Exelon Reports First Quarter 2023 Results
Earnings Release Highlights
-
GAAP Net Income of
$0.67 $0.70 -
Affirming full year 2023 Adjusted (non-GAAP) Operating Earnings guidance range of
$2.30 -$2.42 -
Reaffirming fully regulated operating EPS* compounded annual growth target of 6
-8% from 2021 and 2022 guidance midpoints through 2025 and 2026, respectively, with expectation to be at midpoint or better of growth range - Achieved top quartile reliability performance at all utilities, with all four operating companies delivering their best-on-record performance in outage duration
-
ACE filed an electric distribution rate case with the
New Jersey Board of Public Utilities (NJBPU) in February seeking an increase in base rates to support significant investments in infrastructure to maintain safety, reliability, and service for customers - BGE filed its second multi-year plan with the Maryland Public Service Commission (MDPSC) in February seeking an increase in electric and gas distribution base rates over the period of 2024 to 2026 to continue providing safe, reliable service to customers while laying the foundation for BGE to support the achievement of Maryland’s state policy goals
-
Pepco filed its second multi-year plan with the Public Service Commission of the
District of Columbia (DCPSC) in April seeking an increase in base rates over the period of 2024 to 2026 to support a climate ready grid and enable cleaner energy programs and technologies that further support the District’s goal to be carbon neutral by 2045
“Our team of 19,000 plus employees have entered this first full year of operations after the separation excited to lead the energy transformation, and it shows in our results,” said Exelon President and CEO Calvin Butler. “In addition to strong financial performance, all four of our utilities achieved best-on-record reliability. These results are a testament to our team’s hard work, smart investment, and commitment to financial and operational excellence. As we continue to execute on our financial, operational and regulatory objectives in 2023, we continue to keep our customers at the forefront of everything we do.”
“2023 is off to a strong start, delivering Adjusted (non-GAAP) Operating Earnings of
First Quarter 2023
Exelon's GAAP Net Income from Continuing Operations for the first quarter of 2023 increased to
Adjusted (non-GAAP) Operating Earnings in the first quarter of 2023 primarily reflect:
-
Higher utility earnings primarily due to higher electric distribution formula rate earnings at ComEd from higher allowed ROE due to an increase in
U.S. treasury rates and impacts of higher rate base, rate increases at PECO, BGE, and PHI, and carrying costs related to the carbon mitigation credit (CMC) regulatory assets at ComEd. This was partially offset by unfavorable weather at PECO and PHI, higher depreciation expense at PECO, higher credit loss expense at PECO, and higher interest expense at BGE. - Lower costs 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 first quarter of 2022 as these costs do not qualify as expenses of the discontinued operations per the accounting rules. This was partially offset by higher interest expense.
Operating Company Results1
ComEd
ComEd's first quarter of 2023 GAAP Net Income increased to
___________ |
1Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern |
PECO
PECO’s first quarter of 2023 GAAP Net Income decreased to
BGE
BGE’s first quarter of 2023 GAAP Net Income increased to
PHI
PHI’s first quarter of 2023 GAAP Net Income increased to
Recent Developments and First Quarter Highlights
-
ACE New Jersey Electric Base Rate Case: On February 15, 2023, ACE filed an application with the NJBPU to increase its annual electric distribution rates by
$105 million 10.50% . ACE currently expects a decision in the first quarter of 2024, but cannot predict if the NJBPU will approve the application as filed. ACE intends to put rates into effect on November 17, 2023, subject to refund. -
BGE Maryland Electric and Natural Gas Base Rate Case: On February 17, 2023, BGE filed an application for a three-year cumulative multi-year plan for 2024 through 2026 with the MDPSC. Inclusive of the proposed acceleration of remaining electric tax benefits in 2024 and 2025, and remaining gas tax benefits in 2024, BGE requested total electric revenue requirement increases of
$85 million $103 million $125 million $158 million $77 million $54 million 10.4% . Requested revenue requirement increases will be used to recover capital investments designed to increase the resilience of the electric and gas distribution systems and support Maryland’s climate and regulatory initiatives. BGE currently expects a decision in the fourth quarter of 2023, but cannot predict if the MDPSC will approve the application as filed. The 2021 and 2022 reconciliation amounts are not included in the requested revenue requirement increase, as BGE is proposing that these amounts be recovered through the separate electric and gas riders in 2024. The 2021 reconciliation amounts are$11 million $7 million $44 million $15 million -
Pepco District of Columbia Electric Base Rate Case: On April 13, 2023, Pepco filed an application for a three-year cumulative multi-year plan for 2024 through 2026 with the DCPSC. Pepco requested total electric revenue requirement increases of
$117 million $37 million $37 million 10.50% . Requested revenue requirement increases will be used to recover capital investments designed to advance system-readiness and support theDistrict of Columbia's climate and clean energy goals. Pepco currently expects a decision in the first quarter of 2024, but cannot predict if the DCPSC will approve the application as filed. -
ComEd Distribution Formula Rate Reconciliation: On April 21, 2023, ComEd filed its proposed Delivery Reconciliation Amount of
$247 million -
Financing Activities:
-
On February 21, 2023, Exelon issued
$2,500 million $1,000 million 5.15% , due March 15, 2028,$850 million 5.30% , due March 15, 2033 and$650 million 5.60% , due March 15, 2053. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes. -
On March 15, 2023, Pepco issued
$250 million $85 million 5.30% Bonds, due March 15, 2033,$40 million 5.40% Bonds, due March 15, 2038, and$125 million 5.57% Bonds, due March 15, 2053. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes. -
On March 15, 2023, DPL issued
$125 million $60 million 5.30% Bonds, due March 15, 2033 and$65 million 5.57% Bonds, due March 15, 2053. DPL used the proceeds to repay existing indebtedness and for general corporate purposes. -
On March 15, 2023, ACE issued
$75 million 5.57% Series, due March 15, 2053. ACE used the proceeds to repay existing indebtedness and for general corporate purposes.
-
On February 21, 2023, Exelon issued
GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
|||||||
2023 GAAP Net Income (Loss) from Continuing Operations |
$ |
0.67 |
$ |
669 |
|
$ |
241 |
$ |
166 |
$ |
200 |
$ |
155 |
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of |
|
— |
|
(1 |
) |
|
— |
|
— |
|
— |
|
— |
Change in Environmental Liabilities (net of taxes of |
|
0.02 |
|
18 |
|
|
— |
|
— |
|
— |
|
18 |
Change in FERC Audit Liability (net of taxes of |
|
0.01 |
|
11 |
|
|
11 |
|
— |
|
— |
|
— |
Separation Costs (net of taxes of |
|
— |
|
(1 |
) |
|
— |
|
— |
|
— |
|
— |
2023 Adjusted (non-GAAP) Operating Earnings |
$ |
0.70 |
$ |
696 |
|
$ |
251 |
$ |
166 |
$ |
199 |
$ |
173 |
Adjusted (non-GAAP) Operating Earnings for the first 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 |
$ |
0.49 |
$ |
481 |
$ |
188 |
$ |
206 |
$ |
198 |
$ |
130 |
|
Enterprise Resource Program (ERP) System Implementation Costs (net of taxes of |
|
— |
|
1 |
|
— |
|
— |
|
— |
|
— |
|
Separation Costs (net of taxes of |
|
0.02 |
|
17 |
|
5 |
|
2 |
|
2 |
|
4 |
|
Income Tax-Related Adjustments (entire amount represents tax expense) |
|
0.14 |
|
134 |
|
— |
|
— |
|
— |
|
3 |
|
2022 Adjusted (non-GAAP) Operating Earnings |
$ |
0.64 |
$ |
634 |
$ |
193 |
$ |
208 |
$ |
200 |
$ |
136 |
|
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 2023 and 2022 ranged from
Webcast Information
Exelon will discuss first quarter 2023 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 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 19,000 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
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' 2022 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' First Quarter 2023 Quarterly Report on Form 10-Q (to be filed on May 3, 2023) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Earnings Release Attachments Table of Contents |
|
Consolidating Statement of Operations |
2 |
|
|
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 |
8 |
PECO |
8 |
BGE |
10 |
Pepco |
11 |
DPL |
12 |
ACE |
13 |
Consolidating Statements of Operations (unaudited) (in millions) |
|||||||||||||||||||||||
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||
Three Months Ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
1,667 |
|
|
$ |
1,112 |
|
|
$ |
1,257 |
|
|
$ |
1,536 |
|
|
$ |
(9 |
) |
|
$ |
5,563 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
488 |
|
|
|
484 |
|
|
|
492 |
|
|
|
627 |
|
|
|
— |
|
|
|
2,091 |
|
Operating and maintenance |
|
337 |
|
|
|
270 |
|
|
|
222 |
|
|
|
309 |
|
|
|
13 |
|
|
|
1,151 |
|
Depreciation and amortization |
|
338 |
|
|
|
98 |
|
|
|
167 |
|
|
|
241 |
|
|
|
16 |
|
|
|
860 |
|
Taxes other than income taxes |
|
93 |
|
|
|
50 |
|
|
|
83 |
|
|
|
120 |
|
|
|
9 |
|
|
|
355 |
|
Total operating expenses |
|
1,256 |
|
|
|
902 |
|
|
|
964 |
|
|
|
1,297 |
|
|
|
38 |
|
|
|
4,457 |
|
Operating income (loss) |
|
411 |
|
|
|
210 |
|
|
|
293 |
|
|
|
239 |
|
|
|
(47 |
) |
|
|
1,106 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(117 |
) |
|
|
(48 |
) |
|
|
(44 |
) |
|
|
(76 |
) |
|
|
(127 |
) |
|
|
(412 |
) |
Other, net |
|
18 |
|
|
|
8 |
|
|
|
3 |
|
|
|
26 |
|
|
|
54 |
|
|
|
109 |
|
Total other income and (deductions) |
|
(99 |
) |
|
|
(40 |
) |
|
|
(41 |
) |
|
|
(50 |
) |
|
|
(73 |
) |
|
|
(303 |
) |
Income (loss) from continuing operations before income taxes |
|
312 |
|
|
|
170 |
|
|
|
252 |
|
|
|
189 |
|
|
|
(120 |
) |
|
|
803 |
|
Income taxes |
|
71 |
|
|
|
4 |
|
|
|
52 |
|
|
|
34 |
|
|
|
(27 |
) |
|
|
134 |
|
Net income (loss) from continuing operations after income taxes |
|
241 |
|
|
|
166 |
|
|
|
200 |
|
|
|
155 |
|
|
|
(93 |
) |
|
|
669 |
|
Net income from discontinued operations after income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income (loss) |
|
241 |
|
|
|
166 |
|
|
|
200 |
|
|
|
155 |
|
|
|
(93 |
) |
|
|
669 |
|
Net income attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income (loss) attributable to common shareholders |
$ |
241 |
|
|
$ |
166 |
|
|
$ |
200 |
|
|
$ |
155 |
|
|
$ |
(93 |
) |
|
$ |
669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
1,734 |
|
|
$ |
1,047 |
|
|
$ |
1,154 |
|
|
$ |
1,404 |
|
|
$ |
(12 |
) |
|
$ |
5,327 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
638 |
|
|
|
407 |
|
|
|
454 |
|
|
|
579 |
|
|
|
— |
|
|
|
2,078 |
|
Operating and maintenance |
|
351 |
|
|
|
247 |
|
|
|
218 |
|
|
|
299 |
|
|
|
63 |
|
|
|
1,178 |
|
Depreciation and amortization |
|
321 |
|
|
|
92 |
|
|
|
171 |
|
|
|
218 |
|
|
|
15 |
|
|
|
817 |
|
Taxes other than income taxes |
|
96 |
|
|
|
47 |
|
|
|
76 |
|
|
|
119 |
|
|
|
16 |
|
|
|
354 |
|
Total operating expenses |
|
1,406 |
|
|
|
793 |
|
|
|
919 |
|
|
|
1,215 |
|
|
|
94 |
|
|
|
4,427 |
|
Operating income (loss) |
|
328 |
|
|
|
254 |
|
|
|
235 |
|
|
|
189 |
|
|
|
(106 |
) |
|
|
900 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(100 |
) |
|
|
(41 |
) |
|
|
(35 |
) |
|
|
(69 |
) |
|
|
(93 |
) |
|
|
(338 |
) |
Other, net |
|
12 |
|
|
|
7 |
|
|
|
7 |
|
|
|
17 |
|
|
|
94 |
|
|
|
137 |
|
Total other income and (deductions) |
|
(88 |
) |
|
|
(34 |
) |
|
|
(28 |
) |
|
|
(52 |
) |
|
|
1 |
|
|
|
(201 |
) |
Income (loss) from continuing operations before income taxes |
|
240 |
|
|
|
220 |
|
|
|
207 |
|
|
|
137 |
|
|
|
(105 |
) |
|
|
699 |
|
Income taxes |
|
52 |
|
|
|
14 |
|
|
|
9 |
|
|
|
7 |
|
|
|
136 |
|
|
|
218 |
|
Net income (loss) from continuing operations after income taxes |
|
188 |
|
|
|
206 |
|
|
|
198 |
|
|
|
130 |
|
|
|
(241 |
) |
|
|
481 |
|
Net income from discontinued operations after income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
117 |
|
|
|
117 |
|
Net income (loss) |
|
188 |
|
|
|
206 |
|
|
|
198 |
|
|
|
130 |
|
|
|
(124 |
) |
|
|
598 |
|
Net income attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Net income (loss) attributable to common shareholders |
$ |
188 |
|
|
$ |
206 |
|
|
$ |
198 |
|
|
$ |
130 |
|
|
$ |
(125 |
) |
|
$ |
597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in Net income from continuing operations 2022 to 2023 |
$ |
53 |
|
|
$ |
(40 |
) |
|
$ |
2 |
|
|
$ |
25 |
|
|
$ |
148 |
|
|
$ |
188 |
|
__________ |
||
(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) |
||||||||
|
|
March 31, 2023 |
|
December 31, 2022 |
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
522 |
|
|
$ |
407 |
|
Restricted cash and cash equivalents |
|
|
381 |
|
|
|
566 |
|
Accounts receivable |
|
|
|
|
||||
Customer accounts receivable |
|
|
2,493 |
|
|
|
2,544 |
|
Customer allowance for credit losses |
|
|
(389 |
) |
|
|
(327 |
) |
Customer accounts receivable, net |
|
|
2,104 |
|
|
|
2,217 |
|
Other accounts receivable |
|
|
1,346 |
|
|
|
1,426 |
|
Other allowance for credit losses |
|
|
(91 |
) |
|
|
(82 |
) |
Other accounts receivable, net |
|
|
1,255 |
|
|
|
1,344 |
|
Inventories, net |
|
|
|
|
||||
Fossil fuel |
|
|
70 |
|
|
|
208 |
|
Materials and supplies |
|
|
582 |
|
|
|
547 |
|
Regulatory assets |
|
|
2,386 |
|
|
|
1,641 |
|
Other |
|
|
477 |
|
|
|
406 |
|
Total current assets |
|
|
7,777 |
|
|
|
7,336 |
|
Property, plant, and equipment, net |
|
|
70,117 |
|
|
|
69,076 |
|
Deferred debits and other assets |
|
|
|
|
||||
Regulatory assets |
|
|
7,878 |
|
|
|
8,037 |
|
Goodwill |
|
|
6,630 |
|
|
|
6,630 |
|
Receivable related to Regulatory Agreement Units |
|
|
3,069 |
|
|
|
2,897 |
|
Investments |
|
|
234 |
|
|
|
232 |
|
Other |
|
|
1,220 |
|
|
|
1,141 |
|
Total deferred debits and other assets |
|
|
19,031 |
|
|
|
18,937 |
|
Total assets |
|
$ |
96,925 |
|
|
$ |
95,349 |
|
Liabilities and shareholders’ equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Short-term borrowings |
|
$ |
1,306 |
|
|
$ |
2,586 |
|
Long-term debt due within one year |
|
|
1,356 |
|
|
|
1,802 |
|
Accounts payable |
|
|
2,762 |
|
|
|
3,382 |
|
Accrued expenses |
|
|
1,183 |
|
|
|
1,226 |
|
Payables to affiliates |
|
|
5 |
|
|
|
5 |
|
Regulatory liabilities |
|
|
472 |
|
|
|
437 |
|
Mark-to-market derivative liabilities |
|
|
23 |
|
|
|
8 |
|
Unamortized energy contract liabilities |
|
|
9 |
|
|
|
10 |
|
Other |
|
|
976 |
|
|
|
1,155 |
|
Total current liabilities |
|
|
8,092 |
|
|
|
10,611 |
|
Long-term debt |
|
|
38,732 |
|
|
|
35,272 |
|
Long-term debt to financing trusts |
|
|
390 |
|
|
|
390 |
|
Deferred credits and other liabilities |
|
|
|
|
||||
Deferred income taxes and unamortized investment tax credits |
|
|
11,483 |
|
|
|
11,250 |
|
Regulatory liabilities |
|
|
9,307 |
|
|
|
9,112 |
|
Pension obligations |
|
|
1,101 |
|
|
|
1,109 |
|
Non-pension postretirement benefit obligations |
|
|
506 |
|
|
|
507 |
|
Asset retirement obligations |
|
|
270 |
|
|
|
269 |
|
Mark-to-market derivative liabilities |
|
|
77 |
|
|
|
83 |
|
Unamortized energy contract liabilities |
|
|
32 |
|
|
|
35 |
|
Other |
|
|
1,869 |
|
|
|
1,967 |
|
Total deferred credits and other liabilities |
|
|
24,645 |
|
|
|
24,332 |
|
Total liabilities |
|
|
71,859 |
|
|
|
70,605 |
|
Commitments and contingencies |
|
|
|
|
||||
Shareholders’ equity |
|
|
|
|
||||
Common stock |
|
|
20,921 |
|
|
|
20,908 |
|
Treasury stock, at cost |
|
|
(123 |
) |
|
|
(123 |
) |
Retained earnings |
|
|
4,907 |
|
|
|
4,597 |
|
Accumulated other comprehensive loss, net |
|
|
(639 |
) |
|
|
(638 |
) |
Total shareholders’ equity |
|
|
25,066 |
|
|
|
24,744 |
|
Total liabilities and shareholders’ equity |
|
$ |
96,925 |
|
|
$ |
95,349 |
|
Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2023 |
|
2022 |
||||
Cash flows from operating activities |
|
|
|
|
||||
Net income |
|
$ |
669 |
|
|
$ |
598 |
|
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
|
||||
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization |
|
|
860 |
|
|
|
1,024 |
|
Gain on sales of assets and businesses |
|
|
— |
|
|
|
(10 |
) |
Deferred income taxes and amortization of investment tax credits |
|
|
113 |
|
|
|
110 |
|
Net fair value changes related to derivatives |
|
|
— |
|
|
|
(59 |
) |
Net realized and unrealized losses on NDT funds |
|
|
— |
|
|
|
205 |
|
Net unrealized losses on equity investments |
|
|
— |
|
|
|
16 |
|
Other non-cash operating activities |
|
|
(138 |
) |
|
|
232 |
|
Changes in assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
106 |
|
|
|
(711 |
) |
Inventories |
|
|
102 |
|
|
|
125 |
|
Accounts payable and accrued expenses |
|
|
(482 |
) |
|
|
291 |
|
Option premiums paid, net |
|
|
— |
|
|
|
(39 |
) |
Collateral (paid) received, net |
|
|
(214 |
) |
|
|
1,142 |
|
Income taxes |
|
|
23 |
|
|
|
77 |
|
Regulatory assets and liabilities, net |
|
|
(324 |
) |
|
|
(31 |
) |
Pension and non-pension postretirement benefit contributions |
|
|
(44 |
) |
|
|
(574 |
) |
Other assets and liabilities |
|
|
(187 |
) |
|
|
(614 |
) |
Net cash flows provided by operating activities |
|
|
484 |
|
|
|
1,782 |
|
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures |
|
|
(1,881 |
) |
|
|
(1,922 |
) |
Proceeds from NDT fund sales |
|
|
— |
|
|
|
488 |
|
Investment in NDT funds |
|
|
— |
|
|
|
(516 |
) |
Collection of DPP |
|
|
— |
|
|
|
169 |
|
Proceeds from sales of assets and businesses |
|
|
— |
|
|
|
16 |
|
Other investing activities |
|
|
10 |
|
|
|
(54 |
) |
Net cash flows used in investing activities |
|
|
(1,871 |
) |
|
|
(1,819 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Changes in short-term borrowings |
|
|
(1,130 |
) |
|
|
(700 |
) |
Proceeds from short-term borrowings with maturities greater than 90 days |
|
|
— |
|
|
|
1,150 |
|
Repayments on short-term borrowings with maturities greater than 90 days |
|
|
(150 |
) |
|
|
(350 |
) |
Issuance of long-term debt |
|
|
3,925 |
|
|
|
4,301 |
|
Retirement of long-term debt |
|
|
(857 |
) |
|
|
(6 |
) |
Dividends paid on common stock |
|
|
(358 |
) |
|
|
(332 |
) |
Proceeds from employee stock plans |
|
|
10 |
|
|
|
9 |
|
Transfer of cash, restricted cash, and cash equivalents to Constellation |
|
|
— |
|
|
|
(2,594 |
) |
Other financing activities |
|
|
(60 |
) |
|
|
(62 |
) |
Net cash flows provided by financing activities |
|
|
1,380 |
|
|
|
1,416 |
|
(Decrease) increase in cash, restricted cash, and cash equivalents |
|
|
(7 |
) |
|
|
1,379 |
|
Cash, restricted cash, and cash equivalents at beginning of period |
|
|
1,090 |
|
|
|
1,619 |
|
Cash, restricted cash, and cash equivalents at end of period |
|
$ |
1,083 |
|
|
$ |
2,998 |
|
Exelon Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended March 31, 2023 and 2022 (unaudited) (in millions, except per share data) |
|||||||||||||||||||||||||||
|
Exelon Earnings per Diluted Share |
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||||
2022 GAAP Net Income (Loss) from Continuing Operations |
$ |
0.49 |
|
|
$ |
188 |
|
|
$ |
206 |
|
|
$ |
198 |
|
|
$ |
130 |
|
|
$ |
(241 |
) |
|
$ |
481 |
|
ERP System Implementation Costs (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Separation Costs (net of taxes of |
|
0.02 |
|
|
|
5 |
|
|
|
2 |
|
|
|
2 |
|
|
|
4 |
|
|
|
4 |
|
|
|
17 |
|
Income Tax-Related Adjustments (entire amount represents tax expense) (3) |
|
0.14 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
131 |
|
|
|
134 |
|
2022 Adjusted (non-GAAP) Operating Earnings (Loss) |
$ |
0.64 |
|
|
$ |
193 |
|
|
$ |
208 |
|
|
$ |
200 |
|
|
$ |
136 |
|
|
$ |
(103 |
) |
|
$ |
634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Weather |
$ |
(0.04 |
) |
|
$ |
— |
|
(b) |
$ |
(38 |
) |
|
$ |
— |
|
(b) |
$ |
(6 |
) |
(b) |
$ |
— |
|
|
$ |
(44 |
) |
Load |
|
(0.01 |
) |
|
|
— |
|
(b) |
|
(4 |
) |
|
|
— |
|
(b) |
|
(3 |
) |
(b) |
|
— |
|
|
|
(7 |
) |
Distribution and Transmission Rates (4) |
|
0.13 |
|
|
|
45 |
|
(c) |
|
26 |
|
(c) |
|
13 |
|
(c) |
|
44 |
|
(c) |
|
— |
|
|
|
128 |
|
Other Energy Delivery (5) |
|
0.06 |
|
|
|
25 |
|
(c) |
|
7 |
|
(c) |
|
(1 |
) |
(c) |
|
28 |
|
(c) |
|
— |
|
|
|
59 |
|
Operating and Maintenance Expense (6) |
|
0.01 |
|
|
|
2 |
|
|
|
(22 |
) |
|
|
(5 |
) |
|
|
12 |
|
|
|
21 |
|
|
|
8 |
|
Pension and Non-Pension Postretirement Benefits |
|
— |
|
|
|
3 |
|
|
|
2 |
|
|
|
(1 |
) |
|
|
(4 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
Depreciation and Amortization Expense (7) |
|
(0.03 |
) |
|
|
(12 |
) |
|
|
(5 |
) |
|
|
4 |
|
|
|
(17 |
) |
|
|
(2 |
) |
|
|
(32 |
) |
Interest Expense and Other (8) |
|
(0.05 |
) |
|
|
(5 |
) |
|
|
(8 |
) |
|
|
(11 |
) |
|
|
(17 |
) |
|
|
(7 |
) |
|
|
(48 |
) |
Share Differential (9) |
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings |
$ |
0.06 |
|
|
$ |
58 |
|
|
$ |
(42 |
) |
|
$ |
(1 |
) |
|
$ |
37 |
|
|
$ |
10 |
|
|
$ |
62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2023 GAAP Net Income (Loss) from Continuing Operations |
$ |
0.67 |
|
|
$ |
241 |
|
|
$ |
166 |
|
|
$ |
200 |
|
|
$ |
155 |
|
|
$ |
(93 |
) |
|
$ |
669 |
|
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
Change in Environmental Liabilities (net of taxes of |
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
18 |
|
Change in FERC Audit Liability (net of taxes of |
|
0.01 |
|
|
|
11 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
Separation Costs (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
2023 Adjusted (non-GAAP) Operating Earnings (Loss) |
$ |
0.70 |
|
|
$ |
251 |
|
|
$ |
166 |
|
|
$ |
199 |
|
|
$ |
173 |
|
|
$ |
(93 |
) |
|
$ |
696 |
|
Note: |
||
Amounts may not sum due to rounding. |
||
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2023 and 2022 ranged from |
||
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
|
(b) |
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. |
|
(c) |
For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). |
|
(1) |
Reflects costs related to a multi-year ERP system implementation, which are recorded in Operating and maintenance expense. |
|
(2) |
Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense. |
|
(3) |
In 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. |
|
(4) |
For ComEd, reflects increased electric distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases. |
|
(5) |
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and also reflects carrying costs related to the CMC regulatory assets. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable. |
|
(6) |
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects increased credit loss expense. For PHI, includes 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 (YTD Q1 2023 includes no costs compared to one month of costs for the period prior to the separation for YTD Q1 2022) and 2) a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA). |
|
(7) |
Reflects ongoing capital expenditures across all utilities and higher depreciation rates effective January 2023 for ComEd. For BGE, also reflects decreased amortization for regulatory required programs. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery. |
|
(8) |
For Corporate, Other primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense. |
|
(9) |
Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the August 2022 common stock issuance. |
|
ComEd Statistics Three Months Ended March 31, 2023 and 2022 |
||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||
|
2023 |
|
2022 |
|
% Change |
|
Weather - Normal % Change |
|
2023 |
|
2022 |
|
% Change |
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
6,234 |
|
6,751 |
|
(7.7 |
)% |
|
(1.8 |
)% |
|
$ |
836 |
|
$ |
857 |
|
(2.5 |
)% |
Small commercial & industrial |
7,198 |
|
7,504 |
|
(4.1 |
)% |
|
(0.8 |
)% |
|
|
361 |
|
|
423 |
|
(14.7 |
)% |
Large commercial & industrial |
6,559 |
|
6,746 |
|
(2.8 |
)% |
|
(0.6 |
)% |
|
|
84 |
|
|
153 |
|
(45.1 |
)% |
Public authorities & electric railroads |
227 |
|
257 |
|
(11.7 |
)% |
|
(8.8 |
)% |
|
|
10 |
|
|
14 |
|
(28.6 |
)% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
217 |
|
|
239 |
|
(9.2 |
)% |
Total electric revenues(c) |
20,218 |
|
21,258 |
|
(4.9 |
)% |
|
(1.2 |
)% |
|
|
1,508 |
|
|
1,686 |
|
(10.6 |
)% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
159 |
|
|
48 |
|
231.3 |
% |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
1,667 |
|
$ |
1,734 |
|
(3.9 |
)% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
488 |
|
$ |
638 |
|
(23.5 |
)% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2023 |
|
2022 |
|
Normal |
|
From 2022 |
|
From Normal |
||
Heating Degree-Days |
2,671 |
|
3,165 |
|
3,053 |
|
(15.6 |
)% |
|
(12.5 |
)% |
Number of Electric Customers |
2023 |
|
2022 |
Residential |
3,729,983 |
|
3,713,397 |
Small commercial & industrial |
391,662 |
|
390,994 |
Large commercial & industrial |
1,881 |
|
1,882 |
Public authorities & electric railroads |
4,790 |
|
4,838 |
Total |
4,128,316 |
|
4,111,111 |
__________ |
||
(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 |
|
(d) |
Includes alternative revenue programs and late payment charges. |
|
PECO Statistics Three Months Ended March 31, 2023 and 2022 |
||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||
|
2023 |
|
2022 |
|
% Change |
|
Weather- Normal % Change |
|
2023 |
|
2022 |
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
3,358 |
|
3,758 |
|
(10.6 |
)% |
|
(0.1 |
)% |
|
$ |
519 |
|
$ |
487 |
|
6.6 |
% |
Small commercial & industrial |
1,843 |
|
1,937 |
|
(4.9 |
)% |
|
0.4 |
% |
|
|
135 |
|
|
111 |
|
21.6 |
% |
Large commercial & industrial |
3,237 |
|
3,332 |
|
(2.9 |
)% |
|
(1.2 |
)% |
|
|
65 |
|
|
64 |
|
1.6 |
% |
Public authorities & electric railroads |
168 |
|
182 |
|
(7.7 |
)% |
|
9.3 |
% |
|
|
8 |
|
|
8 |
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
68 |
|
|
62 |
|
9.7 |
% |
Total electric revenues(c) |
8,606 |
|
9,209 |
|
(6.5 |
)% |
|
(0.2 |
)% |
|
|
795 |
|
|
732 |
|
8.6 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
— |
|
|
9 |
|
(100.0 |
)% |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
795 |
|
|
741 |
|
7.3 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
17,190 |
|
20,837 |
|
(17.5 |
)% |
|
(2.4 |
)% |
|
|
223 |
|
|
218 |
|
2.3 |
% |
Small commercial & industrial |
8,699 |
|
10,546 |
|
(17.5 |
)% |
|
(3.4 |
)% |
|
|
75 |
|
|
76 |
|
(1.3 |
)% |
Large commercial & industrial |
29 |
|
10 |
|
190.0 |
% |
|
21.7 |
% |
|
|
1 |
|
|
— |
|
n/a |
|
Transportation |
7,014 |
|
7,639 |
|
(8.2 |
)% |
|
(5.4 |
)% |
|
|
8 |
|
|
8 |
|
— |
% |
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
9 |
|
|
3 |
|
200.0 |
% |
Total natural gas revenues(g) |
32,932 |
|
39,032 |
|
(15.6 |
)% |
|
(3.2 |
)% |
|
|
316 |
|
|
305 |
|
3.6 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
1 |
|
|
1 |
|
100.0 |
% |
||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
317 |
|
|
306 |
|
3.6 |
% |
||
Total Electric and Natural Gas Revenues |
|
|
|
|
|
$ |
1,112 |
|
$ |
1,047 |
|
6.2 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
484 |
|
$ |
407 |
|
18.9 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2023 |
|
2022 |
|
Normal |
|
From 2022 |
|
From Normal |
||
Heating Degree-Days |
1,888 |
|
2,228 |
|
2,418 |
|
(15.3 |
)% |
|
(21.9 |
)% |
Cooling Degree-Days |
— |
|
1 |
|
1 |
|
(100.0 |
)% |
|
(100.0 |
)% |
Number of Electric Customers |
2023 |
|
2022 |
|
Number of Natural Gas Customers |
2023 |
|
2022 |
Residential |
1,529,779 |
|
1,521,255 |
|
Residential |
504,181 |
|
499,188 |
Small commercial & industrial |
155,846 |
|
155,485 |
|
Small commercial & industrial |
45,003 |
|
44,959 |
Large commercial & industrial |
3,118 |
|
3,102 |
|
Large commercial & industrial |
9 |
|
5 |
Public authorities & electric railroads |
10,401 |
|
10,342 |
|
Transportation |
650 |
|
664 |
Total |
1,699,144 |
|
1,690,184 |
|
Total |
549,843 |
|
544,816 |
__________ |
||
(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 |
|
(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 |
|
BGE Statistics Three Months Ended March 31, 2023 and 2022 |
|||||||||||||||||||
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||
|
2023 |
|
2022 |
|
% Change |
|
Weather- Normal % Change |
|
2023 |
|
2022 |
|
% Change |
||||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
3,106 |
|
3,569 |
|
(13.0 |
)% |
|
1.9 |
% |
|
$ |
434 |
|
$ |
417 |
|
|
4.1 |
% |
Small commercial & industrial |
674 |
|
736 |
|
(8.4 |
)% |
|
1.4 |
% |
|
|
92 |
|
|
81 |
|
|
13.6 |
% |
Large commercial & industrial |
3,047 |
|
3,173 |
|
(4.0 |
)% |
|
(0.4 |
)% |
|
|
149 |
|
|
131 |
|
|
13.7 |
% |
Public authorities & electric railroads |
55 |
|
53 |
|
3.8 |
% |
|
2.9 |
% |
|
|
7 |
|
|
7 |
|
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
96 |
|
|
97 |
|
|
(1.0 |
)% |
Total electric revenues(c) |
6,882 |
|
7,531 |
|
(8.6 |
)% |
|
0.9 |
% |
|
|
778 |
|
|
733 |
|
|
6.1 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
36 |
|
|
3 |
|
|
1,100.0 |
% |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
814 |
|
|
736 |
|
|
10.6 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
16,787 |
|
21,118 |
|
(20.5 |
)% |
|
2.7 |
% |
|
|
278 |
|
|
282 |
|
|
(1.4 |
)% |
Small commercial & industrial |
3,768 |
|
4,662 |
|
(19.2 |
)% |
|
(0.9 |
)% |
|
|
41 |
|
|
45 |
|
|
(8.9 |
)% |
Large commercial & industrial |
13,214 |
|
14,743 |
|
(10.4 |
)% |
|
(0.7 |
)% |
|
|
70 |
|
|
65 |
|
|
7.7 |
% |
Other(f) |
1,608 |
|
4,460 |
|
(63.9 |
)% |
|
n/a |
|
|
|
19 |
|
|
35 |
|
|
(45.7 |
)% |
Total natural gas revenues(g) |
35,377 |
|
44,983 |
|
(21.4 |
)% |
|
1.1 |
% |
|
|
408 |
|
|
427 |
|
|
(4.4 |
)% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
35 |
|
|
(9 |
) |
|
(488.9 |
)% |
||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
443 |
|
|
418 |
|
|
6.0 |
% |
||
Total Electric and Natural Gas Revenues |
|
|
|
|
|
$ |
1,257 |
|
$ |
1,154 |
|
|
8.9 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
492 |
|
$ |
454 |
|
|
8.4 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2023 |
|
2022 |
|
Normal |
|
From 2022 |
|
From Normal |
||
Heating Degree-Days |
1,774 |
|
2,241 |
|
2,381 |
|
(20.8 |
)% |
|
(25.5 |
)% |
Number of Electric Customers |
2023 |
|
2022 |
|
Number of Natural Gas Customers |
2023 |
|
2022 |
Residential |
1,207,486 |
|
1,199,272 |
|
Residential |
656,583 |
|
653,397 |
Small commercial & industrial |
115,658 |
|
115,363 |
|
Small commercial & industrial |
38,260 |
|
38,356 |
Large commercial & industrial |
12,911 |
|
12,674 |
|
Large commercial & industrial |
6,261 |
|
6,193 |
Public authorities & electric railroads |
266 |
|
268 |
|
|
|
|
|
Total |
1,336,321 |
|
1,327,577 |
|
Total |
701,104 |
|
|
__________ |
||
(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 |
|
(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 |
|
Pepco Statistics Three Months Ended March 31, 2023 and 2022 |
|||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2023 |
|
2022 |
|
% Change |
|
Weather- Normal % Change |
|
2023 |
|
2022 |
|
% Change |
||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
1,963 |
|
2,287 |
|
(14.2 |
)% |
|
(4.4 |
)% |
|
$ |
283 |
|
$ |
275 |
|
|
2.9 |
% |
Small commercial & industrial |
267 |
|
299 |
|
(10.7 |
)% |
|
(5.5 |
)% |
|
|
39 |
|
|
38 |
|
|
2.6 |
% |
Large commercial & industrial |
3,210 |
|
3,249 |
|
(1.2 |
)% |
|
1.7 |
% |
|
|
282 |
|
|
253 |
|
|
11.5 |
% |
Public authorities & electric railroads |
152 |
|
150 |
|
1.3 |
% |
|
2.7 |
% |
|
|
8 |
|
|
8 |
|
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
56 |
|
|
46 |
|
|
21.7 |
% |
Total electric revenues(c) |
5,592 |
|
5,985 |
|
(6.6 |
)% |
|
(1.0 |
)% |
|
|
668 |
|
|
620 |
|
|
7.7 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
42 |
|
|
(6 |
) |
|
(800.0 |
)% |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
710 |
|
$ |
614 |
|
|
15.6 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
258 |
|
$ |
213 |
|
|
21.1 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2023 |
|
2022 |
|
Normal |
|
From 2022 |
|
From Normal |
||
Heating Degree-Days |
1,621 |
|
2,013 |
|
2,121 |
|
(19.5 |
)% |
|
(23.6 |
)% |
Cooling Degree-Days |
2 |
|
6 |
|
3 |
|
(66.7 |
)% |
|
(33.3 |
)% |
Number of Electric Customers |
2023 |
|
2022 |
Residential |
859,207 |
|
846,258 |
Small commercial & industrial |
54,089 |
|
54,509 |
Large commercial & industrial |
22,858 |
|
22,620 |
Public authorities & electric railroads |
201 |
|
184 |
Total |
936,355 |
|
923,571 |
__________ |
||
(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 |
|
(d) |
Includes alternative revenue programs. |
|
DPL Statistics Three Months Ended March 31, 2023 and 2022 |
|||||||||||||||||||
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||
|
2023 |
|
2022 |
|
% Change |
|
Weather - Normal % Change |
|
2023 |
|
2022 |
|
% Change |
||||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
1,386 |
|
1,577 |
|
(12.1 |
)% |
|
(2.4 |
)% |
|
$ |
210 |
|
$ |
207 |
|
|
1.4 |
% |
Small commercial & industrial |
535 |
|
606 |
|
(11.7 |
)% |
|
(8.3 |
)% |
|
|
62 |
|
|
56 |
|
|
10.7 |
% |
Large commercial & industrial |
957 |
|
1,015 |
|
(5.7 |
)% |
|
(4.0 |
) |
|
|
33 |
|
|
26 |
|
|
26.9 |
% |
Public authorities & electric railroads |
11 |
|
12 |
|
(8.3 |
)% |
|
(6.3 |
)% |
|
|
4 |
|
|
4 |
|
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
58 |
|
|
56 |
|
|
3.6 |
% |
Total electric revenues(c) |
2,889 |
|
3,210 |
|
(10.0 |
)% |
|
(4.0 |
)% |
|
|
367 |
|
|
349 |
|
|
5.2 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
10 |
|
|
(1 |
) |
|
(1,100.0 |
)% |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
377 |
|
|
348 |
|
|
8.3 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
3,581 |
|
4,453 |
|
(19.6 |
)% |
|
(6.6 |
)% |
|
|
60 |
|
|
51 |
|
|
17.6 |
% |
Small commercial & industrial |
1,652 |
|
1,983 |
|
(16.7 |
)% |
|
(1.8 |
)% |
|
|
26 |
|
|
21 |
|
|
23.8 |
% |
Large commercial & industrial |
414 |
|
457 |
|
(9.4 |
)% |
|
(9.5 |
)% |
|
|
1 |
|
|
3 |
|
|
(66.7 |
)% |
Transportation |
1,900 |
|
2,207 |
|
(13.9 |
)% |
|
(6.9 |
)% |
|
|
4 |
|
|
4 |
|
|
— |
% |
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
6 |
|
|
4 |
|
|
50.0 |
% |
Total natural gas revenues |
7,547 |
|
9,100 |
|
(17.1 |
)% |
|
(5.8 |
)% |
|
|
97 |
|
|
83 |
|
|
16.9 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
n/a |
|
||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
97 |
|
|
83 |
|
|
16.9 |
% |
||
Total Electric and Natural Gas Revenues |
|
|
|
|
|
$ |
474 |
|
$ |
431 |
|
|
10.0 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
221 |
|
$ |
189 |
|
|
16.9 |
% |
||
Electric Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2023 |
|
2022 |
|
Normal |
|
From 2022 |
|
From Normal |
||
Heating Degree-Days |
1,875 |
|
2,264 |
|
2,407 |
|
(17.2 |
)% |
|
(22.1 |
)% |
Cooling Degree-Days |
— |
|
4 |
|
1 |
|
(100.0 |
)% |
|
(100.0 |
)% |
Natural Gas Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating Degree-Days |
2023 |
|
2022 |
|
Normal |
|
From 2022 |
|
From Normal |
||
Heating Degree-Days |
1,952 |
|
2,355 |
|
2,497 |
|
(17.1 |
)% |
|
(21.8 |
)% |
Number of Electric Customers |
2023 |
|
2022 |
|
Number of Natural Gas Customers |
2023 |
|
2022 |
Residential |
482,979 |
|
478,009 |
|
Residential |
129,791 |
|
128,695 |
Small commercial & industrial |
63,794 |
|
63,296 |
|
Small commercial & industrial |
10,158 |
|
10,097 |
Large commercial & industrial |
1,236 |
|
1,221 |
|
Large commercial & industrial |
16 |
|
17 |
Public authorities & electric railroads |
595 |
|
603 |
|
Transportation |
158 |
|
159 |
Total |
548,604 |
|
543,129 |
|
Total |
140,123 |
|
138,968 |
__________ |
||
(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 |
|
(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 March 31, 2023 and 2022 |
||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||
|
2023 |
|
2022 |
|
% Change |
|
Weather - Normal % Change |
|
2023 |
|
2022 |
|
% Change |
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
760 |
|
918 |
|
(17.2 |
)% |
|
(9.4 |
)% |
|
$ |
146 |
|
$ |
170 |
|
(14.1 |
)% |
Small commercial & industrial |
371 |
|
339 |
|
9.4 |
% |
|
13.9 |
% |
|
|
59 |
|
|
47 |
|
25.5 |
% |
Large commercial & industrial |
789 |
|
703 |
|
12.2 |
% |
|
14.3 |
% |
|
|
63 |
|
|
44 |
|
43.2 |
% |
Public authorities & electric railroads |
13 |
|
14 |
|
(7.1 |
)% |
|
0.1 |
% |
|
|
5 |
|
|
4 |
|
25.0 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
63 |
|
|
81 |
|
(22.2 |
)% |
Total electric revenues(c) |
1,933 |
|
1,974 |
|
(2.1 |
)% |
|
3.1 |
% |
|
|
336 |
|
|
346 |
|
(2.9 |
)% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
17 |
|
|
3 |
|
466.7 |
% |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
353 |
|
$ |
349 |
|
1.1 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
148 |
|
$ |
178 |
|
(16.9 |
)% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2023 |
|
2022 |
|
Normal |
|
From 2022 |
|
From Normal |
||
Heating Degree-Days |
2,008 |
|
2,436 |
|
2,467 |
|
(17.6 |
)% |
|
(18.6 |
)% |
Cooling Degree-Days |
— |
|
2 |
|
1 |
|
(100.0 |
)% |
|
(100.0 |
)% |
Number of Electric Customers |
|
2023 |
|
2022 |
Residential |
|
503,260 |
|
500,511 |
Small commercial & industrial |
|
62,230 |
|
62,124 |
Large commercial & industrial |
|
3,030 |
|
3,124 |
Public authorities & electric railroads |
|
726 |
|
724 |
Total |
|
569,246 |
|
566,483 |
__________ |
||
(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 |
|
(d) |
Includes alternative revenue programs. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230503005366/en/
Donna Sitkiewicz
Corporate Communications
312-394-7417
Andrew Plenge
Investor Relations
312-394-2345
Source: Exelon Corporation
