2012 10K - Exelon Corporation

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Page No. PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 429 ITEM 11. EXECUTIVE COMPENSATION 430 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 431 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 432 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 433 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 434 SIGNATURES 467 Exelon Corporation 467 Exelon Generation Company, LLC 468 Commonwealth Edison Company 469 PECO Energy Company 470 Baltimore Gas and Electric Company 471 CERTIFICATION EXHIBITS 472
GLOSSARY OF TERMS AND ABBREVIATIONS Exelon Corporation and Related Entities Exelon Exelon Corporation Generation Exelon Generation Company, LLC ComEd Commonwealth Edison Company PECO PECO Energy Company BGE Baltimore Gas and Electric Company BSC Exelon Business Services Company, LLC Exelon Corporate Exelon’s holding company CENG Constellation Energy Nuclear Group, LLC Constellation Constellation Energy Group, Inc. Exelon Transmission Company Exelon Transmission Company, LLC Exelon Wind Exelon Wind, LLC and Exelon Generation Acquisition Company, LLC Ventures Exelon Ventures Company, LLC AmerGen AmerGen Energy Company, LLC BondCo RSB BondCo LLC PEC L.P. PECO Energy Capital, L.P. PECO Trust III PECO Capital Trust III PECO Trust IV PECO Energy Capital Trust IV PETT PECO Energy Transition Trust Registrants Exelon, Generation, ComEd, PECO and BGE, collectively Other Terms and Abbreviations 1998 restructuring settlement PECO’s 1998 settlement of its restructuring case mandated by the Competition Act Act 11 Pennsylvania Act 11 of 2012 Act 129 Pennsylvania Act 129 of 2008 AEC Alternative Energy Credit that is issued for each megawatt hour of generation from a qualified alternative energy source AEPS Pennsylvania Alternative Energy Portfolio Standards AEPS Act Pennsylvania Alternative Energy Portfolio Standards Act of 2004, as amended AESO Alberta Electric Systems Operator AFUDC Allowance for Funds Used During Construction ALJ Administrative Law Judge AMI Advanced Metering Infrastructure ARC Asset Retirement Cost ARO Asset Retirement Obligation ARP Title IV Acid Rain Program ARRA of 2009 American Recovery and Reinvestment Act of 2009 Block contracts Forward Purchase Energy Block Contracts CAIR Clean Air Interstate Rule CAISO California ISO CERCLA Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended CFL Compact Fluorescent Light Clean Air Act Clean Air Act of 1963, as amended Clean Water Act Federal Water Pollution Control Amendments of 1972, as amended 1
Page 1 and 2: UNITED STATES SECURITIES AND EXCHAN
Page 3 and 4: Exelon Generation Company, LLC and
Page 5: Page No. ITEM 7A. QUANTITATIVE AND
Page 9 and 10: Other Terms and Abbreviations LTIP
Page 11 and 12: FILING FORMAT This combined Annual
Page 13 and 14: including the City of Baltimore, as
Page 15 and 16: following the merger completion. In
Page 17 and 18: egulations by the NRC may require a
Page 19 and 20: of new merchant nuclear power plant
Page 21 and 22: y third parties. In 2012 and 2011,
Page 23 and 24: the type of underlying asset. Gener
Page 25 and 26: ComEd ComEd is engaged principally
Page 27 and 28: due to weather events or conditions
Page 29 and 30: Smart Meter, Smart Grid and Energy
Page 31 and 32: BGE’s highest peak load occurred
Page 33 and 34: • a liquefied natural gas facilit
Page 35 and 36: Environmental Regulation General Ex
Page 37 and 38: attributable to low level radioacti
Page 39 and 40: hydro and pumped storage, and suppl
Page 41 and 42: Name Age Position Period Pramaggior
Page 43 and 44: Name Age Position Period O’Neill,
Page 45 and 46: ITEM 1A. RISK FACTORS Each of the R
Page 47 and 48: under their obligations for operati
Page 49 and 50: ComEd’s financial swap contract w
Page 51 and 52: 1999 sale of fossil generating asse
Page 53 and 54: lived assets for potential impairme
Page 55 and 56: were weather and the economy. With
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Generation’s affiliation with Com
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Federal and state legislation manda
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Generation may be negatively affect
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the Registrants face a risk that th
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of funds necessary for decommission
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with most companies in today’s en
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ITEM 2. PROPERTIES Generation The f
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Primary Net Station Region Location
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Transmission and Distribution PECO
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(Dollars in millions except per sha
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PECO As of January 31, 2013, there
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ITEM 6. SELECTED FINANCIAL DATA Exe
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December 31, (In millions) 2012 201
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Item 7. MANAGEMENT’S DISCUSSION A
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purchased power and fuel expense in
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units and compensation for operatin
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(2) the rate of expansion of subsid
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Hedging Strategy Exelon’s policy
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number of factors, including RTO re
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On December 16, 2011, the U.S. EPA
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In April 2011, the NRC named six se
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FERC Ameren Order. In July 2012, FE
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decommissioning. Probabilities assi
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guidance, which became effective Ja
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Impairment may occur when the carry
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changes or experience different fro
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Sensitivity to Changes in Key Assum
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The Registrants account for derivat
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Interest Rate Derivative Instrument
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upon actual costs incurred and inve
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Net Income Year Ended December 31,
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Generation’s supply sources by re
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decreased realized margins in 2011
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Year Ended December 31, 2011 Compar
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ecorded in 2012, a $36 million barg
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Electric revenues and purchased pow
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Volume—delivery Revenues net of p
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Operating and Maintenance Expense Y
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Other, Net The changes in other, ne
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Operating Revenues Net of Purchased
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The changes in PECO’s operating r
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The changes in operating and mainte
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year ended December 31, 2011 includ
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Results of Operations—BGE 2012 20
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Volume. Heating and cooling degree
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Other Other revenues increased duri
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BGE Electric Operating Statistics a
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The Registrants primarily use their
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Cash flows provided by operations f
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(e) The projected capital expenditu
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Company Issuances of long-term debt
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From time to time and as market con
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Other Credit Matters Capital Struct
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Contractual Obligations The followi
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ComEd Total 2013 Payment due within
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• variable interest entities, see
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ComEd The financial swap contract b
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Generation ComEd PECO Intercompany
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Credit Risk, Collateral, and Contin
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PECO’s supplier master agreements
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PECO As of December 31, 2012, PECO
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ITEM 7. MANAGEMENT’S DISCUSSION A
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ITEM 8. FINANCIAL STATEMENTS AND SU
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Management’s Report on Internal C
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Management’s Report on Internal C
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Report of Independent Registered Pu
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Report of Independent Registered Pu
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Exelon Corporation and Subsidiary C
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Exelon Generation Company, LLC and
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Commonwealth Edison Company and Sub
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(In millions) Commonwealth Edison C
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PECO Energy Company and Subsidiary
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BALTIMORE GAS AND ELECTRIC COMPANY
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BALTIMORE GAS AND ELECTRIC COMPANY
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(In millions) BALTIMORE GAS AND ELE
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Combined Notes to Consolidated Fina
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Formula Rate Tariff Combined Notes
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4. Merger and Acquisitions Combined
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For the Year Ended December 31, 201
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For the Year Ended December 31, 201
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BGE Combined Notes to Consolidated
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Year Ended December 31, 2011 (As Re
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Generation Combined Notes to Consol
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Other Tax Matters Combined Notes to
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Components of AOCI and Regulatory A
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Contributions Combined Notes to Con
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Eddystone Station and Cromby Statio
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Other Purchase Obligations Combined
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Solid and Hazardous Waste Combined
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Accumulated Other Comprehensive Inc
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ITEM 9. CHANGES IN AND DISAGREEMENT
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PART III Exelon Generation Company,
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ITEM 12. SECURITY OWNERSHIP OF CERT
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ITEM 14. PRINCIPAL ACCOUNTING FEES
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1. Basis of Presentation Exelon Cor
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5. Related Party Transactions Exelo
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Baltimore Gas and Electric Company
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Exhibit No. Description 2-13 Contri
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Exhibit No. Description 4-2 Exelon
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Exhibit No. Description 4-5 4-6 Ind
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Exhibit No. Description 4-31 Series
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Exhibit No. Description 10-31 Amend
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Exhibit No. Description 10-57 Admin
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Exhibit No. Description 24-29 Chari
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SIGNATURES Pursuant to the requirem
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Exelon Generation Company, LLC Rati
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PECO Energy Company Ratio of Earnin
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Exelon Corporation Subsidiary Listi
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CLT Energy Services Group, L.L.C. P
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Exelon AOG Holding #1, Inc. Delawar
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Michigan Wind 1, LLC Delaware Michi
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Exelon Generation Company, LLC Subs
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Cogenex Corporation MA CoLa Resourc
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Exelon New Boston, LLC DE Exelon Ne
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Residential Solar Holding, LLC DE R
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PECO Energy Company Subsidiary List
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CONSENT OF INDEPENDENT REGISTERED P
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POWER OF ATTORNEY Exhibit 24.2 KNOW
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POWER OF ATTORNEY Exhibit 24.10 KNO
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I, Christopher M. Crane, certify th
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I, Christopher M. Crane, certify th
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I, Anne R. Pramaggiore, certify tha
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I, Craig L. Adams, certify that: CE
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I, Kenneth W. DeFontes Jr., certify
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Certificate Pursuant to Section 135
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