Debt and Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Short-term Debt

The following tables present the short-term borrowings activity for Exelon, Generation, ComEd, and BGE during 2014, 2013 and 2012. PECO did not have any short-term borrowings during 2014, 2013 or 2012.

Exelon

	2014			2013			2012
Average borrowings	$	571		$	254		$	199
Maximum borrowings outstanding	1,164			682			505
Average interest rates, computed on a daily basis	0.32		%	0.37		%	0.48		%
Average interest rates, at December 31	0.53		%	0.35		%	n.a.
Generation
	2014			2013			2012
Average borrowings	$	93		$	42		$	4
Maximum borrowings outstanding	552			291			165
Average interest rates, computed on a daily basis	0.32		%	0.32		%	0.45		%
Average interest rates, at December 31	n.a.			n.a.			n.a.

ComEd
	2014			2013			2012
Average borrowings	$	415		$	203		$	110
Maximum borrowings outstanding	597			446			366
Average interest rates, computed on a daily basis	0.33		%	0.40		%	0.50		%
Average interest rates, at December 31	0.50		%	0.37		%	n.a.
BGE
	2014			2013			2012
Average borrowings	$	64		$	35		$	6
Maximum borrowings outstanding	180			135			76
Average interest rates, computed on a daily basis	0.29		%	0.31		%	0.43		%
Average interest rates, computed at December 31	0.61		%	0.31		%	n.a.

Exelon, Generation, ComEd, PECO and BGE had the following amounts of commercial paper borrowings at December 31, 2014 and 2013:

	Maximum Program Size at December 31,				Outstanding Commercial Paper at December 31,				Average Interest Rate on Commercial Paper Borrowings for the Year Ended December 31,
Commercial Paper Issuer	2014 (a)(b)		2013 (a)(b)		2014		2013		2014		2013
Exelon Corporate	$	500	$	500	$	—	$	—	—	%	0.27	%
Generation	5,600		5,600		—		—		0.32	%	0.32	%
ComEd	1,000		1,000		304		184		0.33	%	0.40	%
PECO	600		600		—		—		n.a.		n.a.
BGE	600		600		120		135		0.29	%	0.31	%
Total	$	8,300	$	8,300	$	424	$	319

_____________________

(a) Reflects aggregate bank commitments under the revolving and bilateral credit agreements (with the exception of $200 million bilateral agreements for Generation) that backstop the commercial paper program. See discussion below and Credit Agreements table below for items affecting effective program size.

(b) Excludes additional credit facility agreements for Generation, ComEd, PECO and BGE with aggregate commitments of $50 million, $34 million, $34 million and $5 million, respectively, arranged with minority and community banks located primarily within ComEd’s, PECO’s and BGE’s service territories. These facilities expired on October 17, 2014 and were renewed at the same amount through October 16, 2015. These facilities are solely utilized to issue letters of credit. As of December 31, 2014, letters of credit issued under these agreements totaled $9 million, $16 million, $21 million and $1 million for Generation, ComEd, PECO and BGE, respectively. Also, excludes the unsecured bridge credit facility of $3.2 billion at December 31, 2014, to support the PHI transaction discussed below.

Schedule of Line of Credit Facilities

At December 31, 2014, the Registrants had the following aggregate bank commitments, credit facility borrowings and available capacity under their respective credit agreements:

							Available Capacity at December 31, 2014
Borrower	Aggregate Bank Commitment (a)		Facility Draws		Outstanding Letters of Credit(c)		Actual		To Support Additional Commercial Paper (b)
Exelon Corporate	$	500	$	—	$	6	$	494	$	494
Generation	5,800		—		1,181		4,619		4,504
ComEd	1,000		—		2		998		694
PECO	600		—		1		599		599
BGE	600		—		—		600		480
Total	$	8,500	$	—	$	1,190	$	7,310	$	6,771

_______________________

(a) Excludes additional credit facility agreements for Generation, ComEd, PECO and BGE with aggregate commitments of $50 million, $34 million, $34 million and $5 million, respectively, arranged with minority and community banks located primarily within ComEd’s, PECO’s and BGE’s service territories. These facilities expired on October 17, 2014 and were renewed at the same amount through October 16, 2015. These facilities are solely utilized to issue letters of credit. As of December 31, 2014, letters of credit issued under these agreements totaled $9 million, $16 million, $21 million and $1 million for Generation, ComEd, PECO and BGE, respectively. Also, excludes the unsecured bridge credit facility of $3.2 billion at December 31, 2014, to support the PHI transaction discussed below.

(b) Excludes $200 million bilateral credit facilities that do not back Generation’s commercial paper program.

(c) Excludes nonrecourse debt letters of credit, see discussion below on Continental Wind.

Schedule Of Credit Agreement Covenants

The following table summarizes the minimum thresholds reflected in the credit agreements for the year ended December 31, 2014:

	Exelon	Generation	ComEd	PECO	BGE
Credit facility threshold	2.50 to 1	3.00 to 1	2.00 to 1	2.00 to 1	2.00 to 1

At December 31, 2014, the interest coverage ratios at the Registrants were as follows:

	Exelon	Generation	ComEd	PECO	BGE
Interest coverage ratio	9.19	12.35	7.03	8.72	9.28

Schedule of Long-term Debt Instruments

The following tables present the outstanding long-term debt at Exelon, Generation, ComEd, PECO and BGE as of December 31, 2014 and 2013:

Exelon

						Maturity Date	December 31,
	Rates						2014			2013
Long-term debt
Rate stabilization bonds	5.72	%	-	5.82	%	2017	$	195		$	265
First mortgage bonds (a)(b)	1.20	%	-	6.45	%	2015 - 2044	8,079			7,746
Senior unsecured notes	2.00	%	-	7.60	%	2015 - 2042	7,071			7,571
Unsecured bonds	2.80	%	-	6.35	%	2016 - 2036	1,750			1,750
Pollution control note				4.10	%	2014	—			20
Nuclear fuel procurement contracts	3.25	%	-	3.35	%	2018	70			—
Junior subordinated notes				6.50	%	2017	1,150			—
Nonrecourse debt:
Fixed rates	2.33	%	-	6.00	%	2031 - 2037	1,166			1,077
Variable rates	2.41	%	-	5.00	%	2019 - 2030	1,101			150
Notes payable and other (c)	6.95	%	-	7.83	%	2015 - 2053	174			181
Total long-term debt							20,756			18,760
Unamortized debt discount and premium, net							(37		)	(19		)
Fair value adjustment							441			384
Fair value hedge carrying value adjustment, net							4			7
Long-term debt due within one year							(1,802		)	(1,509		)
Long-term debt							$	19,362		$	17,623
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	%	2028	81			81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103			103
Subordinated debentures to BGE Trust				6.20	%	2043	258			258
Total long-term debt to financing trusts							$	648		$	648

____________________

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

(b) Includes first mortgage bonds issued under the ComEd and PECO mortgage indentures securing pollution control bonds and notes.

(c) Includes capital lease obligations of $32 million and $41 million at December 31, 2014 and 2013, respectively. Lease payments of $3 million, $4 million, $4 million, $4 million, $5 million and $12 million will be made in 2015, 2016, 2017, 2018, 2019 and thereafter, respectively.

(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						2014			2013
Long-term debt
First mortgage bonds (a)(b)	1.95	%	-	6.45	%	2015 - 2044	$	5,829		$	5,546
Notes payable and other (c)	6.95	%	-	7.49	%	2015 - 2053	148			148
Total long-term debt							5,977			5,694
Unamortized debt discount and premium, net							(19		)	(19		)
Long-term debt due within one year							(260		)	(617		)
Long-term debt							$	5,698		$	5,058
Long-term debt to financing trust (d)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206		$	206

______________________

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

(b) Includes first mortgage bonds issued under the ComEd mortgage indenture securing pollution control bonds and notes.

(c) Includes ComEd’s capital lease obligations of $8 million at both December 31, 2014 and 2013, respectively. Lease payments of less than $1 million will be made from 2015 through expiration at 2053.

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

BGE

						Maturity Date	December 31,
	Rates						2014			2013
Long-term debt
Rate stabilization bonds	5.72	%	-	5.82	%	2017	195			$	265
Notes	2.80	%	-	6.35	%	2016 - 2036	$	1,750		$	1,750
Total long-term debt							1,945			2,015
Unamortized debt discount and premium, net							(3		)	(4		)
Long-term debt due within one year							(75		)	(70		)
Long-term debt							$	1,867		$	1,941
Long-term debt to financing trusts (a)
Subordinated debentures to BGE Capital Trust II				6.20	%	2043	$	258		$	258

___________________

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

Generation

						Maturity Date	December 31,
	Rates						2014			2013
Long-term debt
Senior unsecured notes	2.00	%	-	7.60	%	2015 - 2042	$	5,771		$	6,271
Social Security Administration				2.93	%	2015	—			1
Pollution control notes				4.10	%	2014	—			20
Nuclear fuel procurement contracts	3.25	%	-	3.35	%	2018	70			—
Nonrecourse debt:
Fixed rates	2.33	%	-	6.00	%	2031 - 2037	1,166			1,077
Variable rates	2.41	%	-	5.00	%	2019 - 2030	1,101			150
Notes payable and other (a)				7.83	%	2014 - 2020	26			33
Total long-term debt							8,134			7,552
Fair value adjustment							146			166
Unamortized debt discount and premium, net							(14		)	11
Long-term debt due within one year							(614		)	(561		)
Long-term debt							$	7,652		$	7,168

______________________

(a) Includes Generation’s capital lease obligations of $24 million and $33 million at December 31, 2014 and 2013, respectively. Generation will make lease payments of $3 million, $4 million, $4 million, $4 million, $5 million and $4 million in 2015, 2016, 2017, 2018, 2019 and thereafter, respectively.

PECO

						Maturity Date	December 31,
	Rates						2014			2013
Long-term debt
First mortgage bonds (a)(b)	1.20	%	-	5.95	%	2016 - 2044	$	2,250		$	2,200
Total long-term debt							2,250			2,200
Unamortized debt discount and premium, net							(4		)	(3		)
Long-term debt due within one year							—			(250		)
Long-term debt							$	2,246		$	1,947
Long-term debt to financing trusts (c)
Subordinated debentures to PECO Trust III				7.38	%	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) Includes first mortgage bonds issued under the PECO mortgage indenture securing pollution control bonds and notes.

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

Schedule of Maturities of Long-term Debt

Long-term debt maturities at Exelon, Generation, ComEd, PECO and BGE in the periods 2014 through 2019 and thereafter are as follows:

Year	Exelon			Generation		ComEd			PECO			BGE
2015	$	1,739		$	604	$	260		$	—		$	75
2016	1,269			4		665			300			300
2017	2,400			705		425			—			120
2018	1,415			75		840			500			—
2019	982			682		300			—			—
Thereafter	13,599		(a)	6,064		3,693		(b)	1,634		(c)	1,708		(d)
Total	$	21,404		$	8,134	$	6,183		$	2,434		$	2,203

____________________

(a) Includes $648 million due to ComEd, PECO and BGE financing trusts.

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

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

(d) Includes $258 million due to BGE financing trust.