Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014:

Exelon

	March 31, 2015
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	312	$	3	$	309	$	—	$	312
Long-term debt (including amounts due within one year)	21,779		1,119		21,486		1,380		23,985
Long-term debt to financing trusts	648		—		—		672		672
SNF obligation	1,021		—		843		—		843

	December 31, 2014
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	463	$	3	$	448	$	12	$	463
Long-term debt (including amounts due within one year)	21,164		1,208		20,417		1,311		22,936
Long-term debt to financing trusts	648		—		—		648		648
SNF obligation	1,021		—		833		—		833

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 March 31, 2015 and December 31, 2014:

	Generation								Exelon
As of March 31, 2015	Level 1		Level 2		Level 3		Total		Level 1			Level 2			Level 3			Total
Assets
Cash equivalents(a)	$	220	$	—	$	—	$	220	$	1,107		$	—		$	—		$	1,107
Nuclear decommissioning trust fund investments
Cash equivalents	224		40		—		264		224			40			—			264
Equity
Domestic	2,459		2,227		—		4,686		2,459			2,227			—			4,686
Foreign	639		—		—		639		639			—			—			639
Equity funds subtotal	3,098		2,227		—		5,325		3,098			2,227			—			5,325
Fixed income
Corporate debt	—		1,911		248		2,159		—			1,911			248			2,159
U.S. Treasury and agencies	1,201		—		—		1,201		1,201			—			—			1,201
Foreign governments	—		89		—		89		—			89			—			89
State and municipal debt	—		423		—		423		—			423			—			423
Other	—		488		—		488		—		—	488		—	—		—	488
Fixed income subtotal	1,201		2,911		248		4,360		1,201			2,911			248			4,360
Middle market lending	—		—		363		363		—			—			363			363
Private Equity	—		—		95		95		—			—			95			95
Real Estate	—		—		9		9		—		—	—		—	9			9
Other	—		323		—		323		—			323			—			323
Nuclear decommissioning trust fund investments subtotal(b)	4,523		5,501		715		10,739		4,523			5,501			715			10,739

	Generation												Exelon
As of March 31, 2015	Level 1			Level 2			Level 3			Total			Level 1				Level 2				Level 3			Total
Pledged assets for Zion Station decommissioning
Cash equivalents	—			19			—			19			—				19				—			19
Equities	6			1			—			7			6				1				—			7
Fixed income
U.S. Treasury and agencies	2			3			—			5			2				3				—			5
Corporate debt	—			84			—			84			—				84				—			84
State and municipal debt	—			10			—			10			—				10				—			10
Other	—			4			—			4			—			—	4			—	—			4
Fixed income subtotal	2			101			—			103			2				101				—			103
Middle market lending	—			—			178			178			—				—				178			178
Pledged assets for Zion Station      decommissioning subtotal(c)	8			121			178			307			8				121				178			307
Rabbi trust investments in mutual funds(d)(e)	16			—			—			16			48				—				—			48
Commodity derivative assets
Economic hedges	1,510			3,554			1,917			6,981			1,510				3,554				1,917			6,981
Proprietary trading	176			286			39			501			176				286				39			501
Effect of netting and allocation of collateral(f)	(1,899		)	(2,849		)	(740		)	(5,488		)	(1,899		)		(2,849		)		(740		)	(5,488		)
Commodity derivative assets subtotal	(213		)	991			1,216			1,994			(213		)		991				1,216			1,994
Interest rate and foreign currency derivative         assets
Derivatives designated as hedging instruments	—			—			—			—			—				32				—			32
Economic hedges	—			27			—			27			—				29				—			29
Proprietary trading	18			1			—			19			18				1				—			19
Effect of netting and allocation of collateral	(8		)	(5		)	—			(13		)	(8		)		(36		)		—			(44		)
Interest rate and foreign currency derivative         assets subtotal	10			23			—			33			10				26				—			36
Other investments	—			—			3			3			2				—				3			5
Total assets	4,564			6,636			2,112			13,312			5,485				6,639				2,112			14,236
Liabilities
Commodity derivative liabilities
Economic hedges	(2,126		)	(3,370		)	(1,025		)	(6,521		)	(2,126		)		(3,370		)		(1,266		)	(6,762		)
Proprietary trading	(169		)	(295		)	(50		)	(514		)	(169		)		(295		)		(50		)	(514		)
Effect of netting and allocation of collateral(f)	2,324			3,585			925			6,834			2,324				3,585				925			6,834
Commodity derivative liabilities subtotal	29			(80		)	(150		)	(201		)	29				(80		)		(391		)	(442		)
Interest rate and foreign currency derivative         liabilities
Derivatives designated as hedging instruments	—			(17		)	—			(17		)	—				(17		)		—			(17		)
Economic hedges	—			(6		)	—			(6		)	—				(186		)		—			(186		)
Proprietary trading	(1		)	(14		)	—			(15		)	(1		)		(14		)		—			(15		)
Effect of netting and allocation of collateral	15			6			—			21			15				37				—			52
Interest rate and foreign currency derivative         liabilities subtotal	14			(31		)	—			(17		)	14				(180		)		—			(166		)
Deferred compensation obligation	—			(30		)	—			(30		)	—				(103		)		—			(103		)
Total liabilities	43			(141		)	(150		)	(248		)	43				(363		)		(391		)	(711		)
Total net assets	$	4,607		$	6,495		$	1,962		$	13,064		$	5,528			$	6,276			$	1,721		$	13,525

	Generation								Exelon
As of December 31, 2014	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	405	$	—	$	—	$	405	$	1,119	$	—	$	—	$	1,119
Nuclear decommissioning trust fund investments
Cash equivalents	208		37		—		245		208		37		—		245

	Generation								Exelon
As of December 31, 2014	Level 1		Level 2		Level 3		Total		Level 1			Level 2			Level 3		Total
Equity
Domestic	2,423		2,207		—		4,630		2,423			2,207			—		4,630
Foreign	612		—		—		612		612			—			—		612
Equity funds subtotal	3,035		2,207		—		5,242		3,035			2,207			—		5,242
Fixed income
Corporate debt	—		2,023		239		2,262		—			2,023			239		2,262
U.S. Treasury and agencies	996		—		—		996		996			—			—		996
Foreign governments	—		95		—		95		—			95			—		95
State and municipal debt	—		438		—		438		—			438			—		438
Other	—		511		—		511		—		—	511		—	—		511
Fixed income subtotal	996		3,067		239		4,302		996			3,067			239		4,302
Middle market lending	—		—		366		366		—			—			366		366
Private Equity	—		—		83		83		—			—			83		83
Real Estate	—		—		3		3		—		—	—		—	3		3
Other	—		301		—		301		—			301			—		301
Nuclear decommissioning trust fund investments subtotal(b)	4,239		5,612		691		10,542		4,239			5,612			691		10,542
Pledged assets for Zion Station      decommissioning
Cash equivalents	—		15		—		15		—			15			—		15
Equities	6		1		—		7		6			1			—		7
Fixed income
U.S. Treasury and agencies	5		3		—		8		5			3			—		8
Corporate debt	—		89		—		89		—			89			—		89
State and municipal debt	—		10		—		10		—			10			—		10
Other	—		3		—		3		—		—	3		—	—		3
Fixed income subtotal	5		105		—		110		5			105			—		110
Middle market lending	—		—		184		184		—			—			184		184
Pledged assets for Zion Station     decommissioning subtotal(c)	11		121		184		316		11			121			184		316
Rabbi trust investments(d)
Cash equivalents	—		—		—		—		1			—			—		1
Mutual funds(e)	16		—		—		16		46			—			—		46
Rabbi trust investments subtotal	16		—		—		16		47			—			—		47
Commodity derivative assets
Economic hedges	1,667		3,465		1,681		6,813		1,667			3,465			1,681		6,813
Proprietary trading	201		284		27		512		201			284			27		512
Effect of netting and allocation of collateral(f)	(1,982	)	(2,757	)	(557	)	(5,296	)	(1,982	)		(2,757	)		(557	)	(5,296	)
Commodity derivative assets subtotal	(114	)	992		1,151		2,029		(114	)		992			1,151		2,029
Interest rate and foreign currency derivative     assets
Derivatives designated as hedging instruments	—		8		—		8		—			31			—		31
Economic hedges	—		12		—		12		—			13			—		13
Proprietary trading	18		9		—		27		18			9			—		27
Effect of netting and allocation of collateral	(17	)	(12	)	—		(29	)	(17	)		(31	)		—		(48	)
Interest rate and foreign currency derivative     assets subtotal	1		17		—		18		1			22			—		23
Other investments	—		—		3		3		2			—			3		5
Total assets	4,558		6,742		2,029		13,329		5,305			6,747			2,029		14,081

	Generation												Exelon
As of December 31, 2014	Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Liabilities
Commodity derivative liabilities
Economic hedges	(2,241		)	(3,458		)	(788		)	(6,487		)	(2,241		)	(3,458		)	(995		)	(6,694		)
Proprietary trading	(195		)	(295		)	(42		)	(532		)	(195		)	(295		)	(42		)	(532		)
Effect of netting and allocation of collateral(f)	2,416			3,557			729			6,702			2,416			3,557			729			6,702
Commodity derivative liabilities subtotal	(20		)	(196		)	(101		)	(317		)	(20		)	(196		)	(308		)	(524		)
Interest rate and foreign currency derivative     liabilities
Derivatives designated as hedging instruments	—			(12		)	—			(12		)	—			(41		)	—			(41		)
Economic hedges	—			(2		)	—			(2		)	—			(103		)	—			(103		)
Proprietary trading	(14		)	(9		)	—			(23		)	(14		)	(9		)	—			(23		)
Effect of netting and allocation of collateral	25			10			—			35			25			29			—			54
Interest rate and foreign currency derivative     liabilities subtotal	11			(13		)	—			(2		)	11			(124		)	—			(113		)
Deferred compensation obligation	—			(31		)	—			(31		)	—			(107		)	—			(107		)
Total liabilities	(9		)	(240		)	(101		)	(350		)	(9		)	(427		)	(308		)	(744		)
Total net assets	$	4,549		$	6,502		$	1,928		$	12,979		$	5,296		$	6,320		$	1,721		$	13,337

______________ 

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

(b) Excludes net (liabilities) of $(27) million and $(5) million at March 31, 2015 and December 31, 2014, 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 $1 million and $3 million at March 31, 2015 and December 31, 2014, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, and payables related to pending securities purchases.

(d) Excludes $36 million and $35 million of cash surrender value of life insurance investment at March 31, 2015 and December 31, 2014, respectively, at Exelon Consolidated. Excludes $12 million and $11 million and of cash surrender value of life insurance investment at March 31, 2015 and December 31, 2014, respectively, at Generation.

(e) The mutual funds held by the Rabbi trusts at Exelon include $47 million related to deferred compensation and $1 million related to Supplemental Executive Retirement Plan at March 31, 2015, and $45 million related to deferred compensation and $1 million related to Supplemental Executive Retirement Plan at December 31, 2014.

(f) Includes collateral postings (received) to/from counterparties. Collateral posted (received) to/from counterparties, net of collateral paid to counterparties, totaled $425 million, $736 million and $185 million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of March 31, 2015. Collateral posted (received) from counterparties, net of collateral paid to counterparties, totaled $434 million, $800 million and $172 million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of December 31, 2014.

ComEd, PECO and BGE

The following tables present assets and liabilities measured and recorded at fair value on the utility Registrants' Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2015 and December 31, 2014:

	ComEd											PECO										BGE
As of March 31, 2015	Level 1		Level 2			Level 3			Total			Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Assets
Cash equivalents	$	67	$	—		$	—		$	67		$	5	$	—		$	—	$	5		$	75	$	—		$	—	$	75
Rabbi trust investments in mutual funds (a)	—		—			—			—			9		—			—		9			5		—			—		5
Total assets	67		—			—			67			14		—			—		14			80		—			—		80
Liabilities
Deferred compensation     obligation	—		(8		)	—			(8		)	—		(14		)	—		(14		)	—		(4		)	—		(4		)
Mark-to-market derivative     liabilities (b)	—		—			(241		)	(241		)	—		—			—		—			—		—			—		—
Total liabilities	—		(8		)	(241		)	(249		)	—		(14		)	—		(14		)	—		(4		)	—		(4		)
Total net assets (liabilities)	$	67	$	(8	)	$	(241	)	$	(182	)	$	14	$	(14	)	$	—	$	—		$	80	$	(4	)	$	—	$	76

	ComEd											PECO										BGE
As of December 31, 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	$	25	$	—		$	—		$	25		$	12	$	—		$	—	$	12		$	103	$	—		$	—	$	103
Rabbi trust investments in mutual funds (a)	—		—			—			—			9		—			—		9			5		—			—		$	5
Total assets	25		—			—			25			21		—			—		21			108		—			—		108
Liabilities
Deferred compensation obligation	—		(8		)	—			(8		)	—		(15		)	—		(15		)	—		(5		)	—		(5		)
Mark-to-market derivative liabilities (b)	—		—			(207		)	(207		)	—		—			—		—			—		—			—		—
Total liabilities	—		(8		)	(207		)	(215		)	—		(15		)	—		(15		)	—		(5		)	—		(5		)
Total net assets (liabilities)	$	25	$	(8	)	$	(207	)	$	(190	)	$	21	$	(15	)	$	—	$	6		$	108	$	(5	)	$	—	$	103

______________ 

(a) At PECO, excludes $14 million of the cash surrender value of life insurance investments at both March 31, 2015 and December 31, 2014.

(b) The Level 3 balance includes the current and noncurrent liability of $20 million and $221 million at March 31, 2015, respectively, and $20 million and $187 million at December 31, 2014, 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 months ended March 31, 2015 and 2014:

	Generation															ComEd						Exelon
Three Months Ended March 31, 2015	Nuclear Decommissioning Trust Fund Investments			Pledged Assets for Zion Station Decommissioning			Mark-to-Market Derivatives				Other Investments		Total Generation			Mark-to-Market Derivatives (b)			Eliminated in Consolidation			Total
Balance as of December 31, 2014	$	691		$	184		$	1,050			$	3	$	1,928		$	(207	)	$	—		$	1,721
Total realized / unrealized gains (losses)
Included in net income	2			—			(32		)	(a)	—		(30		)	—			—			(30		)
Included in noncurrent payables to affiliates	8			—			—				—		8			—			(8		)	—
Included in payable for Zion Station decommissioning	—			3			—				—		3			—			—			3
Included in regulatory assets	—			—			—				—		—			(34		)	8			(26		)
Change in collateral	—			—			12				—		12			—			—			12
Purchases, sales, issuances and settlements																			—
Purchases	47			5			41				—		93			—			—			93
Sales	(8		)	(14		)	—				—		(22		)	—			—			(22		)
Settlements	(29		)	—			—				—		(29		)	—			—			(29		)
Transfers into Level 3	4			—			—				—		4			—			—			4
Transfers out of Level 3	—			—			(5		)		—		(5		)	—			—			(5		)
Balance as of March 31, 2015	$	715		$	178		$	1,066			$	3	$	1,962		$	(241	)	$	—		$	1,721
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 March 31, 2015	$	1		$	—		$	180			$	—	$	181		$	—		$	—		$	181

	Generation																	ComEd						Exelon
Three Months Ended March 31, 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)			Eliminated in Consolidation			Total
Balance as of December 31, 2013	$	350			$	112		$	465			$	15		$	942		$	(193	)	$	—		$	749
Total realized / unrealized gains (losses)
Included in net income	1				—			(312		)	(a)	—			(311		)	—			—			(311		)
Included in noncurrent payables to affiliates	3				—			—				—			3			—			(3		)	—
Included in payable for Zion Station decommissioning	—				(1		)	—				—			(1		)	—			—			(1		)
Included in regulatory assets	—				—							—			—			25			3			28
Change in collateral	—			—	—			144				—			144			—			—			144
Purchases, sales, issuances and settlements
Purchases	139				30			10				2			181			—			—			181
Sales	(1		)		(4		)	(2		)		—			(7		)	—			—			(7		)
Settlements	(6		)		—			—				—			(6		)	—			—			(6		)
Transfers into Level 3	—				—			(26		)		—			(26		)	—			—			(26		)
Transfers out of Level 3	—				—			8				(7		)	1			—			—			1
Balance as of March 31, 2014	$	486			$	137		$	287			$	10		$	920		$	(168	)	$	—		$	752
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 March 31, 2014	$	—			$	—		$	(446	)		$	—		$	(446	)	$	—		$	—		$	(446	)

______________ 

(a) Includes the reclassification of $212 million and $(134) million of realized gains (losses) due to the settlement of derivative contracts for the three months ended March 31, 2015 and 2014, respectively.

(b) Includes $36 million of decreases in fair value and realized losses due to settlements of $2 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2015. Includes $30 million of increases in fair value and realized gains due to settlements of $5 million for the three months ended March 31, 2014.

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 months ended March 31, 2015 and 2014:

	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 March 31, 2015	(10	)	(22	)	2	(10	)	(22	)	2
Change in the unrealized gains (losses) relating to assets and liabilities held for the three months ended March 31, 2015	169		11		1	169		11		1

	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 March 31, 2014	$	(268	)	$	(44	)	$	1	$	(268	)	$	(44	)	$	1
Change in the unrealized gains (losses) relating to assets and liabilities held for the three months ended March 31, 2014	(425		)	(21		)	—		(425		)	(21		)	—

______________ 

(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 March 31, 2015			Valuation Technique	Unobservable Input	Range
Mark-to-market derivatives — Economic Hedges (Generation)(a)(c)	$	892		Discounted Cash Flow	Forward power price	$17	-	$121	(d)
					Forward gas price	$1.68	-	$13.69	(d)
				Option Model	Volatility percentage	8%	-	172%
Mark-to-market derivatives — Proprietary trading (Generation)(a)(c)	$	(11	)	Discounted Cash Flow	Forward power price	$17	-	$95	(d)
Mark-to-market derivatives (ComEd)	$	(241	)	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 $185 million as of March 31, 2015.

(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 $107 and $8.19, respectively, and would be approximately $55 for power proprietary trading.

Type of trade	Fair Value at December 31, 2014			Valuation Technique	Unobservable Input	Range
Mark-to-market derivatives — Economic Hedges (Generation)(a)(c)	$	893		Discounted Cash Flow	Forward power price	$15	-	$120	(d)
					Forward gas price	$1.52	-	$14.02	(d)
				Option Model	Volatility percentage	8%	-	257%
Mark-to-market derivatives — Proprietary trading (Generation)(a)(c)	$	(15	)	Discounted Cash Flow	Forward power price	$15	-	$117	(d)
Mark-to-market derivatives (ComEd)	$	(207	)	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 $172 million as of December 31, 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 would be approximately $97 and $8.14, respectively, and would be approximately $76 for power proprietary trading.

Exelon Generation Co L L C [Member]

Fair Value Tables [Line Items]

Fair value of financial liabilities recorded at the carrying amount

Generation

	March 31, 2015
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	25	$	—	$	25	$	—	$	25
Long-term debt (including amounts due within one year)	8,492		—		7,885		1,380		9,265
SNF obligation	1,021		—		843		—		843

	December 31, 2014
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	36	$	—	$	24	$	12	$	36
Long-term debt (including amounts due within one year)	8,266		—		7,511		1,311		8,822
SNF obligation	1,021		—		833		—		833

Commonwealth Edison Co [Member]

Fair Value Tables [Line Items]

Fair value of financial liabilities recorded at the carrying amount

ComEd

	March 31, 2015
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	283	$	—	$	283	$	—	$	283
Long-term debt (including amounts due within one year)	6,359		—		7,347		—		7,347
Long-term debt to financing trust	206		—		—		206		206

	December 31, 2014
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	304	$	—	$	304	$	—	$	304
Long-term debt (including amounts due within one year)	5,958		—		6,788		—		6,788
Long-term debt to financing trust	206		—		—		213		213

PECO Energy Co [Member]

Fair Value Tables [Line Items]

Fair value of financial liabilities recorded at the carrying amount

PECO

	March 31, 2015
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Long-term debt (including amounts due within one year)	$	2,246	$	—	$	2,602	$	—	$	2,602
Long-term debt to financing trusts	184		—		—		201		201

	December 31, 2014
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Long-term debt (including amounts due within one year)	$	2,246	$	—	$	2,537	$	—	$	2,537
Long-term debt to financing trusts	184		—		—		199		199

Baltimore Gas and Electric Company [Member]

Fair Value Tables [Line Items]

Fair value of financial liabilities recorded at the carrying amount

BGE

	March 31, 2015
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	3	$	3	$	—	$	—	$	3
Long-term debt (including amounts due within one year)	1,942		—		2,234		—		2,234
Long-term debt to financing trusts	258		—		—		265		265

	December 31, 2014
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	123	$	3	$	120	$	—	$	123
Long-term debt (including amounts due within one year)	1,942		—		2,178		—		2,178
Long-term debt to financing trusts	258		—		—		236		236