Earnings Release Highlights
- GAAP Net Income of $0.62 per share and Adjusted (non-GAAP)
Operating Earnings of $0.60 per share for the fourth quarter of
2023
- Introducing 2024 Adjusted (non-GAAP) Operating Earnings
guidance range of $2.40-$2.50 per share
- Declaring quarterly dividend of $0.38 per share for the first
quarter of 2024, representing 5.6% growth over 2023 fourth quarter
dividend of $0.36 per share
- Projecting to invest $35 billion of capital expenditures over
the next four years to meet customer needs, resulting in expected
rate base growth of 7.5% and operating EPS compounded annual growth
of 5-7% from 2023 to 2027
- Updating 4-year financing plan to include $1.3 billion of
additional equity to fund approximately 40% of $3.2 billion of
incremental capital expenditures in line with a balanced funding
strategy
- ComEd and PHI ended the year with best-on-record performances
in both outage frequency and duration, and all gas utilities
sustained top decile performance in gas odor response for the
fourth straight quarter
- A settlement was approved in November by the New Jersey Board
of Public Utilities (NJBPU) in Atlantic City Electric’s base rate
case
- Orders in ComEd’s Multi-Year Rate Plan (“MRP”) and Multi-Year
Grid Plan as well as BGE’s multi-year plan were received in
December
Exelon Corporation (Nasdaq: EXC) today reported its financial
results for the fourth quarter and full year 2023.
“Exelon had another strong year in 2023, both financially and
operationally,” said President and CEO Calvin Butler. “We delivered
in the top half of our guidance range, achieved best-on-record
operational performance at multiple utilities, and advocated for a
more affordable and equitable energy transformation for our
customers. We successfully competed for nearly $200 million in
project grants benefiting our customers, supported by the
Infrastructure and Investment Jobs Act. In 2024, we will continue
to innovate and partner with regulators and stakeholders across
Exelon’s jurisdictions to support our shared energy and
environmental goals, while demonstrating the power of impact for
our customers and communities.”
“We delivered strong financial results for the second year in a
row, despite the historically mild weather impacting our
non-decoupled jurisdictions,” said Exelon Chief Financial Officer
Jeanne Jones. “For the full year 2023, we earned $2.34 per share on
a GAAP basis and $2.38 per share on a non-GAAP basis, results that
are at the top end of our narrowed guidance range. Over the next
four years, Exelon will invest $35 billion to serve our customers,
resulting in 7.5% rate base growth and an expected annualized
earnings growth rate of 5% to 7% through 2027, off the midpoint of
our 2023 guidance, with an expectation of being at midpoint or
better in that range. We expect adjusted (non-GAAP) earnings for
2024 of $2.40 to $2.50 per share, driven by continued investment in
our jurisdictions’ energy transformations and doing so as
affordably and efficiently as possible.”
Fourth Quarter 2023
Exelon's GAAP Net Income from Continuing Operations for the
fourth quarter of 2023 increased to $0.62 per share from $0.43 per
share in the fourth quarter of 2022. Adjusted (non-GAAP) Operating
Earnings for the fourth quarter of 2023 increased to $0.60 per
share from $0.43 per share in the fourth 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 4.
GAAP Net Income from Continuing Operations and Adjusted
(non-GAAP) Operating Earnings in the fourth quarter of 2023
primarily reflect:
- Higher utility earnings primarily due to favorable impacts of
the multi-year plans including the recognition of the
reconciliation in 2023 at BGE. In addition, there were higher
electric distribution earnings from higher allowed electric
distribution ROE due to an increase in treasury rates at ComEd and
favorable impacts of rate increases at PECO and PHI. This was
partially offset by higher contracting costs and interest expense
at PHI.
- Higher costs at the Exelon holding company primarily due to
higher interest expense and realized losses on hedging
activity.
Full Year 2023
Exelon's GAAP Net Income from Continuing Operations for 2023
increased to $2.34 per share from $2.08 per share in 2022. Adjusted
(non-GAAP) Operating Earnings for 2023 increased to $2.38 per share
from $2.27 per share in 2022.
GAAP Net Income from Continuing Operations and Adjusted
(non-GAAP) Operating Earnings for the full year 2023 primarily
reflect:
- Higher utility earnings primarily due to higher electric
distribution and transmission earnings from higher allowed ROE due
to an increase in treasury rates and higher rate base at ComEd and
favorable impacts of rate increases at PECO, BGE, and PHI. In
addition, at BGE, there were favorable impacts of the multi-year
plans including the recognition of the reconciliation in 2023 and
favorable carrying costs related to the carbon mitigation credit
(CMC) regulatory asset at ComEd. This was partially offset by
unfavorable weather at PECO and PHI, higher depreciation expense
and interest expense at PECO, BGE and PHI, higher contracting costs
at PHI, and higher storm costs at PECO and BGE.
- Higher costs at the Exelon holding company primarily due to
higher interest expense and realized losses on hedging activity.
This was partially offset by certain BSC costs that were
historically allocated to Constellation Energy Generation, LLC
(Generation) but are presented as part of continuing operations in
Exelon’s results in 2022 as these costs do not qualify as expenses
of the discontinued operations per the accounting rules.
Operating Company Results1
ComEd
ComEd's fourth quarter of 2023 GAAP Net Income increased to $268
million from $211 million in the fourth quarter of 2022. ComEd's
Adjusted (non-GAAP) Operating Earnings for the fourth quarter of
2023 increased to $269 million from $211 million in the fourth
quarter of 2022, primarily due to increases in electric
distribution formula rate earnings (reflecting higher allowed
electric distribution ROE due to an increase in treasury rates).
Due to revenue decoupling, ComEd's distribution earnings are not
affected by actual weather or customer usage patterns.
PECO
PECO’s fourth quarter of 2023 GAAP Net Income increased to $153
million from $102 million in the fourth quarter of 2022. PECO's
Adjusted (non-GAAP) Operating Earnings for the fourth quarter of
2023 increased to $154 million from $102 million in the fourth
quarter of 2022, primarily due to distribution rate increases and
favorable impacts from lower storm costs.
BGE
BGE’s fourth quarter of 2023 GAAP Net Income increased to $199
million from $113 million in the fourth quarter of 2022. BGE's
Adjusted (non-GAAP) Operating Earnings for the fourth quarter of
2023 increased to $199 million from $114 million in the fourth
quarter of 2022, primarily due to favorable impacts of the
multi-year plans including the recognition of the reconciliation in
2023. Due to revenue decoupling, BGE's distribution earnings are
not affected by actual weather or customer usage patterns.
PHI
PHI’s fourth quarter of 2023 GAAP Net Income increased to $101
million from $90 million in the fourth quarter of 2022. PHI’s
Adjusted (non-GAAP) Operating Earnings for the fourth quarter of
2023 increased to $102 million from $90 million in the fourth
quarter of 2022, primarily due to distribution and transmission
rate increases and timing of excess deferred tax amortization,
partially offset by increases in contracting costs and interest
expense. 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.
Initiates Annual Guidance for 2024
Exelon introduced a guidance range for 2024 Adjusted (non-GAAP)
Operating Earnings of $2.40-$2.50 per share. There are no
adjustments between 2024 projected GAAP Earnings and Adjusted
(non-GAAP) Operating Earnings currently.
___________
1Exelon’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.
Recent Developments and Fourth Quarter Highlights
- Dividend: On February 21, 2024, Exelon’s Board of
Directors declared a regular quarterly dividend of $0.38 per share
on Exelon’s common stock for the first quarter of 2024. The
dividend is payable on Friday, March 15, 2024, to shareholders of
record of Exelon as of 5 p.m. Eastern time on Monday, March 4,
2024.
- Rate Case Developments:
- ComEd Multi-Year Rate Plan: On December 14, 2023, the
Illinois Commerce Commission (ICC) issued a final order on ComEd's
MRP for 2024-2027. The ICC approved total requested revenue
requirement increases of $451 million effective January 1, 2024,
$14 million effective January 1, 2025, $6 million effective January
1, 2026, and $30 million effective January 1, 2027, based on an ROE
of 8.905%, and an equity ratio of 50%.
- BGE Electric and Gas Multi-Year Plan: On December 14,
2023, the Maryland Public Service Commission (MDPSC) issued an
order on BGE's multi-year plans. The MDPSC order provides for an
electric rate increase of approximately $41 million, $113 million,
and $25 million in 2024, 2025, and 2026, respectively, based on an
ROE of 9.50%. Additionally, the MDPSC order provides for a natural
gas rate increase of approximately $126 million, $62 million, and
$41 million in 2024, 2025, and 2026, respectively, based on an ROE
of 9.45%.
- ACE Electric Base Rate Case: On November 17, 2023, the
NJBPU approved an increase in ACE's annual electric distribution
base rates of $45 million (before New Jersey sales and use tax),
reflecting an ROE of 9.60%. The order approved incremental
increases in ACE's electric distribution base rates of $36 million
and $9 million effective December 1, 2023 and February 1, 2024,
respectively.
- Financing Activities: On November 8, 2023, DPL issued
$340 million, $75 million, and $110 million of First Mortgage
Bonds, 5.45%, 5.55%, and 5.72% Series, due November 8, 2033,
November 8, 2038, and November 8, 2053, respectively. DPL 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 fourth 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
0.62
$
617
$
268
$
153
$
199
$
101
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $6)
(0.02
)
(17
)
—
—
—
—
Separation Costs (net of taxes of $1, $1,
$0, $0, and $0, respectively)
—
3
1
1
1
1
2023 Adjusted (non-GAAP) Operating
Earnings
0.60
$
603
$
269
$
154
$
199
$
102
Adjusted (non-GAAP) Operating Earnings for the fourth 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
$
0.43
$
432
$
211
$
102
$
113
$
90
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $1)
—
4
—
—
—
—
Asset Impairments (net of taxes of $0)
—
1
—
—
1
—
Separation Costs (net of taxes of $0)
—
(1
)
—
—
—
—
Income Tax-Related Adjustments (entire
amount represents tax expense)
(0.01
)
(8
)
—
—
—
—
2022 Adjusted (non-GAAP) Operating
Earnings
$
0.43
$
428
$
211
$
102
$
114
$
90
Adjusted (non-GAAP) Operating Earnings for the full year 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
$
2.34
$
2,328
$
1,090
$
563
$
485
$
590
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $1)
—
(4
)
—
—
—
—
Change in Environmental Liabilities (net
of taxes of $8)
0.03
29
—
—
—
29
Asset Retirement Obligations (net of taxes
of $1)
—
(1
)
—
—
—
(1
)
SEC Matter Loss Contingency (net of taxes
of $0)
0.05
46
—
—
—
—
Separation Costs (net of taxes of $7, $3,
$1, $1, and $2, respectively)
0.02
22
8
4
4
6
Change in FERC Audit Liability (net of
taxes of $4)
0.01
11
11
—
—
—
Income Tax-Related Adjustments (entire
amount represents tax expense)
(0.05
)
(54
)
—
—
—
—
2023 Adjusted (non-GAAP) Operating
Earnings
$
2.38
$
2,377
$
1,108
$
566
$
489
$
624
Adjusted (non-GAAP) Operating Earnings for the full year 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
$
2.08
$
2,054
$
917
$
576
$
380
$
608
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $1)
—
4
—
—
—
—
ERP System Implementation Costs (net of
taxes of $0)
—
1
—
—
—
—
Asset Retirement Obligations (net of taxes
of $2)
—
(4
)
—
—
—
(4
)
Asset Impairments (net of taxes of
$10)
0.04
38
—
—
38
—
Separation Costs (net of taxes of $10, $4,
$2, $2, and $3, respectively)
0.02
24
9
4
4
7
Income Tax-Related Adjustments (entire
amount represents tax expense)
0.12
122
—
38
—
3
2022 Adjusted (non-GAAP) Operating
Earnings
$
2.27
$
2,239
$
926
$
619
$
423
$
614
__________
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 fourth 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
www.exeloncorp.com/investor-relations.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 250 company and the nation’s
largest utility company, serving more than 10.5 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 19,500 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 Twitter | X.
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:
https://investors.exeloncorp.com, and
have been furnished to the Securities and Exchange Commission on
Form 8-K on Feb. 21, 2024.
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 filed with the SEC 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 (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
13
Pepco
15
DPL
16
ACE
18
Consolidating Statements of
Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Three Months Ended December 31,
2023
Operating revenues
$
2,008
$
917
$
1,041
$
1,411
$
(9
)
$
5,368
Operating expenses
Purchased power and fuel
748
347
387
544
—
2,026
Operating and maintenance
373
217
109
336
(11
)
1,024
Depreciation and amortization
358
100
167
249
16
890
Taxes other than income taxes
87
46
80
121
11
345
Total operating expenses
1,566
710
743
1,250
16
4,285
Gain on sales of assets and
businesses
—
—
—
9
—
9
Operating income (loss)
442
207
298
170
(25
)
1,092
Other income and (deductions)
Interest expense, net
(120
)
(53
)
(47
)
(84
)
(148
)
(452
)
Other, net
24
10
5
28
10
77
Total other income and
(deductions)
(96
)
(43
)
(42
)
(56
)
(138
)
(375
)
Income (loss) before income
taxes
346
164
256
114
(163
)
717
Income taxes
78
11
57
13
(59
)
100
Net income (loss)
268
153
199
101
(104
)
617
Net income (loss) attributable to
common shareholders
$
268
$
153
$
199
$
101
$
(104
)
$
617
Three Months Ended December 31,
2022
Operating revenues
$
1,225
$
1,026
$
1,086
$
1,342
$
(12
)
$
4,667
Operating expenses
Purchased power and fuel
68
442
474
554
—
1,538
Operating and maintenance
368
288
220
292
69
1,237
Depreciation and amortization
341
95
161
240
15
852
Taxes other than income taxes
84
47
77
114
8
330
Total operating expenses
861
872
932
1,200
92
3,957
Operating income (loss)
364
154
154
142
(104
)
710
Other income and (deductions)
Interest expense, net
(106
)
(48
)
(41
)
(75
)
(115
)
(385
)
Other, net
14
8
5
22
52
101
Total other income and
(deductions)
(92
)
(40
)
(36
)
(53
)
(63
)
(284
)
Income (loss) before income
taxes
272
114
118
89
(167
)
426
Income taxes
61
12
5
(1
)
(83
)
(6
)
Net income (loss)
211
102
113
90
(84
)
432
Net income (loss) attributable to
common shareholders
$
211
$
102
$
113
$
90
$
(84
)
$
432
Change in net income (loss) from 2022
to 2023
$
57
$
51
$
86
$
11
$
(20
)
$
185
Consolidating Statements of
Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Twelve Months Ended December 31,
2023
Operating revenues
$
7,844
$
3,894
$
4,027
$
6,026
$
(64
)
$
21,727
Operating expenses
Purchased power and fuel
2,816
1,544
1,531
2,348
2
8,241
Operating and maintenance
1,450
1,003
741
1,289
76
4,559
Depreciation and amortization
1,403
397
654
990
62
3,506
Taxes other than income taxes
369
202
319
487
31
1,408
Total operating expenses
6,038
3,146
3,245
5,114
171
17,714
Gain on sales of assets and
businesses
—
—
—
9
1
10
Operating income (loss)
1,806
748
782
921
(234
)
4,023
Other income and (deductions)
Interest expense, net
(477
)
(201
)
(182
)
(323
)
(546
)
(1,729
)
Other, net
75
36
18
108
171
408
Total other income and
(deductions)
(402
)
(165
)
(164
)
(215
)
(375
)
(1,321
)
Income (loss) from continuing
operations before income taxes
1,404
583
618
706
(609
)
2,702
Income taxes
314
20
133
116
(209
)
374
Net income (loss) from continuing
operations after income taxes
1,090
563
485
590
(400
)
2,328
Net income from discontinued operations
after income taxes
—
—
—
—
—
—
Net income (loss)
1,090
563
485
590
(400
)
2,328
Net income (loss) attributable to
common shareholders
$
1,090
$
563
$
485
$
590
$
(400
)
$
2,328
Twelve Months Ended December 31,
2022
Operating revenues
$
5,761
$
3,903
$
3,895
$
5,565
$
(46
)
$
19,078
Operating expenses
Purchased power and fuel
1,109
1,535
1,567
2,164
(2
)
6,373
Operating and maintenance
1,412
992
877
1,157
235
4,673
Depreciation and amortization
1,323
373
630
938
61
3,325
Taxes other than income taxes
374
202
302
475
37
1,390
Total operating expenses
4,218
3,102
3,376
4,734
331
15,761
Loss on sales of assets and
businesses
(2
)
—
—
—
—
(2
)
Operating income (loss)
1,541
801
519
831
(377
)
3,315
Other income and (deductions)
Interest expense, net
(414
)
(177
)
(152
)
(292
)
(412
)
(1,447
)
Other, net
54
31
21
78
351
535
Total other income and
(deductions)
(360
)
(146
)
(131
)
(214
)
(61
)
(912
)
Income (loss) from continuing
operations before income taxes
1,181
655
388
617
(438
)
2,403
Income taxes
264
79
8
9
(11
)
349
Net income (loss) from continuing
operations after income taxes
917
576
380
608
(427
)
2,054
Net income from discontinued operations
after income taxes
—
—
—
—
117
117
Net income (loss)
917
576
380
608
(310
)
2,171
Net income attributable to
noncontrolling interests
—
—
—
—
1
1
Net income (loss) attributable to
common shareholders
$
917
$
576
$
380
$
608
$
(311
)
$
2,170
Change in net income (loss) from
continuing operations 2022 to 2023
$
173
$
(13
)
$
105
$
(18
)
$
27
$
274
__________
(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)
December 31, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
445
$
407
Restricted cash and cash equivalents
482
566
Accounts receivable
Customer accounts receivable
2,659
2,544
Customer allowance for credit losses
(317
)
(327
)
Customer accounts receivable, net
2,342
2,217
Other accounts receivable
1,101
1,426
Other allowance for credit losses
(82
)
(82
)
Other accounts receivable, net
1,019
1,344
Inventories, net
Fossil fuel
94
208
Materials and supplies
707
547
Regulatory assets
2,215
1,641
Other
473
406
Total current assets
7,777
7,336
Property, plant, and equipment,
net
73,593
69,076
Deferred debits and other
assets
Regulatory assets
8,698
8,037
Goodwill
6,630
6,630
Receivable related to Regulatory Agreement
Units
3,232
2,897
Investments
251
232
Other
1,365
1,141
Total deferred debits and other
assets
20,176
18,937
Total assets
$
101,546
$
95,349
Liabilities and Shareholders'
Equity
Current liabilities
Short-term borrowings
$
2,523
$
2,586
Long-term debt due within one year
1,403
1,802
Accounts payable
2,846
3,382
Accrued expenses
1,375
1,226
Payables to affiliates
5
5
Regulatory liabilities
389
437
Mark-to-market derivative liabilities
74
8
Unamortized energy contract
liabilities
8
10
Other
968
1,155
Total current liabilities
9,591
10,611
Long-term debt
39,692
35,272
Long-term debt to financing
trusts
390
390
Deferred credits and other
liabilities
Deferred income taxes and unamortized
investment tax credits
11,956
11,250
Regulatory liabilities
9,576
9,112
Pension obligations
1,571
1,109
Non-pension postretirement benefit
obligations
527
507
Asset retirement obligations
267
269
Mark-to-market derivative liabilities
106
83
Unamortized energy contract
liabilities
27
35
Other
2,088
1,967
Total deferred credits and other
liabilities
26,118
24,332
Total liabilities
75,791
70,605
Commitments and contingencies
Shareholders’ equity
Common stock
21,114
20,908
Treasury stock, at cost
(123
)
(123
)
Retained earnings
5,490
4,597
Accumulated other comprehensive loss,
net
(726
)
(638
)
Total shareholders’ equity
25,755
24,744
Total liabilities and shareholders'
equity
$
101,546
$
95,349
Exelon
Consolidated Statements of
Cash Flows
(unaudited)
(in millions)
Twelve Months Ended December
31,
2023
2022
Cash flows from operating
activities
Net income
$
2,328
$
2,171
Adjustments to reconcile net income to net
cash flows provided by operating activities:
Depreciation, amortization, and accretion,
including nuclear fuel and energy contract amortization
3,506
3,533
Asset impairments
—
48
Gain on sales of assets and businesses
(10
)
(8
)
Deferred income taxes and amortization of
investment tax credits
319
255
Net fair value changes related to
derivatives
22
(53
)
Net realized and unrealized losses on NDT
funds
—
205
Net unrealized losses on equity
investments
—
16
Other non-cash operating activities
(335
)
370
Changes in assets and liabilities:
Accounts receivable
(37
)
(1,222
)
Inventories
(45
)
(121
)
Accounts payable and accrued expenses
(191
)
1,318
Option premiums paid, net
—
(39
)
Collateral (paid) received, net
(146
)
1,248
Income taxes
48
(4
)
Regulatory assets and liabilities, net
(439
)
(1,326
)
Pension and non-pension postretirement
benefit contributions
(129
)
(616
)
Other assets and liabilities
(188
)
(905
)
Net cash flows provided by operating
activities
4,703
4,870
Cash flows from investing
activities
Capital expenditures
(7,408
)
(7,147
)
Proceeds from NDT fund sales
—
488
Investment in NDT funds
—
(516
)
Collection of DPP
—
169
Proceeds from sales of assets and
businesses
25
16
Other investing activities
8
—
Net cash flows used in investing
activities
(7,375
)
(6,990
)
Cash flows from financing
activities
Changes in short-term borrowings
(313
)
986
Proceeds from short-term borrowings with
maturities greater than 90 days
400
1,300
Repayments on short-term borrowings with
maturities greater than 90 days
(150
)
(1,500
)
Issuance of long-term debt
5,825
6,309
Retirement of long-term debt
(1,713
)
(2,073
)
Issuance of common stock
140
563
Dividends paid on common stock
(1,433
)
(1,334
)
Proceeds from employee stock plans
41
36
Transfer of cash, restricted cash, and
cash equivalents to Constellation
—
(2,594
)
Other financing activities
(114
)
(102
)
Net cash flows provided by financing
activities
2,683
1,591
Increase (decrease) in cash, restricted
cash, and cash equivalents
11
(529
)
Cash, restricted cash, and cash
equivalents at beginning of period
1,090
1,619
Cash, restricted cash, and cash
equivalents at end of period
$
1,101
$
1,090
Exelon
Reconciliation of GAAP Net
Income (Loss) from Continuing Operations to Adjusted (non-GAAP)
Operating Earnings and Analysis of Earnings
Three Months Ended December 31,
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
$
0.43
$
211
$
102
$
113
$
90
$
(84
)
$
432
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $1)
—
—
—
—
—
4
4
Asset Impairments (net of taxes of $0)
(1)
—
—
—
1
—
—
1
Separation Costs (net of taxes of $0)
(2)
—
—
—
—
—
(1
)
(1
)
Income Tax-Related Adjustments (entire
amount represents tax (expense) (3)
(0.01
)
—
—
—
—
(8
)
(8
)
2022 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
0.43
$
211
$
102
$
114
$
90
$
(89
)
$
428
Year Over Year Effects on Adjusted
(non-GAAP) Operating Earnings:
Weather
$
(0.01
)
$
—
(b)
$
(13
)
$
—
(b)
$
—
(b)
$
—
$
(13
)
Load
(0.01
)
—
(b)
(2
)
—
(b)
(4
)
(b)
—
(6
)
Distribution and Transmission Rates
(4)
0.06
19
(c)
21
(c)
10
(c)
21
(c)
(16
)
55
Other Energy Delivery (5)
0.06
54
(c)
(17
)
(c)
(7
)
(c)
32
(c)
—
62
Operating and Maintenance Expense (6)
0.14
(4
)
54
81
(27
)
50
154
Pension and Non-Pension Postretirement
Benefits
—
2
—
(1
)
(4
)
—
(3
)
Depreciation and Amortization Expense
(7)
(0.02
)
(12
)
(4
)
(4
)
(4
)
—
(24
)
Interest Expense and Other (8)
(0.05
)
(1
)
13
6
(2
)
(66
)
(50
)
Total Year Over Year Effects on
Adjusted (non-GAAP) Operating Earnings
$
0.17
$
58
$
52
$
85
$
12
$
(32
)
$
175
2023 GAAP Net Income (Loss) from
Continuing Operations
$
0.62
$
268
$
153
$
199
$
101
$
(104
)
$
617
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $6)
(0.02
)
—
—
—
—
(17
)
(17
)
Separation Costs (net of taxes of $1, $0,
$0, $0, $0, and $1, respectively) (2)
—
1
1
1
1
(1
)
3
2023 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
0.60
$
269
$
154
$
199
$
102
$
(121
)
$
603
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.
(3)
In 2022, in connection with the
separation, Exelon recorded an income tax benefit related to
deductible transaction costs.
(4)
For ComEd, reflects an increase in
distribution revenues due to higher allowed electric distribution
ROE driven by an increase in treasury rates. For PECO, reflects an
increase in revenue primarily due to higher gas distribution rates
charged to customers, coupled with higher overall effective rates
for both electric and gas attributable to decreased usage. For BGE,
reflects an increase in revenue due to distribution rate increases.
For PHI, reflects an increase in revenue primarily due to
distribution and transmission rate increases. For Corporate,
reflects an increase in realized losses from hedging activity.
(5)
For ComEd, primarily reflect an increase
in electric distribution, transmission, and energy efficiency
revenues due to higher fully recoverable costs. For PECO, reflects
a decrease in 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 fully offset in Interest expense and Other.
For PHI, also reflects higher transmission revenues due to
increased Income taxes, Depreciation and amortization, and
Operating and maintenance expense, which are fully offset in a
combination of Operating and maintenance expense, Depreciation and
amortization expense, and Interest expense and Other.
(6)
Represents Operating and maintenance
expense, excluding pension and non-pension postretirement benefits.
For PECO, primarily reflects a decrease in other operating
expenses, a decrease in program costs related to regulatory
required programs, and a decrease in storm costs. For BGE,
primarily reflects a decrease in other operating expense due to
favorable impacts from the multi-year plan reconciliations. For
PHI, primarily reflects an increase in contracting costs primarily
due to the ACE employee strike. 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 and higher depreciation rates effective
January 2023 for ComEd.
(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.
Exelon
Reconciliation of GAAP Net
Income (Loss) from Continuing Operations to Adjusted (non-GAAP)
Operating Earnings and Analysis of Earnings
Twelve Months Ended December 31,
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
$
2.08
$
917
$
576
$
380
$
608
$
(427
)
$
2,054
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $1)
—
—
—
—
—
4
4
ERP System Implementation Costs (net of
taxes of $0 ) (1)
—
—
—
—
—
1
1
Asset Retirement Obligations (net of taxes
of $2)
—
—
—
—
(4
)
—
(4
)
Asset Impairments (net of taxes of $10)
(2)
0.04
—
—
38
—
—
38
Separation Costs (net of taxes of $4, $2,
$2, $3, and $10, respectively) (3)
0.02
9
4
4
7
—
24
Income Tax-Related Adjustments (entire
amount represents tax expense) (4)
0.12
—
38
—
3
81
122
2022 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
2.27
$
926
$
619
$
423
$
614
$
(343
)
$
2,239
Year Over Year Effects on Adjusted
(non-GAAP) Operating Earnings:
Weather
$
(0.12
)
$
—
(b)
$
(105
)
$
—
(b)
$
(12
)
(b)
$
—
$
(117
)
Load
(0.01
)
—
(b)
2
—
(b)
(8
)
(b)
—
(6
)
Distribution and Transmission Rates
(5)
0.28
117
(c)
62
(c)
42
(c)
80
(c)
(16
)
285
Other Energy Delivery (6)
0.29
162
(c)
28
(c)
(10
)
(c)
109
(c)
—
289
Operating and Maintenance Expense (7)
0.07
(37
)
(10
)
67
(51
)
104
73
Pension and Non-Pension Postretirement
Benefits
(0.02
)
9
2
(4
)
(16
)
(13
)
(22
)
Depreciation and Amortization Expense
(8)
(0.12
)
(57
)
(18
)
(13
)
(28
)
(3
)
(119
)
Interest Expense and Other (9)
(0.25
)
(12
)
(14
)
(16
)
(64
)
(139
)
(245
)
Share Differential (10)
(0.02
)
—
—
—
—
—
—
Total Year Over Year Effects on
Adjusted (non-GAAP) Operating Earnings
$
0.11
$
182
$
(53
)
$
66
$
10
$
(67
)
$
138
2023 GAAP Net Income (Loss) from
Continuing Operations
$
2.34
$
1,090
$
563
$
485
$
590
$
(400
)
$
2,328
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $1)
—
—
—
—
—
(4
)
(4
)
Change in Environmental Liabilities (net
of taxes of $8)
0.03
—
—
—
29
—
29
Asset Retirement Obligations (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, and $7, respectively) (3)
0.02
8
4
4
6
—
22
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)
$
2.38
$
1,108
$
566
$
489
$
624
$
(410
)
$
2,377
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 Program (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, primarily 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 due to
changes in forecasted apportionment.
(5)
For ComEd, reflects an increase in
distribution revenues due to higher allowed electric distribution
ROE driven by an increase in treasury rates and higher rate base.
For PECO, reflects an increase in revenue primarily due to higher
gas distribution rates charged to customers, coupled with higher
overall effective rates for both electric and gas attributable to
decreased usage. For BGE, reflects an increase in revenue due to
distribution and transmission rate increases. For PHI, reflects an
increase in revenue primarily due to distribution and transmission
rate increases. For Corporate, reflects an increase in realized
losses from hedging activity.
(6)
For ComEd, reflects an increase in
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 an
increase in transmission and energy efficiency revenues due to
regulatory required programs. For PHI, primarily reflects higher
revenues due to certain EDIT benefits being fully amortized and
passed through to customers, which is fully 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. For PHI, also
reflects higher transmission revenues due to increased Income
taxes, Depreciation and amortization, and Operating and maintenance
expense, which are fully offset in a combination of Operating and
maintenance expense, Depreciation and amortization expense, and
Interest expense and Other.
(7)
Represents Operating and maintenance
expense, excluding pension and non-pension postretirement benefits.
For ComEd, reflects an increase in credit loss expense. For PECO,
primarily reflects an increase in storm costs, an increase in
program costs related to regulatory required programs, partially
offset by a decrease in other operating expenses. For BGE,
primarily reflects a decrease due to favorable impacts resulting
from the multi-year plan reconciliations, partially offset by an
increase in storm costs. For PHI, reflects an increase in
contracting costs primarily due to the ACE employee strike. 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 (2023 includes no costs compared to one month of
costs for the period prior to the separation for 2022), and 3) an
increase in costs for 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 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, 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 December 31, 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
5,806
5,984
(3.0
)%
(1.4
)%
$
821
$
695
18.1
%
Small commercial & industrial
6,852
7,061
(3.0
)%
(1.1
)%
494
220
124.5
%
Large commercial & industrial
6,607
6,543
1.0
%
1.2
%
271
(43
)
(730.2
)%
Public authorities & electric
railroads
233
250
(6.8
)%
(4.4
)%
18
7
157.1
%
Other(b)
—
—
n/a
n/a
250
237
5.5
%
Total electric revenues(c)
19,498
19,838
(1.7
)%
(0.5
)%
1,854
1,116
66.1
%
Other Revenues(d)
154
110
40.0
%
Total Electric Revenues
$
2,008
$
1,226
63.8
%
Purchased Power
$
748
$
68
1,000.0
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,747
2,091
2,139
(16.5
)%
(18.3
)%
Cooling Degree-Days
56
19
14
194.7
%
300.0
%
Twelve
Months Ended December 31, 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
26,023
27,819
(6.5
)%
(2.9
)%
$
3,565
$
3,304
7.9
%
Small commercial & industrial
28,706
29,766
(3.6
)%
(2.0
)%
1,857
1,173
58.3
%
Large commercial & industrial
26,708
26,904
(0.7
)%
(0.2
)%
824
5
16,380.0
%
Public authorities & electric
railroads
855
909
(5.9
)%
(4.7
)%
51
29
75.9
%
Other(b)
—
—
n/a
n/a
965
955
1.0
%
Total electric revenues(c)
82,292
85,398
(3.6
)%
(1.8
)%
7,262
5,466
32.9
%
Other Revenues(d)
582
295
97.3
%
Total Electric Revenues
$
7,844
$
5,761
36.2
%
Purchased Power
$
2,816
$
1,109
153.9
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
5,014
6,044
5,968
(17.0
)%
(16.0
)%
Cooling Degree-Days
1,145
1,174
1,002
(2.5
)%
14.3
%
Number of Electric Customers
2023
2022
Residential
3,744,213
3,723,282
Small commercial & industrial
391,675
391,298
Large commercial & industrial
1,877
1,890
Public authorities & electric
railroads
4,807
4,858
Total
4,142,572
4,121,328
__________ (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 $2 million and $2 million for the three months
ended December 31, 2023 and 2022, respectively, and $16 million and
$16 million for the twelve months ended December 31, 2023 and 2022,
respectively.
(d)
Includes alternative revenue programs and
late payment charges.
PECO Statistics
Three
Months Ended December 31, 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
3,076
3,175
(3.1
)%
(0.3
)%
$
473
$
488
(3.1
)%
Small commercial & industrial
1,751
1,812
(3.4
)%
(1.0
)%
111
135
(17.8
)%
Large commercial & industrial
3,240
3,355
(3.4
)%
(2.6
)%
53
70
(24.3
)%
Public authorities & electric
railroads
142
149
(4.7
)%
(5.1
)%
7
7
—
%
Other(b)
—
—
n/a
n/a
79
69
14.5
%
Total electric revenues(c)
8,209
8,491
(3.3
)%
(1.4
)%
723
769
(6.0
)%
Other Revenues(d)
(5
)
6
(183.3
)%
Total Electric Revenues
718
775
(7.4
)%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
12,145
13,895
(12.6
)%
(1.6
)%
138
177
(22.0
)%
Small commercial & industrial
6,801
7,211
(5.7
)%
(1.6
)%
49
61
(19.7
)%
Large commercial & industrial
12
11
9.1
%
0.1
%
—
—
n/a
Transportation
6,259
6,503
(3.8
)%
(2.5
)%
7
7
—
%
Other(f)
—
—
n/a
n/a
5
5
—
%
Total natural gas revenues(g)
25,217
27,620
(8.7
)%
(1.8
)%
199
250
(20.4
)%
Other Revenues(d)
—
1
(100.0
)%
Total Natural Gas Revenues
199
251
(20.7
)%
Total Electric and Natural Gas
Revenues
$
917
$
1,026
(10.6
)%
Purchased Power and Fuel
$
347
$
442
(21.5
)%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,351
1,503
1,534
(10.1
)%
(11.9
)%
Cooling Degree-Days
48
18
32
166.7
%
50.0
%
Twelve
Months Ended December 31, 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
13,262
14,379
(7.8
)%
0.5
%
$
2,090
$
2,026
3.2
%
Small commercial & industrial
7,367
7,701
(4.3
)%
(0.3
)%
526
521
1.0
%
Large commercial & industrial
13,638
14,046
(2.9
)%
(0.8
)%
249
299
(16.7
)%
Public authorities & electric
railroads
606
638
(5.0
)%
(5.0
)%
30
30
—
%
Other(b)
—
—
n/a
n/a
298
271
10.0
%
Total electric revenues(c)
34,873
36,764
(5.1
)%
(0.3
)%
3,193
3,147
1.5
%
Other Revenues(d)
9
18
(50.0
)%
Total Electric Revenues
3,202
3,165
1.2
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
35,842
42,135
(14.9
)%
(3.2
)%
473
512
(7.6
)%
Small commercial & industrial
21,182
23,449
(9.7
)%
(1.7
)%
172
186
(7.5
)%
Large commercial & industrial
51
31
64.5
%
2.7
%
1
—
n/a
Transportation
23,741
25,011
(5.1
)%
(2.4
)%
27
26
3.8
%
Other(f)
—
—
n/a
n/a
17
12
41.7
%
Total natural gas revenues(g)
80,816
90,626
(10.8
)%
(2.6
)%
690
736
(6.3
)%
Other Revenues(d)
2
2
100.0
%
Total Natural Gas Revenues
692
738
(6.2
)%
Total Electric and Natural Gas
Revenues
$
3,894
$
3,903
(0.2
)%
Purchased Power and Fuel
$
1,544
$
1,535
0.6
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
3,587
4,135
4,399
(13.3
)%
(18.5
)%
Cooling Degree-Days
1,345
1,743
1,440
(22.8
)%
(6.6
)%
Number of Electric Customers
2023
2022
Number of Natural Gas Customers
2023
2022
Residential
1,535,927
1,525,635
Residential
507,197
502,944
Small commercial & industrial
156,248
155,576
Small commercial & industrial
45,001
44,957
Large commercial & industrial
3,127
3,121
Large commercial & industrial
9
9
Public authorities & electric
railroads
10,417
10,393
Transportation
627
655
Total
1,705,719
1,694,725
Total
552,834
548,565
__________
(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 $3 million and $2 million for the three months
ended December 31, 2023 and 2022, respectively, and $7 million and
$7 million for the twelve months ended December 31, 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 December 31, 2023 and 2022,
respectively, and $2 million and less than $1 million for the
twelve months ended December 31, 2023 and 2022, respectively.
BGE Statistics
Three
Months Ended December 31, 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
2,864
3,038
(5.7
)%
—
%
$
457
$
406
12.6
%
Small commercial & industrial
633
655
(3.4
)%
(0.5
)%
79
88
(10.2
)%
Large commercial & industrial
3,032
3,123
(2.9
)%
(1.2
)%
116
148
(21.6
)%
Public authorities & electric
railroads
51
49
4.1
%
(1.6
)%
7
7
—
%
Other(b)
—
—
n/a
n/a
98
101
(3.0
)%
Total electric revenues(c)
6,580
6,865
(4.2
)%
(0.6
)%
757
750
0.9
%
Other Revenues(d)
29
(1
)
(3,000.0
)%
Total Electric Revenues
786
749
4.9
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
11,769
13,569
(13.3
)%
(1.9
)%
163
229
(28.8
)%
Small commercial & industrial
2,571
2,999
(14.3
)%
(5.4
)%
27
35
(22.9
)%
Large commercial & industrial
11,221
11,777
(4.7
)%
(0.5
)%
43
55
(21.8
)%
Other(f)
1,668
1,735
(3.9
)%
n/a
10
20
(50.0
)%
Total natural gas revenues(g)
27,229
30,080
(9.5
)%
(1.7
)%
243
339
(28.3
)%
Other Revenues(d)
12
(2
)
(700.0
)%
Total Natural Gas Revenues
255
337
(24.3
)%
Total Electric and Natural Gas
Revenues
$
1,041
$
1,086
(4.1
)%
Purchased Power and Fuel
$
387
$
474
(18.4
)%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,395
1,595
1,633
(12.5
)%
(14.6
)%
Cooling Degree-Days
42
20
29
110.0
%
44.8
%
Twelve
Months Ended December 31, 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
12,026
13,024
(7.7
)%
(0.2
)%
$
1,765
$
1,564
12.9
%
Small commercial & industrial
2,638
2,781
(5.1
)%
(0.7
)%
331
327
1.2
%
Large commercial & industrial
12,844
13,213
(2.8
)%
(1.2
)%
528
567
(6.9
)%
Public authorities & electric
railroads
204
201
1.5
%
0.3
%
29
27
7.4
%
Other(b)
—
—
n/a
n/a
402
398
1.0
%
Total electric revenues(c)
27,712
29,219
(5.2
)%
(0.7
)%
3,055
2,883
6.0
%
Other Revenues(d)
54
(12
)
(550.0
)%
Total Electric Revenues
3,109
2,871
8.3
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
34,724
41,951
(17.2
)%
0.1
%
568
678
(16.2
)%
Small commercial & industrial
8,276
9,894
(16.4
)%
(4.0
)%
100
111
(9.9
)%
Large commercial & industrial
40,006
43,631
(8.3
)%
3.0
%
161
183
(12.0
)%
Other(f)
3,361
7,206
(53.4
)%
n/a
37
68
(45.6
)%
Total natural gas revenues(g)
86,367
102,682
(15.9
)%
(1.7
)%
866
1,040
(16.7
)%
Other Revenues(d)
52
(16
)
(425.0
)%
Total Natural Gas Revenues
918
1,024
(10.4
)%
Total Electric and Natural Gas
Revenues
$
4,027
$
3,895
3.4
%
Purchased Power and Fuel
$
1,531
$
1,567
(2.3
)%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
3,590
4,333
4,575
(17.1
)%
(21.5
)%
Cooling Degree-Days
960
1,010
912
(5.0
)%
5.3
%
Number of Electric Customers
2023
2022
Number of Natural Gas Customers
2023
2022
Residential
1,211,889
1,204,429
Residential
657,823
655,373
Small commercial & industrial
115,787
115,524
Small commercial & industrial
37,993
38,207
Large commercial & industrial
13,072
12,839
Large commercial & industrial
6,309
6,233
Public authorities & electric
railroads
261
266
Total
702,125
699,813
Total
1,341,009
1,333,058
__________
(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 $2 million and $2 million for the three months
ended December 31, 2023 and 2022, respectively, and $6 million and
$7 million for the twelve months ended December 31, 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 December 31, 2023 and 2022, respectively, and $3 million and
$8 million for the twelve months ended December 31, 2023 and
2022.
Pepco Statistics
Three
Months Ended December 31, 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
1,535
1,772
(13.4
)%
(3.9
)%
$
282
$
250
12.8
%
Small commercial & industrial
240
258
(7.0
)%
(3.4
)%
42
38
10.5
%
Large commercial & industrial
3,195
3,298
(3.1
)%
(2.1
)%
249
277
(10.1
)%
Public authorities & electric
railroads
186
166
12.0
%
12.3
%
10
9
11.1
%
Other(b)
—
—
n/a
n/a
70
51
37.3
%
Total electric revenues(c)
5,156
5,494
(6.2
)%
(2.3
)%
653
625
4.5
%
Other Revenues(d)
(3
)
(13
)
(76.9
)%
Total Electric Revenues
$
650
$
612
6.2
%
Purchased Power
$
224
$
228
(1.8
)%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,190
1,376
1,328
(13.5
)%
(10.4
)%
Cooling Degree-Days
72
25
51
188.0
%
41.2
%
Twelve
Months Ended December 31, 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
7,625
8,162
(6.6
)%
(0.8
)%
$
1,236
$
1,076
14.9
%
Small commercial & industrial
1,071
1,113
(3.8
)%
(1.0
)%
176
155
13.5
%
Large commercial & industrial
13,494
13,797
(2.2
)%
(0.6
)%
1,087
1,083
0.4
%
Public authorities & electric
railroads
628
617
1.8
%
2.4
%
34
34
—
%
Other(b)
—
—
n/a
n/a
258
208
24.0
%
Total electric revenues(c)
22,818
23,689
(3.7
)%
(0.6
)%
2,791
2,556
9.2
%
Other Revenues(d)
33
(25
)
(232.0
)%
Total Electric Revenues
$
2,824
$
2,531
11.6
%
Purchased Power
$
974
$
834
16.8
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
3,030
3,732
3,765
(18.8
) %
(19.5
)%
Cooling Degree-Days
1,643
1,746
1,744
(5.9
)%
(5.8
)%
Number of Electric Customers
2023
2022
Residential
866,018
856,037
Small commercial & industrial
54,142
54,339
Large commercial & industrial
22,941
22,841
Public authorities & electric
railroads
208
197
Total
943,309
933,414
__________ (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 $4 million and $1 million for the three months
ended December 31, 2023 and 2022, respectively, and $9 million and
$5 million for the twelve months ended December 31, 2023 and 2022,
respectively.
(d)
Includes alternative revenue programs and
late payment charge revenues.
DPL Statistics
Three
Months Ended December 31, 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
1,139
1,189
(4.2
)%
(3.6
)%
$
201
$
180
11.7
%
Small commercial & industrial
526
553
(4.9
)%
(5.1
)%
57
63
(9.5
)%
Large commercial & industrial
994
1,043
(4.7
)%
(4.9
)%
28
37
(24.3
)%
Public authorities & electric
railroads
13
11
18.2
%
11.9
%
5
4
25.0
%
Other(b)
—
—
n/a
n/a
64
60
6.7
%
Total electric revenues(c)
2,672
2,796
(4.4
)%
(4.3
)%
355
344
3.2
%
Other Revenues(d)
5
(5
)
(200.0
)%
Total Electric Revenues
360
339
6.2
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
2,544
2,899
(12.2
)%
(9.3
)%
34
49
(30.6
)%
Small commercial & industrial
1,168
1,294
(9.7
)%
(6.4
)%
13
20
(35.0
)%
Large commercial & industrial
420
438
(4.1
)%
(4.1
)%
1
3
(66.7
)%
Transportation
1,654
1,762
(6.1
)%
(4.9
)%
5
4
25.0
%
Other(g)
—
—
n/a
n/a
2
4
(50.0
)%
Total natural gas revenues
5,786
6,393
(9.5
)%
(7.1
)%
55
80
(31.3
)%
Other Revenues(f)
—
—
n/a
Total Natural Gas Revenues
55
80
(31.3
)%
Total Electric and Natural Gas
Revenues
$
415
$
419
(1.0
)%
Purchased Power and Fuel
$
176
$
199
(11.6
)%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,451
1,547
1,543
(6.2
)%
(6.0
)%
Cooling Degree-Days
32
13
34
146.2
%
(5.9
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,540
1,600
1,643
(3.8
)%
(6.3
)%
Twelve
Months Ended December 31, 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
5,132
5,446
(5.8
)%
(1.4
)%
$
827
$
750
10.3
%
Small commercial & industrial
2,291
2,362
(3.0
)%
(1.8
)%
246
235
4.7
%
Large commercial & industrial
4,132
4,250
(2.8
)%
(1.7
)%
126
137
(8.0
)%
Public authorities & electric
railroads
44
44
—
%
(0.2
)%
16
15
6.7
%
Other(b)
—
—
n/a
n/a
250
227
10.1
%
Total rate-regulated electric
revenues(c)
11,599
12,102
(4.2
)%
(1.6
)%
1,465
1,364
7.4
%
Other Revenues(d)
18
(7
)
(357.1
)%
Total Electric Revenues
1,483
1,357
9.3
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
7,326
8,709
(15.9
)%
(6.4
)%
122
127
(3.9
)%
Small commercial & industrial
3,660
4,176
(12.4
)%
(2.1
)%
53
55
(3.6
)%
Large commercial & industrial
1,588
1,697
(6.4
)%
(6.4
)%
4
12
(66.7
)%
Transportation
6,004
6,696
(10.3
)%
(7.1
)%
16
15
6.7
%
Other(f)
—
—
n/a
n/a
10
29
(65.5
)%
Total rate-regulated natural gas
revenues
18,578
21,278
(12.7
)%
(5.7
)%
205
238
(13.9
)%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
205
238
(13.9
)%
Total Electric and Natural Gas
Revenues
$
1,688
$
1,595
5.8
%
Purchased Power and Fuel
$
737
$
706
4.4
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
3,674
4,271
4,434
(14.0
)%
(17.1
)%
Cooling Degree-Days
1,291
1,405
1,303
(8.1
)%
(0.9
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
3,845
4,428
4,662
(13.2
)%
(17.5
)%
Number of Electric Customers
2023
2022
Number of Natural Gas Customers
2023
2022
Residential
485,713
481,688
Residential
129,903
129,502
Small commercial & industrial
64,220
63,738
Small commercial & industrial
10,133
10,144
Large commercial & industrial
1,260
1,235
Large commercial & industrial
14
17
Public authorities & electric
railroads
593
597
Transportation
163
156
Total
551,786
547,258
Total
140,213
139,819
__________ (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 $3 million and $1 million for the three months
ended December 31, 2023 and 2022, and $8 million and $6 million for
the twelve months ended December 31, 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 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 December 31, 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
892
838
6.4
%
2.1
%
$
182
$
152
19.7
%
Small commercial & industrial
324
320
1.3
%
0.3
%
49
47
4.3
%
Large commercial & industrial
673
707
(4.8
)%
(5.3
)%
43
50
(14.0
)%
Public authorities & electric
railroads
10
13
(23.1
)%
(18.9
)%
4
4
—
%
Other(b)
—
—
n/a
n/a
66
63
4.8
%
Total electric revenues(c)
1,899
1,878
1.1
%
(1.1
)%
344
316
8.9
%
Other Revenues(d)
6
(5
)
(220.0
)%
Total Electric Revenues
$
350
$
311
12.5
%
Purchased Power
$
144
$
127
13.4
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
1,485
1,623
1,555
(8.5
)%
(4.5
)%
Cooling Degree-Days
22
12
30
83.3
%
(26.7
)%
Twelve
Months Ended December 31, 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
4,013
4,131
(2.9
)%
(1.8
)%
$
782
$
764
2.4
%
Small commercial & industrial
1,551
1,499
3.5
%
4.2
%
229
217
5.5
%
Large commercial & industrial
3,128
3,103
0.8
%
1.3
%
207
202
2.5
%
Public authorities & electric
railroads
44
47
(6.4
)%
(6.6
)%
17
15
13.3
%
Other(b)
—
—
n/a
n/a
260
252
3.2
%
Total electric revenues(c)
8,736
8,780
(0.5
)%
0.3
%
1,495
1,450
3.1
%
Other Revenues(d)
27
(19
)
(242.1
)%
Total Electric Revenues
$
1,522
$
1,431
6.4
%
Purchased Power
$
637
$
624
2.1
%
% Change
Heating and Cooling Degree-Days
2023
2022
Normal
From 2022
From Normal
Heating Degree-Days
4,043
4,629
4,591
(12.7
)%
(11.9
)%
Cooling Degree-Days
1,029
1,243
1,214
(17.2
)%
(15.2
)%
Number of Electric Customers
2023
2022
Residential
504,919
502,247
Small commercial & industrial
62,646
62,246
Large commercial & industrial
2,909
3,051
Public authorities & electric
railroads
727
734
Total
571,201
568,278
__________ (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 December 31, 2023 and 2022, respectively, and $2 million for
both the twelve months ended December 31, 2023 and 2022.
(d)
Includes alternative revenue programs.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240221832808/en/
James Gherardi Corporate Communications 312-394-7417 Andrew
Plenge Investor Relations 312-394-2345
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