Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2015

Commitments And Contingencies Tables Disclosure [Line Items]

Energy Commitments

As of March 31, 2015, Generation’s commitments relating to its purchases from unaffiliated utilities and others of energy, capacity, transmission rights and RECs, are as indicated in the following table:

	Net Capacity Purchases(a)		REC Purchases(b)		Transmission Rights Purchases(c)		Total
2015	$	317	$	124	$	13	$	454
2016	287		258		15		560
2017	219		153		15		387
2018	109		52		16		177
2019	113		9		16		138
Thereafter	276		1		35		312
Total	$	1,321	$	597	$	110	$	2,028

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(a) Net capacity purchases include PPAs and other capacity contracts including those that are accounted for as operating leases. Amounts presented in the commitments represent Generation’s expected payments under these arrangements at March 31, 2015, net of fixed capacity payments expected to be received ("capacity offsets") by Generation under contracts to resell such acquired capacity to third parties under long-term capacity sale contracts. As of March 31, 2015, capacity offsets were $107 million, $133 million, $136 million, $137, million, $138 million, and $591 million for years 2015, 2016, 2017, 2018, 2019, and thereafter, respectively. Expected payments include certain fixed capacity charges which may be reduced based on plant availability.

(b) The table excludes renewable energy purchases that are contingent in nature.

(c) Transmission rights purchases include estimated commitments for additional transmission rights that will be required to fulfill firm sales contracts.

Utility Energy Purchase Commitments

ComEd’s, PECO’s and BGE’s electric supply procurement, curtailment services, REC and AEC purchase commitments, as applicable, as of March 31, 2015 are as follows:

			Expiration within
	Total		2015		2016		2017		2018		2019		2020 and beyond
ComEd
Electric supply procurement(a)(b)	$	473	$	182	$	151	$	140	$	—	$	—	$	—
Renewable energy and RECs(c)	1,498		56		76		77		78		84		1,127
PECO
Electric supply procurement(d)	832		532		268		32		—		—		—
AECs(e)	13		2		2		2		2		2		3
BGE
Electric supply procurement(f)	1,074		538		448		88		—		—		—
Curtailment services(g)	105		30		34		29		12		—		—

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(a) ComEd entered into various contracts for the procurement of electricity that started to expire in 2012, and will continue to expire through 2018. ComEd is permitted to recover its electric supply procurement costs from retail customers with no mark-up. As of March 31, 2015, ComEd has completed the ICC-approved procurement process for a portion of its energy requirements through the periods ending May 31, 2015, 2016 and 2017.

(b) Excludes electric supply commitments associated with the Spring 2015 procurement process approved by the ICC on April 1, 2015, for the years 2015-2018 in the amount of $179 million, $112 million, $23 million, and $21 million, respectively.

(c) Primarily related to ComEd 20-year contracts for renewable energy and RECs that began in June 2012. ComEd is permitted to recover its renewable energy and REC costs from retail customers with no mark-up. The commitments represent the maximum settlements with suppliers for renewable energy and RECs under the existing contract terms.

(d) PECO entered into various contracts for the procurement of electric supply to serve its default service customers that expire between 2015 and 2017. PECO is permitted to recover its electric supply procurement costs from default service customers with no mark-up in accordance with its PAPUC-approved DSP Programs. See Note 5 — Regulatory Matters for additional information.

(e) PECO is subject to requirements related to the use of alternative energy resources established by the AEPS Act. See Note 3 — Regulatory Matters of the Exelon 2014 Form 10-K for additional information.

(f) BGE entered into various contracts for the procurement of electricity that expire between 2015 through 2017. The cost of power under these contracts is recoverable under MDPSC approved fuel clauses. See Note 3 — Regulatory Matters of the Exelon 2014 10-K for additional information.

(g) BGE has entered into various contracts with curtailment services providers related to transactions in PJM’s capacity market. See Note 3 —Regulatory Matters of the Exelon 2014 Form 10-K for additional information.

Fuel Purchase Commitments

As of March 31, 2015, these net commitments were as follows:

			Expiration within
	Total		2015		2016		2017		2018		2019		2020 and beyond
Generation	$	8,479	$	1,015	$	1,145	$	1,151	$	987	$	869	$	3,312
PECO	392		109		104		61		34		13		71
BGE	614		82		87		74		64		61		246

Other Purchase Obligation

The Registrants’ other purchase obligations as of March 31, 2015, which primarily represent commitments for services, materials and information technology, are as follows:

			Expiration within
	Total		2015		2016		2017		2018		2019		2020 and beyond
Exelon	$	840	$	258	$	279	$	152	$	38	$	30	$	83
Generation(a)	364		123		81		43		31		23		63
ComEd(b)	152		53		82		2		2		2		11
PECO(b)	11		5		6		—		—		—		—
BGE(b)	313		77		110		107		5		5		9

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(a) Purchase obligations do not include commitments related to construction contracts. See Construction Commitments section below for additional information.

(b) Purchase obligations include commitments related to smart meter installation. See Note 5 — Regulatory Matters for additional information.

Commercial Commitments

The Registrants’ commercial commitments as of March 31, 2015, representing commitments potentially triggered by future events were as follows:

	Exelon			Generation			ComEd			PECO			BGE
Letters of credit (non-debt)(a)	$	1,740		$	1,673		$	18		$	22		$	1
Guarantees	5,453		(b)	2,678		(c)	202		(d)	196		(e)	263		(f)
Nuclear insurance premiums(g)	3,014			3,014			—			—			—
Underwriters discount(h)	60			—			—			—			—
Total commercial commitments	$	10,267		$	7,365		$	220		$	218		$	264

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(a) Non-debt letters of credit maintained to provide credit support for certain transactions as requested by third parties.

(b) Primarily reflects parental guarantees issued on behalf of Generation to allow the flexibility needed to conduct business with counterparties without having to post other forms of collateral. Also reflects guarantees issued to ensure performance under specific contracts, preferred securities of financing trusts, property leases, indemnifications, NRC minimum funding assurance requirements and miscellaneous guarantees. The estimated net exposure for obligations under commercial transactions covered by these guarantees was $642 million at March 31, 2015, which represents the total amount Exelon could be required to fund based on March 31, 2015 market prices.

(c) Primarily reflects guarantees issued to ensure performance under energy marketing and other specific contracts. The estimated net exposure for obligations under commercial transactions covered by these guarantees was $429 million at March 31, 2015, which represents the total amount Generation could be required to fund based on March 31, 2015 market prices.

(d) Primarily reflects full and unconditional guarantees of $200 million Trust Preferred Securities of ComEd Financing III, which is a 100% owned finance subsidiary of ComEd.

(e) Primarily reflects full and unconditional guarantees of $178 million Trust Preferred Securities of PECO Trust III and IV, which are 100% owned finance subsidiaries of PECO.

(f) Primarily reflects full and unconditional guarantees of $250 million Trust Preferred Securities of BGE Capital Trust II, which is a 100% owned finance subsidiary of BGE.

(g) Represents the maximum amount that Generation would be required to pay for retrospective premiums in the event of nuclear disaster at any domestic site, including CENG sites, under the Secondary Financial Protection pool as required under the Price-Anderson Act as well as the current aggregate annual retrospective premium obligation that could be imposed by NEIL. See the Nuclear Insurance section within this note for additional details on Generation’s nuclear insurance premiums.

(h) Represents the underwriters discount for Exelon’s forward equity transaction. See Note 15 — Common Stock for further details of the equity securities offering.

Accrued environmental liabilities

As of March 31, 2015 and December 31, 2014, the Registrants had accrued the following undiscounted amounts for environmental liabilities in other current liabilities and other deferred credits and other liabilities within their respective Consolidated Balance Sheets:

March 31, 2015	Total Environmental Investigation and Remediation Reserve		Portion of Total Related to MGP Investigation and Remediation
Exelon	$	340	$	272
Generation	62		—
ComEd	231		228
PECO	44		42
BGE	3		2

December 31, 2014	Total Environmental Investigation and Remediation Reserve		Portion of Total Related to MGP Investigation  and Remediation
Exelon	$	347	$	277
Generation	63		—
ComEd	238		235
PECO	45		42
BGE	1		—

Exelon Generation Co L L C [Member] | Equity Method Investments [Member]

Commitments And Contingencies Tables Disclosure [Line Items]

Other Commitments

As of March 31, 2015, Generation’s estimated commitment relating to its equity purchase agreements, including the in-kind services contributions, is anticipated to be as follows:

	Total
2015	$	77
2016	37
2017	19
2018	14
Total	$	147