

September 30, 2015	Exelon		ComEd		PECO		BGE
Regulatory assets
Pension and other postretirement benefits	$	3,138	$	—	$	—	$	—
Deferred income taxes	1,589		66		1,446		77
AMI programs	373		130		64		179
Under-recovered distribution service costs^(a)	240		240		—		—
Debt costs	50		48		2		8
Fair value of BGE long-term debt	170		—		—		—
Severance	10		—		—		10
Asset retirement obligations	106		66		22		18
MGP remediation costs^(g)	289		256		32		1
Under-recovered uncollectible accounts	54		54		—		—
Renewable energy	243		243		—		—
Energy and transmission programs^{(b) (c)}	67		33		—		34
Deferred storm costs^(g)	2		—		—		2
Electric generation-related regulatory asset^(g)	23		—		—		23
Rate stabilization deferral	101		—		—		101
Energy efficiency and demand response programs	271		—		—		271
Merger integration costs	6		—		—		6
Conservation voltage reduction	1		—		—		1
Under-recovered revenue decoupling^(f)	7		—		—		7
Other	39		9		23		4
Total regulatory assets	6,779		1,145		1,589		742
Less: current portion	779		232		32		257
Total noncurrent regulatory assets	$	6,000	$	913	$	1,557	$	485



September 30, 2015	Exelon		ComEd		PECO		BGE
Regulatory liabilities
Other postretirement benefits	$	65	$	—	$	—	$	—
Nuclear decommissioning	2,538		2,150		388		—
Removal costs	1,545		1,342		—		203
Energy efficiency and demand response programs^(d)	46		44		2		—
DLC Program Costs	9		—		9		—
Energy efficiency phase II	38		—		38		—
Electric distribution tax repairs	97		—		97		—
Gas distribution tax repairs	30		—		30		—
Energy and transmission programs^(b)(c)(e)	134		46		70		18
Over-recovered electric universal service fund costs	3		—		3		—
Over-recovered revenue decoupling^(f)	27		—		—		27
Other	13		3		3		7
Total regulatory liabilities	4,545		3,585		640		255
Less: current portion	365		144		104		69
Total noncurrent regulatory liabilities	$	4,180	$	3,441	$	536	$	186



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^(f)	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^(d)	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)(e)	84		19		58		7
Over-recovered electric universal service fund costs	2		—		2		—
Revenue subject to refund	3		3		—		—
Over-recovered revenue decoupling^(f)	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 September 30, 2015, ComEd’s regulatory asset of $240 million was comprised of $184 million for the applicable annual reconciliations and $56 million related to significant one-time events including $43 million of deferred storm costs and $13 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 September 30, 2015, ComEd’s regulatory asset of $33 million included $26 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 September 30, 2015, ComEd’s regulatory liability of $46 million included $24 million related to over-recovered energy costs for hourly customers and $22 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 September 30, 2015, BGE's regulatory asset of $34 million included $5 million associated with transmission costs recoverable through its FERC approved formula rate and $29 million related to under-recovered electric energy costs. As of September 30, 2015, BGE's regulatory liability of $18 million related to $9 million of over-recovered natural gas supply costs and $14 million of over-recovered energy costs, offset by $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 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)

ComEd recovers the costs of its ICC-approved Energy Efficiency and Demand Response plan through a rider. Effective with a change to its rider in August 2015, ComEd will recover or refund any under or over-recoveries through the end of the Plan's fiscal year on May 31 over a twelve-month period beginning on June 1 of the following calendar year. Previously, ComEd's recovery or refund of under or over-recoveries through the end of the Plan's fiscal year on May 31 was over a nine-month period beginning on September 1 of the same calendar year.

(e)

As of September 30, 2015, PECO's regulatory liability of $70 million included $33 million related to the DSP program, $31 million related to the over-recovered natural gas costs under the PGC and $6 million related to over-recovered electric transmission costs. As of December 31, 2014, PECO's regulatory liability of $58 million included $39 million related to the DSP program, $16 million related to the over-recovered natural gas costs under the PGC and $3 million related to the over-recovered electric transmission costs.

(f)

Represents the electric and gas distribution costs recoverable from customers under BGE’s decoupling mechanism. As of September 30, 2015, BGE had a regulatory asset of $7 million related to under-recovered electric revenue decoupling and a regulatory liability of $27 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.


(g)	In accordance with the MDPSC approved 2014 electric and natural gas distribution rate case orders, the recovery periods for these regulatory assets were revised, effective in January 2015.