Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2014

ComEd, PECO and BGE will work with PJM to continue to evaluate the scope and timing of any required construction projects. ComEd, PECO and BGE’s estimated commitments are as follows:



	Total		2015		2016		2017		2018		2019
ComEd	$	335	$	150	$	172	$	5	$	4	$	4
PECO	100		32		31		25		8		4
BGE	351		77		104		77		57		36

Schedule of Regulatory Assets

The following tables provide information about the regulatory assets and liabilities of Exelon, ComEd, PECO and BGE as of December 31, 2014 and 2013.



December 31, 2014	Exelon				ComEd				PECO				BGE
	Current		Noncurrent		Current		Noncurrent		Current		Noncurrent		Current		Noncurrent
Regulatory assets
Pension and other postretirement benefits	$	247	$	3,009	$	—	$	—	$	—	$	—	$	—	$	—
Deferred income taxes	6		1,536		—		64		—		1,400		6		72
AMI programs	25		271		10		81		15		62		—		128
Under-recovered distribution service costs	251		120		251		120		—		—		—		—
Debt costs	8		49		6		47		2		2		1		8
Fair value of BGE long-term debt	7		183		—		—		—		—		—		—
Severance	4		8		—		—		—		—		4		8
Asset retirement obligations	1		115		1		73		—		26		—		16
MGP remediation costs	36		221		30		189		6		31		—		1
Under-recovered uncollectible accounts	—		67		—		67		—		—		—		—
Renewable energy	20		187		20		187		—		—		—		—
Energy and transmission programs	37		11		26		7		—		—		11		4
Deferred storm costs	1		2		—		—		—		—		1		2
Electric generation-related regulatory asset	10		20		—		—		—		—		10		20
Rate stabilization deferral	75		85		—		—		—		—		75		85
Energy efficiency and demand response programs	89		159		—		—		—		—		89		159
Merger integration costs	2		6		—		—		—		—		2		6
Conservation voltage reduction	1		1		—		—		—		—		1		1
Under-recovered electric revenue decoupling	7		—						—		—		7		—
Other ^(a)	20		26		5		17		6		8		7		—
Total regulatory assets	$	847	$	6,076	$	349	$	852	$	29	$	1,529	$	214	$	510



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	—		219		—		—		—		—		—		—
Fair value of BGE supply contracts	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		9		52		6		—		—		1		3
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 ^(a)	31		30		18		20		8		7		4		3
Total regulatory assets	$	760	$	5,910	$	329	$	933	$	17	$	1,448	$	181	$	524

Schedule of Regulatory Liabilities



December 31, 2014	Exelon				ComEd				PECO				BGE
	Current		Noncurrent		Current		Noncurrent		Current		Noncurrent		Current		Noncurrent
Regulatory liabilities
Other postretirement benefits	$	51	$	37	$	—	$	—	$	—	$	—	$	—	$	—
Nuclear decommissioning	—		2,879		—		2,389		—		490		—		—
Removal costs	118		1,448		94		1,249		—		—		24		199
Energy efficiency and demand response programs	25		2		25		—		—		2		—		—
DLC program costs	—		10		—		—		—		10		—		—
Energy efficiency phase II	—		32		—		—		—		32		—		—
Electric distribution tax repairs	8		94		—		—		8		94		—		—
Gas distribution tax repairs	20		29		—		—		20		29		—		—
Energy and transmission programs	68		16		3		16		58		—		7		—
Over-recovered electric universal service fund costs	2		—		—		—		2		—		—		—
Revenue subject to refund	3		—		3		—		—		—		—		—
Over-recovered gas revenue decoupling	12		—		—		—		—		—		12		—
Other	3		3		—		1		2		—		1		1
Total regulatory liabilities	$	310	$	4,550	$	125	$	3,655	$	90	$	657	$	44	$	200



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		—		11		—
Over-recovered gas universal service fund costs	8		—		—		—		8		—		—		—
Revenue subject to refund	38		—		38		—		—		—		—		—
Over-recovered electric and gas revenue decoupling	16		—		—		—		—		—		16		—
Other	4		—		—		—		3		—		—		—
Total regulatory liabilities	$	327	$	4,388	$	170	$	3,512	$	106	$	629	$	48	$	204

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(a)	For ComEd and BGE, includes Purchase of Receivable Program regulatory assets. As of December 31, 2014, ComEd and BGE had a regulatory asset related to the Purchase of Receivable Program of $14 million and $7 million, respectively. As of December 31, 2013, ComEd and BGE had a regulatory asset related to the Purchase of Receivable Program of $27 million and $0 million, respectively.

Purchase Of Receivables

The following tables provide information about the purchased receivables of the Registrants as of December 31, 2014 and 2013.



As of December 31, 2014	Exelon			ComEd			PECO			BGE
Purchased receivables ^(a)	$	290		$	139		$	76		$	75
Allowance for uncollectible accounts ^(b)	(42		)	(21		)	(8		)	(13		)
Purchased receivables, net	$	248		$	118		$	68		$	62

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.