Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2015

Regulated Operations [Abstract]

Schedule of Regulatory Assets

March 31, 2015	Exelon		ComEd		PECO		BGE
Regulatory liabilities
Other postretirement benefits	$	72	$	—	$	—	$	—
Nuclear decommissioning	2,920		2,420		500		—
Removal costs	1,567		1,351		—		216
Energy efficiency and demand response programs	27		25		2		—
DLC Program Costs	10		—		10		—
Energy efficiency Phase 2	38		—		38		—
Electric distribution tax repairs	106		—		106		—
Gas distribution tax repairs	34		—		34		—
Energy and transmission programs(b)(c)(d)	142		23		84		35
Over-recovered electric universal service fund costs	3		—		3		—
Revenue subject to refund	3		3		—		—
Over-recovered revenue decoupling(e)	56		—		—		56
Other	9		1		4		4
Total regulatory liabilities	4,987		3,823		781		311
Less: current portion	421		131		119		124
Total noncurrent regulatory liabilities	$	4,566	$	3,692	$	662	$	187

December 31, 2014	Exelon		ComEd		PECO		BGE
Regulatory assets
Pension and other postretirement benefits	$	3,256	$	—	$	—	$	—
Deferred income taxes	1,542		64		1,400		78
AMI programs	296		91		77		128
Under-recovered distribution service costs(a)	371		371		—		—
Debt costs	57		53		4		9
Fair value of BGE long-term debt	190		—		—		—
Severance	12		—		—		12
Asset retirement obligations	116		74		26		16
MGP remediation costs	257		219		37		1
Under-recovered uncollectible accounts	67		67		—		—
Renewable energy	207		207		—		—
Energy and transmission programs(b)(c)	48		33		—		15
Deferred storm costs	3		—		—		3
Electric generation-related regulatory asset	30		—		—		30
Rate stabilization deferral	160		—		—		160
Energy efficiency and demand response programs	248		—		—		248
Merger integration costs	8		—		—		8
Conservation voltage reduction	2		—		—		2
Under recovered electric revenue decoupling	7		—		—		7
Other	46		22		14		7
Total regulatory assets	6,923		1,201		1,558		724
Less: current portion	847		349		29		214
Total noncurrent regulatory assets	$	6,076	$	852	$	1,529	$	510

December 31, 2014	Exelon		ComEd		PECO		BGE
Regulatory liabilities
Other postretirement benefits	$	88	$	—	$	—	$	—
Nuclear decommissioning	2,879		2,389		490		—
Removal costs	1,566		1,343		—		223
Energy efficiency and demand response programs	27		25		2		—
DLC Program Costs	10		—		10		—
Energy efficiency phase II	32		—		32		—
Electric distribution tax repairs	102		—		102		—
Gas distribution tax repairs	49		—		49		—
Energy and transmission programs(b)(c)(d)	84		19		58		7
Over-recovered electric universal service fund costs	2		—		2		—
Revenue subject to refund	3		3		—		—
Over-recovered revenue decoupling(e)	12		—		—		12
Other	6		1		2		2
Total regulatory liabilities	4,860		3,780		747		244
Less: current portion	310		125		90		44
Total noncurrent regulatory liabilities	$	4,550	$	3,655	$	657	$	200

________________

(a) As of March 31, 2015, ComEd’s regulatory asset of $316 million was comprised of $240 million for the applicable annual reconciliations and $76 million related to significant one-time events including $59 million of deferred storm costs and $17 million of Constellation merger and integration related costs.  As of December 31, 2014, ComEd’s regulatory asset of $371 million was comprised of $286 million for the applicable annual reconciliations and $85 million related to significant one-time events, including $66 million of deferred storm costs and $19 million of Constellation merger and integration related costs. See Note 4 — Mergers, Acquisitions, and Dispositions of the Exelon 2014 Form 10-K for further information. 

(b) As of March 31, 2015, ComEd’s regulatory asset of $37 million included $5 million related to under-recovered energy costs for non-hourly customers, $25 million associated with transmission costs recoverable through its FERC approved formulate rate, and $7 million of Constellation merger and integration costs to be recovered upon FERC approval.  As of March 31, 2015, ComEd’s regulatory liability of $23 million included $5 million related to over-recovered energy costs for hourly customers and $18 million associated with revenues received for renewable energy requirements. As of December 31, 2014, ComEd’s regulatory asset of $33 million included $4 million related to under-recovered energy costs for non-hourly customers, $22 million associated with transmission costs recoverable through its FERC approved formulate rate, and $7 million of Constellation merger and integration costs to be recovered upon FERC approval. As of December 31, 2014, ComEd’s regulatory liability of $19 million included $3 million related to over-recovered energy costs for hourly customers and $16 million associated with revenues received for renewable energy requirements.

(c) As of March 31, 2015, BGE's regulatory asset of $4 million included $4 million of Constellation merger and integration costs and $1 million of abandonment costs to be recovered upon FERC approval, partially offset by $1 million related to over-recovered electric energy costs. As of March 31, 2015, BGE's regulatory liability of $35 million related to $31 million of over-recovered natural gas supply costs and $4 million of over-recovered electric energy costs. As of December 31, 2014, BGE's regulatory asset of $15 million included $10 million related to under-recovered electric energy costs, $4 million of Constellation merger and integration costs and $1 million of abandonment costs to be recovered upon FERC approval. As of December 31, 2014, BGE's regulatory liability of $7 million related to over-recovered natural gas supply costs.

(d) At PECO, includes $42 million related to the DSP program, $34 million related to the over-recovered natural gas costs under the PGC and $8 million related to over-recovered electric transmission costs as of March 31, 2015. As of December 31, 2014, includes $39 million related to the DSP program, $16 million related to the over-recovered electric transmission costs and $3 million related to the over-recovered natural gas costs under the PGC.

(e) Represents the electric and gas distribution costs recoverable from customers under BGE’s decoupling mechanism. As of March 31, 2015, BGE had a regulatory liability of $19 million related to over-recovered electric revenue decoupling and a regulatory liability of $37 million related to over-recovered natural gas revenue decoupling. As of December 31, 2014, BGE had a regulatory asset of $7 million related to under-recovered electric revenue decoupling and a regulatory liability of $12 million related to over-recovered natural gas revenue decoupling.

Schedule of Regulatory Liabilities

March 31, 2015	Exelon		ComEd		PECO		BGE
Regulatory liabilities
Other postretirement benefits	$	72	$	—	$	—	$	—
Nuclear decommissioning	2,920		2,420		500		—
Removal costs	1,567		1,351		—		216
Energy efficiency and demand response programs	27		25		2		—
DLC Program Costs	10		—		10		—
Energy efficiency Phase 2	38		—		38		—
Electric distribution tax repairs	106		—		106		—
Gas distribution tax repairs	34		—		34		—
Energy and transmission programs(b)(c)(d)	142		23		84		35
Over-recovered electric universal service fund costs	3		—		3		—
Revenue subject to refund	3		3		—		—
Over-recovered revenue decoupling(e)	56		—		—		56
Other	9		1		4		4
Total regulatory liabilities	4,987		3,823		781		311
Less: current portion	421		131		119		124
Total noncurrent regulatory liabilities	$	4,566	$	3,692	$	662	$	187

December 31, 2014	Exelon		ComEd		PECO		BGE
Regulatory assets
Pension and other postretirement benefits	$	3,256	$	—	$	—	$	—
Deferred income taxes	1,542		64		1,400		78
AMI programs	296		91		77		128
Under-recovered distribution service costs(a)	371		371		—		—
Debt costs	57		53		4		9
Fair value of BGE long-term debt	190		—		—		—
Severance	12		—		—		12
Asset retirement obligations	116		74		26		16
MGP remediation costs	257		219		37		1
Under-recovered uncollectible accounts	67		67		—		—
Renewable energy	207		207		—		—
Energy and transmission programs(b)(c)	48		33		—		15
Deferred storm costs	3		—		—		3
Electric generation-related regulatory asset	30		—		—		30
Rate stabilization deferral	160		—		—		160
Energy efficiency and demand response programs	248		—		—		248
Merger integration costs	8		—		—		8
Conservation voltage reduction	2		—		—		2
Under recovered electric revenue decoupling	7		—		—		7
Other	46		22		14		7
Total regulatory assets	6,923		1,201		1,558		724
Less: current portion	847		349		29		214
Total noncurrent regulatory assets	$	6,076	$	852	$	1,529	$	510

December 31, 2014	Exelon		ComEd		PECO		BGE
Regulatory liabilities
Other postretirement benefits	$	88	$	—	$	—	$	—
Nuclear decommissioning	2,879		2,389		490		—
Removal costs	1,566		1,343		—		223
Energy efficiency and demand response programs	27		25		2		—
DLC Program Costs	10		—		10		—
Energy efficiency phase II	32		—		32		—
Electric distribution tax repairs	102		—		102		—
Gas distribution tax repairs	49		—		49		—
Energy and transmission programs(b)(c)(d)	84		19		58		7
Over-recovered electric universal service fund costs	2		—		2		—
Revenue subject to refund	3		3		—		—
Over-recovered revenue decoupling(e)	12		—		—		12
Other	6		1		2		2
Total regulatory liabilities	4,860		3,780		747		244
Less: current portion	310		125		90		44
Total noncurrent regulatory liabilities	$	4,550	$	3,655	$	657	$	200

________________

(a) As of March 31, 2015, ComEd’s regulatory asset of $316 million was comprised of $240 million for the applicable annual reconciliations and $76 million related to significant one-time events including $59 million of deferred storm costs and $17 million of Constellation merger and integration related costs.  As of December 31, 2014, ComEd’s regulatory asset of $371 million was comprised of $286 million for the applicable annual reconciliations and $85 million related to significant one-time events, including $66 million of deferred storm costs and $19 million of Constellation merger and integration related costs. See Note 4 — Mergers, Acquisitions, and Dispositions of the Exelon 2014 Form 10-K for further information. 

(b) As of March 31, 2015, ComEd’s regulatory asset of $37 million included $5 million related to under-recovered energy costs for non-hourly customers, $25 million associated with transmission costs recoverable through its FERC approved formulate rate, and $7 million of Constellation merger and integration costs to be recovered upon FERC approval.  As of March 31, 2015, ComEd’s regulatory liability of $23 million included $5 million related to over-recovered energy costs for hourly customers and $18 million associated with revenues received for renewable energy requirements. As of December 31, 2014, ComEd’s regulatory asset of $33 million included $4 million related to under-recovered energy costs for non-hourly customers, $22 million associated with transmission costs recoverable through its FERC approved formulate rate, and $7 million of Constellation merger and integration costs to be recovered upon FERC approval. As of December 31, 2014, ComEd’s regulatory liability of $19 million included $3 million related to over-recovered energy costs for hourly customers and $16 million associated with revenues received for renewable energy requirements.

(c) As of March 31, 2015, BGE's regulatory asset of $4 million included $4 million of Constellation merger and integration costs and $1 million of abandonment costs to be recovered upon FERC approval, partially offset by $1 million related to over-recovered electric energy costs. As of March 31, 2015, BGE's regulatory liability of $35 million related to $31 million of over-recovered natural gas supply costs and $4 million of over-recovered electric energy costs. As of December 31, 2014, BGE's regulatory asset of $15 million included $10 million related to under-recovered electric energy costs, $4 million of Constellation merger and integration costs and $1 million of abandonment costs to be recovered upon FERC approval. As of December 31, 2014, BGE's regulatory liability of $7 million related to over-recovered natural gas supply costs.

(d) At PECO, includes $42 million related to the DSP program, $34 million related to the over-recovered natural gas costs under the PGC and $8 million related to over-recovered electric transmission costs as of March 31, 2015. As of December 31, 2014, includes $39 million related to the DSP program, $16 million related to the over-recovered electric transmission costs and $3 million related to the over-recovered natural gas costs under the PGC.

(e) Represents the electric and gas distribution costs recoverable from customers under BGE’s decoupling mechanism. As of March 31, 2015, BGE had a regulatory liability of $19 million related to over-recovered electric revenue decoupling and a regulatory liability of $37 million related to over-recovered natural gas revenue decoupling. As of December 31, 2014, BGE had a regulatory asset of $7 million related to under-recovered electric revenue decoupling and a regulatory liability of $12 million related to over-recovered natural gas revenue decoupling.

Purchase Of Receivables

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

_________

(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.