XML 253 R84.htm IDEA: XBRL DOCUMENT v3.25.0.1
Debt and Credit Agreements (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Commercial Paper Borrowings
The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements at December 31, 2024 and 2023:
Credit Facility Size
at December 31,		Outstanding Commercial
Paper at December 31,		Average Interest Rate on
Commercial Paper Borrowings
at December 31,
Commercial Paper Issuer
2024(a)
2023(a)
2024202320242023
Exelon(b)
$4,000 $4,000 $1,359 $1,624 4.66 %5.58 %
ComEd$1,000 $1,000 $36 $202 4.55 %5.53 %
PECO$600 $600 $192 $165 4.65 %5.57 %
BGE$600 $600 $175 $336 4.61 %5.59 %
PHI(c)
$900 $900 $530 $394 4.70 %5.60 %
Pepco$300 
(d)
$300 $200 $132 4.69 %5.59 %
DPL$300 
(d)
$300 $144 $63 4.74 %5.60 %
ACE$300 
(d)
$300 $186 $199 4.67 %5.60 %
__________
(a)Excludes credit facility agreements arranged at minority and community banks. See below for additional information.
(b)Includes revolving credit agreements at Exelon Corporate with a maximum program size of $900 million as of December 31, 2024 and December 31, 2023. Exelon Corporate had $426 million in outstanding commercial paper as of December 31, 2024 and $527 million outstanding commercial paper as of December 31, 2023.
(c)Represents the consolidated amounts of Pepco, DPL, and ACE.
(d)The standard maximum program size for revolving credit facilities is $300 million each for Pepco, DPL and ACE based on the credit agreements in place. However, the facilities at Pepco, DPL, and ACE have the ability to flex to $500 million, $500 million, and $350 million, respectively. The borrowing capacity may be increased or decreased during the term of the facility, except that (i) the sum of the borrowing capacity must equal the total amount of the facility, and (ii) the aggregate amount of credit used at any given time by each of Pepco, DPL, or ACE may not exceed $900 million or the maximum amount of short-term debt the company is permitted to have outstanding by its regulatory authorities. The total number of the borrowing reallocations may not exceed eight per year during the term of the facility. In January 2025, this ability was utilized to increase Pepco's program size to $340 million. As a result, the program size for ACE did not change and DPL was decreased to $260 million, which prevents the aggregate amount of outstanding short-term debt from exceeding the $900 million limit.
Schedule of Aggregate Bank Commitments, Credit Facility Borrowings, and Available Capacity
At December 31, 2024, the Registrants had the following aggregate bank commitments, credit facility borrowings, and available capacity under their respective credit facilities:
Available Capacity at December 31, 2024
BorrowerFacility Type
Aggregate Bank
Commitment(a)
Facility DrawsOutstanding
Letters of Credit		Actual
To Support
Additional
Commercial
Paper(b)
Exelon(b)
Syndicated Revolver$4,000 $— $49 $3,951 $2,592 
ComEdSyndicated Revolver1,000 — 15 985 949 
PECOSyndicated Revolver600 — 4 596 404 
BGESyndicated Revolver600 — 25 575 400 
PHI(c)
Syndicated Revolver900 — 2 898 368 
PepcoSyndicated Revolver300 — 2 298 98 
DPLSyndicated Revolver300 — — 300 156 
ACESyndicated Revolver300 — — 300 114 
__________
(a)Excludes credit facility agreements arranged at minority and community banks. See below for additional information.
(b)Includes $900 million aggregate bank commitment related to Exelon Corporate. Exelon Corporate had $3 million outstanding letters of credit as of December 31, 2024. Exelon Corporate had $471 million in available capacity to support additional commercial paper as of December 31, 2024.
(c)Represents the consolidated amounts of Pepco, DPL, and ACE.
The following table reflects the Registrants' credit facility agreements arranged at minority and community banks at December 31, 2024 and 2023. These are excluded from the Maximum Program Size and Aggregate Bank Commitment amounts within the two tables above and the facilities may be used to issue letters of credit.
Aggregate Bank CommitmentsOutstanding Letters of Credit
Borrower
2024(a)
202320242023
Exelon(b)
$140 $140 $5 $10 
ComEd40 40 3 7 
PECO40 40 — 1 
BGE15 15 2 2 
PHI(c)
45 45 — — 
Pepco15 15 — — 
DPL 15 15 — — 
ACE15 15 — — 
__________
(a)These facilities were entered into on October 4, 2024 and expire on October 3, 2025.
(b)Represents the consolidated amounts of ComEd, PECO, BGE, Pepco, DPL, and ACE.
(c)Represents the consolidated amounts of Pepco, DPL, and ACE.
Revolving Credit Agreements
On August 29, 2024, Exelon Corporate and each of the Utility Registrants amended and restated their respective syndicated revolving credit facility, extending the maturity date to August 29, 2029. The following table reflects the credit agreements:
BorrowerAggregate Bank CommitmentInterest Rate
Exelon Corporate$900 
SOFR plus 1.275%
ComEd$1,000 
SOFR plus 1.000%
PECO$600 
SOFR plus 0.900%
BGE$600 
SOFR plus 0.900%
Pepco$300 
SOFR plus 1.075%
DPL $300 
SOFR plus 1.000%
ACE$300 
SOFR plus 1.000%
Schedule of Basis Spread
Borrowings under Exelon’s, ComEd’s, PECO’s, BGE's, Pepco's, DPL's, and ACE's revolving credit agreements bear interest at a rate based upon either the prime rate or a SOFR-based rate, plus an adder based upon the particular Registrant’s credit rating. The adders for the prime based borrowings and SOFR-based borrowings as of December 31, 2024 are presented in the following table:
Exelon(a)
ComEdPECOBGEPepcoDPLACE
Prime based borrowings
0 - 27.5
———7.5——
SOFR-based borrowings
90.0 - 127.5
100.090.090.0107.5100.0100.0
__________
(a)Includes interest rate adders at Exelon Corporate of 27.5 basis points and 127.5 basis points for prime and SOFR-based borrowings, respectively.
Schedule of Long-Term Debt Instruments
Long-Term Debt
The following tables present the outstanding long-term debt at the Registrants at December 31, 2024 and 2023:
Exelon
Maturity
Date		December 31,
Rates20242023
Long-term debt
First mortgage bonds(a)
1.05 %-7.90 %2025 - 2054$26,451 $24,776 
Senior unsecured notes2.75 %-7.60 %2025 - 205312,280 10,824 
Unsecured notes2.25 %-6.35 %2026 - 20545,450 4,650 
Notes payable and other1.64 %-7.49 %2025 - 205383 84 
Long-term software licensing agreement2.30 %-2.30 % 20254 12 
Unsecured tax-exempt bonds4.15 %-4.20 %2024— 33 
Medium-terms notes (unsecured)7.72 %202710 10 
Loan agreement(b)
6.23 %2024— 500 
Total long-term debt44,278 40,889 
Unamortized debt discount and premium, net(94)(80)
Unamortized debt issuance costs (326)(296)
Fair value adjustment542 582 
Long-term debt due within one year(1,453)(1,403)
Long-term debt$42,947 $39,692 
Long-term debt to financing trusts(c)
Subordinated debentures to ComEd Financing III6.35 %2033$206 $206 
Subordinated debentures to PECO Trust III7.38 %-9.50 %202881 81 
Subordinated debentures to PECO Trust IV5.75 %2033103 103 
Total long-term debt to financing trusts$390 $390 
__________
(a)Substantially all of ComEd’s assets other than expressly excluded property and substantially all of PECO’s, Pepco's, DPL's, and ACE's assets are subject to the liens of their respective mortgage indentures.
(b)Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.85%.
(c)Amounts owed to these financing trusts are recorded as Long-term debt to financing trusts within Exelon’s Consolidated Balance Sheets.
ComEd
Maturity
Date		December 31,
Rates20242023
Long-term debt
First mortgage bonds(a)
2.20 %-6.45 %2026 - 2054$12,154 $11,603 
Other7.49 %20538 8 
Total long-term debt12,162 11,611 
Unamortized debt discount and premium, net(31)(28)
Unamortized debt issuance costs(101)(97)
Long-term debt due within one year— (250)
Long-term debt$12,030 $11,236 
Long-term debt to financing trust(b)
Subordinated debentures to ComEd Financing III6.35 %2033$206 $206 
Total long-term debt to financing trusts206 206 
Unamortized debt issuance costs — (1)
Long-term debt to financing trusts $206 $205 
__________
(a)Substantially all of ComEd’s assets, other than expressly excluded property, are subject to the lien of its mortgage indenture.
(b)Amount owed to this financing trust is recorded as Long-term debt to financing trust within ComEd’s Consolidated Balance Sheets.
PECO
Maturity
Date		December 31,
Rates20242023
Long-term debt
First mortgage bonds(a)
2.80 %-5.95 %2025 - 2054$5,775 $5,200 
Total long-term debt5,775 5,200 
Unamortized debt discount and premium, net(25)(24)
Unamortized debt issuance costs(46)(42)
Long-term debt due within one year(350)— 
Long-term debt$5,354 $5,134 
Long-term debt to financing trusts(b)
Subordinated debentures to PECO Trust III7.38 %-9.50 %2028$81 $81 
Subordinated debentures to PECO Trust IV5.75 %2033103 103 
Long-term debt to financing trusts $184 $184 
__________
(a)Substantially all of PECO’s assets are subject to the lien of its mortgage indenture.
(b)Amounts owed to this financing trust are recorded as Long-term debt to financing trusts within PECO’s Consolidated Balance Sheets.
BGE
Maturity
Date		December 31,
Rates20242023
Long-term debt
Unsecured notes2.25 %-6.35 %2026 - 2054$5,450 $4,650 
Total long-term debt5,450 4,650 
Unamortized debt discount and premium, net(13)(12)
Unamortized debt issuance costs(42)(36)
Long-term debt due within one year— — 
Long-term debt$5,395 $4,602 
PHI
Maturity
Date		December 31,
Rates20242023
Long-term debt
First mortgage bonds(a)
1.05 %-7.90 %2025 - 2054$8,522 $7,972 
Senior unsecured notes
7.45 %2032185 185 
Unsecured tax-exempt bonds4.15 %-4.20 %2024— 33 
Medium-terms notes (unsecured)7.72 %202710 10 
Finance leases5.62 %2025 - 203275 74 
Total long-term debt8,792 8,274 
Unamortized debt discount and premium, net(2)— 
Unamortized debt issuance costs(66)(55)
Fair value adjustment400 429 
Long-term debt due within one year(290)(644)
Long-term debt$8,834 $8,004 
_________
(a)Substantially all of Pepco's, DPL's, and ACE's assets are subject to the liens of their respective mortgage indentures.
Pepco
Maturity
Date		December 31,
Rates20242023
Long-term debt
First mortgage bonds(a)
2.32 %-7.90 %2029 - 2054$4,400 $4,125 
Finance leases5.62 %2025 - 203227 26 
Total long-term debt4,427 4,151 
Unamortized debt discount and premium, net— 2 
Unamortized debt issuance costs(65)(57)
Long-term debt due within one year(6)(405)
Long-term debt$4,356 $3,691 
________
(a)Substantially all of Pepco's assets are subject to the lien of its mortgage indenture.
DPL
Maturity
Date		December 31,
Rates20242023
Long-term debt
First mortgage bonds(a)
1.05 %-5.72 %2025 - 2054$2,198 $2,024 
Unsecured tax-exempt bonds4.15 %-4.20 %2024— 33 
Medium-terms notes (unsecured)
7.72 %202710 10 
Finance leases5.62 %2025 - 203228 29 
Total long-term debt2,236 2,096 
Unamortized debt issuance costs(16)(16)
Long-term debt due within one year(130)(84)
Long-term debt$2,090 $1,996 
__________
(a)Substantially all of DPL's assets are subject to the lien of its mortgage indenture.
ACE
Maturity
Date		December 31,
Rates20242023
Long-term debt
First mortgage bonds(a)
2.25 %-5.80 %2025 - 2054$1,923 $1,823 
Finance leases5.62 %2025 - 203220 19 
Total long-term debt1,943 1,842 
Unamortized debt issuance costs(10)(9)
Long-term debt due within one year(154)(154)
Long-term debt$1,779 $1,679 
__________
(a)Substantially all of ACE's assets are subject to the lien of its mortgage indenture.
Schedule of Maturities of Long-Term Debt
Long-term debt maturities at the Registrants in the periods 2025 through 2029 and thereafter are as follows:
YearExelon ComEdPECOBGEPHIPepcoDPLACE
2025$1,453 $— $350 $—  $290 $6 $130 $154 
20261,618 500 — 350  19 7 7 5 
20271,025 350 — —  25 5 16 4 
20281,992 550 81 —  361 4 4 353 
2029930 — — —  281 153 3 125 
Thereafter37,650 
(a)
10,968 
(b)
5,528 
(c)
5,100 7,816 4,252 2,076 1,302 
Total$44,668 $12,368 $5,959 $5,450 $8,792 $4,427 $2,236 $1,943 
__________
(a)Includes $390 million due to ComEd and PECO financing trusts.
(b)Includes $206 million due to ComEd financing trust.
(c)Includes $184 million due to PECO financing trusts.