v3.25.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
PHI Merger Commitments The following amounts represent total commitment costs that have been recorded since the acquisition date and the total remaining obligations for Exelon, PHI, Pepco, DPL, and ACE at June 30, 2025:
DescriptionExelon PHI Pepco DPLACE
Total commitments$513 $320 $120 $89 $111 
Remaining commitments(a)
24 22 21 1 — 
__________
(a)Remaining commitments extend through 2026 and include escrow funds, charitable contributions, and rate credits.
Commercial Commitments The Registrants’ commercial commitments at June 30, 2025, representing commitments potentially triggered by future events were as follows:
Expiration within
Total202520262027202820292030 and beyond
Exelon
Letters of credit(a)
$56 $28 $28 $— $— $— $— 
Surety bonds(b)
275 162 33 2 78 — — 
Financing trust guarantees(c)
378 — — — 78 — 300 
Guaranteed lease residual values(d)
24 — 3 4 5 4 8 
Total commercial commitments $733 $190 $64 $6 $161 $4 $308 
ComEd
Letters of credit(a)
$18 $10 $8 $— $— $— $— 
Surety bonds(b)
37 30 5 2 — — — 
Financing trust guarantees(c)
200 — — — — — 200 
Total commercial commitments $255 $40 $13 $2 $— $— $200 
PECO
Letters of credit(a)
$5 $— $5 $— $— $— $— 
Surety bonds(b)
2 — 2 — — — — 
Financing trust guarantees(c)
178 — — — 78 — 100 
Total commercial commitments $185 $— $7 $— $78 $— $100 
BGE
Letters of credit(a)
$27 $14 $13 $— $— $— $— 
Surety bonds(b)
3 1 2 — — — — 
Total commercial commitments $30 $15 $15 $— $— $— $— 
PHI
Letters of credit(a)
$4 $2 $2 $— $— $— $— 
Surety bonds(b)
174 77 19 — 78 — — 
Guaranteed lease residual values(d)
24 — 3 4 5 4 8 
Total commercial commitments $202 $79 $24 $4 $83 $4 $8 
Pepco
Letters of credit(a)
$2 $2 $— $— $— $— $— 
Surety bonds(b)
162 71 13 — 78 — — 
Guaranteed lease residual values(d)
8 — 1 1 2 1 3 
Total commercial commitments $172 $73 $14 $1 $80 $1 $3 
DPL
Letters of credit(a)
$1 $— $1 $— $— $— $— 
Surety bonds(b)
7 3 4 — — — — 
Guaranteed lease residual values(d)
9 — 1 2 2 2 2 
Total commercial commitments $17 $3 $6 $2 $2 $2 $2 
ACE
Letters of credit(a)
$1 $— $1 $— $— $— $— 
Surety bonds(b)
5 3 2 — — — — 
Guaranteed lease residual values(d)
7 — 1 1 1 1 3 
Total commercial commitments $13 $3 $4 $1 $1 $1 $3 
__________
(a)Exelon and certain of its subsidiaries maintain non-debt letters of credit to provide credit support for certain transactions as requested by third parties.
(b)Surety bonds—Guarantees issued related to contract and commercial agreements, excluding bid bonds. Historically, payments under the guarantees have not been made and the likelihood of payments being required is remote.
(c)Reflects guarantee of ComEd and PECO securities held by ComEd Financing III, PECO Trust III, and PECO Trust IV.
(d)Represents the maximum potential obligation in the event the fair value of certain leased equipment and fleet vehicles is zero at the end of the maximum lease term. The lease term associated with these assets ranges from 1 to 9 years. The maximum potential obligation at the end of the minimum lease term would be $55 million guaranteed by Exelon and PHI, of which $17 million, $21 million, and $17 million is guaranteed by Pepco, DPL, and ACE, respectively. Historically, payments under the guarantees have not been made and PHI believes the likelihood of payments being required under the guarantees is remote.
Accrued environmental liabilities
At June 30, 2025 and December 31, 2024, the Registrants had accrued the following undiscounted amounts for environmental liabilities in Accrued expenses, Other current liabilities, and Other deferred credits and other liabilities in their respective Consolidated Balance Sheets:
June 30, 2025December 31, 2024
Total Environmental
Investigation and
Remediation Liabilities		Portion of Total Related to
MGP Investigation and
Remediation		Total Environmental
Investigation and
Remediation Liabilities		Portion of Total Related to
MGP Investigation and
Remediation
Exelon$382 $317 $403 $322 
ComEd280 280 285 284 
PECO29 27 29 28 
BGE14 10 13 10 
PHI58 — 75 — 
Pepco56 — 73 — 
DPL1 — 1 — 
ACE1 — 1 —