0000000000-20-002937.txt : 20200515 0000000000-20-002937.hdr.sgml : 20200515 20200406164354 ACCESSION NUMBER: 0000000000-20-002937 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20200406 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: COMMONWEALTH EDISON Co CENTRAL INDEX KEY: 0000022606 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 360938600 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 440 S LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60605-1028 BUSINESS PHONE: 3123944321 MAIL ADDRESS: STREET 1: 440 S LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60605-1028 FORMER COMPANY: FORMER CONFORMED NAME: COMMONWEALTH EDISON CO DATE OF NAME CHANGE: 19920703 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: PECO ENERGY CO CENTRAL INDEX KEY: 0000078100 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 230970240 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 2301 MARKET STREET STREET 2: PO BOX 8699 CITY: PHILADELPHIA STATE: PA ZIP: 19101-8699 BUSINESS PHONE: 215-841-4000 MAIL ADDRESS: STREET 1: 2301 MARKET STREET STREET 2: PO BOX 8699 CITY: PHILADELPHIA STATE: PA ZIP: 19101-8699 FORMER COMPANY: FORMER CONFORMED NAME: PHILADELPHIA ELECTRIC CO DATE OF NAME CHANGE: 19920703 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: ATLANTIC CITY ELECTRIC CO CENTRAL INDEX KEY: 0000008192 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 210398280 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 500 NORTH WAKEFIELD DRIVE CITY: NEWARK STATE: DE ZIP: 19702 BUSINESS PHONE: 202-872-2000 MAIL ADDRESS: STREET 1: 500 NORTH WAKEFIELD DRIVE CITY: NEWARK STATE: DE ZIP: 19702 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: BALTIMORE GAS & ELECTRIC CO CENTRAL INDEX KEY: 0000009466 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 520280210 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 2 CENTER PLAZA STREET 2: 110 W. FAYETTE STREET CITY: BALTIMORE STATE: MD ZIP: 21201 BUSINESS PHONE: 4104702800 MAIL ADDRESS: STREET 1: 2 CENTER PLAZA STREET 2: 110 W. FAYETTE STREET CITY: BALTIMORE STATE: MD ZIP: 21201 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: DELMARVA POWER & LIGHT CO /DE/ CENTRAL INDEX KEY: 0000027879 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 510084283 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 800 KING ST STREET 2: PO BOX 231 CITY: WILMINGTON STATE: DE ZIP: 19899 BUSINESS PHONE: 3024293114 MAIL ADDRESS: STREET 1: 800 KING ST STREET 2: P O BOX 231 CITY: WILMINGTON STATE: DE ZIP: 19899 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: POTOMAC ELECTRIC POWER CO CENTRAL INDEX KEY: 0000079732 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 530127880 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 701 NINTH STREET, NW STREET 2: OFFICE OF CORPORATE SECY., ROOM 1300 CITY: WASHINGTON STATE: DC ZIP: 20068 BUSINESS PHONE: 2028722000 MAIL ADDRESS: STREET 1: 701 NINTH STREET, NW STREET 2: OFFICE OF CORPORATE SECY., ROOM 1300 CITY: WASHINGTON STATE: DC ZIP: 20068 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: PEPCO HOLDINGS LLC CENTRAL INDEX KEY: 0001135971 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 522297449 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: SUITE 1300 STREET 2: 701 NINTH STREET, NW CITY: WASHINGTON STATE: DC ZIP: 20068 BUSINESS PHONE: 202-872-2000 MAIL ADDRESS: STREET 1: SUITE 1300 STREET 2: 701 NINTH STREET, NW CITY: WASHINGTON STATE: DC ZIP: 20068 FORMER COMPANY: FORMER CONFORMED NAME: PEPCO HOLDINGS INC DATE OF NAME CHANGE: 20020212 FORMER COMPANY: FORMER CONFORMED NAME: NEW RC INC DATE OF NAME CHANGE: 20010302 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: EXELON GENERATION CO LLC CENTRAL INDEX KEY: 0001168165 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 233064219 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 300 EXELON WAY CITY: KENNETT SQUARE STATE: PA ZIP: 19348-2473 BUSINESS PHONE: 610-765-5959 MAIL ADDRESS: STREET 1: 300 EXELON WAY CITY: KENNETT SQUARE STATE: PA ZIP: 19348-2473 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: EXELON CORP CENTRAL INDEX KEY: 0001109357 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 232990190 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: PO BOX 805398 CITY: CHICAGO STATE: IL ZIP: 60680-5398 BUSINESS PHONE: 3123947399 MAIL ADDRESS: STREET 1: PO BOX 805398 CITY: CHICAGO STATE: IL ZIP: 60680-5398 FORMER COMPANY: FORMER CONFORMED NAME: EXELON Corp DATE OF NAME CHANGE: 20180928 FORMER COMPANY: FORMER CONFORMED NAME: EXELON CORP DATE OF NAME CHANGE: 20000315 PUBLIC REFERENCE ACCESSION NUMBER: 0001109357-20-000053 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4*)>+CS],*,2 P(&]B:@H\/"]4>7!E+UA/8FIE8W0O0V]L;W)3 M<&%C92]$979I8V5',Z%$;3 BU,"VEA6J % M6J %6J %6J %6J %6O ]*WOEK(,D*\X#9H:[]P]6<&19EAU+^GP>RR(B(B(B M(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B+_-A\?'^_O[V]O;Z^OKR\' MGI^?GP[$AY="%(AB43AV^=.M%A$1$1$1$9$?2,H4S\_/CX^/]_?WOP[<'=E- MR6+L]?OW[ZCAZ>GI]?5504-$1$1$1$1$+N;M[>WIZ>GAX6&_WS<"Q:]?O^[O M[^.KQW.(\K]__VZJBLJ1,EY>7M0Q1$1$1$1$1&3"Q\<'QA6_?__&K *98K_? 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filename2.txt April 3, 2020 Fabian Souza Senior Vice President and Corporate Controller EXELON CORP 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 Re: EXELON CORP Form 10-K for the Fiscal Year Ended December 31, 2019 Filed February 11, 2020 Response dated March 19, 2020 File No. 001-16169 Dear Mr. Souza: We have reviewed your March 19, 2020 response to our comment letter and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response. After reviewing your response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our March 6, 2020 letter. Form 10-K for the Fiscal Year Ended December 31, 2019 Critical Accounting Policies Depreciable Lives of Property, Plant and Equipment (All Registrants), page 78 1. We have read your response to comment 2. We note from your disclosure on page 272 that you increased your asset retirement obligation by $780 million in part due to changes in the assumed retirement timing probabilities of economically challenged nuclear plants. In this regard, it appears that you revised the planned asset retirement dates of the nuclear plants that are economically challenged. Your proposed disclosure indicates that when a determination has been made that an asset will be retired before the end of its current estimated useful life, depreciation provisions will be accelerated to reflect the shortened Fabian Souza EXELON CORP April 3, 2020 Page 2 estimated useful life, which could have a material unfavorable impact on Exelon's and Generation's future results of operations. A company should address specifically why its accounting estimates or assumptions bear the risk of change. The reason may be that there is an uncertainty attached to the estimate or assumption, or it just may be difficult to measure or value. Equally important, companies should address the questions that arise once the critical accounting estimate or assumption has been identified, by analyzing, to the extent material, such factors as how they arrived at the estimate, how accurate the estimate/assumption has been in the past, how much the estimate/assumption has changed in the past, and whether the estimate/assumption is reasonably likely to change in the future. Since critical accounting estimates and assumptions are based on matters that are highly uncertain, a company should analyze their specific sensitivity to change, based on outcomes that are reasonably likely to occur and would have a material effect. Please note a Company is required to provide quantitative as well as qualitative disclosure when quantitative information is reasonably available and will provide material information for investors pursuant to Section V of SEC Release 33-8350. Please disclose the accounting estimates or assumptions used to determine the depreciable lives of your Dresden, Byron and Braidwood units at risk of early retirement, including their book values, based on the guidance in SEC Release 33-8350. Results of Operations by Registrant, page 84 2. We have read your response to comment 3. It appears the Company's chief operating decision maker ("CODM") uses net income as the segment measure for the utility registrants. Please reconcile the non-GAAP measure revenues net of purchased power and fuel expense ("RNF") to a GAAP gross margin that includes depreciation and amortization expense for the utility registrants. In this regard, a GAAP gross margin should be used as the starting point of the non-GAAP reconciliation of RNF and should be shown even if it is not otherwise presented in the utility registrants financial statements. You may contact Robert Babula, Senior Staff Accountant at (202) 551-3339, or Gus Rodriguez, Branch Chief at (202) 551-3752 if you have questions regarding comments on the financial statements and related matters. FirstName LastNameFabian Souza Sincerely, Comapany NameEXELON CORP Division of Corporation Finance April 3, 2020 Page 2 Office of Energy & Transportation FirstName LastName