EXELON CORP
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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23. Related Party Transactions
- Related Party Transactions (All Registrants)
Utility Registrants' expense with Generation
The Utility Registrants incurred expenses from transactions with the Generation affiliate as described in the footnotes to the table below prior to separation on February 1, 2022. Such expenses were primarily recorded as Purchased power from affiliates and an immaterial amount recorded as Operating and maintenance expense from affiliates at the Utility Registrants:
| At December 31, | ||
|---|---|---|
| 2022 | 2021 | |
| ComEd(a) | $59 | $376 |
| PECO(b) | 33 | 196 |
| BGE(c) | 18 | 236 |
| PHI | 51 | 366 |
| Pepco(d) | 39 | 270 |
| DPL(e) | 10 | 79 |
| ACE(f) | 2 | 17 |
Note 23 — Related Party Transactions
(a)ComEd had an ICC-approved RFP contract with Generation to provide a portion of ComEd’s electric supply requirements. ComEd also purchased RECs and ZECs from Generation.
(b)PECO received electric supply from Generation under contracts executed through PECO’s competitive procurement process. In addition, PECO had a ten-year agreement with Generation to sell solar AECs.
(c)BGE received a portion of its energy requirements from Generation under its MDPSC-approved market-based SOS and gas commodity programs.
(d)Pepco received electric supply from Generation under contracts executed through Pepco's competitive procurement process approved by the MDPSC and DCPSC.
(e)DPL received a portion of its energy requirements from Generation under its MDPSC and DEPSC approved market-based SOS commodity programs.
(f)ACE received electric supply from Generation under contracts executed through ACE's competitive procurement process approved by the NJBPU.
Service Company Costs for Corporate Support
The Registrants receive a variety of corporate support services from BSC. Pepco, DPL, and ACE also receive corporate support services from PHISCO. See Note 1— Significant Accounting Policies for additional information regarding BSC and PHISCO.
The following table presents the service company costs allocated to the Registrants:
| Operating and maintenance from affiliates · Capitalized costs | ||||||
|---|---|---|---|---|---|---|
| For the years ended December 31, | For the years ended December 31, | |||||
| 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | |
| Exelon | ||||||
| BSC | $670 | $707 | $508 | |||
| PHISCO | 96 | 80 | 72 | |||
| ComEd | ||||||
| BSC | $353 | $316 | $304 | 307 | 311 | 207 |
| PECO | ||||||
| BSC | 213 | 197 | 169 | 120 | 115 | 81 |
| BGE | ||||||
| BSC | 221 | 204 | 189 | 90 | 122 | 92 |
| PHI | ||||||
| BSC | 177 | 188 | 168 | 153 | 159 | 128 |
| PHISCO | — | — | — | 95 | 80 | 72 |
| Pepco | ||||||
| BSC | 114 | 110 | 96 | 59 | 60 | 50 |
| PHISCO | 122 | 112 | 114 | 39 | 33 | 31 |
| DPL | ||||||
| BSC | 73 | 71 | 61 | 43 | 45 | 43 |
| PHISCO | 98 | 96 | 99 | 29 | 26 | 22 |
| ACE | ||||||
| BSC | 59 | 57 | 53 | 47 | 54 | 33 |
| PHISCO | 92 | 84 | 86 | 26 | 21 | 19 |
Current Receivables from/Payables to affiliates
Note 23 — Related Party Transactions
The following tables present current Receivables from affiliates and current Payables to affiliates:
December 31, 2023
| Receivables from affiliates: | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Payables to affiliates: · ComEd · PECO · BGE · Pepco · DPL · ACE · BSC · PHISCO · Other · Total | |||||||||||||||||||
| ComEd | $— | $— | $— | $— | $— | $64 | $— | $8 | $72 | ||||||||||
| PECO | $— | — | — | — | — | 36 | — | 3 | 39 | ||||||||||
| BGE | — | — | — | — | — | 33 | — | 2 | 35 | ||||||||||
| PHI | — | — | — | — | — | — | 5 | — | 10 | 15 | |||||||||
| Pepco | — | — | — | — | — | 17 | 14 | 1 | 32 | ||||||||||
| DPL | — | 1 | — | — | — | 12 | 11 | 1 | 25 | ||||||||||
| ACE | — | 1 | — | 1 | 1 | 11 | 11 | — | 25 | ||||||||||
| Other | 3 | — | — | 1 | — | 3 | 1 | — | 8 | ||||||||||
| Total | $3 | $2 | $— | $2 | $1 | $3 | $179 | $36 | $25 | $251 | |||||||||
December 31, 2022
| Receivables from affiliates: | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Payables to affiliates: · ComEd · PECO · BGE · Pepco · DPL · ACE · BSC · PHISCO · Other · Total | |||||||||||||||||||
| ComEd | $— | $— | $— | $— | $— | $66 | $— | $8 | $74 | ||||||||||
| PECO | $— | — | — | — | — | 39 | — | 3 | 42 | ||||||||||
| BGE | — | — | — | — | — | 38 | — | 1 | 39 | ||||||||||
| PHI | — | — | — | — | — | — | 4 | — | 10 | 14 | |||||||||
| Pepco | — | — | — | — | — | 20 | 13 | 1 | 34 | ||||||||||
| DPL | — | 2 | — | — | — | 12 | 8 | — | 22 | ||||||||||
| ACE | — | 2 | — | — | — | 14 | 9 | 1 | 26 | ||||||||||
| Other | 3 | — | — | — | — | 1 | — | — | 4 | ||||||||||
| Total | $3 | $4 | $— | $— | $— | $1 | $193 | $30 | $24 | $255 | |||||||||
Borrowings from Exelon/PHI intercompany money pool
To provide an additional short-term borrowing option that will generally be more favorable to the borrowing participants than the cost of external financing both Exelon and PHI operate an intercompany money pool. PECO and PHI Corporate participate in the Exelon money pool. Pepco, DPL, and ACE participate in the PHI intercompany money pool.
Long-term Debt to Financing Trusts
The following table presents Long-term debt to financing trusts:
| At December 31, | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Exelon | ComEd | PECO | Exelon | ComEd | PECO | |
| ComEd Financing III | $206 | $205 | $— | $206 | $205 | $— |
| PECO Trust III | 81 | — | 81 | 81 | — | 81 |
| PECO Trust IV | 103 | — | 103 | 103 | — | 103 |
| Total | $390 | $205 | $184 | $390 | $205 | $184 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.