Exelon Reports Fourth Quarter and Full Year 2022 Results and Initiates 2023 Financial Outlook
Exelon Corporation (Nasdaq: EXC) reported Q4 2022 GAAP net income of $0.43 per share, up from $0.31 in Q4 2021, and adjusted operating earnings of $0.43 per share. For FY 2022, GAAP net income reached $2.08 per share, increasing from $1.65 in 2021. The company forecasted 2023 adjusted earnings between $2.30 and $2.42 per share. A quarterly dividend of $0.36 was declared, marking a 6.7% increase from the previous quarter. Exelon plans to invest $31 billion over the next four years to support infrastructure and customer needs, anticipating a 7.9% growth in rate base and 6-8% annualized EPS growth from 2022 to 2026.
- Q4 GAAP net income increased to $0.43 per share from $0.31 in Q4 2021.
- FY 2022 GAAP net income rose to $2.08 per share from $1.65 in 2021.
- Introduced 2023 adjusted operating earnings guidance of $2.30 to $2.42 per share.
- Quarterly dividend increased by 6.7% to $0.36 per share.
- Projected investment of $31 billion over four years for infrastructure improvement.
- PECO's fourth quarter GAAP net income decreased to $102 million from $122 million in Q4 2021.
- BGE's fourth quarter GAAP net income decreased to $113 million from $117 million in Q4 2021.
- Higher interest, depreciation, and credit loss expenses reported at PECO and BGE affecting earnings.
Earnings Release Highlights
-
GAAP Net Income and Adjusted (non-GAAP) Operating Earnings of
$0.43 -
Introducing 2023 Adjusted (non-GAAP) Operating Earnings guidance range of
$2.30 -$2.42 -
Declaring quarterly dividend of
$0.36 6.7% growth over 2022 fourth quarter dividend of$0.33 75 -
Projecting to invest
$31.3 billion 7.9% and a fully regulated operating EPS* compounded annual growth of 6-8% from 2022 to 2026 off the midpoint of 2022 guidance - ComEd, PECO, and PHI ended the year with their best-on-record performances in SAIFI, and all gas utilities sustained top decile performance in gas odor response for the fourth straight quarter
-
Delmarva Power filed an electric distribution rate case with theDelaware Public Service Commission (DEPSC) in December, seeking an increase in base rates to support significant infrastructure investments to maintain safety, reliability, and service for customers -
A settlement was approved in December by the
Maryland Public Service Commission (MDPSC) in Delmarva Power Maryland’s first electric distribution Multi-Year Plan case -
ComEd filed a Multi-Year Integrated Grid Plan and a Multi-Year Rate Plan with the
Illinois Commerce Commission (ICC) in January, seeking an increase in base rates over the period of 2024 to 2027 to support the decarbonization goals under the state’s Climate and Equitable Jobs Act (CEJA) and to ensure the transition to cleaner energy is reliable and equitable for all 9 million customers
“In 2022, Exelon showcased our ability as a pure transmission and distribution company to deliver on our financial and operational commitments. Because of the partnership with our customers and communities, Exelon is ready to lead the energy transition to a cleaner and brighter future,” said
“We delivered strong financial results in our first year as a new company,” said
Fourth Quarter 2022
Exelon's GAAP Net Income from Continuing Operations for the fourth quarter of 2022 increased to
Adjusted (non-GAAP) Operating Earnings in the fourth quarter of 2022 primarily reflect:
- Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher allowed electric distribution ROE due to an increase in treasury rates and higher rate base, and rate increases at PECO, BGE, and PHI. This was partially offset by higher interest expense at PECO, and higher depreciation expense and credit loss expense at PECO and PHI.
- Lower earnings at Exelon Corporate primarily due to higher interest expense.
Full Year 2022
Exelon's GAAP Net Income from Continuing Operations for 2022 increased to
Adjusted (non-GAAP) Operating Earnings for the full year 2022 primarily reflect:
- Higher utility earnings primarily due to higher electric distribution and transmission earnings at ComEd from higher allowed electric distribution ROE due to an increase in treasury rates and higher rate base, rate increases at PECO, BGE, and PHI, and decreased storm costs at PECO and BGE. This was partially offset by higher depreciation expense, credit loss expense, and interest expense at PECO, BGE, and PHI, and higher storm costs at PHI.
-
Higher earnings at Exelon Corporate 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 fourth quarter of 2021 as these costs do not qualify as expenses of the discontinued operations per the accounting rules, partially offset by higher interest expense.
Operating Company Results1
ComEd
ComEd's fourth quarter of 2022 GAAP Net Income increased to
PECO
PECO’s fourth quarter of 2022 GAAP Net Income decreased to
BGE
BGE’s fourth quarter of 2022 GAAP Net Income decreased to
PHI
PHI’s fourth quarter of 2022 GAAP Net Income increased to
Initiates Annual Guidance for 2023
Exelon introduced a guidance range for 2023 Adjusted (non-GAAP) Operating Earnings of
___________
1Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern |
Recent Developments and Fourth Quarter Highlights
-
Dividend: On
February 14, 2023 , Exelon’s Board of Directors declared a regular quarterly dividend of$0.36 Friday, March 10, 2023 , to shareholders of record of Exelon as of5 p.m. Eastern time onMonday, February 27, 2023 . -
ComEd Electric Base Rate Case: On
January 17, 2023 , ComEd filed an application for a four-year cumulative multi-year rate plan forJanuary 1, 2024 toDecember 31, 2027 with the ICC to increase its electric distribution rates by$877 million January 1, 2024 ,$175 million January 1, 2025 ,$217 million January 1, 2026 , and$203 million January 1, 2027 , based on forecasted revenue requirements. The revenue requirement will provide for a weighted average debt and equity return on distribution rate base of7.43% in 2024,7.50% in 2025,7.62% in 2026, and7.70% in 2027, inclusive of an allowed ROE of10.50% in 2024,10.55% in 2025,10.60% in 2026, and10.65% in 2027. The requested revenue requirements are based on capital structures that reflect between50.58% and51.19% common equity. ComEd’s MRP also includes a proposed rate phase-in to defer approximately$307 million $877 million -
ComEd Distribution Formula Rate: On
November 17, 2022 , the ICC approved ComEd's electric distribution formula rate of$199 million January 1, 2023 . ComEd’s 2023 approved revenue requirement above reflects an increase of$144 million $55 million 5.94% inclusive of an allowed ROE of7.85% , reflecting the monthly average yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2021 provides for a weighted average debt and equity return on distribution rate base of5.91% , inclusive of an allowed ROE of7.78% , reflecting the monthly yields on 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points. -
DPL Maryland Electric Base Rate Case: On
December 14, 2022 , the MDPSC approved DPL’s three-year multi-year plan forJanuary 1, 2023 throughDecember 31, 2025 . The order approved an incremental increase in DPL’s electric distribution rates of$17 million $6 million $6 million 9.60% . -
DPL Delaware Electric Base Rate Case: On
December 15, 2022 , DPL Delaware filed an application with the DEPSC to increase its annual electric distribution rates by$60 million 10.50% . DPL currently expects a decision in the second quarter of 2024 but cannot predict if the DEPSC will approve the application as filed. -
Financing Activities:
-
On
October 4, 2022 , ComEd entered into a 364-day term loan agreement for$150 million 0.75% and an expiration date ofOctober 3, 2023 . The proceeds from this loan were used to repay outstanding commercial paper obligations. -
On
October 7, 2022 , Exelon Corporate entered into an 18-month term loan agreement for$500 million 0.85% and an expiration date ofApril 7, 2024 . In conjunction with this loan, Exelon repaid the remaining$575 million $1.15 billion January 24, 2022 . -
On
January 3, 2023 , ComEd entered into a purchase agreement of First Mortgage Bonds of$400 million $575 million 4.90% and5.30% due onFebruary 1, 2033 andFebruary 1, 2053 , respectively. The closing date of the issuance occurred onJanuary 10, 2023 .
-
On
GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts) |
Exelon
|
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||||||||
2022 GAAP Net Income (Loss) from Continuing Operations |
$ |
0.43 |
|
$ |
432 |
|
$ |
211 |
$ |
102 |
$ |
113 |
$ |
90 |
||||
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of |
|
— |
|
|
4 |
|
|
— |
|
— |
|
— |
|
— |
||||
Asset Impairments (net of taxes of |
|
— |
|
|
1 |
|
|
— |
|
— |
|
1 |
|
— |
||||
Separation Costs (net of taxes of |
|
— |
|
|
(1 |
) |
|
— |
|
— |
|
— |
|
— |
||||
Income Tax-Related Adjustments (entire amount represents tax expense) |
|
(0.01 |
) |
|
(8 |
) |
|
— |
|
— |
|
— |
|
— |
||||
2022 Adjusted (non-GAAP) Operating Earnings |
$ |
0.43 |
|
$ |
428 |
|
$ |
211 |
$ |
102 |
$ |
114 |
$ |
90 |
||||
|
|
|
|
|
|
|
||||||||||||
Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2021 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts) |
Exelon
|
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||||||||
2021 GAAP Net Income (Loss) from Continuing Operations |
$ |
0.31 |
$ |
309 |
$ |
133 |
$ |
122 |
$ |
117 |
$ |
26 |
||||||
COVID-19 Direct Costs (net of taxes of |
|
0.01 |
|
7 |
|
— |
|
1 |
|
1 |
|
2 |
||||||
ERP System Implementation Costs (net of taxes of |
|
— |
|
3 |
|
— |
|
— |
|
— |
|
— |
||||||
Separation Costs (net of taxes of |
|
0.03 |
|
27 |
|
5 |
|
2 |
|
3 |
|
4 |
||||||
Income Tax-Related Adjustments (entire amount represents tax expense) |
|
0.04 |
|
39 |
|
— |
|
— |
|
— |
|
32 |
||||||
2021 Adjusted (non-GAAP) Operating Earnings |
$ |
0.39 |
$ |
385 |
$ |
138 |
$ |
125 |
$ |
121 |
$ |
64 |
||||||
|
|
|
|
|
|
|
||||||||||||
Adjusted (non-GAAP) Operating Earnings for the full year of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts) |
Exelon
|
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||||||||
2022 GAAP Net Income (Loss) from Continuing Operations |
$ |
2.08 |
$ |
2,054 |
|
$ |
917 |
$ |
576 |
$ |
380 |
$ |
608 |
|
||||
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of |
|
— |
|
4 |
|
|
— |
|
— |
|
— |
|
— |
|
||||
Asset Retirement Obligation (net of taxes of |
|
— |
|
(4 |
) |
|
— |
|
— |
|
— |
|
(4 |
) |
||||
Asset Impairments (net of taxes of |
|
0.04 |
|
38 |
|
|
— |
|
— |
|
38 |
|
— |
|
||||
ERP System Implementation Costs (net of taxes of |
|
— |
|
1 |
|
|
— |
|
— |
|
— |
|
— |
|
||||
Separation Costs (net of taxes of |
|
0.02 |
|
24 |
|
|
9 |
|
4 |
|
4 |
|
7 |
|
||||
Income Tax-Related Adjustments (entire amount represents tax expense) |
|
0.12 |
|
122 |
|
|
— |
|
38 |
|
— |
|
3 |
|
||||
2022 Adjusted (non-GAAP) Operating Earnings |
$ |
2.27 |
$ |
2,239 |
|
$ |
926 |
$ |
619 |
$ |
423 |
$ |
614 |
|
||||
|
|
|
|
|
|
|
||||||||||||
Adjusted (non-GAAP) Operating Earnings for the full year of 2021 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
(in millions, except per share amounts) |
Exelon
|
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||||||||
2021 GAAP Net Income (Loss) from Continuing Operations |
$ |
1.65 |
$ |
1,616 |
$ |
742 |
$ |
504 |
$ |
408 |
$ |
561 |
||||||
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of |
|
— |
|
4 |
|
— |
|
— |
|
— |
|
— |
||||||
Cost Management Program (net of taxes of |
|
0.01 |
|
6 |
|
— |
|
1 |
|
1 |
|
1 |
||||||
COVID-19 Direct Costs (net of taxes of |
|
0.01 |
|
14 |
|
— |
|
4 |
|
3 |
|
4 |
||||||
Asset Retirement Obligation (net of taxes of |
|
— |
|
2 |
|
— |
|
— |
|
— |
|
2 |
||||||
Acquisition Related Costs (net of taxes of |
|
0.02 |
|
15 |
|
— |
|
— |
|
— |
|
— |
||||||
ERP System Implementation Costs (net of taxes of |
|
0.01 |
|
13 |
|
— |
|
1 |
|
1 |
|
1 |
||||||
Separation Costs (net of taxes of |
|
0.06 |
|
58 |
|
12 |
|
6 |
|
7 |
|
9 |
||||||
Income Tax-Related Adjustments (entire amount represents tax expense) |
|
0.06 |
|
62 |
|
— |
|
— |
|
— |
|
32 |
||||||
2021 Adjusted (non-GAAP) Operating Earnings |
$ |
1.83 |
$ |
1,791 |
$ |
754 |
$ |
516 |
$ |
419 |
$ |
609 |
||||||
|
|
|
|
|
|
|
||||||||||||
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income (Loss) from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from
Webcast Information
Exelon will discuss fourth quarter 2022 earnings in a conference call scheduled for today at
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 —
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
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
|
|
Earnings Release Attachments Table of Contents |
|
|
|
Consolidating Statement of Operations |
1 |
|
|
Consolidated Balance Sheets |
3 |
|
|
Consolidated Statements of Cash Flows |
5 |
|
|
Reconciliation of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings |
6 |
|
|
Statistics |
|
ComEd |
10 |
PECO |
11 |
BGE |
13 |
Pepco |
16 |
DPL |
17 |
ACE |
19 |
Consolidating Statements of Operations (unaudited) (in millions) |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
1,225 |
|
|
$ |
1,026 |
|
|
$ |
1,086 |
|
|
$ |
1,342 |
|
|
$ |
(12 |
) |
|
$ |
4,667 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
68 |
|
|
|
442 |
|
|
|
474 |
|
|
|
554 |
|
|
|
— |
|
|
|
1,538 |
|
Operating and maintenance |
|
368 |
|
|
|
288 |
|
|
|
220 |
|
|
|
292 |
|
|
|
69 |
|
|
|
1,237 |
|
Depreciation and amortization |
|
341 |
|
|
|
95 |
|
|
|
161 |
|
|
|
240 |
|
|
|
15 |
|
|
|
852 |
|
Taxes other than income taxes |
|
84 |
|
|
|
47 |
|
|
|
77 |
|
|
|
114 |
|
|
|
8 |
|
|
|
330 |
|
Total operating expenses |
|
861 |
|
|
|
872 |
|
|
|
932 |
|
|
|
1,200 |
|
|
|
92 |
|
|
|
3,957 |
|
Operating income (loss) |
|
364 |
|
|
|
154 |
|
|
|
154 |
|
|
|
142 |
|
|
|
(104 |
) |
|
|
710 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(106 |
) |
|
|
(48 |
) |
|
|
(41 |
) |
|
|
(75 |
) |
|
|
(115 |
) |
|
|
(385 |
) |
Other, net |
|
14 |
|
|
|
8 |
|
|
|
5 |
|
|
|
22 |
|
|
|
52 |
|
|
|
101 |
|
Total other (deductions) |
|
(92 |
) |
|
|
(40 |
) |
|
|
(36 |
) |
|
|
(53 |
) |
|
|
(63 |
) |
|
|
(284 |
) |
Income (loss) from continuing operations before income taxes |
|
272 |
|
|
|
114 |
|
|
|
118 |
|
|
|
89 |
|
|
|
(167 |
) |
|
|
426 |
|
Income taxes |
|
61 |
|
|
|
12 |
|
|
|
5 |
|
|
|
(1 |
) |
|
|
(83 |
) |
|
|
(6 |
) |
Net income (loss) from continuing operations after income taxes |
|
211 |
|
|
|
102 |
|
|
|
113 |
|
|
|
90 |
|
|
|
(84 |
) |
|
|
432 |
|
Net income from discontinued operations after income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income (loss) |
|
211 |
|
|
|
102 |
|
|
|
113 |
|
|
|
90 |
|
|
|
(84 |
) |
|
|
432 |
|
Net income attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income (loss) attributable to common shareholders |
$ |
211 |
|
|
$ |
102 |
|
|
$ |
113 |
|
|
$ |
90 |
|
|
$ |
(84 |
) |
|
$ |
432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
1,567 |
|
|
$ |
798 |
|
|
$ |
915 |
|
|
$ |
1,187 |
|
|
$ |
(43 |
) |
|
$ |
4,424 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
544 |
|
|
|
282 |
|
|
|
336 |
|
|
|
444 |
|
|
|
(2 |
) |
|
|
1,604 |
|
Operating and maintenance |
|
387 |
|
|
|
227 |
|
|
|
215 |
|
|
|
313 |
|
|
|
65 |
|
|
|
1,207 |
|
Depreciation and amortization |
|
311 |
|
|
|
89 |
|
|
|
157 |
|
|
|
207 |
|
|
|
16 |
|
|
|
780 |
|
Taxes other than income taxes |
|
77 |
|
|
|
41 |
|
|
|
72 |
|
|
|
109 |
|
|
|
9 |
|
|
|
308 |
|
Total operating expenses |
|
1,319 |
|
|
|
639 |
|
|
|
780 |
|
|
|
1,073 |
|
|
|
88 |
|
|
|
3,899 |
|
Loss on sales of assets and businesses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
|
(3 |
) |
Operating income (loss) |
|
248 |
|
|
|
159 |
|
|
|
135 |
|
|
|
114 |
|
|
|
(134 |
) |
|
|
522 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(97 |
) |
|
|
(41 |
) |
|
|
(35 |
) |
|
|
(66 |
) |
|
|
(83 |
) |
|
|
(322 |
) |
Other, net |
|
13 |
|
|
|
7 |
|
|
|
7 |
|
|
|
16 |
|
|
|
28 |
|
|
|
71 |
|
Total other (deductions) |
|
(84 |
) |
|
|
(34 |
) |
|
|
(28 |
) |
|
|
(50 |
) |
|
|
(55 |
) |
|
|
(251 |
) |
Income (loss) from continuing operations before income taxes |
|
164 |
|
|
|
125 |
|
|
|
107 |
|
|
|
64 |
|
|
|
(189 |
) |
|
|
271 |
|
Income taxes |
|
31 |
|
|
|
3 |
|
|
|
(10 |
) |
|
|
38 |
|
|
|
(100 |
) |
|
|
(38 |
) |
Net income (loss) from continuing operations after income taxes |
|
133 |
|
|
|
122 |
|
|
|
117 |
|
|
|
26 |
|
|
|
(89 |
) |
|
|
309 |
|
Net income from discontinued operations after income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
79 |
|
|
|
79 |
|
Net income (loss) |
|
133 |
|
|
|
122 |
|
|
|
117 |
|
|
|
26 |
|
|
|
(10 |
) |
|
|
388 |
|
Net loss attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
|
(3 |
) |
Net income (loss) attributable to common shareholders |
$ |
133 |
|
|
$ |
122 |
|
|
$ |
117 |
|
|
$ |
26 |
|
|
$ |
(7 |
) |
|
$ |
391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in Net income from continuing operations 2021 to 2022 |
$ |
78 |
|
|
$ |
(20 |
) |
|
$ |
(4 |
) |
|
$ |
64 |
|
|
$ |
5 |
|
|
$ |
123 |
|
Consolidating Statements of Operations (unaudited) (in millions) |
|||||||||||||||||||||||
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
5,761 |
|
|
$ |
3,903 |
|
|
$ |
3,895 |
|
|
$ |
5,565 |
|
|
$ |
(46 |
) |
|
$ |
19,078 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
1,109 |
|
|
|
1,535 |
|
|
|
1,567 |
|
|
|
2,164 |
|
|
|
(2 |
) |
|
|
6,373 |
|
Operating and maintenance |
|
1,412 |
|
|
|
992 |
|
|
|
877 |
|
|
|
1,157 |
|
|
|
235 |
|
|
|
4,673 |
|
Depreciation and amortization |
|
1,323 |
|
|
|
373 |
|
|
|
630 |
|
|
|
938 |
|
|
|
61 |
|
|
|
3,325 |
|
Taxes other than income taxes |
|
374 |
|
|
|
202 |
|
|
|
302 |
|
|
|
475 |
|
|
|
37 |
|
|
|
1,390 |
|
Total operating expenses |
|
4,218 |
|
|
|
3,102 |
|
|
|
3,376 |
|
|
|
4,734 |
|
|
|
331 |
|
|
|
15,761 |
|
Loss on sales of assets and businesses |
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
Operating income (loss) |
|
1,541 |
|
|
|
801 |
|
|
|
519 |
|
|
|
831 |
|
|
|
(377 |
) |
|
|
3,315 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(414 |
) |
|
|
(177 |
) |
|
|
(152 |
) |
|
|
(292 |
) |
|
|
(412 |
) |
|
|
(1,447 |
) |
Other, net |
|
54 |
|
|
|
31 |
|
|
|
21 |
|
|
|
78 |
|
|
|
351 |
|
|
|
535 |
|
Total other (deductions) |
|
(360 |
) |
|
|
(146 |
) |
|
|
(131 |
) |
|
|
(214 |
) |
|
|
(61 |
) |
|
|
(912 |
) |
Income (loss) from continuing operations before income taxes |
|
1,181 |
|
|
|
655 |
|
|
|
388 |
|
|
|
617 |
|
|
|
(438 |
) |
|
|
2,403 |
|
Income taxes |
|
264 |
|
|
|
79 |
|
|
|
8 |
|
|
|
9 |
|
|
|
(11 |
) |
|
|
349 |
|
Net income (loss) from continuing operations after income taxes |
|
917 |
|
|
|
576 |
|
|
|
380 |
|
|
|
608 |
|
|
|
(427 |
) |
|
|
2,054 |
|
Net income from discontinued operations after income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
117 |
|
|
|
117 |
|
Net income (loss) |
|
917 |
|
|
|
576 |
|
|
|
380 |
|
|
|
608 |
|
|
|
(310 |
) |
|
|
2,171 |
|
Net income attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Net income (loss) attributable to common shareholders |
$ |
917 |
|
|
$ |
576 |
|
|
$ |
380 |
|
|
$ |
608 |
|
|
$ |
(311 |
) |
|
$ |
2,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
6,406 |
|
|
$ |
3,198 |
|
|
$ |
3,341 |
|
|
$ |
5,041 |
|
|
$ |
(48 |
) |
|
$ |
17,938 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
2,271 |
|
|
|
1,081 |
|
|
|
1,175 |
|
|
|
1,857 |
|
|
|
1 |
|
|
|
6,385 |
|
Operating and maintenance |
|
1,355 |
|
|
|
934 |
|
|
|
811 |
|
|
|
1,104 |
|
|
|
343 |
|
|
|
4,547 |
|
Depreciation and amortization |
|
1,205 |
|
|
|
348 |
|
|
|
591 |
|
|
|
821 |
|
|
|
68 |
|
|
|
3,033 |
|
Taxes other than income taxes |
|
320 |
|
|
|
184 |
|
|
|
283 |
|
|
|
458 |
|
|
|
46 |
|
|
|
1,291 |
|
Total operating expenses |
|
5,151 |
|
|
|
2,547 |
|
|
|
2,860 |
|
|
|
4,240 |
|
|
|
458 |
|
|
|
15,256 |
|
Operating income (loss) |
|
1,255 |
|
|
|
651 |
|
|
|
481 |
|
|
|
801 |
|
|
|
(506 |
) |
|
|
2,682 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(389 |
) |
|
|
(161 |
) |
|
|
(138 |
) |
|
|
(267 |
) |
|
|
(334 |
) |
|
|
(1,289 |
) |
Other, net |
|
48 |
|
|
|
26 |
|
|
|
30 |
|
|
|
69 |
|
|
|
88 |
|
|
|
261 |
|
Total other (deductions) |
|
(341 |
) |
|
|
(135 |
) |
|
|
(108 |
) |
|
|
(198 |
) |
|
|
(246 |
) |
|
|
(1,028 |
) |
Income (loss) from continuing operations before income taxes |
|
914 |
|
|
|
516 |
|
|
|
373 |
|
|
|
603 |
|
|
|
(752 |
) |
|
|
1,654 |
|
Income taxes |
|
172 |
|
|
|
12 |
|
|
|
(35 |
) |
|
|
42 |
|
|
|
(153 |
) |
|
|
38 |
|
Net income (loss) from continuing operations after income taxes |
|
742 |
|
|
|
504 |
|
|
|
408 |
|
|
|
561 |
|
|
|
(599 |
) |
|
|
1,616 |
|
Net income from discontinued operations after income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
213 |
|
|
|
213 |
|
Net income (loss) |
|
742 |
|
|
|
504 |
|
|
|
408 |
|
|
|
561 |
|
|
|
(386 |
) |
|
|
1,829 |
|
Net income attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
123 |
|
|
|
123 |
|
Net income (loss) attributable to common shareholders |
$ |
742 |
|
|
$ |
504 |
|
|
$ |
408 |
|
|
$ |
561 |
|
|
$ |
(509 |
) |
|
$ |
1,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in Net income from continuing operations 2021 to 2022 |
$ |
175 |
|
|
$ |
72 |
|
|
$ |
(28 |
) |
|
$ |
47 |
|
|
$ |
172 |
|
|
$ |
438 |
|
__________
(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) |
||||||||
|
|
|
|
|
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
407 |
|
|
$ |
672 |
|
Restricted cash and cash equivalents |
|
|
566 |
|
|
|
321 |
|
Accounts receivable |
|
|
|
|
||||
Customer accounts receivable |
|
|
2,544 |
|
|
|
2,189 |
|
Customer allowance for credit losses |
|
|
(327 |
) |
|
|
(320 |
) |
Customer accounts receivable, net |
|
|
2,217 |
|
|
|
1,869 |
|
Other accounts receivable |
|
|
1,426 |
|
|
|
1,068 |
|
Other allowance for credit losses |
|
|
(82 |
) |
|
|
(72 |
) |
Other accounts receivable, net |
|
|
1,344 |
|
|
|
996 |
|
Inventories, net |
|
|
|
|
||||
Fossil fuel |
|
|
208 |
|
|
|
105 |
|
Materials and supplies |
|
|
547 |
|
|
|
476 |
|
Regulatory assets |
|
|
1,641 |
|
|
|
1,296 |
|
Other |
|
|
406 |
|
|
|
387 |
|
Current assets of discontinued operations |
|
|
— |
|
|
|
7,835 |
|
Total current assets |
|
|
7,336 |
|
|
|
13,957 |
|
Property, plant, and equipment, net |
|
|
69,076 |
|
|
|
64,558 |
|
Deferred debits and other assets |
|
|
|
|
||||
Regulatory assets |
|
|
8,037 |
|
|
|
8,224 |
|
|
|
|
6,630 |
|
|
|
6,630 |
|
Receivable related to Regulatory Agreement Units |
|
|
2,897 |
|
|
|
— |
|
Investments |
|
|
232 |
|
|
|
250 |
|
Other |
|
|
1,141 |
|
|
|
885 |
|
Property, plant, and equipment, deferred debits, and other assets of discontinued operations |
|
|
— |
|
|
|
38,509 |
|
Total deferred debits and other assets |
|
|
18,937 |
|
|
|
54,498 |
|
Total assets |
|
$ |
95,349 |
|
|
$ |
133,013 |
|
|
|
|
|
|
||||
|
|
|
|
|
||||
Liabilities and shareholders’ equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Short-term borrowings |
|
$ |
2,586 |
|
|
$ |
1,248 |
|
Long-term debt due within one year |
|
|
1,802 |
|
|
|
2,153 |
|
Accounts payable |
|
|
3,382 |
|
|
|
2,379 |
|
Accrued expenses |
|
|
1,226 |
|
|
|
1,137 |
|
Payables to affiliates |
|
|
5 |
|
|
|
5 |
|
Regulatory liabilities |
|
|
437 |
|
|
|
376 |
|
Mark-to-market derivative liabilities |
|
|
8 |
|
|
|
18 |
|
Unamortized energy contract liabilities |
|
|
10 |
|
|
|
89 |
|
Other |
|
|
1,155 |
|
|
|
766 |
|
Current liabilities of discontinued operations |
|
|
— |
|
|
|
7,940 |
|
Total current liabilities |
|
|
10,611 |
|
|
|
16,111 |
|
Long-term debt |
|
|
35,272 |
|
|
|
30,749 |
|
Long-term debt to financing trusts |
|
|
390 |
|
|
|
390 |
|
Deferred credits and other liabilities |
|
|
|
|
||||
Deferred income taxes and unamortized investment tax credits |
|
|
11,250 |
|
|
|
10,611 |
|
Regulatory liabilities |
|
|
9,112 |
|
|
|
9,628 |
|
Pension obligations |
|
|
1,109 |
|
|
|
2,051 |
|
Non-pension postretirement benefit obligations |
|
|
507 |
|
|
|
811 |
|
Asset retirement obligations |
|
|
269 |
|
|
|
271 |
|
Mark-to-market derivative liabilities |
|
|
83 |
|
|
|
201 |
|
Unamortized energy contract liabilities |
|
|
35 |
|
|
|
146 |
|
Other |
|
|
1,967 |
|
|
|
1,573 |
|
Long-term debt, deferred credits, and other liabilities of discontinued operations |
|
|
— |
|
|
|
25,676 |
|
Total deferred credits and other liabilities |
|
|
24,332 |
|
|
|
50,968 |
|
Total liabilities |
|
|
70,605 |
|
|
|
98,218 |
|
Commitments and contingencies |
|
|
|
|
||||
Shareholders’ equity |
|
|
|
|
||||
Common stock |
|
|
20,908 |
|
|
|
20,324 |
|
|
|
|
(123 |
) |
|
|
(123 |
) |
Retained earnings |
|
|
4,597 |
|
|
|
16,942 |
|
Accumulated other comprehensive loss, net |
|
|
(638 |
) |
|
|
(2,750 |
) |
Total shareholders’ equity |
|
|
24,744 |
|
|
|
34,393 |
|
Noncontrolling interests |
|
|
— |
|
|
|
402 |
|
Total equity |
|
|
24,744 |
|
|
|
34,795 |
|
Total liabilities and shareholders’ equity |
|
$ |
95,349 |
|
|
$ |
133,013 |
|
Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) |
||||||||
|
|
Twelve Months Ended |
||||||
|
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
|
||||
Net income |
|
$ |
2,171 |
|
|
$ |
1,829 |
|
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
|
||||
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization |
|
|
3,533 |
|
|
|
7,573 |
|
Asset impairments |
|
|
48 |
|
|
|
552 |
|
Gain on sales of assets and businesses |
|
|
(8 |
) |
|
|
(201 |
) |
Deferred income taxes and amortization of investment tax credits |
|
|
255 |
|
|
|
18 |
|
Net fair value changes related to derivatives |
|
|
(53 |
) |
|
|
(568 |
) |
Net realized and unrealized gains on NDT funds |
|
|
205 |
|
|
|
(586 |
) |
Net unrealized losses on equity investments |
|
|
16 |
|
|
|
160 |
|
Other non-cash operating activities |
|
|
370 |
|
|
|
(200 |
) |
Changes in assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(1,222 |
) |
|
|
(703 |
) |
Inventories |
|
|
(121 |
) |
|
|
(141 |
) |
Accounts payable and accrued expenses |
|
|
1,318 |
|
|
|
440 |
|
Option premiums paid, net |
|
|
(39 |
) |
|
|
(338 |
) |
Collateral received (posted), net |
|
|
1,248 |
|
|
|
(74 |
) |
Income taxes |
|
|
(4 |
) |
|
|
327 |
|
Regulatory assets and liabilities, net |
|
|
(1,326 |
) |
|
|
(634 |
) |
Pension and non-pension postretirement benefit contributions |
|
|
(616 |
) |
|
|
(665 |
) |
Other assets and liabilities |
|
|
(905 |
) |
|
|
(3,777 |
) |
Net cash flows provided by operating activities |
|
|
4,870 |
|
|
|
3,012 |
|
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures |
|
|
(7,147 |
) |
|
|
(7,981 |
) |
Proceeds from NDT fund sales |
|
|
488 |
|
|
|
6,532 |
|
Investment in NDT funds |
|
|
(516 |
) |
|
|
(6,673 |
) |
Collection of DPP |
|
|
169 |
|
|
|
3,902 |
|
Proceeds from sales of assets and businesses |
|
|
16 |
|
|
|
877 |
|
Other investing activities |
|
|
— |
|
|
|
26 |
|
Net cash flows used in investing activities |
|
|
(6,990 |
) |
|
|
(3,317 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Changes in short-term borrowings |
|
|
986 |
|
|
|
269 |
|
Proceeds from short-term borrowings with maturities greater than 90 days |
|
|
1,300 |
|
|
|
1,380 |
|
Repayments on short-term borrowings with maturities greater than 90 days |
|
|
(1,500 |
) |
|
|
(350 |
) |
Issuance of long-term debt |
|
|
6,309 |
|
|
|
3,481 |
|
Retirement of long-term debt |
|
|
(2,073 |
) |
|
|
(1,640 |
) |
Issuance of common stock |
|
|
563 |
|
|
|
— |
|
Dividends paid on common stock |
|
|
(1,334 |
) |
|
|
(1,497 |
) |
Acquisition of CENG noncontrolling interest |
|
|
— |
|
|
|
(885 |
) |
Proceeds from employee stock plans |
|
|
36 |
|
|
|
80 |
|
Transfer of cash, restricted cash, and cash equivalents to Constellation |
|
|
(2,594 |
) |
|
|
— |
|
Other financing activities |
|
|
(102 |
) |
|
|
(80 |
) |
Net cash flows provided by financing activities |
|
|
1,591 |
|
|
|
758 |
|
(Decrease) increase in cash, restricted cash, and cash equivalents |
|
|
(529 |
) |
|
|
453 |
|
Cash, restricted cash, and cash equivalents at beginning of period |
|
|
1,619 |
|
|
|
1,166 |
|
Cash, restricted cash, and cash equivalents at end of period |
|
$ |
1,090 |
|
|
$ |
1,619 |
|
Exelon Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended (unaudited) (in millions, except per share data) |
|||||||||||||||||||||||||||
|
Exelon Earnings per Diluted Share |
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||||
2021 GAAP Net Income (Loss) from Continuing Operations |
$ |
0.31 |
|
|
$ |
133 |
|
|
$ |
122 |
|
|
$ |
117 |
|
|
$ |
26 |
|
|
$ |
(89 |
) |
|
$ |
309 |
|
COVID-19 Direct Costs (net of taxes of |
|
0.01 |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
3 |
|
|
|
7 |
|
ERP System Implementation Costs (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
3 |
|
Separation Costs (net of taxes of |
|
0.03 |
|
|
|
5 |
|
|
|
2 |
|
|
|
3 |
|
|
|
4 |
|
|
|
13 |
|
|
|
27 |
|
Income Tax-Related Adjustments (entire amount represents tax (expense) (4) |
|
0.04 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
32 |
|
|
|
7 |
|
|
|
39 |
|
2021 Adjusted (non-GAAP) Operating Earnings (Loss) |
$ |
0.39 |
|
|
$ |
138 |
|
|
$ |
125 |
|
|
$ |
121 |
|
|
$ |
64 |
|
|
$ |
(63 |
) |
|
$ |
385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: |
|||||||||||||||||||||||||||
Weather |
$ |
0.02 |
|
|
$ |
— |
|
(b) |
$ |
18 |
|
|
$ |
— |
|
(b) |
$ |
2 |
|
(b) |
$ |
— |
|
|
$ |
20 |
|
Load |
|
— |
|
|
|
— |
|
(b) |
|
(4 |
) |
|
|
— |
|
(b) |
|
— |
|
(b) |
|
— |
|
|
|
(4 |
) |
Distribution and Transmission Rates (6) |
|
0.10 |
|
|
|
46 |
|
(c) |
|
21 |
|
(c) |
|
9 |
|
(c) |
|
19 |
|
(c) |
|
— |
|
|
|
95 |
|
Other Energy Delivery (7) |
|
0.09 |
|
|
|
50 |
|
(c) |
|
16 |
|
(c) |
|
8 |
|
(c) |
|
16 |
|
(c) |
|
— |
|
|
|
90 |
|
Operating and Maintenance Expense (8) |
|
(0.08 |
) |
|
|
3 |
|
|
|
(51 |
) |
|
|
(7 |
) |
|
|
9 |
|
|
|
(37 |
) |
|
|
(83 |
) |
Pension and Non-Pension Postretirement Benefits |
|
0.02 |
|
|
|
6 |
|
|
|
2 |
|
|
|
2 |
|
|
|
— |
|
|
|
7 |
|
|
|
17 |
|
Depreciation and Amortization Expense (9) |
|
(0.05 |
) |
|
|
(22 |
) |
|
|
(5 |
) |
|
|
(3 |
) |
|
|
(24 |
) |
|
|
1 |
|
|
|
(53 |
) |
Other (10) |
|
(0.05 |
) |
|
|
(10 |
) |
|
|
(20 |
) |
|
|
(16 |
) |
|
|
4 |
|
|
|
3 |
|
|
|
(39 |
) |
Share Differential (11) |
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings |
$ |
0.04 |
|
|
$ |
73 |
|
|
$ |
(23 |
) |
|
$ |
(7 |
) |
|
$ |
26 |
|
|
$ |
(26 |
) |
|
$ |
43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2022 GAAP Net Income (Loss) from Continuing Operations |
$ |
0.43 |
|
|
$ |
211 |
|
|
$ |
102 |
|
|
$ |
113 |
|
|
$ |
90 |
|
|
$ |
(84 |
) |
|
$ |
432 |
|
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
4 |
|
Asset Impairments (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Separation Costs (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
Income Tax-Related Adjustments (entire amount represents tax expense) (4) |
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8 |
) |
|
|
(8 |
) |
2022 Adjusted (non-GAAP) Operating Earnings (Loss) |
$ |
0.43 |
|
|
$ |
211 |
|
|
$ |
102 |
|
|
$ |
114 |
|
|
$ |
90 |
|
|
$ |
(89 |
) |
|
$ |
428 |
|
Note:
|
|
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
(b) |
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. |
(c) |
For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). |
(1) |
Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense. |
(2) |
Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense. |
(3) |
Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense. |
(4) |
In 2021, for PHI, primarily reflects the recognition of a valuation allowance against a deferred tax asset associated with |
(5) |
Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expense. |
(6) |
For ComEd, reflects increased distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution rate increases. |
(7) |
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and increased revenues collected related to the Energy Transition Assistance Charge rider that are offset in Other. 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. |
(8) |
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects the absence of the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement. For PECO, includes higher contracting costs, an increase in charitable contributions, and an increase in credit loss expense. For BGE, primarily reflects an increase in charitable contributions. For PHI, primarily reflects lower contracting costs partially due to timing of maintenance projects. For Corporate, primarily reflects two offsetting items: 1) lower BSC costs that were historically allocated to Generation but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA). For Corporate, also reflects an increase in charitable contributions. |
(9) |
Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs. For PHI, also 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. |
(10) |
For ComEd, includes an increase in taxes related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For PECO, includes an increase in interest expense. For PHI, reflects the timing of tax expense driven by the timing of excess deferred tax amortization, which reversed at year-end. For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the |
(11) |
Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the |
Exelon Reconciliation of GAAP Net Income (Loss) from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Twelve Months Ended (unaudited) (in millions, except per share data) |
|||||||||||||||||||||||||||
|
Exelon Earnings per Diluted Share |
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||||
2021 GAAP Net Income (Loss) from Continuing Operations |
$ |
1.65 |
|
|
$ |
742 |
|
|
$ |
504 |
|
|
$ |
408 |
|
|
$ |
561 |
|
|
$ |
(599 |
) |
|
$ |
1,616 |
|
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
4 |
|
Cost Management Program (net of taxes of |
|
0.01 |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
3 |
|
|
|
6 |
|
COVID-19 Direct Costs (net of taxes of |
|
0.01 |
|
|
|
— |
|
|
|
4 |
|
|
|
3 |
|
|
|
4 |
|
|
|
3 |
|
|
|
14 |
|
Asset Retirement Obligation (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
Acquisition Related Costs (net of taxes of |
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15 |
|
|
|
15 |
|
ERP System Implementation Costs (net of taxes of |
|
0.01 |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
10 |
|
|
|
13 |
|
Separation Costs (net of taxes of |
|
0.06 |
|
|
|
12 |
|
|
|
6 |
|
|
|
7 |
|
|
|
9 |
|
|
|
24 |
|
|
|
58 |
|
Income Tax-Related Adjustments (entire amount represents tax expense) (5) |
|
0.06 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
32 |
|
|
|
30 |
|
|
|
62 |
|
2021 Adjusted (non-GAAP) Operating Earnings (Loss) |
$ |
1.83 |
|
|
$ |
754 |
|
|
$ |
516 |
|
|
$ |
419 |
|
|
$ |
609 |
|
|
$ |
(507 |
) |
|
$ |
1,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Weather |
$ |
0.03 |
|
|
$ |
— |
|
(b) |
$ |
32 |
|
|
$ |
— |
|
(b) |
$ |
— |
|
(b) |
$ |
— |
|
|
$ |
32 |
|
Load |
|
(0.01 |
) |
|
|
— |
|
(b) |
|
(10 |
) |
|
|
— |
|
(b) |
|
(4 |
) |
(b) |
|
— |
|
|
|
(14 |
) |
Distribution and Transmission Rates (7) |
|
0.40 |
|
|
|
132 |
|
(c) |
|
122 |
|
(c) |
|
55 |
|
(c) |
|
87 |
|
(c) |
|
— |
|
|
|
396 |
|
Other Energy Delivery (8) |
|
0.40 |
|
|
|
238 |
|
(c) |
|
44 |
|
(c) |
|
37 |
|
(c) |
|
75 |
|
(c) |
|
— |
|
|
|
394 |
|
Operating and Maintenance Expense (9) |
|
(0.21 |
) |
|
|
(66 |
) |
|
|
(59 |
) |
|
|
(29 |
) |
|
|
(52 |
) |
|
|
(5 |
) |
|
|
(211 |
) |
Pension and Non-Pension Postretirement Benefits |
|
0.06 |
|
|
|
21 |
|
|
|
7 |
|
|
|
9 |
|
|
|
— |
|
|
|
18 |
|
|
|
55 |
|
Depreciation and Amortization Expense (10) |
|
(0.22 |
) |
|
|
(84 |
) |
|
|
(19 |
) |
|
|
(28 |
) |
|
|
(84 |
) |
|
|
1 |
|
|
|
(214 |
) |
Other (11) |
|
— |
|
|
|
(69 |
) |
|
|
(14 |
) |
|
|
(40 |
) |
|
|
(17 |
) |
|
|
150 |
|
|
|
10 |
|
Share Differential (12) |
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total Year Over Year Effects on Adjusted (non-GAAP) Operating Earnings |
$ |
0.44 |
|
|
$ |
172 |
|
|
$ |
103 |
|
|
$ |
4 |
|
|
$ |
5 |
|
|
$ |
164 |
|
|
$ |
448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2022 GAAP Net Income (Loss) from Continuing Operations |
$ |
2.08 |
|
|
$ |
917 |
|
|
$ |
576 |
|
|
$ |
380 |
|
|
$ |
608 |
|
|
$ |
(427 |
) |
|
$ |
2,054 |
|
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
4 |
|
Asset Retirement Obligation (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
— |
|
|
|
(4 |
) |
Asset Impairments (net of taxes of |
|
0.04 |
|
|
|
— |
|
|
|
— |
|
|
|
38 |
|
|
|
— |
|
|
|
— |
|
|
|
38 |
|
ERP System Implementation Costs (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Separation Costs (net of taxes of |
|
0.02 |
|
|
|
9 |
|
|
|
4 |
|
|
|
4 |
|
|
|
7 |
|
|
|
— |
|
|
|
24 |
|
Income Tax-Related Adjustments (entire amount represents tax expense) (5) |
|
0.12 |
|
|
|
— |
|
|
|
38 |
|
|
|
— |
|
|
|
3 |
|
|
|
81 |
|
|
|
122 |
|
2022 Adjusted (non-GAAP) Operating Earnings (Loss) |
$ |
2.27 |
|
|
$ |
926 |
|
|
$ |
619 |
|
|
$ |
423 |
|
|
$ |
614 |
|
|
$ |
(343 |
) |
|
$ |
2,239 |
|
|
|
Note:
|
|
|
|
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
(b) |
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. |
(c) |
For regulatory recovery mechanisms, including ComEd’s distribution formula rate and energy efficiency formula, ComEd, PECO, BGE, and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). |
(1) |
Represents direct costs related to COVID-19 consisting primarily of costs to acquire personal protective equipment, costs for cleaning supplies and services, and costs to hire healthcare professionals to monitor the health of employees, which are recorded in Operating and maintenance expense. |
(2) |
Reflects certain BSC costs related to the acquisition of |
(3) |
Reflects costs related to a multi-year Enterprise Resource Program (ERP) system implementation, which are recorded in Operating and maintenance expense. |
(4) |
Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense. |
(5) |
In 2021, for PHI, primarily reflects the recognition of a valuation allowance against a deferred tax asset associated with |
(6) |
Reflects costs related to the impairment of an office building at BGE, which are recorded in Operating and maintenance expense. |
(7) |
For ComEd, reflects increased distribution revenues due to higher allowed electric distribution ROE driven by an increase in treasury rates and higher rate base and increased transmission rates. For PECO, reflects increased revenue primarily due to distribution rate increases. For BGE, reflects increased revenue due to distribution and transmission rate increases. For PHI, reflects increased revenue primarily due to distribution rate increases. |
(8) |
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and increased revenues collected related to the Energy Transition Assistance Charge rider that are offset in Other. 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. |
(9) |
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects higher contracting costs. For PECO, primarily reflects an increase in charitable contributions, an increase in credit loss expense, an increase in contracting and materials costs, and an increase in other various expenses, partially offset by a decrease in storm costs. For BGE, reflects an increase in charitable contributions and an increase in credit loss expense, offset by a decrease in storm costs. For PHI, includes an increase in storm costs and an increase in credit loss expense. 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 (2022 includes one month of costs for the period prior to the separation compared to twelve months of costs included in 2021) and 2) an increase in Operating and maintenance expense with an offsetting increase in other income for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA). For Corporate, also reflects an increase in charitable contributions. |
(10) |
Reflects ongoing capital expenditures across all utilities. For ComEd, also reflects increased amortization of deferred energy efficiency costs. For PHI, includes the regulatory asset amortization of the ACE Purchase Power Agreement termination obligation recorded in the first quarter of 2022, which is fully recoverable in Other Energy Delivery. |
(11) |
For ComEd, includes an increase in taxes related to the Energy Transition Assistance Charge rider which are fully recoverable in Other Energy Delivery. For PECO, includes an increase in tax repairs deduction, offset by an increase in interest expense. For BGE and PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an increase in other income for costs billed to Constellation for services provided by Exelon through the |
(12) |
Reflects the impact on earnings per share due to the increase in Exelon's average diluted common shares outstanding as a result of the |
ComEd Statistics
Three Months Ended |
||||||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather -
|
|
2022 |
|
2021 |
|
% Change |
|||||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
5,984 |
|
6,116 |
|
(2.2 |
)% |
|
(4.1 |
)% |
|
$ |
695 |
|
|
$ |
754 |
|
(7.8 |
)% |
|||
Small commercial & industrial |
7,061 |
|
7,097 |
|
(0.5 |
)% |
|
(1.7 |
)% |
|
|
220 |
|
|
|
395 |
|
(44.3 |
)% |
|||
Large commercial & industrial |
6,543 |
|
6,464 |
|
1.2 |
% |
|
0.7 |
% |
|
|
(43 |
) |
|
|
139 |
|
(130.9 |
)% |
|||
Public authorities & electric railroads |
250 |
|
242 |
|
3.3 |
% |
|
1.3 |
% |
|
|
7 |
|
|
|
12 |
|
(41.7 |
)% |
|||
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
237 |
|
|
|
250 |
|
(5.2 |
)% |
|||
Total electric revenues(c) |
19,838 |
|
19,919 |
|
(0.4 |
)% |
|
(1.6 |
)% |
|
|
1,116 |
|
|
|
1,550 |
|
(28.0 |
)% |
|||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
110 |
|
|
|
16 |
|
587.5 |
% |
|||||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
1,226 |
|
|
$ |
1,566 |
|
(21.7 |
)% |
|||||
|
|
|
|
|
|
|
|
|
$ |
68 |
|
|
$ |
544 |
|
(87.5 |
)% |
|||||
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
|||||
Heating Degree-Days |
2,091 |
|
1,783 |
|
2,139 |
|
17.3 |
% |
|
(2.2 |
)% |
|||
Cooling Degree-Days |
19 |
|
59 |
|
14 |
|
(67.8 |
)% |
|
35.7 |
% |
|||
Twelve Months Ended |
||||||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather - Normal % Change |
|
2022 |
|
2021 |
|
% Change |
|||||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
27,819 |
|
28,344 |
|
(1.9 |
)% |
|
(1.2 |
)% |
|
$ |
3,304 |
|
$ |
3,233 |
|
2.2 |
% |
||||
Small commercial & industrial |
29,766 |
|
29,707 |
|
0.2 |
% |
|
— |
% |
|
|
1,173 |
|
|
1,571 |
|
(25.3 |
)% |
||||
Large commercial & industrial |
26,904 |
|
26,420 |
|
1.8 |
% |
|
1.9 |
% |
|
|
5 |
|
|
559 |
|
(99.1 |
) % |
||||
Public authorities & electric railroads |
909 |
|
940 |
|
(3.3 |
)% |
|
(3.7 |
)% |
|
|
29 |
|
|
45 |
|
(35.6 |
)% |
||||
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
955 |
|
|
926 |
|
3.1 |
% |
||||
Total electric revenues(c) |
85,398 |
|
85,411 |
|
— |
% |
|
0.2 |
% |
|
|
5,466 |
|
|
6,334 |
|
(13.7 |
)% |
||||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
295 |
|
|
72 |
|
309.7 |
% |
||||||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
5,761 |
|
$ |
6,406 |
|
(10.1 |
)% |
||||||
|
|
|
|
|
|
|
|
|
$ |
1,109 |
|
$ |
2,271 |
|
(51.2 |
)% |
||||||
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
Normal |
|
From 2021 |
|
From Normal |
||||||
Heating Degree-Days |
6,044 |
|
5,415 |
6,000 |
|
11.6 |
% |
|
0.7 |
% |
||||
Cooling Degree-Days |
1,174 |
|
1,316 |
1,002 |
|
(10.8 |
)% |
|
17.2 |
% |
||||
Number of Electric Customers |
2022 |
|
2021 |
||
Residential |
3,723,282 |
|
3,708,729 |
||
Small commercial & industrial |
391,298 |
|
390,546 |
||
Large commercial & industrial |
1,890 |
|
1,870 |
||
Public authorities & electric railroads |
4,858 |
|
4,832 |
||
Total |
4,121,328 |
|
4,105,977 |
||
__________
(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 |
||||||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather- Normal % Change |
|
2022 |
|
2021 |
|
% Change |
|||||||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
3,175 |
|
3,061 |
|
3.7 |
% |
|
(1.2 |
)% |
|
$ |
488 |
|
$ |
379 |
|
28.8 |
% |
||||
Small commercial & industrial |
1,812 |
|
1,801 |
|
0.6 |
% |
|
(0.8 |
)% |
|
|
135 |
|
|
110 |
|
22.7 |
% |
||||
Large commercial & industrial |
3,355 |
|
3,376 |
|
(0.6 |
)% |
|
(0.2 |
)% |
|
|
70 |
|
|
60 |
|
16.7 |
% |
||||
Public authorities & electric railroads |
149 |
|
134 |
|
11.2 |
% |
|
10.9 |
% |
|
|
7 |
|
|
7 |
|
— |
% |
||||
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
69 |
|
|
62 |
|
11.3 |
% |
||||
Total electric revenues(c) |
8,491 |
|
8,372 |
|
1.4 |
% |
|
(0.5 |
)% |
|
|
769 |
|
|
618 |
|
24.4 |
% |
||||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
6 |
|
|
7 |
|
(14.3 |
)% |
||||||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
775 |
|
|
625 |
|
24.0 |
% |
||||||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
13,895 |
|
11,635 |
|
19.4 |
% |
|
0.6 |
% |
|
|
177 |
|
|
121 |
|
46.3 |
% |
||||
Small commercial & industrial |
7,211 |
|
6,144 |
|
17.4 |
% |
|
0.6 |
% |
|
|
61 |
|
|
42 |
|
45.2 |
% |
||||
Large commercial & industrial |
11 |
|
21 |
|
(47.6 |
)% |
|
8.1 |
% |
|
|
— |
|
|
— |
|
n/a |
|
||||
Transportation |
6,503 |
|
6,607 |
|
(1.6 |
)% |
|
(4.6 |
)% |
|
|
7 |
|
|
7 |
|
— |
% |
||||
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
5 |
|
|
3 |
|
66.7 |
% |
||||
Total natural gas revenues(g) |
27,620 |
|
24,407 |
|
13.2 |
% |
|
(0.6 |
)% |
|
|
250 |
|
|
173 |
|
44.5 |
% |
||||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
1 |
|
|
— |
|
100.0 |
% |
||||||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
251 |
|
|
173 |
|
45.1 |
% |
||||||
|
|
|
|
|
|
$ |
1,026 |
|
$ |
798 |
|
28.6 |
% |
|||||||||
|
|
|
|
|
|
|
|
|
$ |
442 |
|
$ |
282 |
|
56.7 |
% |
||||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
|||||
Heating Degree-Days |
1,503 |
|
1,236 |
|
1,544 |
|
21.6 |
% |
|
(2.7 |
)% |
|||
Cooling Degree-Days |
18 |
|
69 |
|
30 |
|
(73.9 |
)% |
|
(40.0 |
)% |
|||
Twelve Months Ended |
||||||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather- Normal % Change |
|
2022 |
|
2021 |
|
% Change |
|||||||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
14,379 |
|
14,262 |
|
0.8 |
% |
|
(1.8 |
)% |
|
$ |
2,026 |
|
$ |
1,704 |
|
18.9 |
% |
||||
Small commercial & industrial |
7,701 |
|
7,597 |
|
1.4 |
% |
|
0.4 |
% |
|
|
521 |
|
|
422 |
|
23.5 |
% |
||||
Large commercial & industrial |
14,046 |
|
14,003 |
|
0.3 |
% |
|
— |
% |
|
|
299 |
|
|
243 |
|
23.0 |
% |
||||
Public authorities & electric railroads |
638 |
|
559 |
|
14.1 |
% |
|
14.1 |
% |
|
|
30 |
|
|
31 |
|
(3.2 |
)% |
||||
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
271 |
|
|
229 |
|
18.3 |
% |
||||
Total electric revenues(c) |
36,764 |
|
36,421 |
|
0.9 |
% |
|
(0.4 |
)% |
|
|
3,147 |
|
|
2,629 |
|
19.7 |
% |
||||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
18 |
|
|
30 |
|
(40.0 |
)% |
||||||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
3,165 |
|
|
2,659 |
|
19.0 |
% |
||||||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
42,135 |
|
39,580 |
|
6.5 |
% |
|
3.0 |
% |
|
|
512 |
|
|
372 |
|
37.6 |
% |
||||
Small commercial & industrial |
23,449 |
|
21,361 |
|
9.8 |
% |
|
6.0 |
% |
|
|
186 |
|
|
136 |
|
36.8 |
% |
||||
Large commercial & industrial |
31 |
|
34 |
|
(8.8 |
)% |
|
12.3 |
% |
|
|
— |
|
|
— |
|
n/a |
|
||||
Transportation |
25,011 |
|
25,081 |
|
(0.3 |
)% |
|
(1.8 |
)% |
|
|
26 |
|
|
24 |
|
8.3 |
% |
||||
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
12 |
|
|
7 |
|
71.4 |
% |
||||
Total natural gas revenues(g) |
90,626 |
|
86,056 |
|
5.3 |
% |
|
2.4 |
% |
|
|
736 |
|
|
539 |
|
36.5 |
% |
||||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
2 |
|
|
— |
|
100.0 |
% |
||||||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
738 |
|
|
539 |
|
36.9 |
% |
||||||
|
|
|
|
|
|
$ |
3,903 |
|
$ |
3,198 |
|
22.0 |
% |
|||||||||
|
|
|
|
|
|
|
|
|
$ |
1,535 |
|
$ |
1,081 |
|
42.0 |
% |
||||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
|||||
Heating Degree-Days |
4,135 |
|
3,946 |
|
4,408 |
|
4.8 |
% |
|
(6.2 |
)% |
|||
Cooling Degree-Days |
1,743 |
|
1,586 |
|
1,443 |
|
9.9 |
% |
|
20.8 |
% |
|||
Number of Electric Customers |
2022 |
|
2021 |
|
Number of Natural Gas Customers |
2022 |
|
2021 |
||||
Residential |
1,525,635 |
|
1,517,806 |
|
Residential |
502,944 |
|
497,873 |
||||
Small commercial & industrial |
155,576 |
|
155,308 |
|
Small commercial & industrial |
44,957 |
|
44,815 |
||||
Large commercial & industrial |
3,121 |
|
3,107 |
|
Large commercial & industrial |
9 |
|
6 |
||||
Public authorities & electric railroads |
10,393 |
|
10,306 |
|
Transportation |
655 |
|
670 |
||||
Total |
1,694,725 |
|
1,686,527 |
|
Total |
548,565 |
|
543,364 |
||||
__________
(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 less than |
BGE Statistics
Three Months Ended |
||||||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather- Normal % Change |
|
2022 |
|
2021 |
|
% Change |
|||||||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
3,038 |
|
2,862 |
|
6.1 |
% |
|
(0.9 |
)% |
|
$ |
406 |
|
|
$ |
330 |
|
23.0 |
% |
|||
Small commercial & industrial |
655 |
|
641 |
|
2.2 |
% |
|
(0.8 |
)% |
|
|
88 |
|
|
|
65 |
|
35.4 |
% |
|||
Large commercial & industrial |
3,123 |
|
3,155 |
|
(1.0 |
)% |
|
(0.5 |
)% |
|
|
148 |
|
|
|
118 |
|
25.4 |
% |
|||
Public authorities & electric railroads |
49 |
|
55 |
|
(10.9 |
)% |
|
(8.8 |
)% |
|
|
7 |
|
|
|
7 |
|
— |
% |
|||
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
101 |
|
|
|
102 |
|
(1.0 |
)% |
|||
Total electric revenues(c) |
6,865 |
|
6,713 |
|
2.3 |
% |
|
(0.8 |
)% |
|
|
750 |
|
|
|
622 |
|
20.6 |
% |
|||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(1 |
) |
|
|
17 |
|
(105.9 |
)% |
|||||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
749 |
|
|
|
639 |
|
17.2 |
% |
|||||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
13,569 |
|
10,961 |
|
23.8 |
% |
|
2.6 |
% |
|
|
229 |
|
|
|
164 |
|
39.6 |
% |
|||
Small commercial & industrial |
2,999 |
|
2,427 |
|
23.6 |
% |
|
8.4 |
% |
|
|
35 |
|
|
|
24 |
|
45.8 |
% |
|||
Large commercial & industrial |
11,777 |
|
10,962 |
|
7.4 |
% |
|
1.1 |
% |
|
|
55 |
|
|
|
44 |
|
25.0 |
% |
|||
Other(f) |
1,735 |
|
4,079 |
|
(57.5 |
)% |
|
n/a |
|
|
|
20 |
|
|
|
27 |
|
(25.9 |
)% |
|||
Total natural gas revenues(g) |
30,080 |
|
28,429 |
|
5.8 |
% |
|
2.5 |
% |
|
|
339 |
|
|
|
259 |
|
30.9 |
% |
|||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(2 |
) |
|
|
17 |
|
(111.8 |
)% |
|||||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
337 |
|
|
|
276 |
|
22.1 |
% |
|||||
|
|
|
|
|
|
$ |
1,086 |
|
|
$ |
915 |
|
18.7 |
% |
||||||||
|
|
|
|
|
|
|
|
|
$ |
474 |
|
|
$ |
336 |
|
41.1 |
% |
|||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
|||||
Heating Degree-Days |
1,595 |
|
1,290 |
|
1,646 |
|
23.6 |
% |
|
(3.1 |
)% |
|||
Cooling Degree-Days |
20 |
|
59 |
|
28 |
|
(66.1 |
)% |
|
(28.6 |
)% |
|||
Twelve Months Ended |
||||||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather- Normal % Change |
|
2022 |
|
2021 |
|
% Change |
|||||||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
13,024 |
|
12,908 |
|
0.9 |
% |
|
(0.6 |
)% |
|
$ |
1,564 |
|
|
$ |
1,375 |
|
13.7 |
% |
|||
Small commercial & industrial |
2,781 |
|
2,770 |
|
0.4 |
% |
|
— |
% |
|
|
327 |
|
|
|
267 |
|
22.5 |
% |
|||
Large commercial & industrial |
13,213 |
|
13,209 |
|
— |
% |
|
0.5 |
% |
|
|
567 |
|
|
|
459 |
|
23.5 |
% |
|||
Public authorities & electric railroads |
201 |
|
204 |
|
(1.5 |
)% |
|
(0.5 |
)% |
|
|
27 |
|
|
|
27 |
|
— |
% |
|||
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
398 |
|
|
|
371 |
|
7.3 |
% |
|||
Total electric revenues(c) |
29,219 |
|
29,091 |
|
0.4 |
% |
|
(0.1 |
)% |
|
|
2,883 |
|
|
|
2,499 |
|
15.4 |
% |
|||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(12 |
) |
|
|
6 |
|
(300.0 |
)% |
|||||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
2,871 |
|
|
|
2,505 |
|
14.6 |
% |
|||||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
41,951 |
|
36,719 |
|
14.2 |
% |
|
5.5 |
% |
|
|
678 |
|
|
|
518 |
|
30.9 |
% |
|||
Small commercial & industrial |
9,894 |
|
8,654 |
|
14.3 |
% |
|
7.3 |
% |
|
|
111 |
|
|
|
83 |
|
33.7 |
% |
|||
Large commercial & industrial |
43,631 |
|
40,521 |
|
7.7 |
% |
|
5.7 |
% |
|
|
183 |
|
|
|
147 |
|
24.5 |
% |
|||
Other(f) |
7,206 |
|
13,203 |
|
(45.4 |
)% |
|
n/a |
|
|
|
68 |
|
|
|
68 |
|
— |
% |
|||
Total natural gas revenues(g) |
102,682 |
|
99,097 |
|
3.6 |
% |
|
5.8 |
% |
|
|
1,040 |
|
|
|
816 |
|
27.5 |
% |
|||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(16 |
) |
|
|
20 |
|
(180.0 |
)% |
|||||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
1,024 |
|
|
|
836 |
|
22.5 |
% |
|||||
|
|
|
|
|
|
$ |
3,895 |
|
|
$ |
3,341 |
|
16.6 |
% |
||||||||
|
|
|
|
|
|
|
|
|
$ |
1,567 |
|
|
$ |
1,175 |
|
33.4 |
% |
|||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
|||||
Heating Degree-Days |
4,333 |
|
3,998 |
|
4,604 |
|
8.4 |
% |
|
(5.9 |
)% |
|||
Cooling Degree-Days |
1,010 |
|
1,097 |
|
900 |
|
(7.9 |
)% |
|
12.2 |
% |
|||
Number of Electric Customers |
2022 |
|
2021 |
|
Number of Natural Gas Customers |
2022 |
|
2021 |
||||
Residential |
1,204,429 |
|
1,195,929 |
|
Residential |
655,373 |
|
651,589 |
||||
Small commercial & industrial |
115,524 |
|
115,049 |
|
Small commercial & industrial |
38,207 |
|
38,300 |
||||
Large commercial & industrial |
12,839 |
|
12,637 |
|
Large commercial & industrial |
6,233 |
|
6,179 |
||||
Public authorities & electric railroads |
266 |
|
268 |
|
Total |
699,813 |
|
696,068 |
||||
Total |
1,333,058 |
|
1,323,883 |
|
|
|
|
|
||||
__________
(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 |
||||||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather- Normal % Change |
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
1,772 |
|
1,789 |
|
(1.0 |
)% |
|
(3.2 |
)% |
|
$ |
250 |
|
|
$ |
218 |
|
|
14.7 |
% |
||
Small commercial & industrial |
258 |
|
253 |
|
2.0 |
% |
|
0.2 |
% |
|
|
38 |
|
|
|
34 |
|
|
11.8 |
% |
||
Large commercial & industrial |
3,298 |
|
3,320 |
|
(0.7 |
)% |
|
(0.4 |
) % |
|
|
277 |
|
|
|
229 |
|
|
21.0 |
% |
||
Public authorities & electric railroads |
166 |
|
111 |
|
49.5 |
% |
|
49.5 |
% |
|
|
9 |
|
|
|
7 |
|
|
28.6 |
% |
||
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
51 |
|
|
|
51 |
|
|
— |
% |
||
Total electric revenues(c) |
5,494 |
|
5,473 |
|
0.4 |
% |
|
(0.3 |
)% |
|
|
625 |
|
|
|
539 |
|
|
16.0 |
% |
||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(13 |
) |
|
|
(1 |
) |
|
1,200.0 |
% |
||||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
612 |
|
|
$ |
538 |
|
|
13.8 |
% |
||||
|
|
|
|
|
|
|
|
|
$ |
228 |
|
|
$ |
153 |
|
|
49.0 |
% |
||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
|||||
Heating Degree-Days |
1,376 |
|
1,111 |
|
1,341 |
|
23.9 |
% |
|
2.6 |
% |
|||
Cooling Degree-Days |
25 |
|
94 |
|
53 |
|
(73.4 |
)% |
|
(52.8 |
)% |
|||
Twelve Months Ended |
||||||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather- Normal % Change |
|
2022 |
|
2021 |
|
% Change |
|||||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
8,162 |
|
8,284 |
|
(1.5 |
)% |
|
(1.9 |
)% |
|
$ |
1,076 |
|
|
$ |
1,003 |
|
7.3 |
% |
|||
Small commercial & industrial |
1,113 |
|
1,137 |
|
(2.1 |
)% |
|
(2.6 |
)% |
|
|
155 |
|
|
|
135 |
|
14.8 |
% |
|||
Large commercial & industrial |
13,797 |
|
13,411 |
|
2.9 |
% |
|
2.8 |
% |
|
|
1,083 |
|
|
|
844 |
|
28.3 |
% |
|||
Public authorities & electric railroads |
617 |
|
617 |
|
— |
% |
|
0.1 |
% |
|
|
34 |
|
|
|
31 |
|
9.7 |
% |
|||
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
208 |
|
|
|
205 |
|
1.5 |
% |
|||
Total electric revenues(c) |
23,689 |
|
23,449 |
|
1.0 |
% |
|
0.8 |
% |
|
|
2,556 |
|
|
|
2,218 |
|
15.2 |
% |
|||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(25 |
) |
|
|
56 |
|
(144.6 |
)% |
|||||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
2,531 |
|
|
$ |
2,274 |
|
11.3 |
% |
|||||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
834 |
|
|
$ |
624 |
|
33.7 |
% |
|||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
|||||
Heating Degree-Days |
3,732 |
|
3,454 |
|
3,770 |
|
8.0 |
% |
|
(1.0 |
)% |
|||
Cooling Degree-Days |
1,746 |
|
1,817 |
|
1,749 |
|
(3.9 |
)% |
|
(0.2 |
)% |
|||
Number of Electric Customers |
2022 |
|
2021 |
||
Residential |
856,037 |
|
841,831 |
||
Small commercial & industrial |
54,339 |
|
54,216 |
||
Large commercial & industrial |
22,841 |
|
22,568 |
||
Public authorities & electric railroads |
197 |
|
181 |
||
Total |
933,414 |
|
918,796 |
||
__________
(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 |
(d) |
Includes alternative revenue programs and late payment charge revenues. |
DPL Statistics Three Months Ended December 31, 2022 and 2021 |
||||||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather - Normal % Change |
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
1,189 |
|
1,168 |
|
1.8 |
% |
|
(2.4 |
)% |
|
$ |
180 |
|
|
$ |
158 |
|
|
13.9 |
% |
||
Small commercial & industrial |
553 |
|
553 |
|
— |
% |
|
(0.9 |
)% |
|
|
63 |
|
|
|
48 |
|
|
31.3 |
% |
||
Large commercial & industrial |
1,043 |
|
1,061 |
|
(1.7 |
)% |
|
(1.4 |
)% |
|
|
37 |
|
|
|
24 |
|
|
54.2 |
% |
||
Public authorities & electric railroads |
11 |
|
11 |
|
— |
% |
|
1.5 |
% |
|
|
4 |
|
|
|
4 |
|
|
— |
% |
||
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
60 |
|
|
|
57 |
|
|
5.3 |
% |
||
Total electric revenues(c) |
2,796 |
|
2,793 |
|
0.1 |
% |
|
(1.7 |
)% |
|
|
344 |
|
|
|
291 |
|
|
18.2 |
% |
||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(5 |
) |
|
|
(1 |
) |
|
400.0 |
% |
||||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
339 |
|
|
|
290 |
|
|
16.9 |
% |
||||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
2,899 |
|
2,408 |
|
20.4 |
% |
|
3.2 |
% |
|
|
49 |
|
|
|
30 |
|
|
63.3 |
% |
||
Small commercial & industrial |
1,294 |
|
1,100 |
|
17.6 |
% |
|
2.7 |
% |
|
|
20 |
|
|
|
13 |
|
|
53.8 |
% |
||
Large commercial & industrial |
438 |
|
432 |
|
1.4 |
% |
|
1.5 |
% |
|
|
3 |
|
|
|
2 |
|
|
50.0 |
% |
||
Transportation |
1,762 |
|
1,781 |
|
(1.1 |
)% |
|
(5.5 |
)% |
|
|
4 |
|
|
|
4 |
|
|
— |
% |
||
Other(g) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
4 |
|
|
|
1 |
|
|
300.0 |
% |
||
Total natural gas revenues |
6,393 |
|
5,721 |
|
11.7 |
% |
|
0.4 |
% |
|
|
80 |
|
|
|
50 |
|
|
60.0 |
% |
||
Other Revenues(f) |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
n/a |
|
||||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
80 |
|
|
|
50 |
|
|
60.0 |
% |
||||
Total Electric and Natural Gas Revenues |
|
|
|
|
|
$ |
419 |
|
|
$ |
340 |
|
|
23.2 |
% |
|||||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
199 |
|
|
$ |
137 |
|
|
45.3 |
% |
||||
Electric Service Territory |
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
|||||
Heating Degree-Days |
1,547 |
|
1,323 |
|
1,559 |
|
16.9 |
% |
|
(0.8 |
)% |
|||
Cooling Degree-Days |
13 |
|
56 |
|
35 |
|
(76.8 |
)% |
|
(62.9 |
)% |
|||
Natural Gas Service Territory |
|
|
|
|
|
|
% Change |
|||||||
Heating Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
|||||
Heating Degree-Days |
1,600 |
|
1,391 |
|
1,647 |
|
15.0 |
% |
|
(2.9 |
) % |
|||
Twelve Months Ended December 31, 2022 and 2021 |
||||||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather - Normal % Change |
|
2022 |
|
2021 |
|
% Change |
|||||||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
5,446 |
|
5,413 |
|
0.6 |
% |
|
(0.6 |
)% |
|
$ |
750 |
|
|
$ |
694 |
|
8.1 |
% |
|||
Small commercial & industrial |
2,362 |
|
2,340 |
|
0.9 |
% |
|
0.6 |
% |
|
|
235 |
|
|
|
193 |
|
21.8 |
% |
|||
Large commercial & industrial |
4,250 |
|
4,206 |
|
1.0 |
% |
|
1.1 |
% |
|
|
137 |
|
|
|
94 |
|
45.7 |
% |
|||
Public authorities & electric railroads |
44 |
|
45 |
|
(2.2 |
)% |
|
(3.1 |
)% |
|
|
15 |
|
|
|
14 |
|
7.1 |
% |
|||
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
227 |
|
|
|
201 |
|
12.9 |
% |
|||
Total rate-regulated electric revenues(c) |
12,102 |
|
12,004 |
|
0.8 |
% |
|
0.2 |
% |
|
|
1,364 |
|
|
|
1,196 |
|
14.0 |
% |
|||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(7 |
) |
|
|
16 |
|
(143.8 |
)% |
|||||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
1,357 |
|
|
|
1,212 |
|
12.0 |
% |
|||||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
8,709 |
|
7,914 |
|
10.0 |
% |
|
4.2 |
% |
|
|
127 |
|
|
|
97 |
|
30.9 |
% |
|||
Small commercial & industrial |
4,176 |
|
3,747 |
|
11.4 |
% |
|
7.0 |
% |
|
|
55 |
|
|
|
42 |
|
31.0 |
% |
|||
Large commercial & industrial |
1,697 |
|
1,679 |
|
1.1 |
% |
|
1.1 |
% |
|
|
12 |
|
|
|
7 |
|
71.4 |
% |
|||
Transportation |
6,696 |
|
6,778 |
|
(1.2 |
)% |
|
(2.3 |
)% |
|
|
15 |
|
|
|
14 |
|
7.1 |
% |
|||
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
29 |
|
|
|
8 |
|
262.5 |
% |
|||
Total rate-regulated natural gas revenues |
21,278 |
|
20,118 |
|
5.8 |
% |
|
2.4 |
% |
|
|
238 |
|
|
|
168 |
|
41.7 |
% |
|||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
n/a |
|
|||||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
238 |
|
|
|
168 |
|
41.7 |
% |
|||||
Total Electric and Natural Gas Revenues |
|
|
|
|
|
$ |
1,595 |
|
|
$ |
1,380 |
|
15.6 |
% |
||||||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
706 |
|
|
$ |
539 |
|
31.0 |
% |
|||||
Electric Service Territory |
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
|||||
Heating Degree-Days |
4,271 |
|
4,062 |
|
4,448 |
|
5.1 |
% |
|
(4.0 |
)% |
|||
Cooling Degree-Days |
1,405 |
|
1,432 |
|
1,295 |
|
(1.9 |
)% |
|
8.5 |
% |
|||
Natural Gas Service Territory |
|
|
|
|
|
|
% Change |
|||||||
Heating Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
|||||
Heating Degree-Days |
4,428 |
|
4,239 |
|
4,676 |
|
4.5 |
% |
|
(5.3 |
)% |
|||
Number of Electric Customers |
2022 |
|
2021 |
|
Number of Natural Gas Customers |
2022 |
|
2021 |
||||
Residential |
481,688 |
|
476,260 |
|
Residential |
129,502 |
|
128,121 |
||||
Small commercial & industrial |
63,738 |
|
63,195 |
|
Small commercial & industrial |
10,144 |
|
10,027 |
||||
Large commercial & industrial |
1,235 |
|
1,218 |
|
Large commercial & industrial |
17 |
|
20 |
||||
Public authorities & electric railroads |
597 |
|
604 |
|
Transportation |
156 |
|
158 |
||||
Total |
547,258 |
|
541,277 |
|
Total |
139,819 |
|
138,326 |
||||
__________
(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 December 31, 2022 and 2021 |
||||||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather - Normal % Change |
|
2022 |
|
2021 |
|
% Change |
|||||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
838 |
|
777 |
|
7.9 |
% |
|
7.4 |
% |
|
$ |
152 |
|
|
$ |
141 |
|
7.8 |
% |
|||
Small commercial & industrial |
320 |
|
336 |
|
(4.8 |
)% |
|
(5.5 |
)% |
|
|
47 |
|
|
|
47 |
|
— |
% |
|||
Large commercial & industrial |
707 |
|
795 |
|
(11.1 |
)% |
|
(11.2 |
)% |
|
|
50 |
|
|
|
46 |
|
8.7 |
% |
|||
Public authorities & electric railroads |
13 |
|
13 |
|
— |
% |
|
6.5 |
% |
|
|
4 |
|
|
|
3 |
|
33.3 |
% |
|||
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
63 |
|
|
|
71 |
|
(11.3 |
)% |
|||
Total electric revenues(c) |
1,878 |
|
1,921 |
|
(2.2 |
)% |
|
(2.5 |
)% |
|
|
316 |
|
|
|
308 |
|
2.6 |
% |
|||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(5 |
) |
|
|
1 |
|
(600.0 |
)% |
|||||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
311 |
|
|
$ |
309 |
|
0.6 |
% |
|||||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
127 |
|
|
$ |
154 |
|
(17.5 |
)% |
|||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
|||||
Heating Degree-Days |
1,623 |
|
1,373 |
|
1,565 |
|
18.2 |
% |
|
3.7 |
% |
|||
Cooling Degree-Days |
12 |
|
38 |
|
32 |
|
(68.4 |
)% |
|
(62.5 |
)% |
|||
Twelve Months Ended December 31, 2022 and 2021 |
||||||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
Weather - Normal % Change |
|
2022 |
|
2021 |
|
% Change |
|||||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential |
4,131 |
|
4,220 |
|
(2.1 |
)% |
|
(2.4 |
)% |
|
$ |
764 |
|
|
$ |
744 |
|
2.7 |
% |
|||
Small commercial & industrial |
1,499 |
|
1,409 |
|
6.4 |
% |
|
6.2 |
% |
|
|
217 |
|
|
|
193 |
|
12.4 |
% |
|||
Large commercial & industrial |
3,103 |
|
3,146 |
|
(1.4 |
)% |
|
(1.5 |
)% |
|
|
202 |
|
|
|
185 |
|
9.2 |
% |
|||
Public authorities & electric railroads |
47 |
|
46 |
|
2.2 |
% |
|
1.8 |
% |
|
|
15 |
|
|
|
13 |
|
15.4 |
% |
|||
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
252 |
|
|
|
229 |
|
10.0 |
% |
|||
Total electric revenues(c) |
8,780 |
|
8,821 |
|
(0.5 |
)% |
|
(0.7 |
)% |
|
|
1,450 |
|
|
|
1,364 |
|
6.3 |
% |
|||
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(19 |
) |
|
|
24 |
|
(179.2 |
)% |
|||||
Total Electric Revenues |
|
|
|
|
|
|
|
|
$ |
1,431 |
|
|
$ |
1,388 |
|
3.1 |
% |
|||||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
624 |
|
|
$ |
694 |
|
(10.1 |
)% |
|||||
|
|
|
|
|
|
|
% Change |
|||||||
Heating and Cooling Degree-Days |
2022 |
|
2021 |
|
Normal |
|
From 2021 |
|
From Normal |
|||||
Heating Degree-Days |
4,629 |
|
4,256 |
|
4,589 |
|
8.8 |
% |
|
0.9 |
% |
|||
Cooling Degree-Days |
1,243 |
|
1,284 |
|
1,210 |
|
(3.2 |
)% |
|
2.7 |
% |
|||
Number of Electric Customers |
|
2022 |
|
2021 |
||
Residential |
|
502,247 |
|
499,628 |
||
Small commercial & industrial |
|
62,246 |
|
61,900 |
||
Large commercial & industrial |
|
3,051 |
|
3,156 |
||
Public authorities & electric railroads |
|
734 |
|
717 |
||
Total |
|
568,278 |
|
565,401 |
||
__________
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. |
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
(c) |
Includes operating revenues from affiliates totaling less than |
(d) |
Includes alternative revenue programs. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230214005335/en/
Corporate Communications
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