2012 10K - Exelon Corporation

TABLE OF CONTENTS
Page No.
GLOSSARY OF TERMS AND ABBREVIATIONS 1
FILING FORMAT 5
FORWARD-LOOKING STATEMENTS 5
WHERE TO FIND MORE INFORMATION 5
PART I
ITEM 1. BUSINESS 6
General 6
Exelon Generation Company, LLC 7
Commonwealth Edison Company 19
PECO Energy Company 21
Baltimore Gas and Electric Company 24
Employees 28
Environmental Regulation 29
Executive Officers of the Registrants 34
ITEM 1A. RISK FACTORS 39
ITEM 1B. UNRESOLVED STAFF COMMENTS 62
ITEM 2. PROPERTIES 63
Exelon Generation Company, LLC 63
Commonwealth Edison Company 66
PECO Energy Company 66
Baltimore Gas and Electric Company 67
ITEM 3. LEGAL PROCEEDINGS 68
Exelon Corporation 68
Exelon Generation Company, LLC 68
Commonwealth Edison Company 68
PECO Energy Company 68
Baltimore Gas and Electric Company 68
ITEM 4. MINE SAFETY DISCLOSURES 68
PART II
ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES 69
ITEM 6. SELECTED FINANCIAL DATA 73
Exelon Corporation 73
Exelon Generation Company, LLC 74
Commonwealth Edison Company 74
PECO Energy Company 75
ITEM 7.
Baltimore Gas and Electric Company 76
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS 77
Exelon Corporation 77
Executive Overview 77
Critical Accounting Policies and Estimates 94
Results of Operations 109
Liquidity and Capital Resources 144
Exelon Generation Company, LLC 173
Commonwealth Edison Company 175
PECO Energy Company 177
Baltimore Gas and Electric Company 179