Earnings Release Highlights
- GAAP Net Income of $0.68 per share and Adjusted (non-GAAP)
Operating Earnings of $0.75 per share for the third quarter of
2022
- Narrowing guidance range for full year 2022 Adjusted (non-GAAP)
Operating Earnings from $2.18-$2.32 per share to $2.21-$2.29 per
share
- Strong utility reliability performance – every utility achieved
top quartile in outage duration with ComEd continuing to deliver
best-on-record CAIDI performance for the third straight
quarter
- ComEd announces intent to file its first multi-year plan with
the Illinois Commerce Commission (ICC) in January 2023 in
accordance with the Climate and Equitable Jobs Act (CEJA)
- Settlements were approved by the Delaware Public Service
Commission (DEPSC) and the Pennsylvania Public Utility Commission
(PAPUC) in Delmarva Power’s and PECO's gas distribution rate cases
in October
Exelon Corporation (Nasdaq: EXC) today reported its financial
results for the third quarter of 2022.
“As Exelon leads the energy transformation, our commitment to
affordability, energy equity and a cleaner future is unwavering, as
is our responsibility to our investors,” said Exelon CEO Chris
Crane. “Exelon continues its strong operational performance, with
ComEd and PECO achieving best on record SAIFI performance. We are
on track to invest more than $6.9 billion at our electric and gas
companies by year end to enhance reliability and resiliency. This
ongoing infrastructure investment in our electric and gas companies
is delivering solid financial and customer satisfaction results.
Our consistent operational excellence, strategic and equitable
investments in our communities, and significant regulatory
milestones achieved this quarter will help ensure we deliver on our
promise to provide safe, reliable, resilient and affordable service
to our more than 10 million customers and value to our
investors.”
“Our third-quarter performance remained strong, with adjusted
(non-GAAP) earnings of $0.75 per share which, after adjusting for
discontinued operations, is $0.14 ahead of the same period last
year driven in part by rate adjustments resulting from our
continued investments at the utilities to improve reliability and
service for customers,” said Jeanne Jones, Exelon executive vice
president and chief financial officer. “Our excellent operational
performance and progress on the regulatory front through the third
quarter – with more on the horizon – is continued evidence that we
are on the right path to achieve our long-term goals. To that end,
we have narrowed our 2022 EPS guidance range to $2.21 to $2.29 per
share, and reaffirmed our 6-8% earnings per share growth from
2021-2025.”
Third Quarter 2022
Exelon's GAAP Net Income from Continuing Operations for the
third quarter of 2022 increased to $0.68 per share from $0.47 GAAP
Net Income from Continuing Operations per share in the third
quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the
third quarter of 2022 increased to $0.75 per share from $0.53 per
share in the third quarter of 2021. For the reconciliations of GAAP
Net Income from Continuing Operations to Adjusted (non-GAAP)
Operating Earnings, refer to the tables beginning on page 4.
Adjusted (non-GAAP) Operating Earnings in the third quarter of
2022 primarily reflect:
- Higher utility earnings primarily due to higher electric
distribution earnings at ComEd from higher allowed electric
distribution ROE due to an increase in treasury rates and higher
rate base, rate increases at PECO, BGE, and PHI, and decreases in
storm costs at PECO and BGE, partially offset by higher
depreciation expense at PECO and PHI.
- Higher earnings at the Exelon holding company due to 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 the third quarter of
2021 as these costs do not qualify as expenses of the discontinued
operations per the accounting rules, partially offset by higher
interest expense.
Operating Company Results1
ComEd
ComEd's third quarter of 2022 GAAP Net Income increased to $291
million from $220 million in the third quarter of 2021. ComEd's
Adjusted (non-GAAP) Operating Earnings for the third quarter of
2022 increased to $293 million from $224 million in the third
quarter of 2021, primarily due to increases in electric
distribution formula rate earnings (reflecting higher allowed
electric distribution ROE due to an increase in treasury rates and
the impacts of higher rate base). Due to revenue decoupling,
ComEd's distribution earnings are not affected by actual weather or
customer usage patterns.
PECO
PECO’s third quarter of 2022 GAAP Net Income increased to $135
million from $111 million in the third quarter of 2021. PECO's
Adjusted (non-GAAP) Operating Earnings for the third quarter of
2022 increased to $174 million from $114 million in the third
quarter of 2021, primarily due to distribution rate increases and
decreases in storm costs, partially offset by an increase in
depreciation expense.
___________
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.
BGE
BGE’s third quarter of 2022 GAAP Net Income decreased to $33
million from $36 million in the third quarter of 2021. BGE's
Adjusted (non-GAAP) Operating Earnings for the third quarter of
2022 increased to $70 million from $40 million in the third quarter
of 2021, primarily due to favorable impacts of the multi-year plans
and decreases in storm costs. Due to revenue decoupling, BGE's
distribution earnings are not affected by actual weather or
customer usage patterns.
PHI
PHI’s third quarter of 2022 GAAP Net Income increased to $289
million from $266 million in the third quarter of 2021. PHI’s
Adjusted (non-GAAP) Operating Earnings for the third quarter of
2022 increased to $286 million from $272 million in the third
quarter of 2021, primarily due to distribution rate increases,
partially offset by an increase in depreciation 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.
Recent Developments and Third Quarter Highlights
- PECO Pennsylvania Natural Gas Distribution Rate Case: On
October 27, 2022, the PAPUC issued an order approving a $55 million
increase in PECO's annual natural gas distribution revenues. The
rate increase was resolved through a settlement agreement, which
did not specify an approved ROE. The rates are effective on January
1, 2023.
- DPL Delaware Natural Gas Base Rate Case: On October 12,
2022, the DEPSC approved an increase in DPL’s annual natural gas
distribution rates of $8 million, reflecting an ROE of 9.60%.
Interim rates went into effect on August 14, 2022, subject to
refund. Rates associated with the approved order are effective on
November 1, 2022.
- Financing Activities:
- On August 4, 2022, Exelon entered into an agreement with
certain underwriters in connection with an underwritten public
offering of 12.995 million shares of its common stock, no par
value. The net proceeds were $563 million before expenses paid.
Exelon used the proceeds, together with available cash balances, to
repay $575 million in borrowings under a $1.15 billion term loan
credit facility.
- On August 23, 2022, PECO issued $425 million of its First and
Refunding Mortgage Bonds, 4.375% Series, due August 15, 2052. PECO
used the proceeds to repay outstanding commercial paper obligations
and for general corporate purposes.
- On September 15, 2022, Pepco issued $225 million of its First
Mortgage bonds, 3.35% Series, due September 15, 2032. 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
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 (Loss) 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
Adjusted (non-GAAP) Operating Earnings for the third quarter of
2021 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
2021 GAAP Net Income (Loss) from
Continuing Operations
$
0.47
$
457
$
220
$
111
$
36
$
266
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $1)
—
3
—
—
—
—
Cost Management Program (net of taxes of
$0)
—
4
—
1
1
1
COVID-19 Direct Costs (net of taxes of
$0)
—
3
—
1
1
1
Asset Retirement Obligation (net of taxes
of $1)
—
2
—
—
—
2
Acquisition Related Costs (net of taxes of
$2)
0.01
7
—
—
—
—
ERP System Implementation Costs (net of
taxes of $1)
—
4
—
—
—
—
Separation Costs (net of taxes of $8, $2,
$1, $1, and $1, respectively)
0.02
16
4
2
2
3
Income Tax-Related Adjustments (entire
amount represents tax expense)
0.03
26
—
—
—
—
2021 Adjusted (non-GAAP) Operating
Earnings
$
0.53
$
522
$
224
$
114
$
40
$
272
Note: Amounts may not sum due to rounding. Unless otherwise
noted, the income tax impact of each reconciling item between GAAP
Net Income (Loss) 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 2022 and 2021 ranged from
24.0% to 29.0%.
Webcast Information
Exelon will discuss third quarter 2022 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 200 company and the nation’s
largest energy delivery 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 18,000 Exelon employees dedicate their
time and expertise to powering a cleaner and brighter future for
our customers and communities through reliable, affordable and
efficient energy delivery, workforce development, equity, economic
development and volunteerism. Follow Exelon on 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. 3, 2022.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 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' 2021
Annual Report on Form 10-K filed with the SEC on February 25, 2022
in Part I, ITEM 1A. Risk Factors; (2) the Registrants' Current
Report on Form 8-K filed with the SEC on June 30, 2022 to recast
Exelon's consolidated financial statements and certain other
financial information originally included in the 2021 Form 10-K in
(a) Part II, ITEM 7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations and (b) Part II, ITEM
8. Financial Statements and Supplementary Data: Note 17,
Commitments and Contingencies; (3) the Registrants' Third Quarter
2022 Quarterly Report on Form 10-Q (to be filed on Nov. 3, 2022) 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 13, Commitments and Contingencies; and (4) 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
16
DPL
17
ACE
19
Consolidating Statements of
Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
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
Loss on sales of assets and
businesses
—
—
—
—
—
—
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 (deductions) and
income
(90
)
(37
)
(34
)
(53
)
(29
)
(243
)
Income (loss) from continuing
operations before income taxes
375
179
26
291
(103
)
768
Income taxes
84
44
(7
)
2
(31
)
92
Net income (loss) from continuing
operations after income taxes
291
135
33
289
(72
)
676
Net income from discontinued operations
after income taxes
—
—
—
—
—
—
Net income (loss)
291
135
33
289
(72
)
676
Net income attributable to
noncontrolling interests
—
—
—
—
—
—
Net income (loss) attributable to
common shareholders
$
291
$
135
$
33
$
289
$
(72
)
$
676
Three Months Ended September 30,
2021
Operating revenues
$
1,789
$
818
$
770
$
1,470
$
16
$
4,863
Operating expenses
Purchased power and fuel
703
277
290
540
(1
)
1,809
Operating and maintenance
330
263
205
278
111
1,187
Depreciation and amortization
304
86
142
210
16
758
Taxes other than income taxes
91
51
72
127
12
353
Total operating expenses
1,428
677
709
1,155
138
4,107
Operating income (loss)
361
141
61
315
(122
)
756
Other income and (deductions)
Interest expense, net
(98
)
(40
)
(36
)
(67
)
(83
)
(324
)
Other, net
13
7
7
16
17
60
Total other deductions
(85
)
(33
)
(29
)
(51
)
(66
)
(264
)
Income (loss) from continuing
operations before income taxes
276
108
32
264
(188
)
492
Income taxes
56
(3
)
(4
)
(2
)
(12
)
35
Net income (loss) from continuing
operations after income taxes
220
111
36
266
(176
)
457
Net income from discontinued operations
after income taxes
—
—
—
—
772
772
Net income
220
111
36
266
596
1,229
Net income attributable to
noncontrolling interests
—
—
—
—
26
26
Net income attributable to common
shareholders
$
220
$
111
$
36
$
266
$
570
$
1,203
Change in Net income from continuing
operations 2021 to 2022
$
71
$
24
$
(3
)
$
23
$
104
$
219
Consolidating Statements of
Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
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 sales 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 (deductions) and
income
(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
Nine Months Ended September 30,
2021
Operating revenues
$
4,840
$
2,399
$
2,426
$
3,854
$
(5
)
$
13,514
Operating expenses
Purchased power and fuel
1,728
800
840
1,414
(1
)
4,781
Operating and maintenance
969
706
595
790
280
3,340
Depreciation and amortization
893
259
434
614
53
2,253
Taxes other than income taxes
243
143
211
349
37
983
Total operating expenses
3,833
1,908
2,080
3,167
369
11,357
Gain on sales of assets and
businesses
—
—
—
—
3
3
Operating income (loss)
1,007
491
346
687
(371
)
2,160
Other income and (deductions)
Interest expense, net
(292
)
(119
)
(103
)
(201
)
(252
)
(967
)
Other, net
35
20
23
52
60
190
Total other (deductions)
(257
)
(99
)
(80
)
(149
)
(192
)
(777
)
Income (loss) from continuing
operations before income taxes
750
392
266
538
(563
)
1,383
Income taxes
141
9
(24
)
3
(53
)
76
Net income (loss) from continuing
operations after income taxes
609
383
290
535
(510
)
1,307
Net income from discontinued operations
after income taxes
—
—
—
—
134
134
Net income (loss)
609
383
290
535
(376
)
1,441
Net income attributable to
noncontrolling interests
—
—
—
—
126
126
Net income (loss) attributable to
common shareholders
$
609
$
383
$
290
$
535
$
(502
)
$
1,315
Change in Net income from continuing
operations 2021 to 2022
$
97
$
91
$
(23
)
$
(17
)
$
167
$
315
__________
(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, 2022
December 31, 2021
Assets
Current assets
Cash and cash equivalents
$
446
$
672
Restricted cash and cash equivalents
744
321
Accounts receivable
Customer accounts receivable
2,129
2,189
Customer allowance for credit losses
(341
)
(320
)
Customer accounts receivable, net
1,788
1,869
Other accounts receivable
1,726
1,068
Other allowance for credit losses
(84
)
(72
)
Other accounts receivable, net
1,642
996
Inventories, net
Fossil fuel
235
105
Materials and supplies
522
476
Regulatory assets
1,300
1,296
Other
378
387
Current assets of discontinued
operations
—
7,835
Total current assets
7,055
13,957
Property, plant, and equipment,
net
67,572
64,558
Deferred debits and other
assets
Regulatory assets
8,224
8,224
Goodwill
6,630
6,630
Receivable related to Regulatory Agreement
Units
2,658
—
Investments
230
250
Other
1,086
885
Property, plant, and equipment, deferred
debits, and other assets of discontinued operations
—
38,509
Total deferred debits and other
assets
18,828
54,498
Total assets
$
93,455
$
133,013
Liabilities and
shareholders’ equity
Current liabilities
Short-term borrowings
$
1,690
$
1,248
Long-term debt due within one year
1,300
2,153
Accounts payable
2,693
2,379
Accrued expenses
1,213
1,137
Payables to affiliates
5
5
Regulatory liabilities
493
376
Mark-to-market derivative liabilities
—
18
Unamortized energy contract
liabilities
10
89
Other
1,313
766
Current liabilities of discontinued
operations
—
7,940
Total current liabilities
8,717
16,111
Long-term debt
35,283
30,749
Long-term debt to financing
trusts
390
390
Deferred credits and other
liabilities
Deferred income taxes and unamortized
investment tax credits
11,113
10,611
Regulatory liabilities
8,844
9,628
Pension obligations
1,366
2,051
Non-pension postretirement benefit
obligations
796
811
Asset retirement obligations
266
271
Mark-to-market derivative liabilities
67
201
Unamortized energy contract
liabilities
37
146
Other
1,994
1,573
Long-term debt, deferred credits, and
other liabilities of discontinued operations
—
25,676
Total deferred credits and other
liabilities
24,483
50,968
Total liabilities
68,873
98,218
Commitments and contingencies
Shareholders’ equity
Common stock
20,895
20,324
Treasury stock, at cost
(123
)
(123
)
Retained earnings
4,502
16,942
Accumulated other comprehensive loss,
net
(692
)
(2,750
)
Total shareholders’ equity
24,582
34,393
Noncontrolling interests
—
402
Total equity
24,582
34,795
Total liabilities and shareholders’
equity
$
93,455
$
133,013
Exelon
Consolidated Statements of
Cash Flows
(unaudited)
(in millions)
Nine Months Ended September
30,
2022
2021
Cash flows from operating
activities
Net income
$
1,739
$
1,441
Adjustments to reconcile net income to net
cash flows provided by operating activities:
Depreciation, amortization, and accretion,
including nuclear fuel and energy contract amortization
2,679
6,204
Asset impairments
46
541
Gain on sales of assets and businesses
(8
)
(147
)
Deferred income taxes and amortization of
investment tax credits
256
(45
)
Net fair value changes related to
derivatives
(59
)
(1,244
)
Net realized and unrealized losses (gains)
on NDT funds
205
(383
)
Net unrealized losses on equity
investments
16
83
Other non-cash operating activities
265
(293
)
Changes in assets and liabilities:
Accounts receivable
(1,049
)
(254
)
Inventories
(121
)
(101
)
Accounts payable and accrued expenses
823
354
Option premiums paid, net
(39
)
(186
)
Collateral received, net
1,456
2,111
Income taxes
3
250
Regulatory assets and liabilities, net
(689
)
(367
)
Pension and non-pension postretirement
benefit contributions
(596
)
(602
)
Other assets and liabilities
(786
)
(3,221
)
Net cash flows provided by operating
activities
4,141
4,141
Cash flows from investing
activities
Capital expenditures
(5,179
)
(5,970
)
Proceeds from NDT fund sales
488
5,766
Investment in NDT funds
(516
)
(5,900
)
Collection of DPP
169
3,052
Proceeds from sales of assets and
businesses
16
801
Other investing activities
36
40
Net cash flows used in investing
activities
(4,986
)
(2,211
)
Cash flows from financing
activities
Changes in short-term borrowings
(335
)
(744
)
Proceeds from short-term borrowings with
maturities greater than 90 days
1,150
1,380
Repayments on short-term borrowings with
maturities greater than 90 days
(925
)
—
Issuance of long-term debt
5,801
3,406
Retirement of long-term debt
(2,067
)
(1,618
)
Issuance of common stock
563
—
Dividends paid on common stock
(999
)
(1,121
)
Acquisition of CENG noncontrolling
interest
—
(885
)
Proceeds from employee stock plans
26
63
Transfer of cash, restricted cash, and
cash equivalents to Constellation
(2,594
)
—
Other financing activities
(121
)
(93
)
Net cash flows provided by financing
activities
499
388
(Decrease) increase in cash, restricted
cash, and cash equivalents
(346
)
2,318
Cash, restricted cash, and cash
equivalents at beginning of period
1,619
1,166
Cash, restricted cash, and cash
equivalents at end of period
$
1,273
$
3,484
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,
2022 and 2021
(unaudited)
(in millions, except per share
data)
Exelon
Earnings per
Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2021 GAAP Net Income (Loss) from
Continuing Operations
$
0.47
$
220
$
111
$
36
$
266
$
(176
)
$
457
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $1)
—
—
—
—
—
3
3
Cost Management Program (net of taxes of
$0)
—
—
1
1
1
1
4
COVID-19 Direct Costs (net of taxes of $0)
(1)
—
—
1
1
1
—
3
Asset Retirement Obligation (net of taxes
of $1)
—
—
—
—
2
—
2
Acquisition Related Costs (net of taxes of
$2) (2)
0.01
—
—
—
—
7
7
ERP System Implementation Costs (net of
taxes of $1) (3)
—
—
—
—
—
4
4
Separation Costs (net of taxes of $2, $1,
$1, $1, $3 and $8, respectively) (4)
0.02
4
2
2
3
5
16
Income Tax-Related Adjustments (entire
amount represents tax (expense) (5)
0.03
—
—
—
—
26
26
2021 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
0.53
$
224
$
114
$
40
$
272
$
(128
)
$
522
Year Over Year Effects on Adjusted
(non-GAAP) Operating Earnings:
Weather
$
0.02
$
—
(b)
$
21
$
—
(b)
$
1
(b)
$
—
$
22
Load
(0.02
)
—
(b)
(17
)
—
(b)
(1
)
(b)
—
(18
)
Distribution and Transmission Rates
(7)
0.12
39
(c)
35
(c)
26
(c)
21
(c)
—
121
Other Energy Delivery (8)
0.12
83
(c)
14
(c)
2
(c)
18
(c)
—
117
Operating and Maintenance Expense (9)
0.01
(27
)
10
8
(7
)
23
7
Pension and Non-Pension Postretirement
Benefits
0.01
6
2
2
(1
)
5
14
Depreciation and Amortization Expense
(10)
(0.05
)
(22
)
(5
)
(4
)
(20
)
2
(49
)
Other (11)
0.01
(10
)
—
(4
)
3
20
9
Total Year Over Year Effects on
Adjusted (non-GAAP) Operating Earnings
$
0.22
$
69
$
60
$
30
$
14
$
50
$
223
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)
(6)
0.04
—
—
37
—
—
37
Separation Costs (net of taxes of $1, $0,
$0, $0, $2, and $1, respectively) (4)
—
2
1
1
1
(8
)
(3
)
Income Tax-Related Adjustments (entire
amount represents tax expense) (5)
0.04
—
38
—
—
—
38
2022 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
0.75
$
293
$
174
$
70
$
286
$
(78
)
$
745
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
2022 and 2021 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)
Represents direct costs related to
COVID-19 consisting primarily of costs to acquire personal
protective equipment, costs for cleaning supplies and services, and
costs to hire healthcare professionals to monitor the health of
employees, which are recorded in Operating and maintenance
expense.
(2)
Reflects certain BSC costs related to the
acquisition of Electricite de France SA's (EDF's) interest in CENG,
which was completed in the third quarter of 2021, that were
historically allocated to Constellation Energy Generation, LLC
(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.
(3)
Reflects costs related to a multi-year
Enterprise Resource Program (ERP) system implementation, which are
recorded in Operating and maintenance expense.
(4)
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.
(5)
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. In 2021, for Corporate,
primarily reflects the adjustment to deferred income taxes due to
changes in forecasted apportionment.
(6)
Reflects costs related to the impairment
of an office building at BGE, which are recorded in Operating and
maintenance expenses.
(7)
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 rate increases.
(8)
For ComEd, reflects increased electric
distribution, transmission, and energy efficiency revenues due to
higher fully recoverable costs.
(9)
Represents Operating and maintenance
expense, excluding pension and non-pension postretirement benefits.
For ComEd, primarily reflects higher contracting costs. For PECO,
primarily reflects decreased storm costs, partially offset by
increases in various expenses. For BGE, primarily reflects
decreased storm costs. For Corporate, primarily reflects two
offsetting items: 1) 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
and 2) an increase in Operating and maintenance expense with an
offsetting increase in other income for costs billed to
Constellation for services provided by Exelon through the
Transition Services Agreement (TSA).
(10)
Reflects ongoing capital expenditures
across all utilities. For ComEd, also reflects increased
amortization of deferred energy efficiency costs.
(11)
For ComEd, includes increased charges
related to the Energy Transition Assistance Charge rider which are
fully recoverable in Other Energy Delivery. For Corporate,
primarily reflects an increase in other income for costs billed to
Constellation for services provided by Exelon through the TSA with
an offsetting increase in Operating and maintenance expense,
partially offset by an increase in interest expense.
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,
2022 and 2021
(unaudited)
(in millions, except per share
data)
Exelon
Earnings
per Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2021 GAAP Net Income (Loss) from
Continuing Operations
$
1.33
$
609
$
383
$
290
$
535
$
(510
)
$
1,307
Mark-to-Market Impact of Economic Hedging
Activities (net of taxes of $2)
0.01
—
—
—
—
6
6
Cost Management Program (net of taxes of
$0)
0.01
—
1
1
1
2
5
COVID-19 Direct Costs (net of taxes of $1,
$1, $1 and $3, respectively) (1)
0.01
—
3
2
2
—
7
Asset Retirement Obligation (net of taxes
of $1)
—
—
—
—
2
—
2
Acquisition Related Costs (net of taxes of
$5) (2)
0.02
—
—
—
—
15
15
ERP System Implementation Costs (net of
taxes of $0, $0, $0, $2 and $2, respectively) (3)
0.01
—
1
1
1
7
10
Separation Costs (net of taxes of $3, $1,
$1, $2, $6 and $13, respectively) (4)
0.03
7
3
4
5
10
29
Income Tax-Related Adjustments (entire
amount represents tax expense) (5)
0.02
—
—
—
—
24
24
2021 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
1.43
$
617
$
391
$
298
$
546
$
(447
)
$
1,405
Year Over Year Effects on Adjusted
(non-GAAP) Operating Earnings:
Weather
$
0.01
$
—
(b)
$
14
$
—
(b)
$
(2
)
(b)
$
—
$
12
Load
(0.01
)
—
(b)
(6
)
—
(b)
(4
)
(b)
—
(10
)
Distribution and Transmission Rates
(7)
0.30
82
(c)
101
(c)
46
(c)
68
(c)
—
297
Other Energy Delivery (8)
0.32
192
(c)
31
(c)
31
(c)
59
(c)
—
313
Operating and Maintenance Expense (9)
(0.13
)
(68
)
(7
)
(23
)
(64
)
31
(131
)
Pension and Non-Pension Postretirement
Benefits
0.04
16
5
7
1
9
38
Depreciation and Amortization Expense
(10)
(0.16
)
(64
)
(14
)
(26
)
(60
)
3
(161
)
Other (11)
0.05
(60
)
2
(25
)
(21
)
152
48
Share Differential (12)
(0.01
)
—
—
—
—
—
—
Total Year Over Year Effects on
Adjusted (non-GAAP) Operating Earnings
$
0.41
$
98
$
126
$
10
$
(23
)
$
195
$
406
2022 GAAP Net Income (Loss) from
Continuing Operations
$
1.65
$
706
$
474
$
267
$
518
$
(343
)
$
1,622
Asset Retirement Obligation (net of taxes
of $2)
—
—
—
—
(4
)
—
(4
)
ERP System Implementation Costs (net of
taxes of $0) (3)
—
—
—
—
—
1
1
Asset Impairments (net of taxes of $10)
(6)
0.04
—
—
37
—
—
37
Separation Costs (net of taxes of $4, $2,
$2, $3, $0, and $10, respectively) (4)
0.03
9
4
4
7
1
25
Income Tax-Related Adjustments (entire
amount represents tax expense) (5)
0.13
—
38
—
3
89
130
2022 Adjusted (non-GAAP) Operating
Earnings (Loss)
$
1.84
$
715
$
517
$
308
$
523
$
(252
)
$
1,811
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
2022 and 2021 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)
Represents direct costs related to
COVID-19 consisting primarily of costs to acquire personal
protective equipment, costs for cleaning supplies and services, and
costs to hire healthcare professionals to monitor the health of
employees, which are recorded in Operating and maintenance
expense.
(2)
Reflects certain BSC costs related to the
acquisition of Electricite de France SA's (EDF's) interest in CENG,
which was completed in the third quarter of 2021, that were
historically allocated to Constellation Energy Generation, LLC
(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.
(3)
Reflects costs related to a multi-year
Enterprise Resource Program (ERP) system implementation, which are
recorded in Operating and maintenance expense.
(4)
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.
(5)
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. In 2022, 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
2021, for Corporate, primarily reflects the adjustment to deferred
income taxes due to changes in forecasted apportionment.
(6)
Reflects costs related to the impairment
of an office building at BGE, which are recorded in Operating and
maintenance expenses.
(7)
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 and transmission rate increases. For PHI, reflects
increased revenue primarily due to distribution rate increases.
(8)
For ComEd, reflects increased electric
distribution, transmission, and energy efficiency revenues due to
higher fully recoverable costs. For PHI, includes the regulatory
asset amortization of the ACE Power Purchase Agreement termination
obligation recorded in the first quarter of 2022, which is fully
recoverable.
(9)
Represents Operating and maintenance
expense, excluding pension and non-pension postretirement benefits.
For ComEd, partially reflects the voluntary customer refund related
to the ICC investigation of matters identified in the Deferred
Prosecution Agreement and higher contracting costs. For PECO,
reflects increases in various expenses, mostly offset by decreased
storm costs. For BGE, reflects higher credit loss expense and
decreased storm costs. For PHI, includes increased storm costs,
increased credit loss expense, and higher contracting costs
partially due to timing of maintenance projects. For Corporate,
primarily reflects two offsetting items: 1) 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 Q3 2022 includes one month of costs for the
period prior to the separation compared to nine months of costs
included in YTD Q3 2021) and 2) an increase in Operating and
maintenance expense with an offsetting increase in other income for
costs billed to Constellation for services provided by Exelon
through the Transition Services Agreement (TSA).
(10)
Reflects ongoing capital expenditures
across all utilities. For ComEd, also reflects increased
amortization of deferred energy efficiency costs. For PHI, includes
the regulatory asset amortization of the ACE Power Purchase
Agreement termination obligation recorded in the first quarter of
2022, which is fully recoverable in Other Energy Delivery.
(11)
For ComEd, includes increased charges
related to the Energy Transition Assistance Charge rider which are
fully recoverable in Other Energy Delivery. For PECO, includes an
increase in tax repairs deduction. For PHI, primarily reflects
increased interest expense and the timing of tax expense driven by
the timing of excess deferred tax amortization, which will reverse
by the end of the year. For Corporate, primarily reflects an
increase in other income for costs billed to Constellation for
services provided by Exelon through the TSA with an offsetting
increase in Operating and maintenance expense, partially offset by
an increase in interest expense.
(12)
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, 2022 and 2021
Electric Deliveries (in
GWhs)
Revenue (in millions)
2022
2021
% Change
Weather - Normal %
Change
2022
2021
% Change
Electric Deliveries and
Revenues(a)
Residential
8,467
8,986
(5.8
)%
0.1
%
$
935
$
978
(4.4
)%
Small commercial & industrial
8,003
8,243
(2.9
)%
(1.4
)%
217
433
(49.9
)%
Large commercial & industrial
6,973
7,109
(1.9
)%
(0.8
)%
(117
)
148
(179.1
)%
Public authorities & electric
railroads
216
228
(5.3
)%
(4.8
)%
3
11
(72.7
)%
Other(b)
—
—
n/a
n/a
246
245
0.4
%
Total electric revenues(c)
23,659
24,566
(3.7
)%
(0.7
)%
1,284
1,815
(29.3
)%
Other Revenues(d)
94
(26
)
(461.5
)%
Total Electric Revenues
$
1,378
$
1,789
(23.0
)%
Purchased Power
$
121
$
703
(82.8
)%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
75
16
79
368.8
%
(5.1
)%
Cooling Degree-Days
778
866
722
(10.2
)%
7.8
%
Nine
Months Ended September 30, 2022 and 2021
Electric Deliveries (in
GWhs)
Revenue (in millions)
2022
2021
% Change
Weather - Normal %
Change
2022
2021
% Change
Electric Deliveries and
Revenues(a)
Residential
21,835
22,228
(1.8
)%
(0.4
)%
$
2,610
$
2,479
5.3
%
Small commercial & industrial
22,705
22,610
0.4
%
0.6
%
953
1,176
(19.0
)%
Large commercial & industrial
20,361
19,956
2.0
%
2.3
%
48
420
(88.6
)%
Public authorities & electric
railroads
659
698
(5.6
)%
(5.5
)%
22
33
(33.3
)%
Other(b)
—
—
n/a
n/a
718
676
6.2
%
Total electric revenues(c)
65,560
65,492
0.1
%
0.7
%
4,351
4,784
(9.1
)%
Other Revenues(d)
185
56
230.4
%
Total Electric Revenues
$
4,536
$
4,840
(6.3
)%
Purchased Power
$
1,041
$
1,728
(39.8
)%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
3,953
3,632
3,861
8.8
%
2.4
%
Cooling Degree-Days
1,155
1,257
988
(8.1
)%
16.9
%
Number of Electric Customers
2022
2021
Residential
3,711,894
3,699,376
Small commercial & industrial
390,303
389,348
Large commercial & industrial
1,892
1,865
Public authorities & electric
railroads
4,854
4,853
Total
4,108,943
4,095,442
__________
(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 $6 million and $9 million for the three months
ended September 30, 2022 and 2021, respectively, and $14 million
and $19 million for the nine months ended September 30, 2022 and
2021, respectively.
(d)
Includes alternative revenue programs and
late payment charges.
PECO Statistics
Three
Months Ended September 30, 2022 and 2021
Electric and Natural Gas
Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
4,386
4,318
1.6
%
(5.6
)%
$
620
$
509
21.8
%
Small commercial & industrial
2,139
2,157
(0.8
)%
(3.3
)%
149
113
31.9
%
Large commercial & industrial
3,943
3,880
1.6
%
0.1
%
93
67
38.8
%
Public authorities & electric
railroads
172
155
11.0
%
10.5
%
8
7
14.3
%
Other(b)
—
—
n/a
n/a
71
61
16.4
%
Total electric revenues(c)
10,640
10,510
1.2
%
(2.8
)%
941
757
24.3
%
Other Revenues(d)
—
5
(100.0
)%
Total Electric Revenues
941
762
23.5
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
2,197
2,244
(2.1
)%
0.3
%
46
36
27.8
%
Small commercial & industrial
2,054
1,926
6.6
%
9.5
%
20
13
53.8
%
Large commercial & industrial
6
4
50.0
%
19.6
%
—
—
n/a
Transportation
5,162
5,356
(3.6
)%
(9.3
)%
5
5
—
%
Other(f)
—
—
n/a
n/a
2
2
—
%
Total natural gas revenues(g)
9,419
9,530
(1.2
)%
(3.1
)%
73
56
30.4
%
Other Revenues(d)
—
—
100.0
%
Total Natural Gas Revenues
73
56
30.4
%
Total Electric and Natural Gas
Revenues
$
1,014
$
818
24.0
%
Purchased Power and Fuel
$
403
$
277
45.5
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
19
4
24
375.0
%
(20.8
)%
Cooling Degree-Days
1,290
1,094
1,021
17.9
%
26.3
%
Nine
Months Ended September 30, 2022 and 2021
Electric and Natural Gas
Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
11,204
11,201
—
%
(2.0
)%
$
1,538
$
1,325
16.1
%
Small commercial & industrial
5,889
5,796
1.6
%
0.8
%
386
312
23.7
%
Large commercial & industrial
10,691
10,627
0.6
%
—
%
229
183
25.1
%
Public authorities & electric
railroads
489
425
15.1
%
15.1
%
23
24
(4.2
)%
Other(b)
—
—
n/a
n/a
202
167
21.0
%
Total electric revenues(c)
28,273
28,049
0.8
%
(0.4
)%
2,378
2,011
18.2
%
Other Revenues(d)
12
22
(45.5
)%
Total Electric Revenues
2,390
2,033
17.6
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
28,240
27,945
1.1
%
4.1
%
335
251
33.5
%
Small commercial & industrial
16,238
15,217
6.7
%
8.5
%
125
94
33.0
%
Large commercial & industrial
20
13
53.8
%
14.0
%
—
—
n/a
Transportation
18,508
18,474
0.2
%
(0.7
)%
19
17
11.8
%
Other(f)
—
—
n/a
n/a
7
4
75.0
%
Total natural gas revenues(g)
63,006
61,649
2.2
%
3.8
%
486
366
32.8
%
Other Revenues(d)
1
—
100.0
%
Total Natural Gas Revenues
487
366
33.1
%
Total Electric and Natural Gas
Revenues
$
2,877
$
2,399
19.9
%
Purchased Power and Fuel
$
1,093
$
800
36.6
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,632
2,710
2,864
(2.9
)%
(8.1
)%
Cooling Degree-Days
1,725
1,517
1,413
13.7
%
22.1
%
Number of Electric Customers
2022
2021
Number of Natural Gas Customers
2022
2021
Residential
1,523,269
1,514,836
Residential
500,934
495,752
Small commercial & industrial
155,516
155,006
Small commercial & industrial
46,074
44,435
Large commercial & industrial
3,120
3,108
Large commercial & industrial
9
6
Public authorities & electric
railroads
10,393
10,271
Transportation
656
670
Total
1,692,298
1,683,221
Total
547,673
540,863
__________
(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 September 30, 2022 and 2021, and $5 million and $5 million
for the nine months ended September 30, 2022 and 2021,
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 for both the three months
ended September 30, 2022 and 2021, respectively, and $1 million and
$1 million for the nine months ended September 30, 2022 and 2021,
respectively.
BGE Statistics
Three
Months Ended September 30, 2022 and 2021
Electric and Natural Gas
Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
3,664
3,736
(1.9
)%
—
%
$
406
$
383
6.0
%
Small commercial & industrial
754
779
(3.2
)%
—
%
88
73
20.5
%
Large commercial & industrial
3,703
3,753
(1.3
)%
(0.6
)%
158
128
23.4
%
Public authorities & electric
railroads
46
52
(11.5
)%
(9.1
)%
7
7
—
%
Other(b)
—
—
n/a
n/a
101
104
(2.9
)%
Total electric revenues(c)
8,167
8,320
(1.8
)%
(0.4
)%
760
695
9.4
%
Other Revenues(d)
(3
)
(18
)
(83.3
)%
Total Electric Revenues
757
677
11.8
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
2,321
2,359
(1.6
)%
(2.4
)%
70
57
22.8
%
Small commercial & industrial
844
902
(6.4
)%
(6.5
)%
13
10
30.0
%
Large commercial & industrial
7,943
7,296
8.9
%
10.3
%
28
22
27.3
%
Other(f)
82
612
(86.6
)%
n/a
2
6
(66.7
)%
Total natural gas revenues(g)
11,190
11,169
0.2
%
5.9
%
113
95
18.9
%
Other Revenues(d)
—
(2
)
(100.0
)%
Total Natural Gas Revenues
113
93
21.5
%
Total Electric and Natural Gas
Revenues
$
870
$
770
13.0
%
Purchased Power and Fuel
$
350
$
290
20.7
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
50
42
71
19.0
%
(29.6
)%
Cooling Degree-Days
711
739
613
(3.8
)%
16.0
%
Nine
Months Ended September 30, 2022 and 2021
Electric and Natural Gas
Deliveries
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
9,985
10,046
(0.6
)%
(0.5
)%
$
1,158
$
1,044
10.9
%
Small commercial & industrial
2,126
2,128
(0.1
)%
0.3
%
239
202
18.3
%
Large commercial & industrial
10,090
10,054
0.4
%
0.8
%
418
342
22.2
%
Public authorities & electric
railroads
152
149
2.0
%
2.9
%
20
20
—
%
Other(b)
—
—
n/a
n/a
297
269
10.4
%
Total electric revenues(c)
22,353
22,377
(0.1
)%
0.2
%
2,132
1,877
13.6
%
Other Revenues(d)
(10
)
(11
)
(9.1
)%
Total Electric Revenues
2,122
1,866
13.7
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
28,382
25,758
10.2
%
7.0
%
448
354
26.6
%
Small commercial & industrial
6,895
6,226
10.7
%
6.9
%
77
59
30.5
%
Large commercial & industrial
31,854
29,559
7.8
%
7.5
%
128
103
24.3
%
Other(f)
5,472
9,125
(40.0
)%
n/a
50
41
22.0
%
Total natural gas revenues(g)
72,603
70,668
2.7
%
7.2
%
703
557
26.2
%
Other Revenues(d)
(15
)
3
(600.0
)%
Total Natural Gas Revenues
688
560
22.9
%
Total Electric and Natural Gas
Revenues
$
2,810
$
2,426
15.8
%
Purchased Power and Fuel
$
1,093
$
840
30.1
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,737
2,708
2,958
1.1
%
(7.5
)%
Cooling Degree-Days
990
1,039
872
(4.7
)%
13.5
%
Number of Electric Customers
2022
2021
Number of Natural Gas Customers
2022
2021
Residential
1,200,786
1,194,254
Residential
653,413
649,745
Small commercial & industrial
115,778
114,814
Small commercial & industrial
38,128
38,216
Large commercial & industrial
12,774
12,584
Large commercial & industrial
6,222
6,167
Public authorities & electric
railroads
266
268
Total
1,329,604
1,321,920
Total
697,763
694,128
__________
(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 $4 million for the three months
ended September 30, 2022 and 2021, respectively, and $5 million and
$10 million for the nine months ended September 30, 2022 and 2021,
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 $3 million for the three months
ended September 30, 2022 and 2021, respectively, and $8 million and
$10 million for the nine months ended September 30, 2022 and 2021,
respectively.
Pepco Statistics
Three
Months Ended September 30, 2022 and 2021
Electric Deliveries (in
GWhs)
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric Deliveries and
Revenues(a)
Residential
2,384
2,457
(3.0
)%
(2.4
)%
$
318
$
309
2.9
%
Small commercial & industrial
299
306
(2.3
)%
(1.9
)%
44
36
22.2
%
Large commercial & industrial
3,866
3,862
0.1
%
0.4
%
303
244
24.2
%
Public authorities & electric
railroads
176
165
6.7
%
6.5
%
9
8
12.5
%
Other(b)
—
—
n/a
n/a
57
53
7.5
%
Total electric revenues(c)
6,725
6,790
(1.0
)%
(0.5
)%
731
650
12.5
%
Other Revenues(d)
(7
)
10
(170.0
)%
Total Electric Revenues
$
724
$
660
9.7
%
Purchased Power
$
230
$
172
33.7
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
19
—
7
n/a
171.4
%
Cooling Degree-Days
1,218
1,221
1,185
(0.2
)%
2.8
%
Nine
Months Ended September 30, 2022 and 2021
Electric Deliveries (in
GWhs)
Revenue (in millions)
2022
2021
% Change
Weather-
Normal
% Change
2022
2021
% Change
Electric Deliveries and
Revenues(a)
Residential
6,390
6,495
(1.6
)%
(1.5
)%
$
826
$
785
5.2
%
Small commercial & industrial
855
884
(3.3
)%
(3.4
)%
117
101
15.8
%
Large commercial & industrial
10,499
10,091
4.0
%
3.9
%
806
616
30.8
%
Public authorities & electric
railroads
451
506
(10.9
)%
(10.8
)%
25
24
4.2
%
Other(b)
—
—
n/a
n/a
157
154
1.9
%
Total electric revenues(c)
18,195
17,976
1.2
%
1.2
%
1,931
1,680
14.9
%
Other Revenues(d)
(12
)
56
(121.4
)%
Total Electric Revenues
$
1,919
$
1,736
10.5
%
Purchased Power
$
605
$
471
28.5
%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,357
2,343
2,429
0.6
%
(3.0
)%
Cooling Degree-Days
1,721
1,724
1,696
(0.2
)%
1.5
%
Number of Electric Customers
2022
2021
Residential
853,873
839,574
Small commercial & industrial
54,423
53,849
Large commercial & industrial
22,789
22,586
Public authorities & electric
railroads
196
179
Total
931,281
916,188
__________
(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 $2 million and $2 million for the three months
ended September 30, 2022 and 2021, respectively, and $4 million and
$4 million for the nine months ended September 30, 2022 and 2021,
respectively.
(d)
Includes alternative revenue programs and
late payment charge revenues.
DPL Statistics
Three
Months Ended September 30, 2022 and 2021
Electric and Natural Gas
Deliveries
Revenue (in millions)
2022
2021
% Change
Weather -
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
1,574
1,594
(1.3
)%
(2.7
)%
$
207
$
198
4.5
%
Small commercial & industrial
667
671
(0.6
)%
(1.2
)%
65
53
22.6
%
Large commercial & industrial
1,167
1,160
0.6
%
0.2
%
43
27
59.3
%
Public authorities & electric
railroads
10
10
—
%
(1.6
)%
4
4
—
%
Other(b)
—
—
n/a
n/a
55
56
(1.8
)%
Total electric revenues(c)
3,418
3,435
(0.5
)%
(1.4
)%
374
338
10.7
%
Other Revenues(d)
—
(1
)
(100.0
)%
Total Electric Revenues
374
337
11.0
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
374
399
(6.3
)%
(15.2
)%
10
10
—
%
Small commercial & industrial
331
352
(6.0
)%
(10.2
)%
6
5
20.0
%
Large commercial & industrial
397
395
0.5
%
0.6
%
3
2
50.0
%
Transportation
1,284
1,303
(1.5
)%
(2.1
)%
3
3
—
%
Other(g)
—
—
n/a
n/a
16
3
433.3
%
Total natural gas revenues
2,386
2,449
(2.6
)%
(5.2
)%
38
23
65.2
%
Other Revenues(f)
—
—
n/a
Total Natural Gas Revenues
38
23
65.2
%
Total Electric and Natural Gas
Revenues
$
412
$
360
14.4
%
Purchased Power and Fuel
$
183
$
138
32.6
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
31
9
24
244.4
%
29.2
%
Cooling Degree-Days
1,046
998
911
4.8
%
14.8
%
Natural Gas Service Territory
% Change
Heating Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
32
11
36
190.9
%
(11.1
)%
Nine
Months Ended September 30, 2022 and 2021
Electric and Natural Gas
Deliveries
Revenue (in millions)
2022
2021
% Change
Weather -
Normal
% Change
2022
2021
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
4,257
4,245
0.3
%
(0.1
)%
$
570
$
535
6.5
%
Small commercial & industrial
1,809
1,787
1.2
%
1.1
%
173
145
19.3
%
Large commercial & industrial
3,207
3,145
2.0
%
2.0
%
99
70
41.4
%
Public authorities & electric
railroads
32
34
(5.9
)%
(4.7
)%
11
11
—
%
Other(b)
—
—
n/a
n/a
168
143
17.5
%
Total rate-regulated electric
revenues(c)
9,305
9,211
1.0
%
0.8
%
1,021
904
12.9
%
Other Revenues(d)
(2
)
18
(111.1
)%
Total Electric Revenues
1,019
922
10.5
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
5,810
5,507
5.5
%
4.7
%
77
67
14.9
%
Small commercial & industrial
2,882
2,647
8.9
%
9.1
%
35
29
20.7
%
Large commercial & industrial
1,259
1,247
1.0
%
0.9
%
9
5
80.0
%
Transportation
4,934
4,997
(1.3
)%
(1.1
)%
11
11
—
%
Other(f)
—
—
n/a
n/a
25
6
316.7
%
Total rate-regulated natural gas
revenues
14,885
14,398
3.4
%
3.2
%
157
118
33.1
%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
157
118
33.1
%
Total Electric and Natural Gas
Revenues
$
1,176
$
1,040
13.1
%
Purchased Power and Fuel
$
507
$
402
26.1
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,724
2,739
2,889
(0.5
)%
(5.7
)%
Cooling Degree-Days
1,392
1,376
1,260
1.2
%
10.5
%
Natural Gas Service Territory
% Change
Heating Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
2,828
2,848
3,029
(0.7
)%
(6.6
)%
Number of Electric Customers
2022
2021
Number of Natural Gas Customers
2022
2021
Residential
480,779
476,008
Residential
129,005
127,740
Small commercial & industrial
63,685
62,990
Small commercial & industrial
10,044
9,935
Large commercial & industrial
1,230
1,215
Large commercial & industrial
16
21
Public authorities & electric
railroads
597
605
Transportation
156
158
Total
546,291
540,818
Total
139,221
137,854
__________
(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 $1 million and $2 million for the three months
ended September 30, 2022 and 2021, respectively and $5 million and
$6 million for the nine months ended September 30, 2022 and 2021,
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 September 30, 2022 and 2021
Electric Deliveries (in
GWhs)
Revenue (in millions)
2022
2021
% Change
Weather -
Normal
% Change
2022
2021
% Change
Electric Deliveries and
Revenues(a)
Residential
1,516
1,540
(1.6
)%
(2.8
)%
$
283
$
275
2.9
%
Small commercial & industrial
478
435
9.9
%
10.1
%
70
61
14.8
%
Large commercial & industrial
885
874
1.3
%
0.9
%
55
49
12.2
%
Public authorities & electric
railroads
9
9
—
%
(1.6
)%
3
3
—
%
Other(b)
—
—
n/a
n/a
54
63
(14.3
)%
Total electric revenues(c)
2,888
2,858
1.0
%
0.3
%
465
451
3.1
%
Other Revenues(d)
(3
)
—
n/a
Total Electric Revenues
$
462
$
451
2.4
%
Purchased Power
$
197
$
230
(14.3
)%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
38
11
30
245.5
%
26.7
%
Cooling Degree-Days
955
922
872
3.6
%
9.5
%
Nine
Months Ended September 30, 2022 and 2021
Electric Deliveries (in
GWhs)
Revenue (in millions)
2022
2021
% Change
Weather -
Normal
% Change
2022
2021
% Change
Electric Deliveries and
Revenues(a)
Residential
3,293
3,443
(4.4
)%
(4.6
)%
$
611
$
604
1.2
%
Small commercial & industrial
1,179
1,073
9.9
%
9.8
%
171
146
17.1
%
Large commercial & industrial
2,396
2,351
1.9
%
1.8
%
151
139
8.6
%
Public authorities & electric
railroads
34
33
3.0
%
—
%
11
10
10.0
%
Other(b)
—
—
n/a
n/a
190
158
20.3
%
Total electric revenues(c)
6,902
6,900
—
%
(0.2
)%
1,134
1,057
7.3
%
Other Revenues(d)
(14
)
23
(160.9
)%
Total Electric Revenues
$
1,120
$
1,080
3.7
%
Purchased Power
$
497
$
541
(8.1
)%
% Change
Heating and Cooling Degree-Days
2022
2021
Normal
From 2021
From Normal
Heating Degree-Days
3,007
2,884
3,024
4.3
%
(0.6
)%
Cooling Degree-Days
1,231
1,246
1,178
(1.2
)%
4.5
%
Number of Electric Customers
2022
2021
Residential
501,869
499,775
Small commercial & industrial
62,204
61,838
Large commercial & industrial
3,075
3,209
Public authorities & electric
railroads
731
707
Total
567,879
565,529
__________
(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 and $1 million for the
three months ended September 30, 2022 and 2021, respectively, and
$2 million for both the nine months ended September 30, 2022 and
2021.
(d)
Includes alternative revenue programs.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221103005600/en/
Nick Alexopulos Corporate Communications 312-394-7417
Andrew Plenge Investor Relations 312-394-2345
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