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Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2015
Commitments And Contingencies Tables Disclosure [Line Items]  
Energy Commitments
As of June 30, 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
$
218

 
$
58

 
$
7

 
$
283

2016
280

 
288

 
15

 
583

2017
207

 
187

 
16

 
410

2018
96

 
72

 
17

 
185

2019
101

 
11

 
18

 
130

Thereafter
263

 
1

 
38

 
302

Total
$
1,165

 
$
617

 
$
111

 
$
1,893

 
____________________
(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 June 30, 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 June 30, 2015, capacity offsets were $75 million, $146 million, $149 million, $150 million, $151 million, and $604 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 June 30, 2015 are as follows:
 
 
 
Expiration within
 
Total
 
2015
 
2016
 
2017
 
2018
 
2019
 
2020
and beyond
ComEd
 
 
 
 
 
 
 
 
 
 
 
 
 
Electric supply procurement(a)
$
697

 
$
251

 
$
262

 
$
163

 
$
21

 
$
—

 
$
—

Renewable energy and RECs(b)
1,481

 
38

 
76

 
77

 
78

 
79

 
1,133

PECO
 
 
 
 
 
 
 
 
 
 
 
 
 
Electric supply procurement(c)
671

 
368

 
270

 
33

 
—

 
—

 
—

AECs(d)
13

 
2

 
2

 
2

 
2

 
2

 
3

BGE
 
 
 
 
 
 
 
 
 
 
 
 
 
Electric supply procurement(e)
1,389

 
462

 
675

 
252

 
—

 
—

 
—

Curtailment services(f)
95

 
20

 
34

 
29

 
12

 
—

 
—

___________________
(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 June 30, 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)
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.
(c)
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.
(d)
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.
(e)
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.
(f)
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 June 30, 2015, these net commitments were as follows:
 
 
 
Expiration within
 
Total
 
2015
 
2016
 
2017
 
2018
 
2019
 
2020
and beyond
Generation
$
8,884

 
$
726

 
$
1,129

 
$
1,078

 
$
969

 
$
880

 
$
4,102

PECO
375

 
65

 
107

 
66

 
46

 
20

 
71

BGE
622

 
52

 
103

 
92

 
69

 
61

 
245
Other Purchase Obligation
The Registrants’ other purchase obligations as of June 30, 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
$
1,422

 
$
342

 
$
421

 
$
220

 
$
77

 
$
80

 
$
282

Generation(a)
339

 
79

 
95

 
46

 
33

 
24

 
62

ComEd(b)
356

 
153

 
166

 
8

 
7

 
7

 
15

PECO(b)
21

 
5

 
5

 
2

 
2

 
2

 
5

BGE(b)
302

 
75

 
116

 
111

 
—

 
—

 
—

 
_____________________
(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 June 30, 2015, representing commitments potentially triggered by future events were as follows:
 
 
Exelon
 
Generation
 
ComEd
 
PECO
 
BGE
 
Letters of credit (non-debt)(a)
$
1,568

 
$
1,502

 
$
18

 
$
22

 
$
1

 
Guarantees
5,824

(b)  
3,115

(c)  
203

(d)  
188

(e)  
263

(f)  
Nuclear insurance premiums(g)
3,057

 
3,057

 
—

 
—

 
—

 
Underwriters discount(h)
60

 
—

 
—

 
—

 
—

 
Total commercial commitments
$
10,509

 
$
7,674

 
$
221

 
$
210

 
$
264

 
___________________
(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 $674 million at June 30, 2015, which represents the total amount Exelon could be required to fund based on June 30, 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 $460 million at June 30, 2015, which represents the total amount Generation could be required to fund based on June 30, 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 17 — Common Stock for further details of the equity securities offering.
Accrued environmental liabilities
As of June 30, 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:
June 30, 2015
Total Environmental
Investigation and
Remediation Reserve
 
Portion of Total Related to
MGP Investigation and
Remediation
Exelon
$
337

 
$
267

Generation
63

 
—

ComEd
227

 
224

PECO
44

 
41

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 June 30, 2015, Generation’s estimated commitment relating to its equity purchase agreements, including in-kind services contributions, is anticipated to be as follows:

 
Total
2015
$
77

2016
254

2017
23

2018
7

2019
2

Total
$
363