Earnings Release Highlights
- GAAP Net Income of $0.70 per share and Adjusted (non-GAAP)
Operating Earnings of $0.67 per share for the third quarter of
2023
- Narrowing guidance range for full year 2023 Adjusted (non-GAAP)
Operating Earnings from $2.30-$2.42 per share to $2.32-$2.40 per
share
- Reaffirming fully regulated operating EPS compounded annual
growth target of 6-8% from 2021 and 2022 guidance midpoints through
2025 and 2026, respectively, with expectation to be at midpoint or
better of growth range
- Strong utility reliability performance – every utility achieved
top quartile in outage duration and outage frequency, and ComEd and
PHI delivered best-on-record performance for the third straight
quarter
Exelon Corporation (Nasdaq: EXC) today reported its financial
results for the third quarter of 2023.
“In the third quarter we continued to see strong execution of
our financial plan and our strategy to lead the energy
transformation, achieving top-quartile service reliability and key
milestones in our six active rate reviews,” said Exelon President
and CEO Calvin Butler. “As power generation decarbonizes and demand
increases from development of major data center hubs, we are
embarking on interstate transmission projects selected to meet
reliability requirements, including PJM’s most recent
recommendation to include our proposal to build needed transmission
in Maryland and Pennsylvania. We also will be key partners in
facilitating two of the recently announced national hydrogen hubs
located in Exelon’s service areas, and three of our operating
companies were also selected for federal grants through the
landmark Infrastructure Investment and Jobs Act to improve
reliability and connectivity in the communities we serve and expand
benefits for our customers. We continue to be excited by the
progress toward the aggressive goals we’ve set to build a
sustainable energy future for our customers and communities.”
“Despite an active summer storm season, Exelon’s third quarter
performance remained in line with expectations, as we recorded
Adjusted (non-GAAP) Operating Earnings of $0.67 per share,” said
Exelon Executive Vice President and CFO Jeanne Jones. “We’re also
continuing to execute on the $7.2 billion capital investment
planned for 2023, designed to address the needs of tomorrow’s grid.
We are narrowing our 2023 EPS guidance range to $2.32 to $2.40 per
share. We look forward to ending the year strong and further
establishing our position as the nation’s leading transmission and
delivery company.”
Third Quarter 2023
Exelon's GAAP Net Income from Continuing Operations for the
third quarter of 2023 increased to $0.70 per share from $0.68 GAAP
Net Income from Continuing Operations per share in the third
quarter of 2022. Adjusted (non-GAAP) Operating Earnings for the
third quarter of 2023 decreased to $0.67 per share from $0.75 per
share in the third quarter of 2022. For the reconciliations of GAAP
Net Income from Continuing Operations to Adjusted (non-GAAP)
Operating Earnings, refer to the tables beginning on page 3.
Adjusted (non-GAAP) Operating Earnings in the third quarter of
2023 primarily reflect:
- Lower utility earnings primarily due to increased operating
expense as a result of higher storm costs at PECO, BGE and PHI,
unfavorable weather at PECO, increased depreciation expense at BGE
and PHI, and increased interest expense at BGE. This was partially
offset by higher electric distribution formula rate earnings at
ComEd from higher allowed ROE due to an increase in U.S. treasury
rates and the impacts of higher rate base, rate increases at PECO,
BGE, and PHI, and carrying costs related to the carbon mitigation
credit (CMC) regulatory asset at ComEd.
- Higher costs at the Exelon holding company primarily due to
higher interest expense.
Operating Company Results1
ComEd
ComEd's third quarter of 2023 GAAP Net Income increased to $333
million from $291 million in the third quarter of 2022. ComEd's
Adjusted (non-GAAP) Operating Earnings for the third quarter of
2023 increased to $338 million from $293 million in the third
quarter of 2022, primarily due to increases in electric
distribution formula rate earnings (reflecting higher allowed ROE
due to an increase in U.S. Treasury rates and the impacts of higher
rate base) and carrying costs related to the CMC regulatory asset.
Due to revenue decoupling, ComEd's distribution earnings are not
affected by actual weather or customer usage patterns.
PECO
PECO’s third quarter of 2023 GAAP Net Income increased to $146
million from $135 million in the third quarter of 2022. PECO's
Adjusted (non-GAAP) Operating Earnings for the third quarter of
2023 decreased to $149 million from $174 million in the third
quarter of 2022, primarily due to unfavorable weather and an
increase in storm costs, partially offset by gas distribution rate
increases.
___________
1 Exelon’s four business units include
ComEd, which consists of electricity transmission and distribution
operations in northern Illinois; PECO, which consists of
electricity transmission and distribution operations and retail
natural gas distribution operations in southeastern Pennsylvania;
BGE, which consists of electricity transmission and distribution
operations and retail natural gas distribution operations in
central Maryland; and PHI, which consists of electricity
transmission and distribution operations in the District of
Columbia and portions of Maryland, Delaware, and New Jersey and
retail natural gas distribution operations in northern
Delaware.
BGE
BGE’s third quarter of 2023 GAAP Net Income increased to $45
million from $33 million in the third quarter of 2022. BGE's
Adjusted (non-GAAP) Operating Earnings for the third quarter of
2023 decreased to $47 million from $70 million in the third quarter
of 2022, primarily due to an increase in depreciation expense,
interest expense, and storm costs, partially offset by favorable
impacts of the multi-year plans. Due to revenue decoupling, BGE's
distribution earnings are not affected by actual weather or
customer usage patterns.
PHI
PHI’s third quarter of 2023 GAAP Net Income decreased to $232
million from $289 million in the third quarter of 2022. PHI’s
Adjusted (non-GAAP) Operating Earnings for the third quarter of
2023 decreased to $234 million from $286 million in the third
quarter of 2022, primarily due to an increase in depreciation
expense and storm costs. This is partially offset by distribution
and transmission rate increases. Due
to revenue decoupling, PHI's distribution earnings related to Pepco
Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not
affected by actual weather or customer usage patterns.
Recent Developments and Third Quarter Highlights
- Dividend: On November 1, 2023, Exelon’s Board of
Directors declared a regular quarterly dividend of $0.36 per share
on Exelon’s common stock for the fourth quarter of 2023. The
dividend is payable on Friday, December 8, 2023, to shareholders of
record of Exelon as of 5 p.m. Eastern time on Wednesday, November
15, 2023.
- Financing Activities:
- On September 13, 2023, Pepco issued $100 million of First
Mortgage Bonds, 5.35% Series, due September 13, 2033. Pepco used
the proceeds to repay existing indebtedness and for general
corporate purposes.
GAAP/Adjusted (non-GAAP) Operating Earnings
Reconciliation
Adjusted (non-GAAP) Operating Earnings for the third quarter of
2023 do not include the following items (after tax) that were
included in reported GAAP Net Income from Continuing
Operations:
(in millions, except per share
amounts)
Exelon
Earnings per
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2023 GAAP Net Income from Continuing
Operations
$
0.70
$
700
$
333
$
146
$
45
$
232
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $4)
0.01
12
—
—
—
—
Asset Retirement Obligation (net of taxes
of $1)
—
(1
)
—
—
—
(1
)
Separation Costs (net of taxes of $5, $2,
$1, $1, and $1, respectively)
0.01
14
5
3
2
4
Income Tax-Related Adjustments (entire
amount represents tax expense)
(0.05
)
(54
)
—
—
—
—
2023 Adjusted (non-GAAP) Operating
Earnings
$
0.67
$
671
$
338
$
149
$
47
$
234
Adjusted (non-GAAP) Operating Earnings for the third quarter of
2022 do not include the following items (after tax) that were
included in reported GAAP Net Income from Continuing
Operations:
(in millions, except per share
amounts)
Exelon
Earnings per
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2022 GAAP Net Income from Continuing
Operations
$
0.68
$
676
$
291
$
135
$
33
$
289
Asset Retirement Obligation (net of taxes
of $2)
—
(4
)
—
—
—
(4
)
Asset Impairments (net of taxes of
$10)
0.04
37
—
—
37
—
Separation Costs (net of taxes of $1, $1,
$0, $0, and $0, respectively)
—
(3
)
2
1
1
1
Income Tax-Related Adjustments (entire
amount represents tax expense)
0.04
38
—
38
—
—
2022 Adjusted (non-GAAP) Operating
Earnings
$
0.75
$
745
$
293
$
174
$
70
$
286
__________
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax
impact of each reconciling item between GAAP Net Income from
Continuing Operations and Adjusted (non-GAAP) Operating Earnings is
based on the marginal statutory federal and state income tax rates
for each Registrant, taking into account whether the income or
expense item is taxable or deductible, respectively, in whole or in
part. For all items, the marginal statutory income tax rates for
2023 and 2022 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss third quarter 2023 earnings in a conference
call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern
Time). The webcast and associated materials can be accessed at
https://investors.exeloncorp.com.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 250 company and the nation’s
largest utility company, serving more than 10 million customers
through six fully regulated transmission and distribution utilities
— Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE),
Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO
Energy Company (PECO), and Potomac Electric Power Company (Pepco).
More than 19,000 Exelon employees dedicate their time and expertise
to supporting our communities through reliable, affordable and
efficient energy delivery, workforce development, equity, economic
development and volunteerism. Follow Exelon on X, formerly known as
Twitter @Exelon.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted
accounting principles in the United States (GAAP), Exelon evaluates
its operating performance using the measure of Adjusted (non-GAAP)
Operating Earnings because management believes it represents
earnings directly related to the ongoing operations of the
business. Adjusted (non-GAAP) Operating Earnings exclude certain
costs, expenses, gains and losses, and other specified items. This
measure is intended to enhance an investor’s overall understanding
of period over period operating results and provide an indication
of Exelon’s baseline operating performance excluding items that are
considered by management to be not directly related to the ongoing
operations of the business. In addition, this measure is among the
primary indicators management uses as a basis for evaluating
performance, allocating resources, setting incentive compensation
targets, and planning and forecasting of future periods. Adjusted
(non-GAAP) Operating Earnings is not a presentation defined under
GAAP and may not be comparable to other companies’ presentation.
Exelon has provided the non-GAAP financial measure as supplemental
information and in addition to the financial measures that are
calculated and presented in accordance with GAAP. Adjusted
(non-GAAP) Operating Earnings should not be deemed more useful
than, a substitute for, or an alternative to the most comparable
GAAP Net Income measures provided in this earnings release and
attachments. This press release and earnings release attachments
provide reconciliations of Adjusted (non-GAAP) Operating Earnings
to the most directly comparable financial measures calculated and
presented in accordance with GAAP, are posted on Exelon’s website:
www.exeloncorp.com, and have been furnished to the Securities and
Exchange Commission on Form 8-K on Nov. 2, 2023.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains certain forward-looking statements
within the meaning of federal securities laws that are subject to
risks and uncertainties. Words such as “could,” “may,” “expects,”
“anticipates,” “will,” “targets,” “goals,” “projects,” “intends,”
“plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,”
and variations on such words, and similar expressions that reflect
our current views with respect to future events and operational,
economic, and financial performance, are intended to identify such
forward-looking statements.
The factors that could cause actual results to differ materially
from the forward-looking statements made by Exelon Corporation,
Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and
Electric Company, Pepco Holdings LLC, Potomac Electric Power
Company, Delmarva Power & Light Company, and Atlantic City
Electric Company (Registrants) include those factors discussed
herein, as well as the items discussed in (1) the Registrants' 2022
Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors,
(b) Part II, ITEM 7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations, and (c) Part II,
ITEM 8. Financial Statements and Supplementary Data: Note 18,
Commitments and Contingencies; (2) the Registrants' Third Quarter
2023 Quarterly Report on Form 10-Q (to be filed on Nov. 2, 2023) in
(a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations, and (c) Part I, ITEM 1. Financial
Statements: Note 12, Commitments and Contingencies; and (3) other
factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these
forward-looking statements, whether written or oral, which apply
only as of the date of this press release. None of the Registrants
undertakes any obligation to publicly release any revision to its
forward-looking statements to reflect events or circumstances after
the date of this press release.
Earnings Release
Attachments
Table of Contents
Consolidating Statement of Operations
1
Consolidated Balance Sheets
3
Consolidated Statements of Cash Flows
5
Reconciliation of GAAP Net Income from
Continuing Operations to Adjusted (non-GAAP) Operating Earnings and
Analysis of Earnings
6
Statistics
ComEd
10
PECO
11
BGE
14
Pepco
17
DPL
18
ACE
20
Consolidating Statements of
Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Three Months Ended September 30,
2023
Operating revenues
$
2,268
$
1,037
$
932
$
1,773
$
(30
)
$
5,980
Operating expenses
Purchased power and fuel
896
411
380
710
—
2,397
Operating and maintenance
385
277
214
339
(28
)
1,187
Depreciation and amortization
357
100
161
257
15
890
Taxes other than income taxes
100
59
80
134
10
383
Total operating expenses
1,738
847
835
1,440
(3
)
4,857
Operating income (loss)
530
190
97
333
(27
)
1,123
Other income and (deductions)
Interest expense, net
(119
)
(52
)
(47
)
(80
)
(139
)
(437
)
Other, net
16
11
6
28
20
81
Total other income and
(deductions)
(103
)
(41
)
(41
)
(52
)
(119
)
(356
)
Income (loss) before income
taxes
427
149
56
281
(146
)
767
Income taxes
94
3
11
49
(90
)
67
Net income (loss)
333
146
45
232
(56
)
700
Net income (loss) attributable to
common shareholders
$
333
$
146
$
45
$
232
$
(56
)
$
700
Three Months Ended September 30,
2022
Operating revenues
$
1,378
$
1,014
$
870
$
1,598
$
(15
)
$
4,845
Operating expenses
Purchased power and fuel
121
403
350
610
—
1,484
Operating and maintenance
355
243
235
277
38
1,148
Depreciation and amortization
333
92
148
238
14
825
Taxes other than income taxes
104
60
77
129
7
377
Total operating expenses
913
798
810
1,254
59
3,834
Operating income (loss)
465
216
60
344
(74
)
1,011
Other income and (deductions)
Interest expense, net
(104
)
(45
)
(39
)
(72
)
(105
)
(365
)
Other, net
14
8
5
19
76
122
Total other income and
(deductions)
(90
)
(37
)
(34
)
(53
)
(29
)
(243
)
Income (loss) before income
taxes
375
179
26
291
(103
)
768
Income taxes
84
44
(7
)
2
(31
)
92
Net income (loss)
291
135
33
289
(72
)
676
Net income (loss) attributable to
common shareholders
$
291
$
135
$
33
$
289
$
(72
)
$
676
Change in net income (loss) from 2022
to 2023
$
42
$
11
$
12
$
(57
)
$
16
$
24
Consolidating Statements of
Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Nine Months Ended September 30,
2023
Operating revenues
$
5,836
$
2,977
$
2,986
$
4,615
$
(54
)
$
16,360
Operating expenses
Purchased power and fuel
2,068
1,197
1,145
1,805
—
6,215
Operating and maintenance
1,077
786
632
952
88
3,535
Depreciation and amortization
1,045
297
487
741
46
2,616
Taxes other than income taxes
282
156
239
366
20
1,063
Total operating expenses
4,472
2,436
2,503
3,864
154
13,429
Operating income (loss)
1,364
541
483
751
(208
)
2,931
Other income and (deductions)
Interest expense, net
(357
)
(149
)
(135
)
(238
)
(398
)
(1,277
)
Other, net
50
26
14
80
161
331
Total other income and
(deductions)
(307
)
(123
)
(121
)
(158
)
(237
)
(946
)
Income (loss) from continuing
operations before income taxes
1,057
418
362
593
(445
)
1,985
Income taxes
235
8
76
103
(148
)
274
Net income (loss) from continuing
operations after income taxes
822
410
286
490
(297
)
1,711
Net income from discontinued operations
after income taxes
—
—
—
—
—
—
Net income (loss)
822
410
286
490
(297
)
1,711
Net income attributable to
noncontrolling interests
—
—
—
—
—
—
Net income (loss) attributable to
common shareholders
$
822
$
410
$
286
$
490
$
(297
)
$
1,711
Nine Months Ended September 30,
2022
Operating revenues
$
4,536
$
2,877
$
2,810
$
4,223
$
(34
)
$
14,412
Operating expenses
Purchased power and fuel
1,041
1,093
1,093
1,609
(1
)
4,835
Operating and maintenance
1,045
705
658
867
161
3,436
Depreciation and amortization
982
277
470
697
46
2,472
Taxes other than income taxes
289
155
225
362
30
1,061
Total operating expenses
3,357
2,230
2,446
3,535
236
11,804
Loss on sale of assets and
businesses
(2
)
—
—
—
—
(2
)
Operating income (loss)
1,177
647
364
688
(270
)
2,606
Other income and (deductions)
Interest expense, net
(308
)
(129
)
(110
)
(216
)
(300
)
(1,063
)
Other, net
40
23
16
56
300
435
Total other income and
(deductions)
(268
)
(106
)
(94
)
(160
)
—
(628
)
Income (loss) from continuing
operations before income taxes
909
541
270
528
(270
)
1,978
Income taxes
203
67
3
10
73
356
Net income (loss) from continuing
operations after income taxes
706
474
267
518
(343
)
1,622
Net income from discontinued operations
after income taxes
—
—
—
—
117
117
Net income (loss)
706
474
267
518
(226
)
1,739
Net income attributable to
noncontrolling interests
—
—
—
—
1
1
Net income (loss) attributable to
common shareholders
$
706
$
474
$
267
$
518
$
(227
)
$
1,738
Change in net income (loss) from
continuing operations from 2022 to 2023
$
116
$
(64
)
$
19
$
(28
)
$
46
$
89
__________
(a)
Other primarily includes eliminating and
consolidating adjustments, Exelon’s corporate operations, shared
service entities, and other financing and investment
activities.
Exelon
Consolidated Balance
Sheets
(unaudited)
(in millions)
September 30, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
300
$
407
Restricted cash and cash equivalents
435
566
Accounts receivable
Customer accounts receivable
2,575
2,544
Customer allowance for credit losses
(341
)
(327
)
Customer accounts receivable, net
2,234
2,217
Other accounts receivable
1,168
1,426
Other allowance for credit losses
(88
)
(82
)
Other accounts receivable, net
1,080
1,344
Inventories, net
Fossil fuel
105
208
Materials and supplies
657
547
Regulatory assets
2,307
1,641
Other
401
406
Total current assets
7,519
7,336
Property, plant, and equipment,
net
72,458
69,076
Deferred debits and other
assets
Regulatory assets
8,128
8,037
Goodwill
6,630
6,630
Receivable related to Regulatory Agreement
Units
2,923
2,897
Investments
246
232
Other
1,355
1,141
Total deferred debits and other
assets
19,282
18,937
Total assets
$
99,259
$
95,349
September 30, 2023
December 31, 2022
Liabilities and
shareholders’ equity
Current liabilities
Short-term borrowings
$
1,720
$
2,586
Long-term debt due within one year
1,654
1,802
Accounts payable
2,684
3,382
Accrued expenses
1,315
1,226
Payables to affiliates
5
5
Regulatory liabilities
437
437
Mark-to-market derivative liabilities
44
8
Unamortized energy contract
liabilities
8
10
Other
933
1,155
Total current liabilities
8,800
10,611
Long-term debt
39,431
35,272
Long-term debt to financing
trusts
390
390
Deferred credits and other
liabilities
Deferred income taxes and unamortized
investment tax credits
11,792
11,250
Regulatory liabilities
9,236
9,112
Pension obligations
1,085
1,109
Non-pension postretirement benefit
obligations
515
507
Asset retirement obligations
269
269
Mark-to-market derivative liabilities
113
83
Unamortized energy contract
liabilities
29
35
Other
2,129
1,967
Total deferred credits and other
liabilities
25,168
24,332
Total liabilities
73,789
70,605
Commitments and contingencies
Shareholders’ equity
Common stock
20,956
20,908
Treasury stock, at cost
(123
)
(123
)
Retained earnings
5,233
4,597
Accumulated other comprehensive loss,
net
(596
)
(638
)
Total shareholders’ equity
25,470
24,744
Total liabilities and shareholders’
equity
$
99,259
$
95,349
Exelon
Consolidated Statements of
Cash Flows
(unaudited)
(in millions)
Nine Months Ended September
30,
2023
2022
Cash flows from operating
activities
Net income
$
1,711
$
1,739
Adjustments to reconcile net income to net
cash flows provided by operating activities:
Depreciation, amortization, and accretion,
including nuclear fuel and energy contract amortization
2,616
2,679
Asset impairments
—
46
Gain on sales of assets and businesses
—
(8
)
Deferred income taxes and amortization of
investment tax credits
210
256
Net fair value changes related to
derivatives
21
(59
)
Net realized and unrealized losses on NDT
funds
—
205
Net unrealized losses on equity
investments
—
16
Other non-cash operating activities
(237
)
265
Changes in assets and liabilities:
Accounts receivable
82
(1,049
)
Inventories
(8
)
(121
)
Accounts payable and accrued expenses
(454
)
823
Option premiums paid, net
—
(39
)
Collateral (paid) received, net
(183
)
1,456
Income taxes
50
3
Regulatory assets and liabilities, net
(395
)
(689
)
Pension and non-pension postretirement
benefit contributions
(97
)
(596
)
Other assets and liabilities
(24
)
(786
)
Net cash flows provided by operating
activities
3,292
4,141
Cash flows from investing
activities
Capital expenditures
(5,540
)
(5,179
)
Proceeds from NDT fund sales
—
488
Investment in NDT funds
—
(516
)
Collection of DPP
—
169
Proceeds from sales of assets and
businesses
—
16
Other investing activities
25
36
Net cash flows used in investing
activities
(5,515
)
(4,986
)
Cash flows from financing
activities
Changes in short-term borrowings
(1,116
)
(335
)
Proceeds from short-term borrowings with
maturities greater than 90 days
400
1,150
Repayments on short-term borrowings with
maturities greater than 90 days
(150
)
(925
)
Issuance of long-term debt
5,300
5,801
Retirement of long-term debt
(1,209
)
(2,067
)
Issuance of common stock
—
563
Dividends paid on common stock
(1,074
)
(999
)
Proceeds from employee stock plans
30
26
Transfer of cash, restricted cash, and
cash equivalents to Constellation
—
(2,594
)
Other financing activities
(101
)
(121
)
Net cash flows provided by financing
activities
2,080
499
Decrease in cash, restricted cash, and
cash equivalents
(143
)
(346
)
Cash, restricted cash, and cash
equivalents at beginning of period
1,090
1,619
Cash, restricted cash, and cash
equivalents at end of period
$
947
$
1,273
Exelon
Reconciliation of GAAP Net
Income (Loss) from Continuing Operations to Adjusted (non-GAAP)
Operating Earnings and Analysis of Earnings
Three Months Ended September 30,
2023 and 2022
(unaudited)
(in millions, except per share
data)
Exelon
Earnings per
Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2022 GAAP Net Income (Loss) from
Continuing Operations
$
0.68
$
291
$
135
$
33
$
289
$
(72
)
$
676
Asset Retirement Obligation (net of taxes
of $2)
—
—
—
—
(4
)
—
(4
)
Asset Impairments (net of taxes of $10)
(1)
0.04
—
—
37
—
—
37
Separation Costs (net of taxes of $1, $0,
$0, $0, $2, and $1, respectively) (2)
—
2
1
1
1
(8
)
(3
)
Income Tax-Related Adjustments (entire
amount represents tax expense) (3)
0.04
—
38
—
—
—
38
2022 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
0.75
$
293
$
174
$
70
$
286
$
(78
)
$
745
Year Over Year Effects on Adjusted
(non-GAAP) Operating Earnings:
Weather
$
(0.03
)
$
—
(b)
$
(29
)
$
—
(b)
$
(1
)
(b)
$
—
$
(30
)
Load
0.01
—
(b)
11
—
(b)
(1
)
(b)
—
10
Distribution and Transmission Rates
(4)
0.06
36
(c)
6
(c)
8
(c)
11
(c)
—
61
Other Energy Delivery (5)
0.10
46
(c)
23
(c)
3
(c)
31
(c)
—
103
Operating and Maintenance Expense (6)
(0.05
)
(20
)
(24
)
(15
)
(35
)
44
(50
)
Pension and Non-Pension Postretirement
Benefits
(0.01
)
2
—
(1
)
(4
)
(12
)
(15
)
Depreciation and Amortization Expense
(7)
(0.04
)
(17
)
(6
)
(10
)
(12
)
(1
)
(46
)
Interest Expense and Other (8)
(0.11
)
(2
)
(6
)
(8
)
(41
)
(50
)
(107
)
Share Differential (9)
(0.01
)
—
—
—
—
—
—
Total Year Over Year Effects on
Adjusted (non-GAAP) Operating Earnings
$
(0.08
)
$
45
$
(25
)
$
(23
)
$
(52
)
$
(19
)
$
(74
)
2023 GAAP Net Income (Loss) from
Continuing Operations
$
0.70
$
333
$
146
$
45
$
232
$
(56
)
$
700
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $4)
0.01
—
—
—
—
12
12
Asset Retirement Obligation (net of taxes
of $1)
—
—
—
—
(1
)
—
(1
)
Separation Costs (net of taxes of $2, $1,
$1, $1, and $5, respectively) (2)
0.01
5
3
2
4
—
14
Income Tax-Related Adjustments (entire
amount represents tax expense) (3)
(0.05
)
—
—
—
—
(54
)
(54
)
2023 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
0.67
$
338
$
149
$
47
$
234
$
(97
)
$
671
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax
impact of each reconciling item between GAAP Net Income from
Continuing Operations and Adjusted (non-GAAP) Operating Earnings is
based on the marginal statutory federal and state income tax rates
for each Registrant, taking into account whether the income or
expense item is taxable or deductible, respectively, in whole or in
part. For all items, the marginal statutory income tax rates for
2023 and 2022 ranged from 24.0% to 29.0%.
(a)
Other primarily includes eliminating and
consolidating adjustments, Exelon’s corporate operations, shared
service entities, and other financing and investment
activities.
(b)
For ComEd, BGE, Pepco, DPL Maryland, and
ACE, customer rates are adjusted to eliminate the impacts of
weather and customer usage on distribution volumes.
(c)
For regulatory recovery mechanisms,
including ComEd’s distribution formula rate and energy efficiency
formula, ComEd, PECO, BGE, and PHI utilities transmission formula
rates, and riders across all utilities, revenues increase and
decrease i) as fully recoverable costs fluctuate (with no impact on
net earnings), and ii) pursuant to changes in rate base, capital
structure and ROE (which impact net earnings).
(1)
Reflects costs related to the impairment
of an office building at BGE, which are recorded in Operating and
maintenance expense.
(2)
Represents costs related to the separation
primarily comprised of system-related costs, third-party costs paid
to advisors, consultants, lawyers, and other experts assisting in
the separation, and employee-related severance costs, which are
recorded in Operating and maintenance expense and Other, net.
(3)
In 2022, reflects an adjustment to exclude
one-time non-cash impacts associated with the remeasurement of
deferred income taxes as a result of the reduction in Pennsylvania
corporate income tax rate. In 2023, reflects the adjustment to
state deferred income taxes due to changes in forecasted
apportionment.
(4)
For ComEd, reflects increased electric
distribution revenues due to higher allowed electric distribution
ROE driven by an increase in treasury rates and higher rate base.
For PECO, reflects increased revenue primarily due to distribution
rate increases. For BGE, reflects increased revenue primarily due
to distribution rate increases. For PHI, reflects increased revenue
primarily due to distribution and transmission rate increases.
(5)
For ComEd, reflects increased electric
distribution, transmission, and energy efficiency revenues due to
higher fully recoverable costs and also reflects carrying costs
related to the CMC regulatory assets. For PECO, reflects increased
transmission and energy efficiency revenues due to regulatory
required programs. For PHI, reflects higher revenues due to certain
EDIT benefits being fully amortized and passed through to
customers, which is offset in Interest expense and Other.
(6)
Represents Operating and maintenance
expense, excluding pension and non-pension postretirement benefits.
For PECO, primarily reflects increased storm costs and increased
program costs related to regulatory required programs. For BGE,
primarily reflects increased storm costs. For PHI, reflects
increased credit loss expense and increased storm costs. For
Corporate, primarily reflects a decrease in Operating and
maintenance expense with an offsetting decrease in other income,
for costs billed to Constellation for services provided by Exelon
through the Transition Services Agreement (TSA).
(7)
Reflects ongoing capital expenditures
across all utilities.
(8)
For PHI, primarily reflects higher income
tax expense due to certain EDIT benefits being fully amortized and
passed through to customers, with an offsetting increase in Other
energy delivery. For Corporate, primarily reflects a decrease in
other income for costs billed to Constellation for services
provided by Exelon through the TSA, with an offsetting decrease in
Operating and maintenance expense.
(9)
Reflects the impact on earnings per share
due to the increase in Exelon's average diluted common shares
outstanding as a result of the August 2022 common stock
issuance.
Exelon
Reconciliation of GAAP Net
Income (Loss) from Continuing Operations to Adjusted (non-GAAP)
Operating Earnings and Analysis of Earnings
Nine Months Ended September 30,
2023 and 2022
(unaudited)
(in millions, except per share
data)
Exelon
Earnings
per Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2022 GAAP Net Income (Loss) from
Continuing Operations
$
1.65
$
706
$
474
$
267
$
518
$
(343
)
$
1,622
ERP System Implementation Costs (net of
taxes of $0) (1)
—
—
—
—
—
1
1
Asset Retirement Obligation (net of taxes
of $2)
—
—
—
—
(4
)
—
(4
)
Asset Impairments (net of taxes of $10)
(2)
0.04
—
—
37
—
—
37
Separation Costs (net of taxes of $4, $2,
$2, $3, $0 and $10, respectively) (3)
0.03
9
4
4
7
1
25
Income Tax-Related Adjustments (entire
amount represents tax expense) (4)
0.13
—
38
—
3
89
130
2022 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
1.84
$
715
$
517
$
308
$
523
$
(252
)
$
1,811
Year Over Year Effects on Adjusted
(non-GAAP) Operating Earnings:
Weather
$
(0.10
)
$
—
(b)
$
(92
)
$
—
(b)
$
(12
)
(b)
$
—
$
(104
)
Load
—
—
(b)
4
—
(b)
(4
)
(b)
—
—
Distribution and Transmission Rates
(5)
0.24
101
(c)
41
(c)
33
(c)
60
(c)
—
235
Other Energy Delivery (6)
0.22
105
(c)
44
(c)
(3
)
(c)
76
(c)
—
222
Operating and Maintenance Expense (7)
(0.08
)
(33
)
(64
)
(13
)
(22
)
54
(78
)
Pension and Non-Pension Postretirement
Benefits
(0.02
)
8
2
(3
)
(12
)
(14
)
(19
)
Depreciation and Amortization Expense
(8)
(0.10
)
(45
)
(15
)
(10
)
(25
)
(4
)
(99
)
Interest Expense and Other (9)
(0.20
)
(12
)
(24
)
(23
)
(62
)
(73
)
(194
)
Share Differential (10)
(0.02
)
—
—
—
—
—
—
Total Year Over Year Effects on
Adjusted (non-GAAP) Operating Earnings
$
(0.06
)
$
124
$
(104
)
$
(19
)
$
(1
)
$
(37
)
$
(37
)
2023 GAAP Net Income (Loss) from
Continuing Operations
$
1.72
$
822
$
410
$
286
$
490
$
(297
)
$
1,711
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $4)
0.01
—
—
—
—
14
14
Change in Environmental Liabilities (net
of taxes of $8)
0.03
—
—
—
29
—
29
Asset Retirement Obligation (net of taxes
of $1)
—
—
—
—
(1
)
—
(1
)
SEC Matter Loss Contingency (net of taxes
of $0)
0.05
—
—
—
—
46
46
Separation Costs (net of taxes of $3, $1,
$1, $2, $0, and $7, respectively) (3)
0.02
7
3
3
5
1
19
Change in FERC Audit Liability (net of
taxes of $4)
0.01
11
—
—
—
—
11
Income Tax-Related Adjustments (entire
amount represents tax expense) (4)
(0.05
)
—
—
—
—
(54
)
(54
)
2023 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
1.78
$
839
$
413
$
289
$
522
$
(289
)
$
1,774
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax
impact of each reconciling item between GAAP Net Income from
Continuing Operations and Adjusted (non-GAAP) Operating Earnings is
based on the marginal statutory federal and state income tax rates
for each Registrant, taking into account whether the income or
expense item is taxable or deductible, respectively, in whole or in
part. For all items, the marginal statutory income tax rates for
2023 and 2022 ranged from 24.0% to 29.0%.
(a)
Other primarily includes eliminating and
consolidating adjustments, Exelon’s corporate operations, shared
service entities, and other financing and investment
activities.
(b)
For ComEd, BGE, Pepco, DPL Maryland, and
ACE, customer rates are adjusted to eliminate the impacts of
weather and customer usage on distribution volumes.
(c)
For regulatory recovery mechanisms,
including ComEd’s distribution formula rate and energy efficiency
formula, ComEd, PECO, BGE, and PHI utilities transmission formula
rates, and riders across all utilities, revenues increase and
decrease i) as fully recoverable costs fluctuate (with no impact on
net earnings), and ii) pursuant to changes in rate base, capital
structure and ROE (which impact net earnings).
(1)
Reflects costs related to a multi-year
Enterprise Resource Planning (ERP) system implementation, which are
recorded in Operating and maintenance expense.
(2)
Reflects costs related to the impairment
of an office building at BGE, which are recorded in Operating and
maintenance expense.
(3)
Represents costs related to the separation
primarily comprised of system-related costs, third-party costs paid
to advisors, consultants, lawyers, and other experts assisting in
the separation, and employee-related severance costs, which are
recorded in Operating and maintenance expense and Other, net.
(4)
In 2022, for PECO, reflects an adjustment
to exclude one-time non-cash impacts associated with the
remeasurement of deferred income taxes as a result of the reduction
in Pennsylvania corporate income tax rate. For Corporate, in
connection with the separation, Exelon recorded an income tax
expense primarily due to the long-term marginal state income tax
rate change, the recognition of valuation allowances against the
net deferred tax assets positions for certain standalone state
filing jurisdictions, and nondeductible transaction costs partially
offset by a one-time impact associated with a state tax benefit. In
2023, reflects the adjustment to state deferred income taxes dues
to changes in forecasted apportionment.
(5)
For ComEd, reflects increased electric
distribution revenues due to higher allowed electric distribution
ROE driven by an increase in treasury rates and higher rate base.
For PECO, reflects increased revenue primarily due to distribution
rate increases. For BGE, reflects increased revenue due to
distribution rate increases. For PHI, reflects increased revenue
primarily due to distribution and transmission rate increases.
(6)
For ComEd, reflects increased electric
distribution, transmission, and energy efficiency revenues due to
higher fully recoverable costs and also reflects carrying costs
related to the CMC regulatory assets. For PECO, reflects increased
transmission and energy efficiency revenues due to regulatory
required programs. For PHI, reflects higher revenues due to certain
EDIT benefits being fully amortized and passed through to
customers, which is offset in Interest expense and Other and the
regulatory asset amortization of the ACE Purchase Power Agreement
termination obligation recorded in the first quarter of 2022, which
is fully recoverable.
(7)
Represents Operating and maintenance
expense, excluding pension and non-pension postretirement benefits.
For ComEd, reflects increased contracting costs. For PECO,
primarily reflects increased storm costs and increased program
costs related to regulatory required programs. For BGE, primarily
reflects increased storm costs. For PHI, reflects increased
contracting costs due to timing. For Corporate, includes the
following three items: 1) a decrease in Operating and maintenance
expense with an offsetting decrease in other income for costs
billed to Constellation for services provided by Exelon through the
TSA 2) lower BSC costs that were historically allocated to
Generation but are presented as part of continuing operations in
Exelon’s results as these costs do not qualify as expenses of the
discontinued operations per the accounting rules (YTD Q1 2023
includes no costs compared to one month of costs for the period
prior to the separation for YTD Q1 2022), and 3) an increase in
costs for the DPA related matters.
(8)
Reflects ongoing capital expenditures
across all utilities and higher depreciation rates effective
January 2023 for ComEd. For PHI, includes the regulatory asset
amortization of the ACE Purchase Power Agreement termination
obligation recorded in the first quarter of 2022, which is fully
recoverable in Other Energy Delivery.
(9)
For PHI, primarily reflects higher income
tax expense due to certain EDIT benefits being fully amortized and
passed through to customers, with an offsetting increase in Other
energy delivery. For Corporate, primarily reflects an increase in
interest expense and a decrease in other income for costs billed to
Constellation for services provided by Exelon through the TSA, with
an offsetting decrease in Operating and maintenance expense. These
items are partially offset by an increase in other income for the
proposed settlement of the DPA related derivative claims.
(10)
Reflects the impact on earnings per share
due to the increase in Exelon's average diluted common shares
outstanding as a result of the August 2022 common stock
issuance.
ComEd Statistics
Three
Months Ended September 30, 2023 and 2022
Electric Deliveries (in
GWhs)
Revenue (in millions)
2023
2022
% Change
Weather - Normal %
Change
2023
2022
% Change
Electric Deliveries and
Revenues(a)
Residential
8,199
8,467
(3.2
)%
(5.3
)%
$
1,047
$
935
12.0
%
Small commercial & industrial
7,822
8,003
(2.3
)%
(2.3
)%
540
217
148.8
%
Large commercial & industrial
7,039
6,973
0.9
%
0.2
%
263
(117
)
(324.8
)%
Public authorities & electric
railroads
209
216
(3.2
)%
(3.5
)%
11
3
266.7
%
Other(b)
—
—
n/a
n/a
265
246
7.7
%
Total electric revenues(c)
23,269
23,659
(1.6
)%
(2.6
)%
2,126
1,284
65.6
%
Other Revenues(d)
142
94
51.1
%
Total Electric Revenues
$
2,268
$
1,378
64.6
%
Purchased Power
$
896
$
121
640.5
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
15
75
79
(80.0
)%
(81.0
)%
Cooling Degree-Days
791
778
722
1.7
%
9.6
%
Nine
Months Ended September 30, 2023 and 2022
Electric Deliveries (in
GWhs)
Revenue (in millions)
2023
2022
% Change
Weather - Normal %
Change
2023
2022
% Change
Electric Deliveries and
Revenues(a)
Residential
20,217
21,835
(7.4
)%
(3.3
)%
$
2,744
$
2,610
5.1
%
Small commercial & industrial
21,854
22,705
(3.7
)%
(2.3
)%
1,363
953
43.0
%
Large commercial & industrial
20,101
20,361
(1.3
)%
(0.7
)%
553
48
1,052.1
%
Public authorities & electric
railroads
622
659
(5.6
)%
(4.8
)%
33
22
50.0
%
Other(b)
—
—
n/a
n/a
716
718
(0.3
)%
Total electric revenues(c)
62,794
65,560
(4.2
)%
(2.2
)%
5,409
4,351
24.3
%
Other Revenues(d)
427
185
130.8
%
Total Electric Revenues
$
5,836
$
4,536
28.7
%
Purchased Power
$
2,068
$
1,041
98.7
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
3,267
3,953
3,829
(17.4
)%
(14.7
)%
Cooling Degree-Days
1,089
1,155
988
(5.7
)%
10.2
%
Number of Electric Customers
2023
2022
Residential
3,733,678
3,711,894
Small commercial & industrial
391,222
390,303
Large commercial & industrial
1,887
1,892
Public authorities & electric
railroads
4,802
4,854
Total
4,131,589
4,108,943
__________
(a)
Reflects revenues from customers
purchasing electricity directly from ComEd and customers purchasing
electricity from a competitive electric generation supplier, as all
customers are assessed delivery charges. For customers purchasing
electricity from ComEd, revenues also reflect the cost of energy
and transmission.
(b)
Includes transmission revenue from PJM,
wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from
affiliates totaling $9 million and $6 million for the three months
ended September 30, 2023 and 2022, respectively, and $14 million
and $14 million for the nine months ended September 30, 2023 and
2022, respectively.
(d)
Includes alternative revenue programs and
late payment charges.
PECO Statistics
Three
Months Ended September 30, 2023 and 2022
Electric and Natural Gas
Deliveries
Revenue (in millions)
2023
2022
% Change
Weather- Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
4,134
4,386
(5.7
)%
4.9
%
$
654
$
620
5.5
%
Small commercial & industrial
2,070
2,139
(3.2
)%
0.8
%
148
149
(0.7
)%
Large commercial & industrial
3,830
3,943
(2.9
)%
(0.4
)%
67
93
(28.0
)%
Public authorities & electric
railroads
152
172
(11.6
)%
(10.8
)%
7
8
(12.5
)%
Other(b)
—
—
n/a
n/a
80
71
12.7
%
Total electric revenues(c)
10,186
10,640
(4.3
)%
1.7
%
956
941
1.6
%
Other Revenues(d)
14
—
n/a
Total Electric Revenues
970
941
3.1
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
2,134
2,197
(2.9
)%
(5.4
)%
43
46
(6.5
)%
Small commercial & industrial
1,939
2,054
(5.6
)%
(8.1
)%
16
20
(20.0
)%
Large commercial & industrial
4
6
(33.3
)%
(7.1
)%
—
—
n/a
Transportation
5,278
5,162
2.2
%
8.3
%
7
5
40.0
%
Other(f)
—
—
n/a
n/a
1
2
(50.0
)%
Total natural gas revenues(g)
9,355
9,419
(0.7
)%
1.1
%
67
73
(8.2
)%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
67
73
(8.2
)%
Total Electric and Natural Gas
Revenues
$
1,037
$
1,014
2.3
%
Purchased Power and Fuel
$
411
$
403
2.0
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
18
19
22
(5.3
)%
(18.2
)%
Cooling Degree-Days
1,064
1,290
1,022
(17.5
)%
4.1
%
Nine
Months Ended September 30, 2023 and 2022
Electric and Natural Gas
Deliveries
Revenue (in millions)
2023
2022
% Change
Weather- Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
10,186
11,204
(9.1
)%
0.7
%
$
1,617
$
1,538
5.1
%
Small commercial & industrial
5,616
5,889
(4.6
)%
—
%
415
386
7.5
%
Large commercial & industrial
10,398
10,691
(2.7
)%
(0.3
)%
196
229
(14.4
)%
Public authorities & electric
railroads
464
489
(5.1
)%
(5.0
)%
23
23
—
%
Other(b)
—
—
n/a
n/a
219
202
8.4
%
Total electric revenues(c)
26,664
28,273
(5.7
)%
0.1
%
2,470
2,378
3.9
%
Other Revenues(d)
14
12
16.7
%
Total Electric Revenues
2,484
2,390
3.9
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
23,697
28,240
(16.1
)%
(3.9
)%
335
335
—
%
Small commercial & industrial
14,381
16,238
(11.4
)%
(1.8
)%
123
125
(1.6
)%
Large commercial & industrial
39
20
95.0
%
3.6
%
1
—
n/a
Transportation
17,482
18,508
(5.5
)%
(2.3
)%
20
19
5.3
%
Other(f)
—
—
n/a
n/a
12
7
71.4
%
Total natural gas revenues(g)
55,599
63,006
(11.8
)%
(2.9
)%
491
486
1.0
%
Other Revenues(d)
2
1
100.0
%
Total Natural Gas Revenues
493
487
1.2
%
Total Electric and Natural Gas
Revenues
$
2,977
$
2,877
3.5
%
Purchased Power and Fuel
$
1,197
$
1,093
9.5
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
2,236
2,632
2,866
(15.0
)%
(22.0
)%
Cooling Degree-Days
1,297
1,725
1,408
(24.8
)%
(7.9
)%
Number of Electric Customers
2023
2022
Number of Natural Gas Customers
2023
2022
Residential
1,531,168
1,523,269
Residential
505,370
500,934
Small commercial & industrial
155,932
155,516
Small commercial & industrial
44,743
46,074
Large commercial & industrial
3,111
3,120
Large commercial & industrial
9
9
Public authorities & electric
railroads
10,416
10,393
Transportation
629
656
Total
1,700,627
1,692,298
Total
550,751
547,673
__________
(a)
Reflects delivery volumes and revenues
from customers purchasing electricity directly from PECO and
customers purchasing electricity from a competitive electric
generation supplier as all customers are assessed distribution
charges. For customers purchasing electricity from PECO, revenues
also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM,
wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from
affiliates totaling $2 million and $3 million for the three months
ended September 30, 2023 and 2022, respectively, and $5 million and
$5 million for the nine months ended September 30, 2023 and 2022,
respectively.
(d)
Includes alternative revenue programs and
late payment charges.
(e)
Reflects delivery volumes and revenues
from customers purchasing natural gas directly from PECO and
customers purchasing natural gas from a competitive natural gas
supplier as all customers are assessed distribution charges. For
customers purchasing natural gas from PECO, revenue also reflects
the cost of natural gas.
(f)
Includes revenues primarily from
off-system sales.
(g)
Includes operating revenues from
affiliates totaling less than $1 million and less than $1 million
for the three months ended September 30, 2023 and 2022,
respectively, and $1 million and $1 million for the nine months
ended September 30, 2023 and 2022, respectively.
BGE Statistics
Three
Months Ended September 30, 2023 and 2022
Electric and Natural Gas
Deliveries
Revenue (in millions)
2023
2022
% Change
Weather-
Normal % Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
3,601
3,664
(1.7
)%
(1.4
)%
$
512
$
406
26.1
%
Small commercial & industrial
722
754
(4.2
)%
(1.4
)%
86
88
(2.3
)%
Large commercial & industrial
3,664
3,703
(1.1
)%
(1.2
)%
144
158
(8.9
)%
Public authorities & electric
railroads
50
46
8.7
%
3.9
%
7
7
—
%
Other(b)
—
—
n/a
n/a
104
101
3.0
%
Total electric revenues(c)
8,037
8,167
(1.6
)%
(1.3
)%
853
760
12.2
%
Other Revenues(d)
(17
)
(3
)
466.7
%
Total Electric Revenues
836
757
10.4
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
2,258
2,321
(2.7
)%
(2.0
)%
57
70
(18.6
)%
Small commercial & industrial
782
844
(7.3
)%
(7.1
)%
10
13
(23.1
)%
Large commercial & industrial
7,512
7,943
(5.4
)%
(5.2
)%
25
28
(10.7
)%
Other(f)
7
82
(91.5
)%
n/a
4
2
100.0
%
Total natural gas revenues(g)
10,559
11,190
(5.6
)%
(4.7
)%
96
113
(15.0
)%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
96
113
(15.0
)%
Total Electric and Natural Gas
Revenues
$
932
$
870
7.1
%
Purchased Power and Fuel
$
380
$
350
8.6
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
41
50
70
(18.0
)%
(41.4
)%
Cooling Degree-Days
706
711
617
(0.7
)%
14.4
%
Nine
Months Ended September 30, 2023 and 2022
Electric and Natural Gas
Deliveries
Revenue (in millions)
2023
2022
% Change
Weather-
Normal % Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
9,162
9,985
(8.2
)%
(0.2
)%
$
1,308
$
1,158
13.0
%
Small commercial & industrial
2,005
2,126
(5.7
)%
(0.7
)%
253
239
5.9
%
Large commercial & industrial
9,812
10,090
(2.8
)%
(1.2
)%
412
418
(1.4
)%
Public authorities & electric
railroads
153
152
0.7
%
(0.3
)%
22
20
10.0
%
Other(b)
—
—
n/a
n/a
303
297
2.0
%
Total electric revenues(c)
21,132
22,353
(5.5
)%
(0.7
)%
2,298
2,132
7.8
%
Other Revenues(d)
24
(10
)
(340.0
)%
Total Electric Revenues
2,322
2,122
9.4
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
22,954
28,382
(19.1
)%
1.0
%
406
448
(9.4
)%
Small commercial & industrial
5,706
6,895
(17.2
)%
(3.3
)%
66
77
(14.3
)%
Large commercial & industrial
28,785
31,854
(9.6
)%
(3.9
)%
124
128
(3.1
)%
Other(f)
1,692
5,472
(69.1
)%
n/a
28
50
(44.0
)%
Total natural gas revenues(g)
59,137
72,603
(18.5
)%
(1.7
)%
624
703
(11.2
)%
Other Revenues(d)
40
(15
)
(366.7
)%
Total Natural Gas Revenues
664
688
(3.5
)%
Total Electric and Natural Gas
Revenues
$
2,986
$
2,810
6.3
%
Purchased Power and Fuel
$
1,145
$
1,093
4.8
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
2,195
2,737
2,942
(19.8
)%
(25.4
)%
Cooling Degree-Days
917
990
879
(7.4
)%
4.3
%
Number of Electric Customers
2023
2022
Number of Natural Gas Customers
2023
2022
Residential
1,208,230
1,200,786
Residential
655,753
653,413
Small commercial & industrial
115,557
115,778
Small commercial & industrial
37,950
38,128
Large commercial & industrial
13,007
12,774
Large commercial & industrial
6,289
6,222
Public authorities & electric
railroads
264
266
Total
1,337,058
1,329,604
Total
699,992
697,763
__________
(a)
Reflects revenues from customers
purchasing electricity directly from BGE and customers purchasing
electricity from a competitive electric generation supplier as all
customers are assessed distribution charges. For customers
purchasing electricity from BGE, revenues also reflect the cost of
energy and transmission.
(b)
Includes transmission revenue from PJM,
wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from
affiliates totaling $1 million and $2 million for the three months
ended September 30, 2023 and 2022, respectively, and $4 million and
$5 million for the nine months ended September 30, 2023 and 2022,
respectively.
(d)
Includes alternative revenue programs and
late payment charges.
(e)
Reflects delivery volumes and revenues
from customers purchasing natural gas directly from BGE and
customers purchasing natural gas from a competitive natural gas
supplier as all customers are assessed distribution charges. For
customers purchasing natural gas from BGE, revenue also reflects
the cost of natural gas.
(f)
Includes revenues primarily from
off-system sales.
(g)
Includes operating revenues from
affiliates totaling $1 million and $1 million for the three months
ended September 30, 2023 and 2022, respectively, and $2 million and
$8 million for the nine months ended September 30, 2023 and 2022,
respectively.
Pepco Statistics
Three
Months Ended September 30, 2023 and 2022
Electric Deliveries (in
GWhs)
Revenue (in millions)
2023
2022
% Change
Weather- Normal
% Change
2023
2022
% Change
Electric Deliveries and
Revenues(a)
Residential
2,529
2,384
6.1
%
1.3
%
$
405
$
318
27.4
%
Small commercial & industrial
315
299
5.4
%
3.7
%
54
44
22.7
%
Large commercial & industrial
3,975
3,866
2.8
%
2.3
%
303
303
—
%
Public authorities & electric
railroads
175
176
(0.6
)%
(0.4
)%
9
9
—
%
Other(b)
—
—
n/a
n/a
67
57
17.5
%
Total electric revenues(c)
6,994
6,725
4.0
%
2.0
%
838
731
14.6
%
Other Revenues(d)
(16
)
(7
)
128.6
%
Total Electric Revenues
$
822
$
724
13.5
%
Purchased Power
$
288
$
230
25.2
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
11
19
8
(42.1
)%
37.5
%
Cooling Degree-Days
1,182
1,218
1,184
(3.0
)%
(0.2
)%
Nine
Months Ended September 30, 2023 and 2022
Electric Deliveries (in
GWhs)
Revenue (in millions)
2023
2022
% Change
Weather-
Normal % Change
2023
2022
% Change
Electric Deliveries and
Revenues(a)
Residential
6,090
6,390
(4.7
)%
—
%
$
954
$
826
15.5
%
Small commercial & industrial
831
855
(2.8
)%
(0.2
)%
134
117
14.5
%
Large commercial & industrial
10,299
10,499
(1.9
)%
(0.1
)%
838
806
4.0
%
Public authorities & electric
railroads
442
451
(2.0
)%
(1.3
)%
25
25
—
%
Other(b)
—
—
n/a
n/a
187
157
19.1
%
Total electric revenues(c)
17,662
18,195
(2.9
)%
(0.1
)%
2,138
1,931
10.7
%
Other Revenues(d)
36
(12
)
(400.0
)%
Total Electric Revenues
$
2,174
$
1,919
13.3
%
Purchased Power
$
750
$
605
24.0
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,840
2,357
2,437
(21.9
)%
(24.5
)%
Cooling Degree-Days
1,572
1,721
1,693
(8.7
)%
(7.1
)%
Number of Electric Customers
2023
2022
Residential
862,321
853,873
Small commercial & industrial
54,082
54,423
Large commercial & industrial
22,952
22,789
Public authorities & electric
railroads
205
196
Total
939,560
931,281
__________
(a)
Reflects revenues from customers
purchasing electricity directly from Pepco and customers purchasing
electricity from a competitive electric generation supplier as all
customers are assessed distribution charges. For customers
purchasing electricity from Pepco, revenues also reflect the cost
of energy and transmission.
(b)
Includes transmission revenue from PJM,
wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from
affiliates totaling $1 million and $2 million for the three months
ended September 30, 2023 and 2022, respectively, and $5 million and
$4 million for the nine months ended September 30, 2023 and 2022,
respectively.
(d)
Includes alternative revenue programs and
late payment charge revenues.
DPL Statistics
Three
Months Ended September 30, 2023 and 2022
Electric and Natural Gas
Deliveries
Revenue (in millions)
2023
2022
% Change
Weather - Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
1,620
1,574
2.9
%
1.2
%
$
255
$
207
23.2
%
Small commercial & industrial
683
667
2.4
%
1.6
%
70
65
7.7
%
Large commercial & industrial
1,154
1,167
(1.1
)%
(0.5
)%
32
43
(25.6
)%
Public authorities & electric
railroads
9
10
(10.0
)%
(5.4
)%
3
4
(25.0
)%
Other(b)
—
—
n/a
n/a
67
55
21.8
%
Total electric revenues(c)
3,466
3,418
1.4
%
0.6
%
427
374
14.2
%
Other Revenues(d)
(1
)
—
n/a
Total Electric Revenues
426
374
13.9
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
414
374
10.7
%
8.3
%
12
10
20.0
%
Small commercial & industrial
350
331
5.7
%
4.4
%
7
6
16.7
%
Large commercial & industrial
381
397
(4.0
)%
(4.0
)%
1
3
(66.7
)%
Transportation
1,119
1,284
(12.9
)%
(13.0
)%
3
3
—
%
Other(g)
—
—
n/a
n/a
1
16
(93.8
)%
Total natural gas revenues
2,264
2,386
(5.1
)%
(5.7
)%
24
38
(36.8
)%
Other Revenues(f)
—
—
n/a
Total Natural Gas Revenues
24
38
(36.8
)%
Total Electric and Natural Gas
Revenues
$
450
$
412
9.2
%
Purchased Power and Fuel
$
201
$
183
9.8
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
26
31
25
(16.1
)%
4.0
%
Cooling Degree-Days
1,007
1,046
919
(3.7
)%
9.6
%
Natural Gas Service Territory
% Change
Heating Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
37
32
35
15.6
%
5.7
%
Nine
Months Ended September 30, 2023 and 2022
Electric and Natural Gas
Deliveries
Revenue (in millions)
2023
2022
% Change
Weather - Normal
% Change
2023
2022
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
3,993
4,257
(6.2
)%
(0.8
)%
$
626
$
570
9.8
%
Small commercial & industrial
1,765
1,809
(2.4
)%
(0.8
)%
189
173
9.2
%
Large commercial & industrial
3,138
3,207
(2.2
)%
(0.6
)%
98
99
(1.0
)%
Public authorities & electric
railroads
31
32
(3.1
)%
(4.4
)%
11
11
—
%
Other(b)
—
—
n/a
n/a
186
168
10.7
%
Total electric revenues(c)
8,927
9,305
(4.1
)%
(0.8
)%
1,110
1,021
8.7
%
Other Revenues(d)
13
(2
)
(750.0
)%
Total Electric Revenues
1,123
1,019
10.2
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
4,781
5,810
(17.7
)%
(4.9
)%
88
77
14.3
%
Small commercial & industrial
2,494
2,882
(13.5
)%
(0.3
)%
40
35
14.3
%
Large commercial & industrial
1,166
1,259
(7.4
)%
(7.2
)%
3
9
(66.7
)%
Transportation
4,350
4,934
(11.8
)%
(7.9
)%
11
11
—
%
Other(f)
—
—
n/a
n/a
8
25
(68.0
)%
Total natural gas revenues
12,791
14,885
(14.1
)%
(5.2
)%
150
157
(4.5
)%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
150
157
(4.5
)%
Total Electric and Natural Gas
Revenues
$
1,273
$
1,176
8.2
%
Purchased Power and Fuel
$
562
$
507
10.8
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
2,223
2,724
2,891
(18.4
)%
(23.1
)%
Cooling Degree-Days
1,259
1,392
1,269
(9.6
)%
(0.8
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
2,306
2,828
3,020
(18.5
)%
(23.6
)%
Number of Electric Customers
2023
2022
Number of Natural Gas Customers
2023
2022
Residential
484,425
480,779
Residential
129,436
129,005
Small commercial & industrial
64,101
63,685
Small commercial & industrial
10,039
10,044
Large commercial & industrial
1,245
1,230
Large commercial & industrial
14
16
Public authorities & electric
railroads
593
597
Transportation
165
156
Total
550,364
546,291
Total
139,654
139,221
__________
(a)
Reflects delivery volumes and revenues
from customers purchasing electricity directly from DPL and
customers purchasing electricity from a competitive electric
generation supplier as all customers are assessed distribution
charges. For customers purchasing electricity from DPL, revenues
also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM,
wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from
affiliates totaling $2 million and $1 million for the three months
ended September 30, 2023 and 2022, respectively and $5 million for
both the nine months ended September 30, 2023 and 2022.
(d)
Includes alternative revenue programs and
late payment charges.
(e)
Reflects delivery volumes and revenues
from customers purchasing natural gas directly from DPL and
customers purchasing natural gas from a competitive natural gas
supplier as all customers are assessed distribution charges. For
customers purchasing natural gas from DPL, revenue also reflects
the cost of natural gas.
(f)
Includes revenues primarily from
off-system sales.
ACE Statistics
Three
Months Ended September 30, 2023 and 2022
Electric Deliveries (in
GWhs)
Revenue (in millions)
2023
2022
% Change
Weather - Normal
% Change
2023
2022
% Change
Electric Deliveries and
Revenues(a)
Residential
1,587
1,516
4.7
%
(2.0
)%
$
299
$
283
5.7
%
Small commercial & industrial
509
478
6.5
%
4.1
%
75
70
7.1
%
Large commercial & industrial
923
885
4.3
%
3.1
%
51
55
(7.3
)%
Public authorities & electric
railroads
10
9
11.1
%
7.8
%
4
3
33.3
%
Other(b)
—
—
n/a
n/a
68
54
25.9
%
Total electric revenues(c)
3,029
2,888
4.9
%
0.7
%
497
465
6.9
%
Other Revenues(d)
5
(3
)
(266.7
)%
Total Electric Revenues
$
502
$
462
8.7
%
Purchased Power
$
221
$
197
12.2
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
31
38
31
(18.4
)%
—
%
Cooling Degree-Days
852
955
879
(10.8
)%
(3.1
)%
Nine
Months Ended September 30, 2023 and 2022
Electric Deliveries (in
GWhs)
Revenue (in millions)
2023
2022
% Change
Weather -
Normal % Change
2023
2022
% Change
Electric Deliveries and
Revenues(a)
Residential
3,122
3,293
(5.2
)%
(2.9
)%
$
601
$
611
(1.6
)%
Small commercial & industrial
1,227
1,179
4.1
%
5.3
%
180
171
5.3
%
Large commercial & industrial
2,455
2,396
2.5
%
3.2
%
163
151
7.9
%
Public authorities & electric
railroads
33
34
(2.9
)%
(1.7
)%
13
11
18.2
%
Other(b)
—
—
n/a
n/a
194
190
2.1
%
Total electric revenues(c)
6,837
6,902
(0.9
)%
0.7
%
1,151
1,134
1.5
%
Other Revenues(d)
21
(14
)
(250.0
)%
Total Electric Revenues
$
1,172
$
1,120
4.6
%
Purchased Power
$
493
$
497
(0.8
)%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
2,558
3,007
3,037
(14.9
)%
(15.8
)%
Cooling Degree-Days
1,007
1,231
1,183
(18.2
)%
(14.9
)%
Number of Electric Customers
2023
2022
Residential
504,330
501,869
Small commercial & industrial
62,410
62,204
Large commercial & industrial
2,980
3,075
Public authorities & electric
railroads
729
731
Total
570,449
567,879
__________
(a)
Reflects delivery volumes and revenues
from customers purchasing electricity directly from ACE and
customers purchasing electricity from a competitive electric
generation supplier as all customers are assessed distribution
charges. For customers purchasing electricity from ACE, revenues
also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM,
wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from
affiliates totaling less than $1 million for both the three months
ended September 30, 2023 and 2022, and $1 million and $2 million
for the nine months ended September 30, 2023 and 2022,
respectively.
(d)
Includes alternative revenue programs.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231102856728/en/
James Gherardi Corporate Communications 312-394-7417
Andrew Plenge Investor Relations 312-394-2345
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