Earnings Release Highlights
- GAAP net income of $0.70 per share and Adjusted (non-GAAP)
operating earnings of $0.71 per share for the third quarter of
2024
- Reaffirming full year 2024 Adjusted (non-GAAP) operating
earnings guidance range of $2.40-$2.50 per share
- Reaffirming adjusted (non-GAAP) operating EPS compounded annual
growth target of 5-7% through 2027
- Strong utility reliability performance - all utilities achieved
top quartile in reliability, with ComEd and Pepco Holdings
continuing to achieve top decile in SAIFI and SAIDI
performance
- DPL filed a natural gas distribution rate case with the
Delaware Public Service Commission (DEPSC) in September seeking an
increase in gas distribution rates to support investments in
infrastructure to maintain safety, reliability, and service for
customers, while also offering more predictability in customer
bills throughout the year
Exelon Corporation (Nasdaq: EXC) today reported its financial
results for the third quarter of 2024.
"Our strong third quarter performance highlights the dedication
of our 20,000 employees delivering top quartile service despite
unprecedented challenges," said Exelon President and Chief
Executive Officer Calvin Butler. "This summer, our regions faced
record-breaking severe weather, including an historic number of
tornadoes in the Chicago area. Yet, we maintained top quartile
reliability, with ComEd and Pepco Holdings performing in the top
decile. We’re also making progress on our work with regulators to
invest in a resilient grid, and doing our part to keep energy
affordability front and center. As we approach the end of 2024, we
remain focused on building a cleaner and brighter future for our
customers and communities."
"Exelon delivered another quarter of strong financial
performance, with third quarter adjusted operating earnings of
$0.71 per share, and we remain on track to meet our full year
earnings guidance of $2.40 to $2.50 per share," said Exelon Chief
Financial Officer Jeanne Jones. "Our disciplined approach to
financial management, combined with operational excellence,
continues to drive strong results across our local energy
companies. We are making $34.5 billion of critical investments in
our energy infrastructure for our customers, which gives us the
confidence to deliver our long-term earnings per share growth
target of 5-7% through 2027."
Third Quarter 2024
Exelon's GAAP net income for the third quarter of 2024 remained
relatively consistent with the prior period at $0.70 per share.
Adjusted (non-GAAP) operating earnings for the third quarter of
2024 increased to $0.71 per share from $0.67 per share in the third
quarter of 2023. For the reconciliations of GAAP net income to
Adjusted (non-GAAP) operating earnings, refer to the tables
beginning on page 3.
The GAAP net income and Adjusted (non-GAAP) operating earnings
in the third quarter of 2024 primarily reflects higher utility
earnings due to distribution rate increases at BGE, distribution
and transmission rate increases at PHI, timing of distribution
earnings and a higher return on regulatory assets at ComEd, and
decreased storm costs at PHI. This was partially offset by higher
interest expense at PECO, BGE, and PHI; higher credit loss expense
at PECO and BGE; higher depreciation and amortization expense at
PECO and BGE; and lower carrying costs recovery related to the CMC
regulatory asset at ComEd.
Operating Company Results1
ComEd
ComEd's third quarter of 2024 GAAP net income increased to $360
million from $333 million in the third quarter of 2023. ComEd's
Adjusted (non-GAAP) operating earnings for the third quarter of
2024 increased to $360 million from $338 million in the third
quarter of 2023, primarily due to timing of distribution earnings,
higher distribution rate base, and higher return on regulatory
assets. These were partially offset by a lower allowed distribution
ROE, the absence of a return on the pension asset within
distribution earnings, and lower carrying costs recovery related to
the CMC regulatory asset. Due to revenue decoupling, ComEd's
distribution earnings are not affected by actual weather or
customer usage patterns.
PECO
PECO’s third quarter of 2024 GAAP net income decreased to $117
million from $146 million in the third quarter of 2023. PECO's
Adjusted (non-GAAP) operating earnings for the third quarter of
2024 decreased to $118 million from $149 million in the third
quarter of 2023, primarily due to increases in credit loss expense,
interest expense, and depreciation expense.
BGE
BGE’s third quarter of 2024 GAAP net income remained relatively
consistent with the prior period at $45 million. BGE's Adjusted
(non-GAAP) operating earnings for the third quarter of 2024
decreased to $45 million from $47 million in the third quarter of
2023. GAAP net income remained relatively consistent primarily due
to favorable distribution rates, offset by increases in interest
expense, depreciation and amortization expense, and credit loss
expense. Due to revenue decoupling, BGE's distribution earnings are
not affected by actual weather or customer usage patterns.
___________ 1 Exelon’s four business units include ComEd, which
consists of electricity transmission and distribution operations in
northern Illinois; PECO, which consists of electricity transmission
and distribution operations and retail natural gas distribution
operations in southeastern Pennsylvania; BGE, which consists of
electricity transmission and distribution operations and retail
natural gas distribution operations in central Maryland; and PHI,
which consists of electricity transmission and distribution
operations in the District of Columbia and portions of Maryland,
Delaware, and New Jersey and retail natural gas distribution
operations in northern Delaware.
PHI
PHI’s third quarter of 2024 GAAP net income increased to $278
million from $232 million in the third quarter of 2023. PHI’s
Adjusted (non-GAAP) operating earnings for the third quarter of
2024 increased to $278 million from $234 million in the third
quarter of 2023, primarily due to higher electric distribution and
transmission rates, and a decrease in storm costs and various
operating expenses, partially offset by an increase in 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.
Recent Developments and Third Quarter Highlights
- Dividend: On October 29, 2024, Exelon's Board of
Directors declared a regular quarterly dividend of $0.38 per share
on Exelon's common stock. The dividend is payable on December 13,
2024, to Exelon's shareholders of record as of the close of
business on November 11, 2024.
- Rate Case Developments:
- DPL Delaware Natural Gas Distribution Rate Case: On
September 20, 2024, DPL filed an application with the DEPSC to
increase its annual natural gas rates by $36 million, reflecting an
ROE of 10.65%. DPL currently expects a decision in the first
quarter of 2026 but cannot predict if the DEPSC will approve the
application as filed.
- Financing Activities:
- On August 28, 2024, ACE issued $175 million of its First
Mortgage Bonds, consisting of $75 million of its First Mortgage
5.29% Series Bonds due on August 28, 2034 and $100 million of its
First Mortgage 5.49% Series Bonds due on August 28, 2039. ACE used
the proceeds of the sale of the ACE Bonds to repay existing
indebtedness and for general corporate purposes.
- On September 10, 2024, PECO Energy Company (PECO) issued $575
million aggregate principal amount of its First and Refunding
Mortgage Bonds, 5.250% Series due September 15, 2054. PECO used the
net proceeds from the sale of the Bonds to refinance currently
outstanding commercial paper and for general corporate
purposes.
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the third quarter of
2024 do not include the following items (after tax) that were
included in reported GAAP net income:
(in millions, except per share
amounts)
Exelon
Earnings per
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2024 GAAP net income
$
0.70
$
707
$
360
$
117
$
45
$
278
Change in environmental liabilities (net
of taxes of $0)
—
—
—
—
—
—
Change in FERC audit liability (net of
taxes of $0)
—
—
—
—
—
—
Cost management charge (net of taxes of
$0, and $0, respectively)
—
1
—
1
—
—
2024 Adjusted (non-GAAP) operating
earnings
$
0.71
$
708
$
360
$
118
$
45
$
278
Adjusted (non-GAAP) operating earnings for the third quarter of
2023 do not include the following items (after tax) that were
included in reported GAAP net income:
(in millions, except per share
amounts)
Exelon
Earnings per
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2023 GAAP net income
$
0.70
$
700
$
333
$
146
$
45
$
232
Mark-to-market impact of economic hedging
activities (net of taxes of $4)
0.01
12
—
—
—
—
Asset retirement obligation (net of taxes
of $1)
—
(1
)
—
—
—
(1
)
Separation costs (net of taxes of $5, $2,
$1, $1, and $1, respectively)
0.01
14
5
3
2
4
Income tax-related adjustments (entire
amount represents tax expense)
(0.05
)
(54
)
—
—
—
—
2023 Adjusted (non-GAAP) operating
earnings
$
0.67
$
671
$
338
$
149
$
47
$
234
__________
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax
impact of each reconciling item between GAAP net income 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 2024 and 2023 ranged
from 24.0% to 29.0%.
Webcast Information
Exelon will discuss third quarter 2024 earnings in a conference
call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern
Time). The webcast and associated materials can be accessed at
https://investors.exeloncorp.com.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 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).
20,000 Exelon employees dedicate their time and expertise to
supporting our communities through reliable, affordable and
efficient energy delivery, workforce development, equity, economic
development and volunteerism. Follow @Exelon on 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 Oct. 30, 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' 2023
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 2024 Quarterly Report on Form 10-Q (to be filed on October
30, 2024) 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 11, 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.
Exelon uses its corporate website, www.exeloncorp.com, investor
relations website, investors.exeloncorp.com, and social media
channels to communicate with Exelon's investors and the public
about the Registrants and other matters. Exelon's posts through
these channels may be deemed material. Accordingly, Exelon
encourages investors and others interested in the Registrants to
routinely monitor these channels, in addition to following the
Registrants' press releases, Securities and Exchange Commission
filings and public conference calls and webcasts. The contents of
Exelon's websites and social media channels are not, however,
incorporated by reference into this press release.
Earnings Release
Attachments
Table of Contents
Consolidating Statement of Operations
2
Consolidated Balance Sheets
3
Consolidated Statements of Cash Flows
5
Reconciliation of GAAP Net Income to
Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
6
Statistics
ComEd
8
PECO
9
BGE
12
Pepco
15
DPL
16
ACE
18
Consolidating Statements of
Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Three Months Ended September 30,
2024
Operating revenues
$
2,229
$
1,030
$
1,044
$
1,862
$
(11
)
$
6,154
Operating expenses
Purchased power and fuel
835
386
420
742
—
2,383
Operating and maintenance
410
313
281
322
(51
)
1,275
Depreciation and amortization
387
108
162
235
16
908
Taxes other than income taxes
99
61
86
140
9
395
Total operating expenses
1,731
868
949
1,439
(26
)
4,961
Gain on sale of assets
—
—
—
—
3
3
Operating income
498
162
95
423
18
1,196
Other income and (deductions)
Interest expense, net
(128
)
(58
)
(57
)
(95
)
(158
)
(496
)
Other, net
26
9
11
22
(11
)
57
Total other income and
(deductions)
(102
)
(49
)
(46
)
(73
)
(169
)
(439
)
Income (loss) before income
taxes
396
113
49
350
(151
)
757
Income taxes
36
(4
)
4
72
(58
)
50
Net income (loss) attributable to
common shareholders
$
360
$
117
$
45
$
278
$
(93
)
$
707
Three Months Ended September 30,
2023
Operating revenues
$
2,268
$
1,037
$
932
$
1,773
$
(30
)
$
5,980
Operating expenses
Purchased power and fuel
896
411
380
710
—
2,397
Operating and maintenance
385
277
214
339
(28
)
1,187
Depreciation and amortization
357
100
161
257
15
890
Taxes other than income taxes
100
59
80
134
10
383
Total operating expenses
1,738
847
835
1,440
(3
)
4,857
Operating income (loss)
530
190
97
333
(27
)
1,123
Other income and (deductions)
Interest expense, net
(119
)
(52
)
(47
)
(80
)
(139
)
(437
)
Other, net
16
11
6
28
20
81
Total other income and
(deductions)
(103
)
(41
)
(41
)
(52
)
(119
)
(356
)
Income (loss) before income
taxes
427
149
56
281
(146
)
767
Income taxes
94
3
11
49
(90
)
67
Net income (loss) attributable to
common shareholders
$
333
$
146
$
45
$
232
$
(56
)
$
700
Change in net income (loss) from 2023
to 2024
$
27
$
(29
)
$
—
$
46
$
(37
)
$
7
Consolidating Statements of
Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Nine Months Ended September 30,
2024
Operating revenues
$
6,403
$
2,975
$
3,268
$
4,938
$
(27
)
$
17,557
Operating expenses
Purchased power and fuel
2,504
1,113
1,228
1,939
—
6,784
Operating and maintenance
1,277
876
795
927
(119
)
3,756
Depreciation and amortization
1,124
318
474
716
49
2,681
Taxes other than income taxes
287
164
254
395
27
1,127
Total operating expenses
5,192
2,471
2,751
3,977
(43
)
14,348
Gain on sales of assets
5
4
—
—
3
12
Operating income
1,216
508
517
961
19
3,221
Other income and (deductions)
Interest expense, net
(374
)
(170
)
(159
)
(279
)
(464
)
(1,446
)
Other, net
66
27
27
79
(3
)
196
Total other income and
(deductions)
(308
)
(143
)
(132
)
(200
)
(467
)
(1,250
)
Income (loss) before income
taxes
908
365
385
761
(448
)
1,971
Income taxes
85
9
32
158
(126
)
158
Net income (loss) attributable to
common shareholders
$
823
$
356
$
353
$
603
$
(322
)
$
1,813
Nine Months Ended September 30,
2023
Operating revenues
$
5,836
$
2,977
$
2,986
$
4,615
$
(54
)
$
16,360
Operating expenses
Purchased power and fuel
2,068
1,197
1,145
1,805
—
6,215
Operating and maintenance
1,077
786
632
952
88
3,535
Depreciation and amortization
1,045
297
487
741
46
2,616
Taxes other than income taxes
282
156
239
366
20
1,063
Total operating expenses
4,472
2,436
2,503
3,864
154
13,429
Operating income (loss)
1,364
541
483
751
(208
)
2,931
Other income and (deductions)
Interest expense, net
(357
)
(149
)
(135
)
(238
)
(398
)
(1,277
)
Other, net
50
26
14
80
161
331
Total other income and
(deductions)
(307
)
(123
)
(121
)
(158
)
(237
)
(946
)
Income (loss) before income
taxes
1,057
418
362
593
(445
)
1,985
Income taxes
235
8
76
103
(148
)
274
Net income (loss) attributable to
common shareholders
$
822
$
410
$
286
$
490
$
(297
)
$
1,711
Change in net income (loss) from 2023
to 2024
$
1
$
(54
)
$
67
$
113
$
(25
)
$
102
__________
(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, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
616
$
445
Restricted cash and cash equivalents
552
482
Accounts receivable
Customer accounts receivable
2,971
2,659
Customer allowance for credit losses
(426
)
(317
)
Customer accounts receivable, net
2,545
2,342
Other accounts receivable
1,226
1,101
Other allowance for credit losses
(111
)
(82
)
Other accounts receivable, net
1,115
1,019
Inventories, net
Fossil fuel
78
94
Materials and supplies
777
707
Regulatory assets
1,869
2,215
Other
471
473
Total current assets
8,023
7,777
Property, plant, and equipment,
net
76,661
73,593
Deferred debits and other
assets
Regulatory assets
8,657
8,698
Goodwill
6,630
6,630
Receivable related to Regulatory Agreement
Units
4,322
3,232
Investments
279
251
Other
1,498
1,365
Total deferred debits and other
assets
21,386
20,176
Total assets
$
106,070
$
101,546
September 30, 2024
December 31, 2023
Liabilities and
shareholders’ equity
Current liabilities
Short-term borrowings
$
1,031
$
2,523
Long-term debt due within one year
954
1,403
Accounts payable
2,648
2,846
Accrued expenses
1,284
1,375
Payables to affiliates
5
5
Customer deposits
432
411
Regulatory liabilities
430
389
Mark-to-market derivative liabilities
25
74
Unamortized energy contract
liabilities
6
8
Other
569
557
Total current liabilities
7,384
9,591
Long-term debt
43,701
39,692
Long-term debt to financing
trusts
390
390
Deferred credits and other
liabilities
Deferred income taxes and unamortized
investment tax credits
12,551
11,956
Regulatory liabilities
10,563
9,576
Pension obligations
1,553
1,571
Non-pension postretirement benefit
obligations
528
527
Asset retirement obligations
289
267
Mark-to-market derivative liabilities
180
106
Unamortized energy contract
liabilities
22
27
Other
2,287
2,088
Total deferred credits and other
liabilities
27,973
26,118
Total liabilities
79,448
75,791
Commitments and contingencies
Shareholders’ equity
Common stock
21,320
21,114
Treasury stock, at cost
(123
)
(123
)
Retained earnings
6,161
5,490
Accumulated other comprehensive loss,
net
(736
)
(726
)
Total shareholders’ equity
26,622
25,755
Total liabilities and shareholders’
equity
$
106,070
$
101,546
Exelon
Consolidated Statements of
Cash Flows
(unaudited)
(in millions)
Nine Months Ended September
30,
2024
2023
Cash flows from operating
activities
Net income
$
1,813
$
1,711
Adjustments to reconcile net income to net
cash flows provided by operating activities:
Depreciation, amortization, and
accretion
2,683
2,616
Gain on sales of assets
(12
)
—
Deferred income taxes and amortization of
investment tax credits
102
210
Net fair value changes related to
derivatives
1
21
Other non-cash operating activities
441
(237
)
Changes in assets and liabilities:
Accounts receivable
(489
)
82
Inventories
(57
)
(8
)
Accounts payable and accrued expenses
(309
)
(454
)
Collateral received (paid), net
21
(183
)
Income taxes
(18
)
50
Regulatory assets and liabilities, net
194
(395
)
Pension and non-pension postretirement
benefit contributions
(140
)
(97
)
Other assets and liabilities
(87
)
(24
)
Net cash flows provided by operating
activities
4,143
3,292
Cash flows from investing
activities
Capital expenditures
(5,161
)
(5,540
)
Proceeds from sales of assets and
businesses
38
—
Other investing activities
9
25
Net cash flows used in investing
activities
(5,114
)
(5,515
)
Cash flows from financing
activities
Changes in short-term borrowings
(1,093
)
(1,116
)
Proceeds from short-term borrowings with
maturities greater than 90 days
150
400
Repayments on short-term borrowings with
maturities greater than 90 days
(549
)
(150
)
Issuance of long-term debt
4,975
5,300
Retirement of long-term debt
(1,336
)
(1,209
)
Issuance of common stock
148
—
Dividends paid on common stock
(1,142
)
(1,074
)
Proceeds from employee stock plans
33
30
Other financing activities
(83
)
(101
)
Net cash flows provided by financing
activities
1,103
2,080
Increase (decrease) in cash, restricted
cash, and cash equivalents
132
(143
)
Cash, restricted cash, and cash
equivalents at beginning of period
1,101
1,090
Cash, restricted cash, and cash
equivalents at end of period
$
1,233
$
947
Exelon
Reconciliation of GAAP Net
Income (Loss) to Adjusted (non-GAAP) Operating Earnings and
Analysis of Earnings
Three Months Ended September 30,
2024 and 2023
(unaudited)
(in millions, except per share
data)
Exelon
Earnings per
Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2023 GAAP net income (loss)
$
0.70
$
333
$
146
$
45
$
232
$
(56
)
$
700
Mark-to-market impact of economic hedging
activities (net of taxes of $4)
0.01
—
—
—
—
12
12
Asset retirement obligation (net of taxes
of $1)
—
—
—
—
(1
)
—
(1
)
Separation costs (net of taxes of $2, $1,
$1, $1, and $5, respectively) (1)
0.01
5
3
2
4
—
14
Income tax-related adjustments (entire
amount represents tax expense) (2)
(0.05
)
—
—
—
—
(54
)
(54
)
2023 Adjusted (non-GAAP) operating
earnings (loss)
$
0.67
$
338
$
149
$
47
$
234
$
(97
)
$
671
Year over year effects on Adjusted
(non-GAAP) operating earnings:
Weather
$
—
$
—
(b)
$
—
$
—
(b)
$
(4
)
(b)
$
—
$
(4
)
Load
0.01
—
(b)
3
—
(b)
4
(b)
—
7
Distribution and transmission rates
(3)
0.06
(21
)
(c)
12
(c)
42
(c)
30
(c)
—
63
Other energy delivery (4)
0.08
80
(c)
(1
)
(c)
(6
)
(c)
8
(c)
—
81
Operating and maintenance expense (5)
(0.05
)
(18
)
(28
)
(35
)
22
10
(49
)
Pension and non-pension postretirement
benefits
0.01
(4
)
(1
)
—
1
10
6
Depreciation and amortization expense
(6)
(0.03
)
(22
)
(6
)
(5
)
6
—
(27
)
Interest expense and other (7)
(0.04
)
7
(10
)
2
(23
)
(16
)
(40
)
Total year over year effects on
Adjusted (non-GAAP) Operating Earnings
$
0.04
$
22
$
(31
)
$
(2
)
$
44
$
4
$
37
2024 GAAP net income (loss)
$
0.70
$
360
$
117
$
45
$
278
$
(93
)
$
707
Change in environmental liabilities (net
of taxes of $0)
—
—
—
—
—
—
—
Change in FERC audit liability (net of
taxes of $0)
—
—
—
—
—
—
—
Cost management charge (net of taxes of
$0) (8)
—
—
1
—
—
—
1
2024 Adjusted (non-GAAP) operating
earnings (loss)
$
0.71
$
360
$
118
$
45
$
278
$
(93
)
$
708
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax
impact of each reconciling item between GAAP net income 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 2024 and 2023 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)
ComEd's distribution rate revenues
increase or decrease as fully recoverable costs fluctuate. For
regulatory recovery mechanisms, including transmission formula
rates and riders across the 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 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.
(2)
In 2023, reflects the adjustment to state
deferred income taxes due to changes in forecasted
apportionment.
(3)
For ComEd, reflects decreased electric
distribution revenues due to lower allowed electric distribution
ROE and absence of a return on the pension asset, partially offset
by higher rate base. For BGE, reflects increased revenue primarily
due to distribution rate increases. For PHI, reflects increased
revenue primarily due to distribution and transmission rate
increases.
(4)
For ComEd, reflects increased electric
distribution, transmission, and energy efficiency revenues due to
higher fully recoverable costs and higher return on regulatory
assets, partially offset by lower carrying cost recovery related to
the CMC regulatory asset.
(5)
Represents Operating and maintenance
expense, excluding pension and non-pension postretirement benefits.
For ComEd, primarily reflects an updated rate of capitalization of
certain overhead costs. For PECO and BGE, reflects increased credit
loss expense. For PHI, reflects decreased storm costs. For
Corporate, reflects decreased 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).
(6)
Reflects ongoing capital expenditures
across all utilities.
(7)
For PHI, primarily reflects an increase in
interest expense. 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.
(8)
Primarily represents severance and
reorganization costs related to cost management.
Exelon
Reconciliation of GAAP Net
Income (Loss) to Adjusted (non-GAAP) Operating Earnings and
Analysis of Earnings
Nine Months Ended September 30,
2024 and 2023
(unaudited)
(in millions, except per share
data)
Exelon
Earnings
per Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2023 GAAP net income (loss)
$
1.72
$
822
$
410
$
286
$
490
$
(297
)
$
1,711
Mark-to-market impact of economic hedging
activities (net of taxes of $4)
0.01
—
—
—
—
14
14
Asset retirement obligation (net of taxes
of $1)
—
—
—
—
(1
)
—
(1
)
Change in environmental liabilities (net
of taxes of $8)
0.03
—
—
—
29
—
29
SEC matter loss contingency (net of taxes
of $0)
0.05
—
—
—
—
46
46
Change in FERC audit liability (net of
taxes of $4)
0.01
11
—
—
—
—
11
Separation costs (net of taxes of $3, $1,
$1, $2, $0, and $7, respectively) (1)
0.02
7
3
3
5
1
19
Income tax-related adjustments (entire
amount represents tax expense) (2)
(0.05
)
—
—
—
—
(54
)
(54
)
2023 Adjusted (non-GAAP) operating
earnings (loss)
$
1.78
$
839
$
413
$
289
$
522
$
(289
)
$
1,774
Year over year effects on Adjusted
(non-GAAP) operating earnings:
Weather
$
0.06
$
—
(b)
$
53
$
—
(b)
$
6
(b)
$
—
$
59
Load
0.01
—
(b)
8
—
(b)
2
(b)
—
10
Distribution and transmission rates
(3)
0.23
(38
)
(c)
9
(c)
161
(c)
97
(c)
—
229
Other energy delivery (4)
0.24
220
(c)
(8
)
(c)
(13
)
(c)
38
(c)
—
237
Operating and maintenance expense (5)
(0.10
)
(95
)
(63
)
(58
)
4
107
(105
)
Pension and non-pension postretirement
benefits
(0.01
)
(13
)
(4
)
—
1
8
(8
)
Depreciation and amortization expense
(6)
(0.09
)
(57
)
(16
)
(17
)
(2
)
(1
)
(93
)
Interest expense and other (7)
(0.24
)
7
(32
)
(8
)
(61
)
(144
)
(238
)
Total year over year effects on
Adjusted (non-GAAP) operating earnings
$
0.08
$
24
$
(53
)
$
65
$
85
$
(30
)
$
91
2024 GAAP net income (loss)
$
1.81
$
823
$
356
$
353
$
603
$
(322
)
$
1,813
Change in environmental liabilities (net
of taxes of $0)
—
—
—
—
(1
)
—
(1
)
Change in FERC audit liability (net of
taxes of $13)
0.04
40
—
—
—
2
42
Cost management charge (net of taxes of
$1, $0, $2, and $3, respectively) (8)
0.01
—
4
1
5
—
10
2024 Adjusted (non-GAAP) operating
earnings (loss)
$
1.86
$
863
$
360
$
354
$
607
$
(319
)
$
1,865
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax
impact of each reconciling item between GAAP net income 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 2024 and 2023 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)
ComEd's distribution rate revenues
increase or decrease as fully recoverable costs fluctuate. For
other regulatory recovery mechanisms, including transmission
formula rates and riders across the 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 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.
(2)
In 2023, reflects the adjustment to state
deferred income taxes dues to changes in forecasted
apportionment.
(3)
For ComEd, reflects decreased electric
distribution revenues due to lower allowed electric distribution
ROE and absence of a return on the pension asset, partially offset
by higher rate base. For BGE, reflects increased revenue due to
distribution rate increases. For PHI, reflects increased revenue
primarily due to distribution and transmission increases.
(4)
For ComEd, reflects increased electric
distribution, transmission, and energy efficiency revenues due to
higher fully recoverable costs, higher return on regulatory assets,
and higher transmission peak load, partially offset by lower
carrying cost recovery related to the CMC regulatory asset. For
PHI, reflects higher distribution and transmission revenues due to
higher fully recoverable costs.
(5)
Represents Operating and maintenance
expense, excluding pension and non-pension postretirement benefits.
For ComEd, reflects an updated rate of capitalization of certain
overhead costs. For PECO and BGE, reflects increased storm costs
and credit loss expense. 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 TSA.
(6)
Reflects ongoing capital expenditures
across all utilities.
(7)
For PECO, primarily reflects an increase
in interest expense. For PHI, primarily reflects an increase in
interest expense and an increase in taxes other than income. For
Corporate, primarily reflects an increase in interest expense and a
decrease in other income for costs billed to Constellation for
services provided by Exelon through the TSA, with an offsetting
decrease in Operating and maintenance expense.
(8)
Primarily represents severance and
reorganization costs related to cost management.
ComEd Statistics
Three
Months Ended September 30, 2024 and 2023
Electric Deliveries (in
GWhs)
Revenue (in millions)
2024
2023
% Change
Weather - Normal %
Change
2024
2023
% Change
Electric Deliveries and
Revenues(a)
Residential
8,409
8,199
2.6
%
4.0
%
$
1,117
$
1,047
6.7
%
Small commercial & industrial
7,869
7,822
0.6
%
0.4
%
603
540
11.7
%
Large commercial & industrial
6,903
7,039
(1.9
)%
2.7
%
286
263
8.7
%
Public authorities & electric
railroads
210
209
0.5
%
0.6
%
11
11
—
%
Other(b)
—
—
n/a
n/a
280
265
5.7
%
Total electric revenues(c)
23,391
23,269
0.5
%
2.4
%
2,297
2,126
8.0
%
Other Revenues(d)
(68
)
142
(147.9
)%
Total electric revenues
$
2,229
$
2,268
(1.7
)%
Purchased Power
$
835
$
896
(6.8
)%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
15
15
79
—
%
(81.0
)%
Cooling Degree-Days
818
791
722
3.4
%
13.3
%
Nine
Months Ended September 30, 2024 and 2023
Electric Deliveries (in
GWhs)
Revenue (in millions)
2024
2023
% Change
Weather - Normal %
Change
2024
2023
% Change
Electric Deliveries and
Revenues(a)
Residential
21,617
20,217
6.9
%
3.1
%
$
3,017
$
2,744
9.9
%
Small commercial & industrial
21,586
21,854
(1.2
)%
(0.2
)%
1,755
1,363
28.8
%
Large commercial & industrial
20,577
20,101
2.4
%
2.4
%
875
553
58.2
%
Public authorities & electric
railroads
589
622
(5.3
)%
(5.6
)%
43
33
30.3
%
Other(b)
—
—
n/a
n/a
803
716
12.2
%
Total electric revenues(c)
64,369
62,794
2.5
%
1.6
%
6,493
5,409
20.0
%
Other Revenues(d)
(90
)
427
(121.1
)%
Total electric revenues
$
6,403
$
5,836
9.7
%
Purchased Power
$
2,504
$
2,068
21.1
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
3,028
3,267
3,829
(7.3
)%
(20.9
)%
Cooling Degree-Days
1,176
1,089
988
8.0
%
19.0
%
Number of Electric Customers
2024
2023
Residential
3,703,677
3,733,678
Small commercial & industrial
393,796
391,222
Large commercial & industrial
2,044
1,887
Public authorities & electric
railroads
5,762
4,802
Total
4,105,279
4,131,589
__________
(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 $9 million for the three months
ended September 30, 2024 and 2023, respectively, and $6 million and
$14 million for the nine months ended September 30, 2024 and 2023,
respectively.
(d)
Includes alternative revenue programs and
late payment charges.
PECO Statistics
Three
Months Ended September 30, 2024 and 2023
Electric and Natural Gas
Deliveries
Revenue (in millions)
2024
2023
% Change
Weather-
Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
4,146
4,134
0.3
%
0.2
%
$
641
$
654
(2.0
)%
Small commercial & industrial
2,129
2,070
2.9
%
2.8
%
153
148
3.4
%
Large commercial & industrial
3,768
3,830
(1.6
)%
(1.5
)%
73
67
9.0
%
Public authorities & electric
railroads
156
152
2.6
%
2.0
%
7
7
—
%
Other(b)
—
—
n/a
n/a
74
80
(7.5
)%
Total electric revenues(c)
10,199
10,186
0.1
%
0.1
%
948
956
(0.8
)%
Other Revenues(d)
12
14
(14.3
)%
Total Electric Revenues
960
970
(1.0
)%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
2,359
2,134
10.5
%
13.4
%
44
43
2.3
%
Small commercial & industrial
1,933
1,939
(0.3
)%
1.4
%
17
16
6.3
%
Large commercial & industrial
1
4
(75.0
)%
(4.6
)%
—
—
n/a
Transportation
5,232
5,278
(0.9
)%
(2.5
)%
7
7
—
%
Other(f)
—
—
n/a
n/a
2
1
100.0
%
Total natural gas revenues(g)
9,525
9,355
1.8
%
1.9
%
70
67
4.5
%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
70
67
4.5
%
Total Electric and Natural Gas
Revenues
$
1,030
$
1,037
(0.7
)%
Purchased Power and Fuel
$
386
$
411
(6.1
)%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
1
18
21
(94.4
)%
(95.2
)%
Cooling Degree-Days
1,062
1,064
1,038
(0.2
)%
2.3
%
Nine
Months Ended September 30, 2024 and 2023
Electric and Natural Gas
Deliveries
Revenue (in millions)
2024
2023
% Change
Weather-
Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
10,897
10,186
7.0
%
0.7
%
$
1,683
$
1,617
4.1
%
Small commercial & industrial
5,876
5,616
4.6
%
1.5
%
407
415
(1.9
)%
Large commercial & industrial
10,531
10,398
1.3
%
—
%
191
196
(2.6
)%
Public authorities & electric
railroads
470
464
1.3
%
1.3
%
21
23
(8.7
)%
Other(b)
—
—
n/a
n/a
221
219
0.9
%
Total electric revenues(c)
27,774
26,664
4.2
%
0.6
%
2,523
2,470
2.1
%
Other Revenues(d)
14
14
—
%
Total electric revenues
2,537
2,484
2.1
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
25,779
23,697
8.8
%
1.5
%
300
335
(10.4
)%
Small commercial & industrial
14,742
14,381
2.5
%
(3.3
)%
106
123
(13.8
)%
Large commercial & industrial
17
39
(56.4
)%
(9.4
)%
—
1
(100.0
)%
Transportation
17,248
17,482
(1.3
)%
(3.0
)%
20
20
—
%
Other(f)
—
—
n/a
n/a
11
12
(8.3
)%
Total natural gas revenues(g)
57,786
55,599
3.9
%
(1.1
)%
437
491
(11.0
)%
Other Revenues(d)
1
2
(50.0
)%
Total natural gas revenues
438
493
(11.2
)%
Total electric and natural gas
revenues
$
2,975
$
2,977
(0.1
)%
Purchased Power and Fuel
$
1,113
$
1,197
(7.0
)%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,441
2,236
2,853
9.2
%
(14.4
)%
Cooling Degree-Days
1,599
1,297
1,430
23.3
%
11.8
%
Number of Electric Customers
2024
2023
Number of Natural Gas Customers
2024
2023
Residential
1,529,205
1,531,168
Residential
506,476
505,370
Small commercial & industrial
155,126
155,932
Small commercial & industrial
44,682
44,743
Large commercial & industrial
3,156
3,111
Large commercial & industrial
7
9
Public authorities & electric
railroads
10,716
10,416
Transportation
643
629
Total
1,698,203
1,700,627
Total
551,808
550,751
__________
(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, 2024 and 2023, respectively, and $5
million and $5 million for the nine months ended September
30, 2024 and 2023, 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 $1 million and less than $1 million
for the three months ended September 30, 2024 and 2023,
respectively, and $2 million and $1 million for the nine
months ended September 30, 2024 and 2023, respectively.
BGE Statistics
Three
Months Ended September 30, 2024 and 2023
Electric and Natural Gas
Deliveries
Revenue (in millions)
2024
2023
% Change
Weather-
Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
3,589
3,601
(0.3
)%
1.3
%
$
558
$
512
9.0
%
Small commercial & industrial
733
722
1.5
%
0.2
%
96
86
11.6
%
Large commercial & industrial
3,675
3,664
0.3
%
0.8
%
154
144
6.9
%
Public authorities & electric
railroads
46
50
(8.0
)%
(8.8
)%
8
7
14.3
%
Other(b)
—
—
n/a
n/a
110
104
5.8
%
Total electric revenues(c)
8,043
8,037
0.1
%
0.9
%
926
853
8.6
%
Other Revenues(d)
(1
)
(17
)
(94.1
)%
Total electric revenues
925
836
10.6
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
2,210
2,258
(2.1
)%
(2.4
)%
58
57
1.8
%
Small commercial & industrial
781
782
(0.1
)%
(0.1
)%
11
10
10.0
%
Large commercial & industrial
7,058
7,512
(6.0
)%
(5.8
)%
32
25
28.0
%
Other(f)
426
7
5,985.7
%
n/a
3
4
(25.0
)%
Total natural gas revenues(g)
10,475
10,559
(0.8
)%
(4.6
)%
104
96
8.3
%
Other Revenues(d)
15
—
n/a
Total natural gas revenues
119
96
24.0
%
Total electric and natural gas
revenues
$
1,044
$
932
12.0
%
Purchased Power and Fuel
$
420
$
380
10.5
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
48
41
68
17.1
%
(29.4
)%
Cooling Degree-Days
701
706
622
(0.7
)%
12.7
%
Nine
Months Ended September 30, 2024 and 2023
Electric and Natural Gas
Deliveries
Revenue (in millions)
2024
2023
% Change
Weather-
Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
9,755
9,162
6.5
%
1.1
%
$
1,556
$
1,308
19.0
%
Small commercial & industrial
2,078
2,005
3.6
%
0.8
%
274
253
8.3
%
Large commercial & industrial
10,061
9,812
2.5
%
1.2
%
425
412
3.2
%
Public authorities & electric
railroads
150
153
(2.0
)%
(2.3
)%
24
22
9.1
%
Other(b)
—
—
n/a
n/a
303
303
—
%
Total electric revenues(c)
22,044
21,132
4.3
%
1.1
%
2,582
2,298
12.4
%
Other Revenues(d)
6
24
(75.0
)%
Total electric revenues
2,588
2,322
11.5
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
24,489
22,954
6.7
%
(2.6
)%
418
406
3.0
%
Small commercial & industrial
5,994
5,706
5.0
%
(2.3
)%
76
66
15.2
%
Large commercial & industrial
28,890
28,785
0.4
%
(2.6
)%
143
124
15.3
%
Other(f)
1,323
1,692
(21.8
)%
n/a
12
28
(57.1
)%
Total natural gas revenues(g)
60,696
59,137
2.6
%
(2.6
)%
649
624
4.0
%
Other Revenues(d)
31
40
(22.5
)%
Total natural gas revenues
680
664
2.4
%
Total electric and natural gas
revenues
$
3,268
$
2,986
9.4
%
Purchased Power and Fuel
$
1,228
$
1,145
7.2
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,429
2,195
2,909
10.7
%
(16.5
)%
Cooling Degree-Days
1,039
917
885
13.3
%
17.4
%
Number of Electric Customers
2024
2023
Number of Natural Gas Customers
2024
2023
Residential
1,215,873
1,208,230
Residential
658,485
655,753
Small commercial & industrial
115,032
115,557
Small commercial & industrial
37,752
37,950
Large commercial & industrial
13,206
13,007
Large commercial & industrial
6,353
6,289
Public authorities & electric
railroads
260
264
Total
1,344,371
1,337,058
Total
702,590
699,992
__________
(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 $1 million for the three months
ended September 30, 2024 and 2023, respectively, and $5 million and
$4 million for the nine months ended September 30, 2024 and 2023,
respectively.
(d)
Includes alternative revenue programs and
late payment charges.
(e)
Reflects delivery volumes and revenues
from customers purchasing natural gas directly from BGE and
customers purchasing natural gas from a competitive natural gas
supplier as all customers are assessed distribution charges. For
customers purchasing natural gas from BGE, revenue also reflects
the cost of natural gas.
(f)
Includes revenues primarily from
off-system sales.
(g)
Includes operating revenues from
affiliates totaling $1 million and $1 million for the three months
ended September 30, 2024 and 2023, respectively, and $2 million and
$2 million for the nine months ended September 30, 2024 and
2023, respectively.
Pepco Statistics
Three
Months Ended September 30, 2024 and 2023
Electric Deliveries (in
GWhs)
Revenue (in millions)
2024
2023
% Change
Weather-
Normal
% Change
2024
2023
% Change
Electric Deliveries and
Revenues(a)
Residential
2,432
2,529
(3.8
)%
(1.1
)%
$
426
$
405
5.2
%
Small commercial & industrial
306
315
(2.9
)%
(2.6
)%
52
54
(3.7
)%
Large commercial & industrial
3,834
3,975
(3.5
)%
(3.6
)%
281
303
(7.3
)%
Public authorities & electric
railroads
164
175
(6.3
)%
(6.3
)%
9
9
—
%
Other(b)
—
—
n/a
n/a
85
67
26.9
%
Total electric revenues(c)
6,736
6,994
(3.7
)%
(2.7
)%
853
838
1.8
%
Other Revenues(d)
8
(16
)
(150.0
)%
Total electric revenues
$
861
$
822
4.7
%
Purchased Power
$
294
$
288
2.1
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
—
11
8
(100.0
)%
(100.0
)%
Cooling Degree-Days
1,229
1,182
1,193
4.0
%
3.0
%
Nine
Months Ended September 30, 2024 and 2023
Electric Deliveries (in
GWhs)
Revenue (in millions)
2024
2023
% Change
Weather-
Normal
% Change
2024
2023
% Change
Electric Deliveries and
Revenues(a)
Residential
6,300
6,090
3.4
%
(2.9
)%
$
1,085
$
954
13.7
%
Small commercial & industrial
856
831
3.0
%
(0.6
)%
141
134
5.2
%
Large commercial & industrial
10,535
10,299
2.3
%
(0.2
)%
794
838
(5.3
)%
Public authorities & electric
railroads
454
442
2.7
%
2.3
%
26
25
4.0
%
Other(b)
—
—
n/a
n/a
224
187
19.8
%
Total electric revenues(c)
18,145
17,662
2.7
%
(1.1
)%
2,270
2,138
6.2
%
Other Revenues(d)
50
36
38.9
%
Total electric revenues
$
2,320
$
2,174
6.7
%
Purchased Power
$
808
$
750
7.7
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,006
1,840
2,382
9.0
%
(15.8
)%
Cooling Degree-Days
1,879
1,572
1,708
19.5
%
10.0
%
Number of Electric Customers
2024
2023
Residential
875,456
862,321
Small commercial & industrial
54,058
54,082
Large commercial & industrial
23,054
22,952
Public authorities & electric
railroads
207
205
Total
952,775
939,560
__________
(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 $1 million for the three months
ended September 30, 2024 and 2023, respectively, and $5 million for
both the nine months ended September 30, 2024 and 2023.
(d)
Includes alternative revenue programs and
late payment charge revenues.
DPL Statistics
Three
Months Ended September 30, 2024 and 2023
Electric and Natural Gas
Deliveries
Revenue (in millions)
2024
2023
% Change
Weather -
Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
1,578
1,620
(2.6
)%
6.0
%
$
267
$
255
4.7
%
Small commercial & industrial
672
683
(1.6
)%
1.5
%
69
70
(1.4
)%
Large commercial & industrial
1,115
1,154
(3.4
)%
(0.8
)%
31
32
(3.1
)%
Public authorities & electric
railroads
10
9
11.1
%
9.8
%
4
3
33.3
%
Other(b)
—
—
n/a
n/a
70
67
4.5
%
Total electric revenues(c)
3,375
3,466
(2.6
)%
2.8
%
441
427
3.3
%
Other Revenues(d)
(2
)
(1
)
100.0
%
Total electric revenues
439
426
3.1
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
397
414
(4.1
)%
4.1
%
11
12
(8.3
)%
Small commercial & industrial
343
350
(2.0
)%
2.9
%
6
7
(14.3
)%
Large commercial & industrial
408
381
7.1
%
7.1
%
1
1
—
%
Transportation
1,190
1,119
6.3
%
7.2
%
4
3
33.3
%
Other(f)
—
—
n/a
n/a
1
1
—
%
Total natural gas revenues
2,338
2,264
3.3
%
6.0
%
23
24
(4.2
)%
Other Revenues(d)
—
—
n/a
Total natural gas revenues
23
24
(4.2
)%
Total electric and natural gas
revenues
$
462
$
450
2.7
%
Purchased Power and Fuel
$
203
$
201
1.0
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
14
26
25
(46.2
)%
(44.0
)%
Cooling Degree-Days
858
1,007
928
(14.8
)%
(7.5
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
13
37
35
(64.9
)%
(62.9
)%
Nine Months Ended September
30, 2024 and 2023
Electric and Natural Gas
Deliveries
Revenue (in millions)
2024
2023
% Change
Weather -
Normal
% Change
2024
2023
% Change
Electric (in GWhs)
Electric Deliveries and
Revenues(a)
Residential
4,188
3,993
4.9
%
1.9
%
$
725
$
626
15.8
%
Small commercial & industrial
1,793
1,765
1.6
%
(0.5
)%
191
189
1.1
%
Large commercial & industrial
3,115
3,138
(0.7
)%
(1.2
)%
91
98
(7.1
)%
Public authorities & electric
railroads
30
31
(3.2
)%
(3.7
)%
12
11
9.1
%
Other(b)
—
—
n/a
n/a
198
186
6.5
%
Total electric revenues(c)
9,126
8,927
2.2
%
0.5
%
1,217
1,110
9.6
%
Other Revenues(d)
4
13
(69.2
)%
Total electric revenues
1,221
1,123
8.7
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and
Revenues(e)
Residential
5,162
4,781
8.0
%
(1.8
)%
72
88
(18.2
)%
Small commercial & industrial
2,590
2,494
3.8
%
(5.4
)%
29
40
(27.5
)%
Large commercial & industrial
1,239
1,166
6.3
%
6.3
%
4
3
33.3
%
Transportation
4,491
4,350
3.2
%
0.4
%
12
11
9.1
%
Other(f)
—
—
n/a
n/a
5
8
(37.5
)%
Total natural gas revenues
13,482
12,791
5.4
%
(1.2
)%
122
150
(18.7
)%
Other Revenues(d)
—
—
n/a
Total natural gas revenues
122
150
(18.7
)%
Total electric and natural gas
revenues
$
1,343
$
1,273
5.5
%
Purchased Power and Fuel
$
573
$
562
2.0
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,517
2,223
2,832
13.2
%
(11.1
)%
Cooling Degree-Days
1,256
1,259
1,281
(0.2
)%
(2.0
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,620
2,306
2,993
13.6
%
(12.5
)%
Number of Electric Customers
2024
2023
Number of Natural Gas Customers
2024
2023
Residential
489,634
484,425
Residential
130,885
129,436
Small commercial & industrial
64,626
64,101
Small commercial & industrial
10,110
10,039
Large commercial & industrial
1,267
1,245
Large commercial & industrial
14
14
Public authorities & electric
railroads
598
593
Transportation
161
165
Total
556,125
550,364
Total
141,170
139,654
__________
(a)
Reflects delivery volumes and revenues
from customers purchasing electricity directly from DPL and
customers purchasing electricity from a competitive electric
generation supplier as all customers are assessed distribution
charges. For customers purchasing electricity from DPL, revenues
also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM,
wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from
affiliates totaling $2 million for both the three months ended
September 30, 2024 and 2023, and $5 million for both the nine
months ended September 30, 2024 and 2023.
(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, 2024 and 2023
Electric Deliveries (in
GWhs)
Revenue (in millions)
2024
2023
% Change
Weather -
Normal
% Change
2024
2023
% Change
Electric Deliveries and
Revenues(a)
Residential
1,343
1,587
(15.4
)%
(7.3
)%
$
323
$
299
8.0
%
Small commercial & industrial
519
509
2.0
%
4.6
%
82
75
9.3
%
Large commercial & industrial
885
923
(4.1
)%
(2.3
)%
53
51
3.9
%
Public authorities & electric
railroads
10
10
—
%
(1.3
)%
5
4
25.0
%
Other(b)
—
—
n/a
n/a
71
68
4.4
%
Total electric revenues(c)
2,757
3,029
(9.0
)%
(3.6
)%
534
497
7.4
%
Other Revenues(d)
6
5
20.0
%
Total electric revenues
$
540
$
502
7.6
%
Purchased Power
$
245
$
221
10.9
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
19
31
32
(38.7
)%
(40.6
)%
Cooling Degree-Days
828
852
880
(2.8
)%
(5.9
)%
Nine
Months Ended September 30, 2024 and 2023
Electric Deliveries (in
GWhs)
Revenue (in millions)
2024
2023
% Change
Weather -
Normal
% Change
2024
2023
% Change
Electric Deliveries and
Revenues(a)
Residential
3,232
3,122
3.5
%
(2.1
)%
$
727
$
601
21.0
%
Small commercial & industrial
1,246
1,227
1.5
%
(1.1
)%
187
180
3.9
%
Large commercial & industrial
2,348
2,455
(4.4
)%
(6.0
)%
149
163
(8.6
)%
Public authorities & electric
railroads
32
33
(3.0
)%
(2.0
)%
14
13
7.7
%
Other(b)
—
—
n/a
n/a
206
194
6.2
%
Total electric revenues(c)
6,858
6,837
0.3
%
(3.3
)%
1,283
1,151
11.5
%
Other Revenues(d)
(3
)
21
(114.3
)%
Total electric revenues
$
1,280
$
1,172
9.2
%
Purchased Power
$
557
$
493
13.0
%
% Change
Heating and Cooling Degree-Days
2024
2023
Normal
From 2023
From Normal
Heating Degree-Days
2,685
2,558
2,982
5.0
%
(10.0
)%
Cooling Degree-Days
1,242
1,007
1,184
23.3
%
4.9
%
Number of Electric Customers
2024
2023
Residential
507,060
504,330
Small commercial & industrial
62,761
62,410
Large commercial & industrial
2,848
2,980
Public authorities & electric
railroads
707
729
Total
573,376
570,449
__________
(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 $1 million and less than $1 million for the
three months ended September 30, 2024 and 2023, respectively, and
$2 million and $1 million for the nine months ended September 30,
2024 and 2023, respectively.
(d)
Includes alternative revenue programs.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241030262655/en/
James Gherardi Corporate Communications 312-394-7417
Andrew Plenge Investor Relations 312-394-2345
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