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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]  
Summary of the derivative fair value
The following table provides a summary of the derivative fair value balances recorded by the Registrants as of March 31, 2019:
 
 
Generation
 
ComEd
 
Exelon
Derivatives
 
Economic
Hedges
 
Proprietary
Trading
 
Collateral
and
Netting(a)(d)
 
Subtotal(b)
 
Economic
Hedges(c)
 
Total
Derivatives
Mark-to-market derivative assets
(current assets)
 
$
2,691

 
$
118

 
$
(2,156
)
 
$
653

 
$
—

 
$
653

Mark-to-market derivative assets
(noncurrent assets)
 
1,188

 
60

 
(794
)
 
454

 
—

 
454

Total mark-to-market derivative assets
 
3,879

 
178

 
(2,950
)
 
1,107

 
—

 
1,107

Mark-to-market derivative liabilities
(current liabilities)
 
(2,711
)
 
(89
)
 
2,485

 
(315
)
 
(27
)
 
(342
)
Mark-to-market derivative liabilities
(noncurrent liabilities)
 
(1,142
)
 
(30
)
 
957

 
(215
)
 
(213
)
 
(428
)
Total mark-to-market derivative liabilities
 
(3,853
)
 
(119
)
 
3,442

 
(530
)
 
(240
)
 
(770
)
Total mark-to-market derivative net assets (liabilities)
 
$
26

 
$
59

 
$
492

 
$
577

 
$
(240
)
 
$
337

_________
(a)
Exelon and Generation net all available amounts allowed under the derivative authoritative guidance in the balance sheet. These amounts include unrealized derivative transactions with the same counterparty under legally enforceable master netting agreements and cash collateral. In some cases Exelon and Generation may have other offsetting exposures, subject to a master netting or similar agreement, such as trade receivables and payables, transactions that do not qualify as derivatives, letters of credit and other forms of non-cash collateral. These are not reflected in the table above.
(b)
Current and noncurrent assets are shown net of collateral of $152 million and $63 million, respectively, and current and noncurrent liabilities are shown net of collateral of $177 million and $100 million, respectively. The total cash collateral posted, net of cash collateral received and offset against mark-to-market assets and liabilities was $492 million at March 31, 2019.
(c)
Includes current and noncurrent liabilities relating to floating-to-fixed energy swap contracts with unaffiliated suppliers.
(d)
Of the collateral posted/(received), $(33) million represents variation margin on the exchanges.
The following table provides a summary of the derivative fair value balances recorded by the Registrants as of December 31, 2018:
 
 
Generation
 
ComEd
 
Exelon
Description
 
Economic
Hedges
 
Proprietary
Trading
 
Collateral
and
Netting(a)(d)
 
Subtotal(b)
 
Economic
Hedges(c)
 
Total
Derivatives
Mark-to-market derivative assets
(current assets)
 
$
3,505

 
$
105

 
$
(2,809
)
 
$
801

 
$
—

 
$
801

Mark-to-market derivative assets
(noncurrent assets)
 
1,266

 
41

 
(862
)
 
445

 
—

 
445

Total mark-to-market derivative assets
 
4,771

 
146

 
(3,671
)
 
1,246

 
—

 
1,246

Mark-to-market derivative liabilities
(current liabilities)
 
(3,429
)
 
(74
)
 
3,056

 
(447
)
 
(26
)
 
(473
)
Mark-to-market derivative liabilities
(noncurrent liabilities)
 
(1,203
)
 
(20
)
 
972

 
(251
)
 
(223
)
 
(474
)
Total mark-to-market derivative liabilities
 
(4,632
)
 
(94
)
 
4,028

 
(698
)
 
(249
)
 
(947
)
Total mark-to-market derivative net assets (liabilities)
 
$
139

 
$
52

 
$
357

 
$
548

 
$
(249
)
 
$
299

_________ 
(a)
Exelon and Generation net all available amounts allowed under the derivative authoritative guidance in the balance sheet. These amounts include unrealized derivative transactions with the same counterparty under legally enforceable master netting agreements and cash collateral. In some cases Exelon and Generation may have other offsetting exposures, subject to a master netting or similar agreement, such as trade receivables and payables, transactions that do not qualify as derivatives, and letters of credit and other forms of non-cash collateral. These are not reflected in the table above.
(b)
Current and noncurrent assets are shown net of collateral of $121 million and $51 million, respectively, and current and noncurrent liabilities are shown net of collateral of $125 million and $60 million, respectively. The total cash collateral posted, net of cash collateral received and offset against mark-to-market assets and liabilities was $357 million at December 31, 2018.
(c)
Includes current and noncurrent liabilities relating to floating-to-fixed energy swap contracts with unaffiliated suppliers.
(d)
Of the collateral posted/(received), $(94) million represents variation margin on the exchanges.
Derivative Instruments, Gain (Loss) [Table Text Block]
For the three months ended March 31, 2019 and 2018, Exelon and Generation recognized the following net pre-tax commodity mark-to-market gains (losses) which are also located in the "Net fair value changes related to derivatives" in the Consolidated Statements of Cash Flows.
 
 
Three Months Ended
March 31,
 
 
2019
 
2018
Income Statement Location
 
Gain (Loss)
Operating revenues
 
$
(50
)
 
$
(100
)
Purchased power and fuel
 
30

 
(167
)
Total Exelon and Generation
 
$
(20
)
 
$
(267
)
Schedule of Derivative Instruments Included in Trading Activities [Table Text Block]
For the three months ended March 31, 2019 and 2018 Exelon and Generation recognized the following net pre-tax commodity mark-to-market gains (losses) which are also included in the "Net fair value changes related to derivatives" in the Consolidated Statements of Cash Flows. The Utility Registrants do not execute derivatives for proprietary trading purposes.
 
 
Three Months Ended
March 31,
 
 
2019
 
2018
Income Statement Location
 
Gain (Loss)
Operating revenues
 
$
2

 
$
2
Information on Generation's credit exposure for all derivative instruments, normal purchase normal sales, and applicable payables and receivables, net of collateral and instruments that are subject to master netting agreements
The aggregate fair value of all derivative instruments with credit-risk related contingent features in a liability position that are not fully collateralized (excluding transactions on the exchanges that are fully collateralized) is detailed in the table below:
Credit-Risk Related Contingent Features
 
March 31, 2019
 
December 31, 2018
Gross fair value of derivative contracts containing this feature(a)
 
$
(1,667
)
 
$
(1,723
)
Offsetting fair value of in-the-money contracts under master netting arrangements(b)
 
1,177

 
1,105

Net fair value of derivative contracts containing this feature(c)
 
$
(490
)
 
$
(618
)
_________
(a)
Amount represents the gross fair value of out-of-the-money derivative contracts containing credit-risk related contingent features ignoring the effects of master netting agreements.
(b)
Amount represents the offsetting fair value of in-the-money derivative contracts under legally enforceable master netting agreements with the same counterparty, which reduces the amount of any liability for which a Registrant could potentially be required to post collateral.
(c)
Amount represents the net fair value of out-of-the-money derivative contracts containing credit-risk related contingent features after considering the mitigating effects of offsetting positions under master netting arrangements and reflects the actual net liability upon which any potential contingent collateral obligations would be based.
The following tables provide information on Generation’s credit exposure for all derivative instruments, NPNS and applicable payables and receivables, net of collateral and instruments that are subject to master netting agreements, as of March 31, 2019. The tables further delineate that exposure by credit rating of the counterparties and provide guidance on the concentration of credit risk to individual counterparties. The figures in the tables below exclude credit risk exposure from individual retail counterparties, nuclear fuel procurement contracts and exposure through RTOs, ISOs, NYMEX, ICE, NASDAQ, NGX and Nodal commodity exchanges. Additionally, the figures in the tables below exclude exposures with affiliates, including net receivables with ComEd, PECO, BGE, Pepco, DPL and ACE of $36 million, $31 million, $27 million, $37 million, $5 million and $4 million as of March 31, 2019, respectively. 
Rating as of March 31, 2019
Total Exposure Before Credit Collateral
 
Credit Collateral(a)
 
Net Exposure
 
Number of Counterparties Greater than 10% of Net Exposure
 
Net Exposure of Counterparties Greater than 10% of Net Exposure
Investment grade
$
819

 
$
11

 
$
808

 
1

 
$
135

Non-investment grade
86

 
39

 
47

 


 


No external ratings
 
 
 
 
 
 
 
 
 
Internally rated — investment grade
162

 
—

 
162

 


 


Internally rated — non-investment grade
87

 
7

 
80

 


 


Total
$
1,154

 
$
57

 
$
1,097

 
1

 
$
135

 
Net Credit Exposure by Type of Counterparty
 
As of
March 31, 2019
Financial institutions
 
$
13

Investor-owned utilities, marketers, power producers
 
762

Energy cooperatives and municipalities
 
287

Other
 
35

Total
 
$
1,097

_________ 
(a)
As of March 31, 2019, credit collateral held from counterparties where Generation had credit exposure included $37 million of cash and $19 million of letters of credit. The credit collateral does not include non-liquid collateral.