2,197	$	—	$	2,358	$	—	$	2,358
Long-term debt to financing trusts	184		—		—		180		180

Baltimore Gas and Electric Company [Member]

Fair Value Tables [Line Items]

Fair value of financial liabilities recorded at the carrying amount

BGE

	September 30, 2014
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	23	$	3	$	20	$	—	$	23
Long-term debt (including amounts due within one year)	1,976		—		2,196		—		2,196
Long-term debt to financing trusts	258		—		—		259		259

	December 31, 2013
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	138	$	3	$	135	$	—	$	138
Long-term debt (including amounts due within one year)	2,011		—		2,148		—		2,148
Long-term debt to financing trusts	258		—		—		249		249