Exelon Reports Second Quarter 2024 Results
Exelon (Nasdaq: EXC) reported strong second-quarter 2024 results, with GAAP net income of $0.45 per share and Adjusted (non-GAAP) operating earnings of $0.47 per share. This represents an increase from $0.34 and $0.41 per share, respectively, in Q2 2023. The company reaffirmed its full-year 2024 Adjusted operating earnings guidance of $2.40-$2.50 per share and its 5-7% EPS growth target through 2027.
Key highlights include:
- Top quartile reliability performance across all utilities
- Increased revenue from customer investments
- Disciplined cost management
- Favorable weather conditions
- Progress on active rate cases
ComEd, BGE, and PHI saw increased earnings, while PECO experienced a slight decrease due to higher expenses.
Exelon (Nasdaq: EXC) ha riportato risultati solidi per il secondo trimestre del 2024, con un utile netto GAAP di $0,45 per azione e un utile operativo rettificato (non GAAP) di $0,47 per azione. Questo rappresenta un aumento rispetto a $0,34 e $0,41 per azione, rispettivamente, nel secondo trimestre del 2023. L'azienda ha confermato le previsioni di utili operativi rettificati per l'intero anno 2024 tra $2,40 e $2,50 per azione e il suo obiettivo di crescita dell'EPS tra il 5% e il 7% fino al 2027.
I punti salienti includono:
- Prestazioni di affidabilità nel top quartile in tutte le utility
- Aumento dei ricavi dagli investimenti dei clienti
- Gestione dei costi disciplinata
- Condizioni meteorologiche favorevoli
- Progresso su casi tariffari attivi
ComEd, BGE e PHI hanno visto un aumento degli utili, mentre PECO ha registrato una leggera diminuzione a causa di spese maggiori.
Exelon (Nasdaq: EXC) reportó fuertes resultados para el segundo trimestre de 2024, con un ingreso neto GAAP de $0.45 por acción y ganancias operativas ajustadas (no GAAP) de $0.47 por acción. Esto representa un aumento respecto a $0.34 y $0.41 por acción, respectivamente, en el segundo trimestre de 2023. La compañía reafirmó su guía de ganancias operativas ajustadas para todo el año 2024 de $2.40 a $2.50 por acción y su objetivo de crecimiento del EPS del 5% al 7% hasta 2027.
Los aspectos destacados incluyen:
- Rendimiento de confiabilidad en el cuartil superior en todas las utilities
- Aumento de ingresos por inversiones de clientes
- Gestión disciplinada de costos
- Condiciones climáticas favorables
- Progreso en los casos tarifarios activos
ComEd, BGE y PHI vieron aumentos en las ganancias, mientras que PECO experimentó una ligera disminución debido a gastos más altos.
Exelon (Nasdaq: EXC)은 2024년 2분기 강력한 실적을 보고했으며, GAAP 기준 순이익은 주당 $0.45, 조정된(비 GAAP) 운영 수익은 주당 $0.47입니다. 이는 2023년 2분기에 비해 각각 $0.34와 $0.41에서 증가한 수치입니다. 회사는 2024년 전체 연도 조정 운영 수익 지침을 주당 $2.40에서 $2.50로 확인하고, 2027년까지 EPS 성장 목표를 5-7%로 설정했습니다.
주요 하이라이트는 다음과 같습니다:
- 모든 유틸리티에서 최상위 신뢰성 성과
- 고객 투자로 인한 수익 증가
- 철저한 비용 관리
- 유리한 기후 조건
- 활발한 요금 사례 진행
ComEd, BGE, PHI는 수익이 증가했으나, PECO는 비용 증가로 인해 소폭 감소했습니다.
Exelon (Nasdaq: EXC) a annoncé des résultats solides pour le deuxième trimestre de 2024, avec un bénéfice net GAAP de 0,45 $ par action et un bénéfice d'exploitation ajusté (non GAAP) de 0,47 $ par action. Cela représente une augmentation par rapport à 0,34 $ et 0,41 $ par action, respectivement, au deuxième trimestre de 2023. L'entreprise a confirmé ses prévisions de bénéfices d'exploitation ajustés pour l'ensemble de l'année 2024 entre 2,40 $ et 2,50 $ par action et son objectif de croissance du BPA de 5 à 7 % d'ici 2027.
Les points clés incluent :
- Performance de fiabilité parmi les meilleurs dans toutes les entreprises de services publics
- Augmentation des revenus provenant des investissements des clients
- Gestion des coûts disciplinée
- Conditions météorologiques favorables
- Avancées sur les cas tarifaires actifs
ComEd, BGE et PHI ont vu leurs bénéfices augmenter, tandis que PECO a connu une légère baisse en raison de coûts plus élevés.
Exelon (Nasdaq: EXC) hat starke Ergebnisse für das zweite Quartal 2024 gemeldet, mit einem GAAP-Nettogewinn von $0,45 pro Aktie und bereinigten (nicht GAAP) Betriebsergebnissen von $0,47 pro Aktie. Dies stellt eine Steigerung im Vergleich zu $0,34 und $0,41 pro Aktie im zweiten Quartal 2023 dar. Das Unternehmen bestätigte seine Prognose für die bereinigten Betriebsergebnisse für das Gesamtjahr 2024 von $2,40 bis $2,50 pro Aktie sowie sein Ziel eines EPS-Wachstums von 5-7% bis 2027.
Wichtige Höhepunkte sind:
- Spitzenreiter in der Zuverlässigkeitsleistung bei allen Versorgungsunternehmen
- Steigende Einnahmen aus Kundeninvestitionen
- Disziplinierte Kostenkontrolle
- Günstige Wetterbedingungen
- Fortschritte bei aktiven Tarifanträgen
ComEd, BGE und PHI verzeichneten steigende Gewinne, während PECO aufgrund höherer Kosten einen leichten Rückgang erlebte.
- Adjusted (non-GAAP) operating earnings increased to $0.47 per share from $0.41 per share in Q2 2023
- Reaffirmed full-year 2024 Adjusted operating earnings guidance of $2.40-$2.50 per share
- Maintained 5-7% EPS growth target through 2027
- Achieved top quartile reliability performance across all utilities
- ComEd's Adjusted operating earnings increased to $285 million from $251 million in Q2 2023
- PHI's Adjusted operating earnings increased to $162 million from $115 million in Q2 2023
- PECO's Adjusted operating earnings decreased to $93 million from $98 million in Q2 2023
- Higher interest expenses at PECO, BGE, and Exelon holding company
- Increased depreciation and amortization expenses at PECO, BGE, and PHI
Insights
Exelon's Q2 2024 results demonstrate solid financial performance and operational excellence. The company reported
Key financial highlights include:
- Reaffirmed full-year 2024 adjusted operating earnings guidance of
$2.40 -$2.50 per share - Maintained 5-
7% fully regulated operating EPS compound annual growth target through 2027 - Strong performance across utility subsidiaries, with notable improvements at ComEd and PHI
The company's focus on reliability and strategic investments appears to be paying off, as evidenced by top-quartile reliability performance across all utilities. However, investors should note the increased interest expenses at PECO, BGE and the Exelon holding company, which could impact future earnings if not managed effectively.
Overall, Exelon's Q2 results and reaffirmed guidance suggest a stable outlook for the company, supported by its regulated utility business model and ongoing infrastructure investments.
Exelon's Q2 2024 performance underscores the company's strong position in the utility sector. The achievement of top quartile reliability across all utilities, with ComEd and Pepco Holdings reaching top decile in both outage frequency and duration, is particularly impressive. This level of operational excellence is important in an industry where reliability directly impacts customer satisfaction and regulatory relationships.
The company's success in navigating the evolving regulatory environment is evident in the recent developments:
- Approval of Pepco's "Climate Ready Pathway MD" multi-year plan
- MDPSC's order approving a
$45 million incremental increase in Pepco's electric distribution rates
However, the MDPSC's decision not to approve rate increases for 2025, 2026 and part of 2027 could present challenges for Pepco's long-term planning. This highlights the ongoing need for utilities to balance investment plans with regulatory approvals.
Exelon's continued focus on grid modernization and clean energy transition aligns well with broader industry trends. The company's ability to maintain its 5-
As the utility sector faces increasing pressure to support electrification and renewable energy integration, Exelon's strong operational performance and strategic investments position it well to capitalize on these opportunities while managing associated risks.
Earnings Release Highlights
-
GAAP net income of
$0.45 $0.47 -
Reaffirming full year 2024 Adjusted (non-GAAP) operating earnings guidance range of
$2.40 -$2.50 -
Reaffirming fully regulated operating EPS compounded annual growth target of 5
-7% through 2027 - Strong utility reliability performance – achieved top quartile reliability performance at all utilities, with ComEd and Pepco Holdings achieving top decile in both outage frequency and outage duration for the second straight quarter
- An order in Pepco’s “Climate Ready Pathway MD” multi-year plan was received in June
"I am pleased to report strong second-quarter earnings and industry-leading operational performance as Exelon maintains our consistent track record of delivering results," said President and CEO Calvin Butler. "We continue achieving the top-tier reliability our customers expect, and in an evolving regulatory environment, we are being nimble in our financial and regulatory strategies, ensuring our investments meet customers' growing demands and needs."
"We delivered second quarter adjusted operating earnings of
Second Quarter 2024
Exelon's GAAP net income for the second quarter of 2024 increased to
GAAP net income and Adjusted (non-GAAP) operating earnings in the second quarter of 2024 primarily reflect:
- Higher utility earnings primarily due to distribution and transmission rate increases at PHI, distribution rate increases at BGE, favorable weather at PECO, favorable impacts of the Pepco multi-year plan reconciliations, and higher transmission peak load at ComEd. This was partially offset by higher interest expense at PECO and BGE and higher depreciation and amortization expense at PECO, BGE, and PHI.
- Higher costs at the Exelon holding company due to higher interest expense.
Operating Company Results1
ComEd
ComEd's second quarter of 2024 GAAP net income increased to
PECO
PECO’s second quarter of 2024 GAAP net income decreased to
BGE
BGE’s second quarter of 2024 GAAP net income increased to
___________
1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern |
PHI
PHI’s second quarter of 2024 GAAP net income increased to
Recent Developments and Second Quarter Highlights
-
Dividend: On July 30, 2024, Exelon's Board of Directors declared a regular quarterly dividend of
$0.38 -
Rate Case Developments:
-
Pepco Maryland Electric Distribution Rate Case: On June 10, 2024, the MDPSC issued an order approving an incremental increase in Pepco's electric distribution rates of
$45 million 9.5% . The MDPSC did not approve electric distribution rate increases for 2025, 2026, and the 2027 nine-month extension period.
-
Pepco Maryland Electric Distribution Rate Case: On June 10, 2024, the MDPSC issued an order approving an incremental increase in Pepco's electric distribution rates of
-
Financing Activities:
-
On March 13, 2024, ComEd issued
$800 million $400 million 5.30% Series Bonds due on June 1, 2034 and$400 million 5.65% Series Bonds due on June 1, 2054. ComEd used the proceeds to repay existing indebtedness, outstanding commercial paper obligations, and for general corporate purposes. -
On June 6, 2024, BGE issued
$800 million $400 million 5.30% notes due June 1, 2034 and$400 million 5.65% notes due June 1, 2054. BGE used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes.
-
On March 13, 2024, ComEd issued
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the second quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||||||||
2024 GAAP net income |
$ |
0.45 |
$ |
448 |
|
$ |
270 |
$ |
90 |
$ |
44 |
$ |
158 |
|
||||
Change in environmental liabilities (net of taxes of |
|
— |
|
(1 |
) |
|
— |
|
— |
|
— |
|
(1 |
) |
||||
Change in FERC audit liability (net of taxes of |
|
0.01 |
|
15 |
|
|
14 |
|
— |
|
— |
|
— |
|
||||
Cost management charge (net of taxes of |
|
0.01 |
|
9 |
|
|
— |
|
3 |
|
1 |
|
5 |
|
||||
2024 Adjusted (non-GAAP) operating earnings |
$ |
0.47 |
$ |
472 |
|
$ |
285 |
$ |
93 |
$ |
45 |
$ |
162 |
|
||||
Adjusted (non-GAAP) operating earnings for the second quarter of 2023 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||||||||
2023 GAAP net income |
$ |
0.34 |
$ |
343 |
$ |
249 |
$ |
97 |
$ |
42 |
$ |
103 |
||||||
Mark-to-market impact of economic hedging activities (net of taxes of |
|
— |
|
3 |
|
— |
|
— |
|
— |
|
— |
||||||
Change in environmental liabilities (net of taxes of |
|
0.01 |
|
11 |
|
— |
|
— |
|
— |
|
11 |
||||||
SEC matter loss contingency (net of taxes of |
|
0.05 |
|
46 |
|
— |
|
— |
|
— |
|
— |
||||||
Separation costs (net of taxes of |
|
0.01 |
|
5 |
|
2 |
|
1 |
|
1 |
|
1 |
||||||
2023 Adjusted (non-GAAP) operating earnings |
$ |
0.41 |
$ |
408 |
$ |
251 |
$ |
98 |
$ |
43 |
$ |
115 |
||||||
__________
Note: |
Amounts may not sum due to rounding. |
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from |
Webcast Information
Exelon will discuss second quarter 2024 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https://investors.exeloncorp.com.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10.5 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). 20,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on Twitter | X.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2023 Annual Report on Form 10-K filed with the SEC in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' Second Quarter 2024 Quarterly Report on Form 10-Q (to be filed on August 1, 2024) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 11, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Earnings Release Attachments Table of Contents |
|
Consolidating Statement of Operations |
2 |
|
|
Consolidated Balance Sheets |
3 |
|
|
Consolidated Statements of Cash Flows |
5 |
|
|
Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings |
7 |
|
|
Statistics |
|
ComEd |
8 |
PECO |
9 |
BGE |
12 |
Pepco |
15 |
DPL |
16 |
ACE . |
18 |
Consolidating Statements of Operations (unaudited) (in millions) |
|||||||||||||||||||||||
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||
Three Months Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
2,079 |
|
|
$ |
891 |
|
|
$ |
928 |
|
|
$ |
1,471 |
|
|
$ |
(8 |
) |
|
$ |
5,361 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
763 |
|
|
|
323 |
|
|
|
343 |
|
|
|
562 |
|
|
|
1 |
|
|
|
1,992 |
|
Operating and maintenance |
|
449 |
|
|
|
270 |
|
|
|
250 |
|
|
|
281 |
|
|
|
(41 |
) |
|
|
1,209 |
|
Depreciation and amortization |
|
374 |
|
|
|
107 |
|
|
|
162 |
|
|
|
235 |
|
|
|
16 |
|
|
|
894 |
|
Taxes other than income taxes |
|
94 |
|
|
|
52 |
|
|
|
80 |
|
|
|
126 |
|
|
|
8 |
|
|
|
360 |
|
Total operating expenses |
|
1,680 |
|
|
|
752 |
|
|
|
835 |
|
|
|
1,204 |
|
|
|
(16 |
) |
|
|
4,455 |
|
Gain on sale of assets |
|
5 |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
Operating income |
|
404 |
|
|
|
141 |
|
|
|
93 |
|
|
|
267 |
|
|
|
8 |
|
|
|
913 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(123 |
) |
|
|
(57 |
) |
|
|
(53 |
) |
|
|
(92 |
) |
|
|
(158 |
) |
|
|
(483 |
) |
Other, net |
|
20 |
|
|
|
9 |
|
|
|
8 |
|
|
|
29 |
|
|
|
(2 |
) |
|
|
64 |
|
Total other income and (deductions) |
|
(103 |
) |
|
|
(48 |
) |
|
|
(45 |
) |
|
|
(63 |
) |
|
|
(160 |
) |
|
|
(419 |
) |
Income (loss) before income taxes |
|
301 |
|
|
|
93 |
|
|
|
48 |
|
|
|
204 |
|
|
|
(152 |
) |
|
|
494 |
|
Income taxes |
|
31 |
|
|
|
3 |
|
|
|
4 |
|
|
|
46 |
|
|
|
(38 |
) |
|
|
46 |
|
Net income (loss) attributable to common shareholders |
$ |
270 |
|
|
$ |
90 |
|
|
$ |
44 |
|
|
$ |
158 |
|
|
$ |
(114 |
) |
|
$ |
448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
1,901 |
|
|
$ |
828 |
|
|
$ |
797 |
|
|
$ |
1,305 |
|
|
$ |
(13 |
) |
|
$ |
4,818 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
685 |
|
|
|
302 |
|
|
|
272 |
|
|
|
467 |
|
|
|
1 |
|
|
|
1,727 |
|
Operating and maintenance |
|
355 |
|
|
|
239 |
|
|
|
198 |
|
|
|
304 |
|
|
|
101 |
|
|
|
1,197 |
|
Depreciation and amortization |
|
350 |
|
|
|
99 |
|
|
|
158 |
|
|
|
243 |
|
|
|
16 |
|
|
|
866 |
|
Taxes other than income taxes |
|
88 |
|
|
|
47 |
|
|
|
76 |
|
|
|
112 |
|
|
|
1 |
|
|
|
324 |
|
Total operating expenses |
|
1,478 |
|
|
|
687 |
|
|
|
704 |
|
|
|
1,126 |
|
|
|
119 |
|
|
|
4,114 |
|
Operating income (loss) |
|
423 |
|
|
|
141 |
|
|
|
93 |
|
|
|
179 |
|
|
|
(132 |
) |
|
|
704 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(120 |
) |
|
|
(48 |
) |
|
|
(44 |
) |
|
|
(81 |
) |
|
|
(134 |
) |
|
|
(427 |
) |
Other, net |
|
17 |
|
|
|
6 |
|
|
|
5 |
|
|
|
25 |
|
|
|
86 |
|
|
|
139 |
|
Total other income and (deductions) |
|
(103 |
) |
|
|
(42 |
) |
|
|
(39 |
) |
|
|
(56 |
) |
|
|
(48 |
) |
|
|
(288 |
) |
Income (loss) before income taxes |
|
320 |
|
|
|
99 |
|
|
|
54 |
|
|
|
123 |
|
|
|
(180 |
) |
|
|
416 |
|
Income taxes |
|
71 |
|
|
|
2 |
|
|
|
12 |
|
|
|
20 |
|
|
|
(32 |
) |
|
|
73 |
|
Net income (loss) attributable to common shareholders |
$ |
249 |
|
|
$ |
97 |
|
|
$ |
42 |
|
|
$ |
103 |
|
|
$ |
(148 |
) |
|
$ |
343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in net income (loss) from 2023 to 2024 |
$ |
21 |
|
|
$ |
(7 |
) |
|
$ |
2 |
|
|
$ |
55 |
|
|
$ |
34 |
|
|
$ |
105 |
|
Consolidating Statements of Operations (unaudited) (in millions) |
|||||||||||||||||||||||
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||
Six Months Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
4,174 |
|
|
$ |
1,945 |
|
|
$ |
2,225 |
|
|
$ |
3,077 |
|
|
$ |
(18 |
) |
|
$ |
11,403 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
1,670 |
|
|
|
727 |
|
|
|
807 |
|
|
|
1,197 |
|
|
|
— |
|
|
|
4,401 |
|
Operating and maintenance |
|
867 |
|
|
|
563 |
|
|
|
514 |
|
|
|
607 |
|
|
|
(70 |
) |
|
|
2,481 |
|
Depreciation and amortization |
|
737 |
|
|
|
210 |
|
|
|
312 |
|
|
|
481 |
|
|
|
33 |
|
|
|
1,773 |
|
Taxes other than income taxes |
|
188 |
|
|
|
103 |
|
|
|
169 |
|
|
|
254 |
|
|
|
17 |
|
|
|
731 |
|
Total operating expenses |
|
3,462 |
|
|
|
1,603 |
|
|
|
1,802 |
|
|
|
2,539 |
|
|
|
(20 |
) |
|
|
9,386 |
|
Gain on sales of assets |
|
5 |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
Operating income |
|
717 |
|
|
|
346 |
|
|
|
423 |
|
|
|
538 |
|
|
|
2 |
|
|
|
2,026 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(246 |
) |
|
|
(112 |
) |
|
|
(103 |
) |
|
|
(183 |
) |
|
|
(306 |
) |
|
|
(950 |
) |
Other, net |
|
41 |
|
|
|
18 |
|
|
|
16 |
|
|
|
57 |
|
|
|
7 |
|
|
|
139 |
|
Total other income and (deductions) |
|
(205 |
) |
|
|
(94 |
) |
|
|
(87 |
) |
|
|
(126 |
) |
|
|
(299 |
) |
|
|
(811 |
) |
Income (loss) before income taxes |
|
512 |
|
|
|
252 |
|
|
|
336 |
|
|
|
412 |
|
|
|
(297 |
) |
|
|
1,215 |
|
Income taxes |
|
49 |
|
|
|
13 |
|
|
|
28 |
|
|
|
86 |
|
|
|
(67 |
) |
|
|
109 |
|
Net income (loss) attributable to common shareholders |
$ |
463 |
|
|
$ |
239 |
|
|
$ |
308 |
|
|
$ |
326 |
|
|
$ |
(230 |
) |
|
$ |
1,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Six Months Ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
3,568 |
|
|
$ |
1,940 |
|
|
$ |
2,053 |
|
|
$ |
2,841 |
|
|
$ |
(22 |
) |
|
$ |
10,380 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
1,172 |
|
|
|
786 |
|
|
|
764 |
|
|
|
1,094 |
|
|
|
2 |
|
|
|
3,818 |
|
Operating and maintenance |
|
692 |
|
|
|
510 |
|
|
|
419 |
|
|
|
613 |
|
|
|
113 |
|
|
|
2,347 |
|
Depreciation and amortization |
|
688 |
|
|
|
197 |
|
|
|
325 |
|
|
|
484 |
|
|
|
33 |
|
|
|
1,727 |
|
Taxes other than income taxes |
|
182 |
|
|
|
97 |
|
|
|
159 |
|
|
|
232 |
|
|
|
9 |
|
|
|
679 |
|
Total operating expenses |
|
2,734 |
|
|
|
1,590 |
|
|
|
1,667 |
|
|
|
2,423 |
|
|
|
157 |
|
|
|
8,571 |
|
Operating income (loss) |
|
834 |
|
|
|
350 |
|
|
|
386 |
|
|
|
418 |
|
|
|
(179 |
) |
|
|
1,809 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(237 |
) |
|
|
(97 |
) |
|
|
(88 |
) |
|
|
(157 |
) |
|
|
(261 |
) |
|
|
(840 |
) |
Other, net |
|
34 |
|
|
|
15 |
|
|
|
8 |
|
|
|
51 |
|
|
|
141 |
|
|
|
249 |
|
Total other income and (deductions) |
|
(203 |
) |
|
|
(82 |
) |
|
|
(80 |
) |
|
|
(106 |
) |
|
|
(120 |
) |
|
|
(591 |
) |
Income (loss) before income taxes |
|
631 |
|
|
|
268 |
|
|
|
306 |
|
|
|
312 |
|
|
|
(299 |
) |
|
|
1,218 |
|
Income taxes |
|
142 |
|
|
|
5 |
|
|
|
65 |
|
|
|
54 |
|
|
|
(60 |
) |
|
|
206 |
|
Net income (loss) attributable to common shareholders |
$ |
489 |
|
|
$ |
263 |
|
|
$ |
241 |
|
|
$ |
258 |
|
|
$ |
(239 |
) |
|
$ |
1,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in net income (loss) from 2023 to 2024 |
$ |
(26 |
) |
|
$ |
(24 |
) |
|
$ |
67 |
|
|
$ |
68 |
|
|
$ |
9 |
|
|
$ |
94 |
|
__________
(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) |
||||||||
|
|
June 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
934 |
|
|
$ |
445 |
|
Restricted cash and cash equivalents |
|
|
530 |
|
|
|
482 |
|
Accounts receivable |
|
|
|
|
||||
Customer accounts receivable |
|
|
3,053 |
|
|
|
2,659 |
|
Customer allowance for credit losses |
|
|
(372 |
) |
|
|
(317 |
) |
Customer accounts receivable, net |
|
|
2,681 |
|
|
|
2,342 |
|
Other accounts receivable |
|
|
1,136 |
|
|
|
1,101 |
|
Other allowance for credit losses |
|
|
(108 |
) |
|
|
(82 |
) |
Other accounts receivable, net |
|
|
1,028 |
|
|
|
1,019 |
|
Inventories, net |
|
|
|
|
||||
Fossil fuel |
|
|
53 |
|
|
|
94 |
|
Materials and supplies |
|
|
771 |
|
|
|
707 |
|
Regulatory assets |
|
|
1,945 |
|
|
|
2,215 |
|
Other |
|
|
615 |
|
|
|
473 |
|
Total current assets |
|
|
8,557 |
|
|
|
7,777 |
|
Property, plant, and equipment, net |
|
|
75,646 |
|
|
|
73,593 |
|
Deferred debits and other assets |
|
|
|
|
||||
Regulatory assets |
|
|
8,703 |
|
|
|
8,698 |
|
Goodwill |
|
|
6,630 |
|
|
|
6,630 |
|
Receivable related to Regulatory Agreement Units |
|
|
3,840 |
|
|
|
3,232 |
|
Investments |
|
|
270 |
|
|
|
251 |
|
Other |
|
|
1,467 |
|
|
|
1,365 |
|
Total deferred debits and other assets |
|
|
20,910 |
|
|
|
20,176 |
|
Total assets |
|
$ |
105,113 |
|
|
$ |
101,546 |
|
|
|
|
|
|
||||
|
|
June 30, 2024 |
|
December 31, 2023 |
||||
Liabilities and shareholders’ equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Short-term borrowings |
|
$ |
1,454 |
|
|
$ |
2,523 |
|
Long-term debt due within one year |
|
|
1,308 |
|
|
|
1,403 |
|
Accounts payable |
|
|
2,810 |
|
|
|
2,846 |
|
Accrued expenses |
|
|
1,241 |
|
|
|
1,375 |
|
Payables to affiliates |
|
|
5 |
|
|
|
5 |
|
Customer deposits |
|
|
425 |
|
|
|
411 |
|
Regulatory liabilities |
|
|
433 |
|
|
|
389 |
|
Mark-to-market derivative liabilities |
|
|
23 |
|
|
|
74 |
|
Unamortized energy contract liabilities |
|
|
7 |
|
|
|
8 |
|
Other |
|
|
569 |
|
|
|
557 |
|
Total current liabilities |
|
|
8,275 |
|
|
|
9,591 |
|
Long-term debt |
|
|
43,039 |
|
|
|
39,692 |
|
Long-term debt to financing trusts |
|
|
390 |
|
|
|
390 |
|
Deferred credits and other liabilities |
|
|
|
|
||||
Deferred income taxes and unamortized investment tax credits |
|
|
12,358 |
|
|
|
11,956 |
|
Regulatory liabilities |
|
|
10,198 |
|
|
|
9,576 |
|
Pension obligations |
|
|
1,562 |
|
|
|
1,571 |
|
Non-pension postretirement benefit obligations |
|
|
524 |
|
|
|
527 |
|
Asset retirement obligations |
|
|
272 |
|
|
|
267 |
|
Mark-to-market derivative liabilities |
|
|
121 |
|
|
|
106 |
|
Unamortized energy contract liabilities |
|
|
23 |
|
|
|
27 |
|
Other |
|
|
2,199 |
|
|
|
2,088 |
|
Total deferred credits and other liabilities |
|
|
27,257 |
|
|
|
26,118 |
|
Total liabilities |
|
|
78,961 |
|
|
|
75,791 |
|
Commitments and contingencies |
|
|
|
|
||||
Shareholders’ equity |
|
|
|
|
||||
Common stock |
|
|
21,152 |
|
|
|
21,114 |
|
Treasury stock, at cost |
|
|
(123 |
) |
|
|
(123 |
) |
Retained earnings |
|
|
5,835 |
|
|
|
5,490 |
|
Accumulated other comprehensive loss, net |
|
|
(712 |
) |
|
|
(726 |
) |
Total shareholders’ equity |
|
|
26,152 |
|
|
|
25,755 |
|
Total liabilities and shareholders’ equity |
|
$ |
105,113 |
|
|
$ |
101,546 |
|
Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) |
||||||||
|
|
Six Months Ended June 30, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
|
||||
Net income |
|
$ |
1,106 |
|
|
$ |
1,012 |
|
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
|
||||
Depreciation, amortization, and accretion |
|
|
1,774 |
|
|
|
1,727 |
|
Gain on sales of assets |
|
|
(9 |
) |
|
|
— |
|
Deferred income taxes and amortization of investment tax credits |
|
|
72 |
|
|
|
94 |
|
Net fair value changes related to derivatives |
|
|
— |
|
|
|
4 |
|
Other non-cash operating activities |
|
|
246 |
|
|
|
(222 |
) |
Changes in assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(443 |
) |
|
|
387 |
|
Inventories |
|
|
(25 |
) |
|
|
44 |
|
Accounts payable and accrued expenses |
|
|
(120 |
) |
|
|
(734 |
) |
Collateral received (paid), net |
|
|
13 |
|
|
|
(187 |
) |
Income taxes |
|
|
(39 |
) |
|
|
97 |
|
Regulatory assets and liabilities, net |
|
|
265 |
|
|
|
(516 |
) |
Pension and non-pension postretirement benefit contributions |
|
|
(125 |
) |
|
|
(85 |
) |
Other assets and liabilities |
|
|
(261 |
) |
|
|
140 |
|
Net cash flows provided by operating activities |
|
|
2,454 |
|
|
|
1,761 |
|
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures |
|
|
(3,466 |
) |
|
|
(3,685 |
) |
Other investing activities |
|
|
(1 |
) |
|
|
10 |
|
Net cash flows used in investing activities |
|
|
(3,467 |
) |
|
|
(3,675 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Changes in short-term borrowings |
|
|
(670 |
) |
|
|
(1,600 |
) |
Proceeds from short-term borrowings with maturities greater than 90 days |
|
|
150 |
|
|
|
400 |
|
Repayments on short-term borrowings with maturities greater than 90 days |
|
|
(549 |
) |
|
|
(150 |
) |
Issuance of long-term debt |
|
|
4,225 |
|
|
|
5,200 |
|
Retirement of long-term debt |
|
|
(903 |
) |
|
|
(1,209 |
) |
Dividends paid on common stock |
|
|
(761 |
) |
|
|
(717 |
) |
Proceeds from employee stock plans |
|
|
22 |
|
|
|
19 |
|
Other financing activities |
|
|
(67 |
) |
|
|
(84 |
) |
Net cash flows provided by financing activities |
|
|
1,447 |
|
|
|
1,859 |
|
Increase (decrease) in cash, restricted cash, and cash equivalents |
|
|
434 |
|
|
|
(55 |
) |
Cash, restricted cash, and cash equivalents at beginning of period |
|
|
1,101 |
|
|
|
1,090 |
|
Cash, restricted cash, and cash equivalents at end of period |
|
$ |
1,535 |
|
|
$ |
1,035 |
|
Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended June 30, 2024 and 2023 (unaudited) (in millions, except per share data) |
|||||||||||||||||||||||||||
|
Exelon Earnings per Diluted Share |
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||||
2023 GAAP net income (loss) |
$ |
0.34 |
|
|
$ |
249 |
|
|
$ |
97 |
|
|
$ |
42 |
|
|
$ |
103 |
|
|
$ |
(148 |
) |
|
$ |
343 |
|
Mark-to-market impact of economic hedging activities (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
3 |
|
Change in environmental liabilities (net of taxes of |
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
11 |
|
SEC matter loss contingency (net of taxes of |
|
0.05 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46 |
|
|
|
46 |
|
Separation costs (net of taxes of |
|
0.01 |
|
|
|
2 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
5 |
|
2023 Adjusted (non-GAAP) operating earnings (loss) |
$ |
0.41 |
|
|
$ |
251 |
|
|
$ |
98 |
|
|
$ |
43 |
|
|
$ |
115 |
|
|
$ |
(99 |
) |
|
$ |
408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Year over year effects on Adjusted (non-GAAP) operating earnings: |
|||||||||||||||||||||||||||
Weather |
$ |
0.04 |
|
|
$ |
— |
|
(b) |
$ |
35 |
|
|
$ |
— |
|
(b) |
$ |
6 |
|
(b) |
$ |
— |
|
|
$ |
41 |
|
Load |
|
0.01 |
|
|
|
— |
|
(b) |
|
8 |
|
|
|
— |
|
(b) |
|
(1 |
) |
(b) |
|
— |
|
|
|
7 |
|
Distribution and transmission rates (2) |
|
0.06 |
|
|
|
(7 |
) |
(c) |
|
(8 |
) |
(c) |
|
34 |
|
(c) |
|
46 |
|
(c) |
|
— |
|
|
|
65 |
|
Other energy delivery (3) |
|
0.10 |
|
|
|
86 |
|
(c) |
|
(4 |
) |
(c) |
|
2 |
|
(c) |
|
12 |
|
(c) |
|
— |
|
|
|
96 |
|
Operating and maintenance expense (4) |
|
0.01 |
|
|
|
(24 |
) |
|
|
(19 |
) |
|
|
(19 |
) |
|
|
7 |
|
|
|
67 |
|
|
|
12 |
|
Pension and non-pension postretirement benefits |
|
(0.01 |
) |
|
|
(5 |
) |
|
|
(2 |
) |
|
|
— |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
(7 |
) |
Depreciation and amortization expense (5) |
|
(0.03 |
) |
|
|
(17 |
) |
|
|
(6 |
) |
|
|
(8 |
) |
|
|
(3 |
) |
|
|
— |
|
|
|
(34 |
) |
Interest expense and other (6) |
|
(0.12 |
) |
|
|
1 |
|
|
|
(9 |
) |
|
|
(7 |
) |
|
|
(21 |
) |
|
|
(80 |
) |
|
|
(116 |
) |
Total year over year effects on Adjusted (non-GAAP) Operating Earnings |
$ |
0.06 |
|
|
$ |
34 |
|
|
$ |
(5 |
) |
|
$ |
2 |
|
|
$ |
47 |
|
|
$ |
(14 |
) |
|
$ |
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2024 GAAP net income (loss) |
$ |
0.45 |
|
|
$ |
270 |
|
|
$ |
90 |
|
|
$ |
44 |
|
|
$ |
158 |
|
|
$ |
(114 |
) |
|
$ |
448 |
|
Change in environmental liabilities (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Change in FERC audit liability (net of taxes of |
|
0.01 |
|
|
|
14 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
15 |
|
Cost management charge (net of taxes of |
|
0.01 |
|
|
|
— |
|
|
|
3 |
|
|
|
1 |
|
|
|
5 |
|
|
|
— |
|
|
|
9 |
|
2024 Adjusted (non-GAAP) operating earnings (loss) |
$ |
0.47 |
|
|
$ |
285 |
|
|
$ |
93 |
|
|
$ |
45 |
|
|
$ |
162 |
|
|
$ |
(113 |
) |
|
$ |
472 |
|
Note: |
|
Amounts may not sum due to rounding. |
|
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from |
|
|
|
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
(b) |
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. |
(c) |
ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). |
(1) |
Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net. |
(2) |
For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset partially offset by higher rate base. For BGE, reflects increased revenue primarily due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases. |
(3) |
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs as well as higher transmission peak load offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher revenues due to certain EDIT benefits being fully amortized and passed through to customers, which is offset in Interest expense and Other. |
(4) |
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased credit loss expense. For PHI, includes favorable impacts from the Pepco Maryland multi-year plan reconciliations. For Corporate, reflects decreased in Operating and maintenance expense with an offsetting decrease in other income, for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA). |
(5) |
Reflects ongoing capital expenditures across all utilities. |
(6) |
For PHI, reflects an increase in taxes other than income. For Corporate, primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense. |
(7) |
Primarily represents severance and reorganization costs related to cost management. |
Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Six Months Ended June 30, 2024 and 2023 (unaudited) (in millions, except per share data) |
|||||||||||||||||||||||||||
|
Exelon Earnings per Diluted Share |
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||||
2023 GAAP net income (loss) |
$ |
1.02 |
|
|
$ |
489 |
|
|
$ |
263 |
|
|
$ |
241 |
|
|
$ |
258 |
|
|
$ |
(239 |
) |
|
$ |
1,012 |
|
Mark-to-market impact of economic hedging activities (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
2 |
|
Change in environmental liabilities (net of taxes of |
|
0.03 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29 |
|
|
|
— |
|
|
|
29 |
|
SEC matter loss contingency (net of taxes of |
|
0.05 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46 |
|
|
|
46 |
|
Change in FERC audit liability (net of taxes of |
|
0.01 |
|
|
|
11 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
Separation costs (net of taxes of |
|
— |
|
|
|
2 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
4 |
|
2023 Adjusted (non-GAAP) operating earnings (loss) |
$ |
1.11 |
|
|
$ |
501 |
|
|
$ |
264 |
|
|
$ |
242 |
|
|
$ |
288 |
|
|
$ |
(191 |
) |
|
$ |
1,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Year over year effects on Adjusted (non-GAAP) operating earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Weather |
$ |
0.06 |
|
|
$ |
— |
|
(b) |
$ |
53 |
|
|
$ |
— |
|
(b) |
$ |
10 |
|
(b) |
$ |
— |
|
|
$ |
63 |
|
Load |
|
— |
|
|
|
— |
|
(b) |
|
4 |
|
|
|
— |
|
(b) |
|
(1 |
) |
(b) |
|
— |
|
|
|
3 |
|
Distribution and transmission rates (2) |
|
0.17 |
|
|
|
(17 |
) |
(c) |
|
(3 |
) |
(c) |
|
119 |
|
(c) |
|
68 |
|
(c) |
|
— |
|
|
|
167 |
|
Other energy delivery (3) |
|
0.16 |
|
|
|
141 |
|
(c) |
|
(5 |
) |
(c) |
|
(8 |
) |
(c) |
|
31 |
|
(c) |
|
— |
|
|
|
159 |
|
Operating and maintenance expense (4) |
|
(0.06 |
) |
|
|
(78 |
) |
|
|
(34 |
) |
|
|
(23 |
) |
|
|
(17 |
) |
|
|
94 |
|
|
|
(58 |
) |
Pension and non-pension postretirement benefits |
|
(0.01 |
) |
|
|
(9 |
) |
|
|
(3 |
) |
|
|
— |
|
|
|
1 |
|
|
|
(2 |
) |
|
|
(13 |
) |
Depreciation and amortization expense (5) |
|
(0.07 |
) |
|
|
(35 |
) |
|
|
(10 |
) |
|
|
(11 |
) |
|
|
(13 |
) |
|
|
(1 |
) |
|
|
(70 |
) |
Interest expense and other (6) |
|
(0.20 |
) |
|
|
— |
|
|
|
(24 |
) |
|
|
(10 |
) |
|
|
(37 |
) |
|
|
(128 |
) |
|
|
(199 |
) |
Total year over year effects on Adjusted (non-GAAP) operating earnings |
$ |
0.05 |
|
|
$ |
2 |
|
|
$ |
(22 |
) |
|
$ |
67 |
|
|
$ |
42 |
|
|
$ |
(37 |
) |
|
$ |
52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2024 GAAP net income (loss) |
$ |
1.10 |
|
|
$ |
463 |
|
|
$ |
239 |
|
|
$ |
308 |
|
|
$ |
326 |
|
|
$ |
(230 |
) |
|
$ |
1,106 |
|
Change in environmental liabilities (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Change in FERC audit liability (net of taxes of |
|
0.04 |
|
|
|
40 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
42 |
|
Cost management charge (net of taxes of |
|
0.01 |
|
|
|
— |
|
|
|
3 |
|
|
|
1 |
|
|
|
5 |
|
|
|
— |
|
|
|
9 |
|
2024 Adjusted (non-GAAP) operating earnings (loss) |
$ |
1.16 |
|
|
$ |
503 |
|
|
$ |
242 |
|
|
$ |
309 |
|
|
$ |
330 |
|
|
$ |
(228 |
) |
|
$ |
1,156 |
|
Note: |
|
Amounts may not sum due to rounding. |
|
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from |
|
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
(b) |
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. |
(c) |
ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). |
(1) |
Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net. |
(2) |
For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset partially offset by higher rate base. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission increases. |
(3) |
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs as well as higher transmission peak load offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs. |
(4) |
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased storm costs and credit loss expense. For PHI, reflects an increase in contracting and storm costs partially offset by favorable impacts from the Pepco Maryland multi-year plan reconciliations. For Corporate, primarily reflects a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA. |
(5) |
Reflects ongoing capital expenditures across all utilities. |
(6) |
For PHI, primarily reflects an increase in interest expense and an increase in taxes other than income. For Corporate, primarily reflects an increase in interest expense and a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense. |
(7) |
Primarily represents severance and reorganization costs related to cost management. |
ComEd Statistics Three Months Ended June 30, 2024 and 2023 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather -
|
|
|
2024 |
|
|
2023 |
|
% Change |
||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
6,996 |
|
5,783 |
|
21.0 |
% |
|
5.5 |
% |
|
$ |
982 |
|
|
$ |
861 |
|
14.1 |
% |
Small commercial & industrial |
6,473 |
|
6,834 |
|
(5.3 |
)% |
|
(0.8 |
)% |
|
|
560 |
|
|
|
461 |
|
21.5 |
% |
Large commercial & industrial |
6,740 |
|
6,502 |
|
3.7 |
% |
|
2.1 |
% |
|
|
269 |
|
|
|
205 |
|
31.2 |
% |
Public authorities & electric railroads |
159 |
|
185 |
|
(14.1 |
)% |
|
(15.7 |
)% |
|
|
14 |
|
|
|
13 |
|
7.7 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
298 |
|
|
|
234 |
|
27.4 |
% |
Total electric revenues(c) |
20,368 |
|
19,304 |
|
5.5 |
% |
|
1.9 |
% |
|
|
2,123 |
|
|
|
1,774 |
|
19.7 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(44 |
) |
|
|
127 |
|
(134.6 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
2,079 |
|
|
$ |
1,901 |
|
9.4 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
763 |
|
|
$ |
685 |
|
11.4 |
% |
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
445 |
|
581 |
|
697 |
|
(23.4 |
)% |
|
(36.2 |
)% |
Cooling Degree-Days |
358 |
|
298 |
|
266 |
|
20.1 |
% |
|
34.6 |
% |
Six Months Ended June 30, 2024 and 2023 |
|||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather -
|
|
|
2024 |
|
|
2023 |
|
% Change |
||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
13,210 |
|
12,017 |
|
9.9 |
% |
|
2.5 |
% |
|
$ |
1,900 |
|
|
$ |
1,698 |
|
11.9 |
% |
Small commercial & industrial |
13,717 |
|
14,032 |
|
(2.2 |
)% |
|
(0.6 |
)% |
|
|
1,154 |
|
|
|
823 |
|
40.2 |
% |
Large commercial & industrial |
13,674 |
|
13,061 |
|
4.7 |
% |
|
2.3 |
% |
|
|
589 |
|
|
|
290 |
|
103.1 |
% |
Public authorities & electric railroads |
379 |
|
412 |
|
(8.0 |
)% |
|
(8.7 |
)% |
|
|
32 |
|
|
|
22 |
|
45.5 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
523 |
|
|
|
450 |
|
16.2 |
% |
Total electric revenues(c) |
40,980 |
|
39,522 |
|
3.7 |
% |
|
1.2 |
% |
|
|
4,198 |
|
|
|
3,283 |
|
27.9 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(24 |
) |
|
|
285 |
|
(108.4 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
4,174 |
|
|
$ |
3,568 |
|
17.0 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
1,670 |
|
|
$ |
1,172 |
|
42.5 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
3,013 |
|
3,252 |
|
3,750 |
|
(7.3 |
)% |
|
(19.7 |
)% |
Cooling Degree-Days |
358 |
|
298 |
|
266 |
|
20.1 |
% |
|
34.6 |
% |
Number of Electric Customers |
2024 |
|
2023 |
Residential |
3,722,798 |
|
3,729,428 |
Small commercial & industrial |
395,951 |
|
391,380 |
Large commercial & industrial |
2,060 |
|
1,866 |
Public authorities & electric railroads |
5,798 |
|
4,791 |
Total |
4,126,607 |
|
4,127,465 |
__________
(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 June 30, 2024 and 2023 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather- Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
3,296 |
|
2,694 |
|
22.3 |
% |
|
3.8 |
% |
|
$ |
522 |
|
$ |
444 |
|
17.6 |
% |
Small commercial & industrial |
1,856 |
|
1,703 |
|
9.0 |
% |
|
3.5 |
% |
|
|
128 |
|
|
132 |
|
(3.0 |
)% |
Large commercial & industrial |
3,408 |
|
3,331 |
|
2.3 |
% |
|
(0.9 |
)% |
|
|
61 |
|
|
64 |
|
(4.7 |
)% |
Public authorities & electric railroads |
135 |
|
144 |
|
(6.3 |
)% |
|
(6.3 |
)% |
|
|
7 |
|
|
8 |
|
(12.5 |
)% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
75 |
|
|
71 |
|
5.6 |
% |
Total electric revenues(c) |
8,695 |
|
7,872 |
|
10.5 |
% |
|
1.7 |
% |
|
|
793 |
|
|
719 |
|
10.3 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
4 |
|
|
— |
|
n/a |
|
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
797 |
|
|
719 |
|
10.8 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
4,525 |
|
4,373 |
|
3.5 |
% |
|
0.4 |
% |
|
|
63 |
|
|
69 |
|
(8.7 |
)% |
Small commercial & industrial |
3,321 |
|
3,743 |
|
(11.3 |
)% |
|
(12.3 |
)% |
|
|
25 |
|
|
32 |
|
(21.9 |
)% |
Large commercial & industrial |
— |
|
6 |
|
(100.0 |
)% |
|
(10.7 |
)% |
|
|
— |
|
|
— |
|
n/a |
|
Transportation |
5,117 |
|
5,190 |
|
(1.4 |
)% |
|
(3.5 |
)% |
|
|
5 |
|
|
5 |
|
— |
% |
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
— |
|
|
2 |
|
(100.0 |
)% |
Total natural gas revenues(g) |
12,963 |
|
13,312 |
|
(2.6 |
)% |
|
(4.6 |
)% |
|
|
93 |
|
|
108 |
|
(13.9 |
)% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
1 |
|
|
1 |
|
— |
% |
||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
94 |
|
|
109 |
|
(13.8 |
)% |
||
Total Electric and Natural Gas Revenues |
|
|
|
|
|
$ |
891 |
|
$ |
828 |
|
7.6 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
323 |
|
$ |
302 |
|
7.0 |
% |
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
351 |
|
330 |
|
421 |
|
6.4 |
% |
|
(16.6 |
)% |
Cooling Degree-Days |
537 |
|
233 |
|
391 |
|
130.5 |
% |
|
37.3 |
% |
Six Months Ended June 30, 2024 and 2023 |
||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather- Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
6,751 |
|
6,052 |
|
11.5 |
% |
|
1.0 |
% |
|
$ |
1,042 |
|
$ |
963 |
|
8.2 |
% |
Small commercial & industrial |
3,747 |
|
3,546 |
|
5.7 |
% |
|
0.8 |
% |
|
|
254 |
|
|
267 |
|
(4.9 |
)% |
Large commercial & industrial |
6,763 |
|
6,568 |
|
3.0 |
% |
|
0.8 |
% |
|
|
118 |
|
|
129 |
|
(8.5 |
)% |
Public authorities & electric railroads |
314 |
|
312 |
|
0.6 |
% |
|
0.9 |
% |
|
|
14 |
|
|
16 |
|
(12.5 |
)% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
147 |
|
|
139 |
|
5.8 |
% |
Total electric revenues(c) |
17,575 |
|
16,478 |
|
6.7 |
% |
|
0.9 |
% |
|
|
1,575 |
|
|
1,514 |
|
4.0 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
2 |
|
|
— |
|
n/a |
|
||
Total electric revenues |
|
|
|
|
|
|
|
|
|
1,577 |
|
|
1,514 |
|
4.2 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
23,420 |
|
21,563 |
|
8.6 |
% |
|
0.6 |
% |
|
|
256 |
|
|
292 |
|
(12.3 |
)% |
Small commercial & industrial |
12,809 |
|
12,442 |
|
2.9 |
% |
|
(3.8 |
)% |
|
|
89 |
|
|
107 |
|
(16.8 |
)% |
Large commercial & industrial |
16 |
|
35 |
|
(54.3 |
)% |
|
(11.6 |
)% |
|
|
— |
|
|
1 |
|
(100.0 |
)% |
Transportation |
12,016 |
|
12,204 |
|
(1.5 |
)% |
|
(3.2 |
)% |
|
|
13 |
|
|
13 |
|
— |
% |
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
9 |
|
|
11 |
|
(18.2 |
)% |
Total natural gas revenues(g) |
48,261 |
|
46,244 |
|
4.4 |
% |
|
(1.6 |
)% |
|
|
367 |
|
|
424 |
|
(13.4 |
)% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
1 |
|
|
2 |
|
(50.0 |
)% |
||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
368 |
|
|
426 |
|
(13.6 |
)% |
||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
1,945 |
|
$ |
1,940 |
|
0.3 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
727 |
|
$ |
786 |
|
(7.5 |
)% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,440 |
|
2,218 |
|
2,831 |
|
10.0 |
% |
|
(13.8 |
)% |
Cooling Degree-Days |
537 |
|
233 |
|
392 |
|
130.5 |
% |
|
37.0 |
% |
Number of Electric Customers |
2024 |
|
2023 |
|
Number of Natural Gas Customers |
2024 |
|
2023 |
Residential |
1,533,909 |
|
1,529,499 |
|
Residential |
506,193 |
|
504,723 |
Small commercial & industrial |
156,036 |
|
155,845 |
|
Small commercial & industrial |
44,697 |
|
44,793 |
Large commercial & industrial |
3,162 |
|
3,112 |
|
Large commercial & industrial |
7 |
|
10 |
Public authorities & electric railroads |
10,712 |
|
10,423 |
|
Transportation |
644 |
|
642 |
Total |
1,703,819 |
|
1,698,879 |
|
Total |
551,541 |
|
550,168 |
__________
(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 June 30, 2024 and 2023 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather- Normal % Change |
|
|
2024 |
|
|
2023 |
|
% Change |
||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
2,836 |
|
2,454 |
|
15.6 |
% |
|
3.4 |
% |
|
$ |
464 |
|
|
$ |
363 |
|
27.8 |
% |
Small commercial & industrial |
648 |
|
609 |
|
6.4 |
% |
|
3.4 |
% |
|
|
88 |
|
|
|
75 |
|
17.3 |
% |
Large commercial & industrial |
3,272 |
|
3,102 |
|
5.5 |
% |
|
2.2 |
% |
|
|
139 |
|
|
|
119 |
|
16.8 |
% |
Public authorities & electric railroads |
52 |
|
48 |
|
8.3 |
% |
|
7.9 |
% |
|
|
8 |
|
|
|
7 |
|
14.3 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
101 |
|
|
|
103 |
|
(1.9 |
)% |
Total electric revenues(c) |
6,808 |
|
6,213 |
|
9.6 |
% |
|
2.9 |
% |
|
|
800 |
|
|
|
667 |
|
19.9 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(18 |
) |
|
|
5 |
|
(460.0 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
|
782 |
|
|
|
672 |
|
16.4 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
4,299 |
|
3,909 |
|
10.0 |
% |
|
3.5 |
% |
|
|
89 |
|
|
|
71 |
|
25.4 |
% |
Small commercial & industrial |
1,219 |
|
1,156 |
|
5.4 |
% |
|
2.4 |
% |
|
|
17 |
|
|
|
15 |
|
13.3 |
% |
Large commercial & industrial |
8,316 |
|
8,059 |
|
3.2 |
% |
|
— |
% |
|
|
40 |
|
|
|
30 |
|
33.3 |
% |
Other(f) |
145 |
|
78 |
|
85.9 |
% |
|
n/a |
|
|
|
4 |
|
|
|
5 |
|
(20.0 |
)% |
Total natural gas revenues(g) |
13,979 |
|
13,202 |
|
5.9 |
% |
|
1.4 |
% |
|
|
150 |
|
|
|
121 |
|
24.0 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(4 |
) |
|
|
4 |
|
(200.0 |
)% |
||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
146 |
|
|
|
125 |
|
16.8 |
% |
||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
928 |
|
|
$ |
797 |
|
16.4 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
343 |
|
|
$ |
272 |
|
26.1 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
362 |
|
381 |
|
486 |
|
(5.0 |
)% |
|
(25.5 |
)% |
Cooling Degree-Days |
339 |
|
210 |
|
262 |
|
61.4 |
% |
|
29.4 |
% |
Six Months Ended June 30, 2024 and 2023 |
||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather- Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
6,165 |
|
5,560 |
|
10.9 |
% |
|
1.1 |
% |
|
$ |
999 |
|
$ |
796 |
|
25.5 |
% |
Small commercial & industrial |
1,346 |
|
1,283 |
|
4.9 |
% |
|
1.8 |
% |
|
|
178 |
|
|
167 |
|
6.6 |
% |
Large commercial & industrial |
6,386 |
|
6,149 |
|
3.9 |
% |
|
1.4 |
% |
|
|
271 |
|
|
268 |
|
1.1 |
% |
Public authorities & electric railroads |
104 |
|
103 |
|
1.0 |
% |
|
0.9 |
% |
|
|
15 |
|
|
14 |
|
7.1 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
194 |
|
|
198 |
|
(2.0 |
)% |
Total electric revenues(c) |
14,001 |
|
13,095 |
|
6.9 |
% |
|
1.3 |
% |
|
|
1,657 |
|
|
1,443 |
|
14.8 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
7 |
|
|
42 |
|
(83.3 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
|
1,664 |
|
|
1,485 |
|
12.1 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
22,280 |
|
20,697 |
|
7.6 |
% |
|
(2.6 |
)% |
|
|
360 |
|
|
349 |
|
3.2 |
% |
Small commercial & industrial |
5,212 |
|
4,924 |
|
5.8 |
% |
|
(2.6 |
)% |
|
|
65 |
|
|
56 |
|
16.1 |
% |
Large commercial & industrial |
21,832 |
|
21,273 |
|
2.6 |
% |
|
(1.6 |
)% |
|
|
112 |
|
|
100 |
|
12.0 |
% |
Other(f) |
897 |
|
1,686 |
|
(46.8 |
)% |
|
n/a |
|
|
|
8 |
|
|
24 |
|
(66.7 |
)% |
Total natural gas revenues(g) |
50,221 |
|
48,580 |
|
3.4 |
% |
|
(2.2 |
)% |
|
|
545 |
|
|
529 |
|
3.0 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
16 |
|
|
39 |
|
(59.0 |
)% |
||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
561 |
|
|
568 |
|
(1.2 |
)% |
||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
2,225 |
|
$ |
2,053 |
|
8.4 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
807 |
|
$ |
764 |
|
5.6 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,381 |
|
2,155 |
|
2,840 |
|
10.5 |
% |
|
(16.2 |
)% |
Cooling Degree-Days |
339 |
|
210 |
|
262 |
|
61.4 |
% |
|
29.4 |
% |
Number of Electric Customers |
2024 |
|
2023 |
|
Number of Natural Gas Customers |
2024 |
|
2023 |
Residential |
1,212,331 |
|
1,206,763 |
|
Residential |
656,690 |
|
655,181 |
Small commercial & industrial |
115,384 |
|
115,594 |
|
Small commercial & industrial |
37,859 |
|
38,077 |
Large commercial & industrial |
13,156 |
|
12,975 |
|
Large commercial & industrial |
6,340 |
|
6,275 |
Public authorities & electric railroads |
260 |
|
265 |
|
|
|
|
|
Total |
1,341,131 |
|
1,335,597 |
|
Total |
700,889 |
|
699,533 |
__________
(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 June 30, 2024 and 2023 |
||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather- Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
1,770 |
|
1,598 |
|
10.8 |
% |
|
(7.7 |
)% |
|
$ |
315 |
|
$ |
267 |
|
18.0 |
% |
Small commercial & industrial |
265 |
|
249 |
|
6.4 |
% |
|
(1.4 |
)% |
|
|
43 |
|
|
41 |
|
4.9 |
% |
Large commercial & industrial |
3,409 |
|
3,114 |
|
9.5 |
% |
|
3.2 |
% |
|
|
251 |
|
|
254 |
|
(1.2 |
)% |
Public authorities & electric railroads |
128 |
|
115 |
|
11.3 |
% |
|
10.7 |
% |
|
|
7 |
|
|
7 |
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
75 |
|
|
64 |
|
17.2 |
% |
Total electric revenues(c) |
5,572 |
|
5,076 |
|
9.8 |
% |
|
(0.5 |
)% |
|
|
691 |
|
|
633 |
|
9.2 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
9 |
|
|
9 |
|
— |
% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
700 |
|
$ |
642 |
|
9.0 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
234 |
|
$ |
204 |
|
14.7 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
218 |
|
209 |
|
296 |
|
4.3 |
% |
|
(26.4 |
)% |
Cooling Degree-Days |
646 |
|
388 |
|
512 |
|
66.5 |
% |
|
26.2 |
% |
Six Months Ended June 30, 2024 and 2023 |
||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather- Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
3,868 |
|
3,561 |
|
8.6 |
% |
|
(3.9 |
)% |
|
$ |
659 |
|
$ |
549 |
|
20.0 |
% |
Small commercial & industrial |
550 |
|
516 |
|
6.6 |
% |
|
0.5 |
% |
|
|
89 |
|
|
80 |
|
11.3 |
% |
Large commercial & industrial |
6,701 |
|
6,323 |
|
6.0 |
% |
|
1.9 |
% |
|
|
513 |
|
|
535 |
|
(4.1 |
)% |
Public authorities & electric railroads |
290 |
|
267 |
|
8.6 |
% |
|
7.9 |
% |
|
|
18 |
|
|
16 |
|
12.5 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
138 |
|
|
120 |
|
15.0 |
% |
Total electric revenues(c) |
11,409 |
|
10,667 |
|
7.0 |
% |
|
(0.1 |
)% |
|
|
1,417 |
|
|
1,300 |
|
9.0 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
42 |
|
|
51 |
|
(17.6 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
1,459 |
|
$ |
1,351 |
|
8.0 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
514 |
|
$ |
462 |
|
11.3 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,006 |
|
1,829 |
|
2,374 |
|
9.7 |
% |
|
(15.5 |
)% |
Cooling Degree-Days |
651 |
|
390 |
|
516 |
|
66.9 |
% |
|
26.2 |
% |
Number of Electric Customers |
2024 |
|
2023 |
Residential |
871,009 |
|
860,014 |
Small commercial & industrial |
54,080 |
|
54,016 |
Large commercial & industrial |
23,057 |
|
22,904 |
Public authorities & electric railroads |
207 |
|
204 |
Total |
948,353 |
|
937,138 |
__________
(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 June 30, 2024 and 2023 |
||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather - Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
1,122 |
|
987 |
|
13.7 |
% |
|
(0.6 |
)% |
|
$ |
202 |
|
$ |
161 |
|
25.5 |
% |
Small commercial & industrial |
564 |
|
547 |
|
3.1 |
% |
|
(1.0 |
)% |
|
|
60 |
|
|
57 |
|
5.3 |
% |
Large commercial & industrial |
1,027 |
|
1,027 |
|
— |
% |
|
(3.0 |
)% |
|
|
31 |
|
|
33 |
|
(6.1 |
)% |
Public authorities & electric railroads |
10 |
|
10 |
|
— |
% |
|
1.2 |
% |
|
|
4 |
|
|
4 |
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
64 |
|
|
61 |
|
4.9 |
% |
Total electric revenues(c) |
2,723 |
|
2,571 |
|
5.9 |
% |
|
(1.6 |
)% |
|
|
361 |
|
|
316 |
|
14.2 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
1 |
|
|
4 |
|
(75.0 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
|
362 |
|
|
320 |
|
13.1 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
852 |
|
794 |
|
7.3 |
% |
|
(6.7 |
)% |
|
|
15 |
|
|
16 |
|
(6.3 |
)% |
Small commercial & industrial |
531 |
|
497 |
|
6.8 |
% |
|
(5.4 |
)% |
|
|
7 |
|
|
7 |
|
— |
% |
Large commercial & industrial |
402 |
|
371 |
|
8.4 |
% |
|
8.5 |
% |
|
|
1 |
|
|
1 |
|
— |
% |
Transportation |
1,340 |
|
1,328 |
|
0.9 |
% |
|
(1.5 |
)% |
|
|
4 |
|
|
4 |
|
— |
% |
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
1 |
|
|
1 |
|
— |
% |
Total natural gas revenues |
3,125 |
|
2,990 |
|
4.5 |
% |
|
(2.7 |
)% |
|
|
28 |
|
|
29 |
|
(3.4 |
)% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
n/a |
|
||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
28 |
|
|
29 |
|
(3.4 |
)% |
||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
390 |
|
$ |
349 |
|
11.7 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
156 |
|
$ |
139 |
|
12.2 |
% |
||
Electric Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
391 |
|
322 |
|
442 |
|
21.4 |
% |
|
(11.5 |
)% |
Cooling Degree-Days |
398 |
|
252 |
|
352 |
|
57.9 |
% |
|
13.1 |
% |
Natural Gas Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
404 |
|
318 |
|
483 |
|
27.0 |
% |
|
(16.4 |
)% |
Six Months Ended June 30, 2024 and 2023 |
||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather - Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
2,610 |
|
2,373 |
|
10.0 |
% |
|
(0.4 |
)% |
|
$ |
458 |
|
$ |
371 |
|
23.5 |
% |
Small commercial & industrial |
1,121 |
|
1,081 |
|
3.7 |
% |
|
(0.1 |
)% |
|
|
122 |
|
|
119 |
|
2.5 |
% |
Large commercial & industrial |
2,000 |
|
1,984 |
|
0.8 |
% |
|
(1.4 |
)% |
|
|
60 |
|
|
66 |
|
(9.1 |
)% |
Public authorities & electric railroads |
20 |
|
22 |
|
(9.1 |
)% |
|
(9.5 |
)% |
|
|
8 |
|
|
8 |
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
126 |
|
|
119 |
|
5.9 |
% |
Total electric revenues(c) |
5,751 |
|
5,460 |
|
5.3 |
% |
|
(0.7 |
)% |
|
|
774 |
|
|
683 |
|
13.3 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
6 |
|
|
14 |
|
(57.1 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
|
780 |
|
|
697 |
|
11.9 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
4,764 |
|
4,368 |
|
9.1 |
% |
|
(2.3 |
)% |
|
|
61 |
|
|
76 |
|
(19.7 |
)% |
Small commercial & industrial |
2,244 |
|
2,142 |
|
4.8 |
% |
|
(6.5 |
)% |
|
|
24 |
|
|
33 |
|
(27.3 |
)% |
Large commercial & industrial |
834 |
|
787 |
|
6.0 |
% |
|
5.8 |
% |
|
|
3 |
|
|
2 |
|
50.0 |
% |
Transportation |
3,301 |
|
3,231 |
|
2.2 |
% |
|
(1.7 |
)% |
|
|
9 |
|
|
8 |
|
12.5 |
% |
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
3 |
|
|
7 |
|
(57.1 |
)% |
Total natural gas revenues |
11,143 |
|
10,528 |
|
5.8 |
% |
|
(2.5 |
)% |
|
|
100 |
|
|
126 |
|
(20.6 |
)% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
n/a |
|
||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
100 |
|
|
126 |
|
(20.6 |
)% |
||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
880 |
|
$ |
823 |
|
6.9 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
370 |
|
$ |
360 |
|
2.8 |
% |
||
Electric Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,503 |
|
2,197 |
|
2,807 |
|
13.9 |
% |
|
(10.8 |
)% |
Cooling Degree-Days |
398 |
|
252 |
|
353 |
|
57.9 |
% |
|
12.7 |
% |
Natural Gas Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,608 |
|
2,269 |
|
2,959 |
|
14.9 |
% |
|
(11.9 |
)% |
Number of Electric Customers |
2024 |
|
2023 |
|
Number of Natural Gas Customers |
2024 |
|
2023 |
Residential |
488,089 |
|
483,760 |
|
Residential |
130,678 |
|
129,538 |
Small commercial & industrial |
64,549 |
|
63,913 |
|
Small commercial & industrial |
10,100 |
|
10,060 |
Large commercial & industrial |
1,256 |
|
1,234 |
|
Large commercial & industrial |
14 |
|
16 |
Public authorities & electric railroads |
595 |
|
594 |
|
Transportation |
163 |
|
163 |
Total |
554,489 |
|
549,501 |
|
Total |
140,955 |
|
139,777 |
__________
(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 June 30, 2024 and 2023 |
||||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather - Normal % Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential |
1,049 |
|
775 |
|
35.4 |
% |
|
4.0 |
% |
|
$ |
229 |
|
|
$ |
155 |
|
|
47.7 |
% |
Small commercial & industrial |
365 |
|
347 |
|
5.2 |
% |
|
(3.0 |
)% |
|
|
55 |
|
|
|
46 |
|
|
19.6 |
% |
Large commercial & industrial |
723 |
|
743 |
|
(2.7 |
)% |
|
(8.8 |
)% |
|
|
47 |
|
|
|
50 |
|
|
(6.0 |
)% |
Public authorities & electric railroads |
9 |
|
9 |
|
— |
% |
|
(1.9 |
)% |
|
|
5 |
|
|
|
4 |
|
|
25.0 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
68 |
|
|
|
63 |
|
|
7.9 |
% |
Total electric revenues(c) |
2,146 |
|
1,874 |
|
14.5 |
% |
|
(2.1 |
)% |
|
|
404 |
|
|
|
318 |
|
|
27.0 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(21 |
) |
|
|
(1 |
) |
|
2,000.0 |
% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
383 |
|
|
$ |
317 |
|
|
20.8 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
172 |
|
|
$ |
124 |
|
|
38.7 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
465 |
|
519 |
|
525 |
|
(10.4 |
)% |
|
(11.4 |
)% |
Cooling Degree-Days |
415 |
|
155 |
|
303 |
|
167.7 |
% |
|
37.0 |
% |
Six Months Ended June 30, 2024 and 2023 |
|||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather - Normal % Change |
|
|
2024 |
|
|
2023 |
|
% Change |
||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
1,889 |
|
1,535 |
|
23.1 |
% |
|
2.2 |
% |
|
$ |
404 |
|
|
$ |
301 |
|
34.2 |
% |
Small commercial & industrial |
726 |
|
718 |
|
1.1 |
% |
|
(4.8 |
)% |
|
|
105 |
|
|
|
105 |
|
— |
% |
Large commercial & industrial |
1,464 |
|
1,532 |
|
(4.4 |
)% |
|
(8.2 |
)% |
|
|
96 |
|
|
|
113 |
|
(15.0 |
)% |
Public authorities & electric railroads |
23 |
|
23 |
|
— |
% |
|
(2.3 |
)% |
|
|
10 |
|
|
|
9 |
|
11.1 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
134 |
|
|
|
126 |
|
6.3 |
% |
Total electric revenues(c) |
4,102 |
|
3,808 |
|
7.7 |
% |
|
(3.1 |
)% |
|
|
749 |
|
|
|
654 |
|
14.5 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(9 |
) |
|
|
16 |
|
(156.3 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
740 |
|
|
$ |
670 |
|
10.4 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
312 |
|
|
$ |
273 |
|
14.3 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,666 |
|
2,527 |
|
2,950 |
|
5.5 |
% |
|
(9.6 |
)% |
Cooling Degree-Days |
415 |
|
155 |
|
304 |
|
167.7 |
% |
|
36.5 |
% |
Number of Electric Customers |
|
2024 |
|
2023 |
Residential |
|
506,358 |
|
503,918 |
Small commercial & industrial |
|
62,717 |
|
62,307 |
Large commercial & industrial |
|
2,878 |
|
3,007 |
Public authorities & electric railroads |
|
701 |
|
727 |
Total |
|
572,654 |
|
569,959 |
__________
(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. |
(e) |
Includes alternative revenue programs. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801173992/en/
James Gherardi
Corporate Communications
312-394-7417
Andrew Plenge
Investor Relations
312-394-2345
Source: Exelon Corporation
FAQ
What were Exelon's (EXC) Q2 2024 earnings per share?
How did Exelon's (EXC) Q2 2024 earnings compare to Q2 2023?
What is Exelon's (EXC) full-year 2024 earnings guidance?
How did Exelon's (EXC) utility subsidiaries perform in Q2 2024?
What factors contributed to Exelon's (EXC) earnings growth in Q2 2024?
