Exelon Reports Third Quarter 2024 Results
Exelon (EXC) reported strong Q3 2024 financial results with GAAP net income of $0.70 per share and adjusted operating earnings of $0.71 per share, up from $0.67 in Q3 2023. The company reaffirmed its full-year 2024 adjusted operating earnings guidance of $2.40-$2.50 per share and maintained its 5-7% compound annual growth target through 2027. All utilities achieved top quartile reliability performance, with ComEd and Pepco Holdings in the top decile. The company is investing $34.5 billion in energy infrastructure and declared a quarterly dividend of $0.38 per share.
Exelon (EXC) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un reddito netto GAAP di $0,70 per azione e utili operativi rettificati di $0,71 per azione, in aumento rispetto a $0,67 nel terzo trimestre del 2023. L'azienda ha confermato le previsioni di utili operativi rettificati per l'intero anno 2024, fissate tra $2,40 e $2,50 per azione, e ha mantenuto l'obiettivo di crescita annuale composta del 5-7% fino al 2027. Tutte le utility hanno raggiunto prestazioni di affidabilità nel primo quartile, con ComEd e Pepco Holdings nel primo decile. L'azienda sta investendo $34,5 miliardi in infrastrutture energetiche e ha dichiarato un dividendo trimestrale di $0,38 per azione.
Exelon (EXC) reportó fuertes resultados financieros para el tercer trimestre de 2024, con un ingreso neto GAAP de $0.70 por acción y ganancias operativas ajustadas de $0.71 por acción, un aumento con respecto a $0.67 en el tercer trimestre de 2023. La empresa reafirmó su guía de ganancias operativas ajustadas para todo el año 2024 de $2.40 a $2.50 por acción y mantuvo su objetivo de crecimiento anual compuesto del 5-7% hasta 2027. Todas las utilidades lograron un rendimiento de confiabilidad en el primer cuartil, con ComEd y Pepco Holdings en el primer decil. La empresa está invirtiendo $34.5 mil millones en infraestructura energética y declaró un dividendo trimestral de $0.38 por acción.
Exelon (EXC)는 2024년 3분기 강력한 재무 결과를 보고했으며, GAAP 기준 주당 $0.70의 순이익과 주당 $0.71의 조정된 운영 이익을 기록했습니다. 이는 2023년 3분기의 $0.67에서 증가한 수치입니다. 이 회사는 2024년 전체 연도에 대한 조정된 운영 이익 전망인 주당 $2.40-$2.50을 재확인하고 2027년까지 연평균 성장률 목표를 5-7%로 유지했습니다. 모든 유틸리티가 상위 사분위수의 신뢰성 성과를 달성했으며, ComEd와 Pepco Holdings는 상위 10%에 있었습니다. 이 회사는 에너지 인프라에 $34.5억을 투자하고 주당 $0.38의 분기 배당금을 선언했습니다.
Exelon (EXC) a publié de solides résultats financiers pour le troisième trimestre de 2024, avec un revenu net GAAP de 0,70 $ par action et un bénéfice opérationnel ajusté de 0,71 $ par action, en hausse par rapport à 0,67 $ au troisième trimestre de 2023. L'entreprise a réaffirmé ses prévisions de bénéfice opérationnel ajusté pour l'ensemble de l'année 2024, situées entre 2,40 $ et 2,50 $ par action, et a maintenu son objectif de croissance annuelle composée de 5 à 7 % jusqu'en 2027. Toutes les entreprises de services publics ont atteint des performances de fiabilité dans le premier quartile, ComEd et Pepco Holdings se classant dans le premier décile. L'entreprise investit 34,5 milliards de dollars dans les infrastructures énergétiques et a déclaré un dividende trimestriel de 0,38 $ par action.
Exelon (EXC) hat starke Finanzergebnisse für das dritte Quartal 2024 gemeldet, mit GAAP-Nettogewinn von $0,70 pro Aktie und bereinigten Betriebsergebnissen von $0,71 pro Aktie, was einem Anstieg von $0,67 im dritten Quartal 2023 entspricht. Das Unternehmen bekräftigte seine Prognose für die bereinigten Betriebsergebnisse für das gesamte Jahr 2024 von $2,40 bis $2,50 pro Aktie und hielt sein Ziel von 5-7% jährlichem Wachstum bis 2027 aufrecht. Alle Versorgungsunternehmen erzielten eine Zuverlässigkeitsperformance im oberen Quartil, wobei ComEd und Pepco Holdings im oberen Dezil lagen. Das Unternehmen investiert $34,5 Milliarden in die Energieinfrastruktur und erklärte eine vierteljährliche Dividende von $0,38 pro Aktie.
- Q3 2024 adjusted operating earnings increased to $0.71 per share from $0.67 in Q3 2023
- Reaffirmed full-year 2024 guidance of $2.40-$2.50 per share
- Maintained 5-7% compound annual growth target through 2027
- $34.5 billion investment planned in energy infrastructure
- ComEd's Q3 net income increased to $360M from $333M
- PHI's Q3 net income rose to $278M from $232M
- PECO's Q3 net income decreased to $117M from $146M
- Higher interest expenses at PECO, BGE, and PHI
- Increased credit loss expenses at PECO and BGE
- Higher depreciation and amortization expenses at PECO and BGE
Insights
Exelon delivered a solid Q3 2024 with
Key positives include distribution rate increases across subsidiaries and top-quartile reliability metrics. However, rising interest expenses and higher credit loss provisions at PECO and BGE warrant monitoring. The consistent dividend policy, with a quarterly payout of
The regulated utility model, with revenue decoupling protection against weather and usage variations at most subsidiaries, offers earnings stability. DPL's pending rate case seeking
Earnings Release Highlights
-
GAAP net income of
$0.70 $0.71 -
Reaffirming full year 2024 Adjusted (non-GAAP) operating earnings guidance range of
$2.40 -$2.50 -
Reaffirming adjusted (non-GAAP) operating EPS compounded annual growth target of 5
-7% through 2027 - Strong utility reliability performance - all utilities achieved top quartile in reliability, with ComEd and Pepco Holdings continuing to achieve top decile in SAIFI and SAIDI performance
- DPL filed a natural gas distribution rate case with the Delaware Public Service Commission (DEPSC) in September seeking an increase in gas distribution rates to support investments in infrastructure to maintain safety, reliability, and service for customers, while also offering more predictability in customer bills throughout the year
"Our strong third quarter performance highlights the dedication of our 20,000 employees delivering top quartile service despite unprecedented challenges," said Exelon President and Chief Executive Officer Calvin Butler. "This summer, our regions faced record-breaking severe weather, including an historic number of tornadoes in the
"Exelon delivered another quarter of strong financial performance, with third quarter adjusted operating earnings of
Third Quarter 2024
Exelon's GAAP net income for the third quarter of 2024 remained relatively consistent with the prior period at
The GAAP net income and Adjusted (non-GAAP) operating earnings in the third quarter of 2024 primarily reflects higher utility earnings due to distribution rate increases at BGE, distribution and transmission rate increases at PHI, timing of distribution earnings and a higher return on regulatory assets at ComEd, and decreased storm costs at PHI. This was partially offset by higher interest expense at PECO, BGE, and PHI; higher credit loss expense at PECO and BGE; higher depreciation and amortization expense at PECO and BGE; and lower carrying costs recovery related to the CMC regulatory asset at ComEd.
Operating Company Results1
ComEd
ComEd's third quarter of 2024 GAAP net income increased to
PECO
PECO’s third quarter of 2024 GAAP net income decreased to
BGE
BGE’s third quarter of 2024 GAAP net income remained relatively consistent with the prior period at
___________
1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern
PHI
PHI’s third quarter of 2024 GAAP net income increased to
Recent Developments and Third Quarter Highlights
-
Dividend: On October 29, 2024, Exelon's Board of Directors declared a regular quarterly dividend of
$0.38 -
Rate Case Developments:
-
DPL Delaware Natural Gas Distribution Rate Case: On September 20, 2024, DPL filed an application with the DEPSC to increase its annual natural gas rates by
$36 million 10.65% . DPL currently expects a decision in the first quarter of 2026 but cannot predict if the DEPSC will approve the application as filed.
-
DPL Delaware Natural Gas Distribution Rate Case: On September 20, 2024, DPL filed an application with the DEPSC to increase its annual natural gas rates by
-
Financing Activities:
-
On August 28, 2024, ACE issued
$175 million $75 million 5.29% Series Bonds due on August 28, 2034 and$100 million 5.49% Series Bonds due on August 28, 2039. ACE used the proceeds of the sale of the ACE Bonds to repay existing indebtedness and for general corporate purposes. -
On September 10, 2024, PECO Energy Company (PECO) issued
$575 million 5.250% Series due September 15, 2054. PECO used the net proceeds from the sale of the Bonds to refinance currently outstanding commercial paper and for general corporate purposes.
-
On August 28, 2024, ACE issued
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the third quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||
2024 GAAP net income |
$ |
0.70 |
$ |
707 |
$ |
360 |
$ |
117 |
$ |
45 |
$ |
278 |
Change in environmental liabilities (net of taxes of |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
Change in FERC audit liability (net of taxes of |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
Cost management charge (net of taxes of |
|
— |
|
1 |
|
— |
|
1 |
|
— |
|
— |
2024 Adjusted (non-GAAP) operating earnings |
$ |
0.71 |
$ |
708 |
$ |
360 |
$ |
118 |
$ |
45 |
$ |
278 |
Adjusted (non-GAAP) operating earnings for the third quarter of 2023 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
|||||||||
2023 GAAP net income |
$ |
0.70 |
|
$ |
700 |
|
$ |
333 |
$ |
146 |
$ |
45 |
$ |
232 |
|
Mark-to-market impact of economic hedging activities (net of taxes of |
|
0.01 |
|
|
12 |
|
|
— |
|
— |
|
— |
|
— |
|
Asset retirement obligation (net of taxes of |
|
— |
|
|
(1 |
) |
|
— |
|
— |
|
— |
|
(1 |
) |
Separation costs (net of taxes of |
|
0.01 |
|
|
14 |
|
|
5 |
|
3 |
|
2 |
|
4 |
|
Income tax-related adjustments (entire amount represents tax expense) |
|
(0.05 |
) |
|
(54 |
) |
|
— |
|
— |
|
— |
|
— |
|
2023 Adjusted (non-GAAP) operating earnings |
$ |
0.67 |
|
$ |
671 |
|
$ |
338 |
$ |
149 |
$ |
47 |
$ |
234 |
|
__________ Note: Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from |
|||||||||||||||
Webcast Information
Exelon will discuss third quarter 2024 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https://investors.exeloncorp.com.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10.5 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). 20,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on Twitter | X.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company "Registrants" include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2023 Annual Report on Form 10-K filed with the SEC in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants' Third Quarter 2024 Quarterly Report on Form 10-Q (to be filed on October 30, 2024) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 11, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release.
Earnings Release Attachments Table of Contents |
|
Consolidating Statement of Operations |
2 |
|
|
Consolidated Balance Sheets |
3 |
|
|
Consolidated Statements of Cash Flows |
5 |
|
|
Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings |
6 |
|
|
Statistics |
|
ComEd |
8 |
PECO |
9 |
BGE |
12 |
Pepco |
15 |
DPL |
16 |
ACE |
18 |
Consolidating Statements of Operations (unaudited) (in millions) |
|||||||||||||||||||||||
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||
Three Months Ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
2,229 |
|
|
$ |
1,030 |
|
|
$ |
1,044 |
|
|
$ |
1,862 |
|
|
$ |
(11 |
) |
|
$ |
6,154 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
835 |
|
|
|
386 |
|
|
|
420 |
|
|
|
742 |
|
|
|
— |
|
|
|
2,383 |
|
Operating and maintenance |
|
410 |
|
|
|
313 |
|
|
|
281 |
|
|
|
322 |
|
|
|
(51 |
) |
|
|
1,275 |
|
Depreciation and amortization |
|
387 |
|
|
|
108 |
|
|
|
162 |
|
|
|
235 |
|
|
|
16 |
|
|
|
908 |
|
Taxes other than income taxes |
|
99 |
|
|
|
61 |
|
|
|
86 |
|
|
|
140 |
|
|
|
9 |
|
|
|
395 |
|
Total operating expenses |
|
1,731 |
|
|
|
868 |
|
|
|
949 |
|
|
|
1,439 |
|
|
|
(26 |
) |
|
|
4,961 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
3 |
|
Operating income |
|
498 |
|
|
|
162 |
|
|
|
95 |
|
|
|
423 |
|
|
|
18 |
|
|
|
1,196 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(128 |
) |
|
|
(58 |
) |
|
|
(57 |
) |
|
|
(95 |
) |
|
|
(158 |
) |
|
|
(496 |
) |
Other, net |
|
26 |
|
|
|
9 |
|
|
|
11 |
|
|
|
22 |
|
|
|
(11 |
) |
|
|
57 |
|
Total other income and (deductions) |
|
(102 |
) |
|
|
(49 |
) |
|
|
(46 |
) |
|
|
(73 |
) |
|
|
(169 |
) |
|
|
(439 |
) |
Income (loss) before income taxes |
|
396 |
|
|
|
113 |
|
|
|
49 |
|
|
|
350 |
|
|
|
(151 |
) |
|
|
757 |
|
Income taxes |
|
36 |
|
|
|
(4 |
) |
|
|
4 |
|
|
|
72 |
|
|
|
(58 |
) |
|
|
50 |
|
Net income (loss) attributable to common shareholders |
$ |
360 |
|
|
$ |
117 |
|
|
$ |
45 |
|
|
$ |
278 |
|
|
$ |
(93 |
) |
|
$ |
707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
2,268 |
|
|
$ |
1,037 |
|
|
$ |
932 |
|
|
$ |
1,773 |
|
|
$ |
(30 |
) |
|
$ |
5,980 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
896 |
|
|
|
411 |
|
|
|
380 |
|
|
|
710 |
|
|
|
— |
|
|
|
2,397 |
|
Operating and maintenance |
|
385 |
|
|
|
277 |
|
|
|
214 |
|
|
|
339 |
|
|
|
(28 |
) |
|
|
1,187 |
|
Depreciation and amortization |
|
357 |
|
|
|
100 |
|
|
|
161 |
|
|
|
257 |
|
|
|
15 |
|
|
|
890 |
|
Taxes other than income taxes |
|
100 |
|
|
|
59 |
|
|
|
80 |
|
|
|
134 |
|
|
|
10 |
|
|
|
383 |
|
Total operating expenses |
|
1,738 |
|
|
|
847 |
|
|
|
835 |
|
|
|
1,440 |
|
|
|
(3 |
) |
|
|
4,857 |
|
Operating income (loss) |
|
530 |
|
|
|
190 |
|
|
|
97 |
|
|
|
333 |
|
|
|
(27 |
) |
|
|
1,123 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(119 |
) |
|
|
(52 |
) |
|
|
(47 |
) |
|
|
(80 |
) |
|
|
(139 |
) |
|
|
(437 |
) |
Other, net |
|
16 |
|
|
|
11 |
|
|
|
6 |
|
|
|
28 |
|
|
|
20 |
|
|
|
81 |
|
Total other income and (deductions) |
|
(103 |
) |
|
|
(41 |
) |
|
|
(41 |
) |
|
|
(52 |
) |
|
|
(119 |
) |
|
|
(356 |
) |
Income (loss) before income taxes |
|
427 |
|
|
|
149 |
|
|
|
56 |
|
|
|
281 |
|
|
|
(146 |
) |
|
|
767 |
|
Income taxes |
|
94 |
|
|
|
3 |
|
|
|
11 |
|
|
|
49 |
|
|
|
(90 |
) |
|
|
67 |
|
Net income (loss) attributable to common shareholders |
$ |
333 |
|
|
$ |
146 |
|
|
$ |
45 |
|
|
$ |
232 |
|
|
$ |
(56 |
) |
|
$ |
700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in net income (loss) from 2023 to 2024 |
$ |
27 |
|
|
$ |
(29 |
) |
|
$ |
— |
|
|
$ |
46 |
|
|
$ |
(37 |
) |
|
$ |
7 |
|
Consolidating Statements of Operations (unaudited) (in millions) |
|||||||||||||||||||||||
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||
Nine Months Ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
6,403 |
|
|
$ |
2,975 |
|
|
$ |
3,268 |
|
|
$ |
4,938 |
|
|
$ |
(27 |
) |
|
$ |
17,557 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
2,504 |
|
|
|
1,113 |
|
|
|
1,228 |
|
|
|
1,939 |
|
|
|
— |
|
|
|
6,784 |
|
Operating and maintenance |
|
1,277 |
|
|
|
876 |
|
|
|
795 |
|
|
|
927 |
|
|
|
(119 |
) |
|
|
3,756 |
|
Depreciation and amortization |
|
1,124 |
|
|
|
318 |
|
|
|
474 |
|
|
|
716 |
|
|
|
49 |
|
|
|
2,681 |
|
Taxes other than income taxes |
|
287 |
|
|
|
164 |
|
|
|
254 |
|
|
|
395 |
|
|
|
27 |
|
|
|
1,127 |
|
Total operating expenses |
|
5,192 |
|
|
|
2,471 |
|
|
|
2,751 |
|
|
|
3,977 |
|
|
|
(43 |
) |
|
|
14,348 |
|
Gain on sales of assets |
|
5 |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
12 |
|
Operating income |
|
1,216 |
|
|
|
508 |
|
|
|
517 |
|
|
|
961 |
|
|
|
19 |
|
|
|
3,221 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(374 |
) |
|
|
(170 |
) |
|
|
(159 |
) |
|
|
(279 |
) |
|
|
(464 |
) |
|
|
(1,446 |
) |
Other, net |
|
66 |
|
|
|
27 |
|
|
|
27 |
|
|
|
79 |
|
|
|
(3 |
) |
|
|
196 |
|
Total other income and (deductions) |
|
(308 |
) |
|
|
(143 |
) |
|
|
(132 |
) |
|
|
(200 |
) |
|
|
(467 |
) |
|
|
(1,250 |
) |
Income (loss) before income taxes |
|
908 |
|
|
|
365 |
|
|
|
385 |
|
|
|
761 |
|
|
|
(448 |
) |
|
|
1,971 |
|
Income taxes |
|
85 |
|
|
|
9 |
|
|
|
32 |
|
|
|
158 |
|
|
|
(126 |
) |
|
|
158 |
|
Net income (loss) attributable to common shareholders |
$ |
823 |
|
|
$ |
356 |
|
|
$ |
353 |
|
|
$ |
603 |
|
|
$ |
(322 |
) |
|
$ |
1,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nine Months Ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
$ |
5,836 |
|
|
$ |
2,977 |
|
|
$ |
2,986 |
|
|
$ |
4,615 |
|
|
$ |
(54 |
) |
|
$ |
16,360 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased power and fuel |
|
2,068 |
|
|
|
1,197 |
|
|
|
1,145 |
|
|
|
1,805 |
|
|
|
— |
|
|
|
6,215 |
|
Operating and maintenance |
|
1,077 |
|
|
|
786 |
|
|
|
632 |
|
|
|
952 |
|
|
|
88 |
|
|
|
3,535 |
|
Depreciation and amortization |
|
1,045 |
|
|
|
297 |
|
|
|
487 |
|
|
|
741 |
|
|
|
46 |
|
|
|
2,616 |
|
Taxes other than income taxes |
|
282 |
|
|
|
156 |
|
|
|
239 |
|
|
|
366 |
|
|
|
20 |
|
|
|
1,063 |
|
Total operating expenses |
|
4,472 |
|
|
|
2,436 |
|
|
|
2,503 |
|
|
|
3,864 |
|
|
|
154 |
|
|
|
13,429 |
|
Operating income (loss) |
|
1,364 |
|
|
|
541 |
|
|
|
483 |
|
|
|
751 |
|
|
|
(208 |
) |
|
|
2,931 |
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
(357 |
) |
|
|
(149 |
) |
|
|
(135 |
) |
|
|
(238 |
) |
|
|
(398 |
) |
|
|
(1,277 |
) |
Other, net |
|
50 |
|
|
|
26 |
|
|
|
14 |
|
|
|
80 |
|
|
|
161 |
|
|
|
331 |
|
Total other income and (deductions) |
|
(307 |
) |
|
|
(123 |
) |
|
|
(121 |
) |
|
|
(158 |
) |
|
|
(237 |
) |
|
|
(946 |
) |
Income (loss) before income taxes |
|
1,057 |
|
|
|
418 |
|
|
|
362 |
|
|
|
593 |
|
|
|
(445 |
) |
|
|
1,985 |
|
Income taxes |
|
235 |
|
|
|
8 |
|
|
|
76 |
|
|
|
103 |
|
|
|
(148 |
) |
|
|
274 |
|
Net income (loss) attributable to common shareholders |
$ |
822 |
|
|
$ |
410 |
|
|
$ |
286 |
|
|
$ |
490 |
|
|
$ |
(297 |
) |
|
$ |
1,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in net income (loss) from 2023 to 2024 |
$ |
1 |
|
|
$ |
(54 |
) |
|
$ |
67 |
|
|
$ |
113 |
|
|
$ |
(25 |
) |
|
$ |
102 |
|
__________ |
||
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
|
Exelon Consolidated Balance Sheets (unaudited) (in millions) |
||||||||
|
|
September 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
616 |
|
|
$ |
445 |
|
Restricted cash and cash equivalents |
|
|
552 |
|
|
|
482 |
|
Accounts receivable |
|
|
|
|
||||
Customer accounts receivable |
|
|
2,971 |
|
|
|
2,659 |
|
Customer allowance for credit losses |
|
|
(426 |
) |
|
|
(317 |
) |
Customer accounts receivable, net |
|
|
2,545 |
|
|
|
2,342 |
|
Other accounts receivable |
|
|
1,226 |
|
|
|
1,101 |
|
Other allowance for credit losses |
|
|
(111 |
) |
|
|
(82 |
) |
Other accounts receivable, net |
|
|
1,115 |
|
|
|
1,019 |
|
Inventories, net |
|
|
|
|
||||
Fossil fuel |
|
|
78 |
|
|
|
94 |
|
Materials and supplies |
|
|
777 |
|
|
|
707 |
|
Regulatory assets |
|
|
1,869 |
|
|
|
2,215 |
|
Other |
|
|
471 |
|
|
|
473 |
|
Total current assets |
|
|
8,023 |
|
|
|
7,777 |
|
Property, plant, and equipment, net |
|
|
76,661 |
|
|
|
73,593 |
|
Deferred debits and other assets |
|
|
|
|
||||
Regulatory assets |
|
|
8,657 |
|
|
|
8,698 |
|
Goodwill |
|
|
6,630 |
|
|
|
6,630 |
|
Receivable related to Regulatory Agreement Units |
|
|
4,322 |
|
|
|
3,232 |
|
Investments |
|
|
279 |
|
|
|
251 |
|
Other |
|
|
1,498 |
|
|
|
1,365 |
|
Total deferred debits and other assets |
|
|
21,386 |
|
|
|
20,176 |
|
Total assets |
|
$ |
106,070 |
|
|
$ |
101,546 |
|
|
|
|
|
|
||||
|
|
September 30, 2024 |
|
December 31, 2023 |
||||
Liabilities and shareholders’ equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Short-term borrowings |
|
$ |
1,031 |
|
|
$ |
2,523 |
|
Long-term debt due within one year |
|
|
954 |
|
|
|
1,403 |
|
Accounts payable |
|
|
2,648 |
|
|
|
2,846 |
|
Accrued expenses |
|
|
1,284 |
|
|
|
1,375 |
|
Payables to affiliates |
|
|
5 |
|
|
|
5 |
|
Customer deposits |
|
|
432 |
|
|
|
411 |
|
Regulatory liabilities |
|
|
430 |
|
|
|
389 |
|
Mark-to-market derivative liabilities |
|
|
25 |
|
|
|
74 |
|
Unamortized energy contract liabilities |
|
|
6 |
|
|
|
8 |
|
Other |
|
|
569 |
|
|
|
557 |
|
Total current liabilities |
|
|
7,384 |
|
|
|
9,591 |
|
Long-term debt |
|
|
43,701 |
|
|
|
39,692 |
|
Long-term debt to financing trusts |
|
|
390 |
|
|
|
390 |
|
Deferred credits and other liabilities |
|
|
|
|
||||
Deferred income taxes and unamortized investment tax credits |
|
|
12,551 |
|
|
|
11,956 |
|
Regulatory liabilities |
|
|
10,563 |
|
|
|
9,576 |
|
Pension obligations |
|
|
1,553 |
|
|
|
1,571 |
|
Non-pension postretirement benefit obligations |
|
|
528 |
|
|
|
527 |
|
Asset retirement obligations |
|
|
289 |
|
|
|
267 |
|
Mark-to-market derivative liabilities |
|
|
180 |
|
|
|
106 |
|
Unamortized energy contract liabilities |
|
|
22 |
|
|
|
27 |
|
Other |
|
|
2,287 |
|
|
|
2,088 |
|
Total deferred credits and other liabilities |
|
|
27,973 |
|
|
|
26,118 |
|
Total liabilities |
|
|
79,448 |
|
|
|
75,791 |
|
Commitments and contingencies |
|
|
|
|
||||
Shareholders’ equity |
|
|
|
|
||||
Common stock |
|
|
21,320 |
|
|
|
21,114 |
|
Treasury stock, at cost |
|
|
(123 |
) |
|
|
(123 |
) |
Retained earnings |
|
|
6,161 |
|
|
|
5,490 |
|
Accumulated other comprehensive loss, net |
|
|
(736 |
) |
|
|
(726 |
) |
Total shareholders’ equity |
|
|
26,622 |
|
|
|
25,755 |
|
Total liabilities and shareholders’ equity |
|
$ |
106,070 |
|
|
$ |
101,546 |
|
Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) |
||||||||
|
|
Nine Months Ended September 30, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
|
||||
Net income |
|
$ |
1,813 |
|
|
$ |
1,711 |
|
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
|
||||
Depreciation, amortization, and accretion |
|
|
2,683 |
|
|
|
2,616 |
|
Gain on sales of assets |
|
|
(12 |
) |
|
|
— |
|
Deferred income taxes and amortization of investment tax credits |
|
|
102 |
|
|
|
210 |
|
Net fair value changes related to derivatives |
|
|
1 |
|
|
|
21 |
|
Other non-cash operating activities |
|
|
441 |
|
|
|
(237 |
) |
Changes in assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(489 |
) |
|
|
82 |
|
Inventories |
|
|
(57 |
) |
|
|
(8 |
) |
Accounts payable and accrued expenses |
|
|
(309 |
) |
|
|
(454 |
) |
Collateral received (paid), net |
|
|
21 |
|
|
|
(183 |
) |
Income taxes |
|
|
(18 |
) |
|
|
50 |
|
Regulatory assets and liabilities, net |
|
|
194 |
|
|
|
(395 |
) |
Pension and non-pension postretirement benefit contributions |
|
|
(140 |
) |
|
|
(97 |
) |
Other assets and liabilities |
|
|
(87 |
) |
|
|
(24 |
) |
Net cash flows provided by operating activities |
|
|
4,143 |
|
|
|
3,292 |
|
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures |
|
|
(5,161 |
) |
|
|
(5,540 |
) |
Proceeds from sales of assets and businesses |
|
|
38 |
|
|
|
— |
|
Other investing activities |
|
|
9 |
|
|
|
25 |
|
Net cash flows used in investing activities |
|
|
(5,114 |
) |
|
|
(5,515 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Changes in short-term borrowings |
|
|
(1,093 |
) |
|
|
(1,116 |
) |
Proceeds from short-term borrowings with maturities greater than 90 days |
|
|
150 |
|
|
|
400 |
|
Repayments on short-term borrowings with maturities greater than 90 days |
|
|
(549 |
) |
|
|
(150 |
) |
Issuance of long-term debt |
|
|
4,975 |
|
|
|
5,300 |
|
Retirement of long-term debt |
|
|
(1,336 |
) |
|
|
(1,209 |
) |
Issuance of common stock |
|
|
148 |
|
|
|
— |
|
Dividends paid on common stock |
|
|
(1,142 |
) |
|
|
(1,074 |
) |
Proceeds from employee stock plans |
|
|
33 |
|
|
|
30 |
|
Other financing activities |
|
|
(83 |
) |
|
|
(101 |
) |
Net cash flows provided by financing activities |
|
|
1,103 |
|
|
|
2,080 |
|
Increase (decrease) in cash, restricted cash, and cash equivalents |
|
|
132 |
|
|
|
(143 |
) |
Cash, restricted cash, and cash equivalents at beginning of period |
|
|
1,101 |
|
|
|
1,090 |
|
Cash, restricted cash, and cash equivalents at end of period |
|
$ |
1,233 |
|
|
$ |
947 |
|
Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended September 30, 2024 and 2023 (unaudited) (in millions, except per share data) |
|||||||||||||||||||||||||||
|
Exelon Earnings per Diluted Share |
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||||
2023 GAAP net income (loss) |
$ |
0.70 |
|
|
$ |
333 |
|
|
$ |
146 |
|
|
$ |
45 |
|
|
$ |
232 |
|
|
$ |
(56 |
) |
|
$ |
700 |
|
Mark-to-market impact of economic hedging activities (net of taxes of |
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
12 |
|
Asset retirement obligation (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Separation costs (net of taxes of |
|
0.01 |
|
|
|
5 |
|
|
|
3 |
|
|
|
2 |
|
|
|
4 |
|
|
|
— |
|
|
|
14 |
|
Income tax-related adjustments (entire amount represents tax expense) (2) |
|
(0.05 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(54 |
) |
|
|
(54 |
) |
2023 Adjusted (non-GAAP) operating earnings (loss) |
$ |
0.67 |
|
|
$ |
338 |
|
|
$ |
149 |
|
|
$ |
47 |
|
|
$ |
234 |
|
|
$ |
(97 |
) |
|
$ |
671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Year over year effects on Adjusted (non-GAAP) operating earnings: |
|||||||||||||||||||||||||||
Weather |
$ |
— |
|
|
$ |
— |
|
(b) |
$ |
— |
|
|
$ |
— |
|
(b) |
$ |
(4 |
) |
(b) |
$ |
— |
|
|
$ |
(4 |
) |
Load |
|
0.01 |
|
|
|
— |
|
(b) |
|
3 |
|
|
|
— |
|
(b) |
|
4 |
|
(b) |
|
— |
|
|
|
7 |
|
Distribution and transmission rates (3) |
|
0.06 |
|
|
|
(21 |
) |
(c) |
|
12 |
|
(c) |
|
42 |
|
(c) |
|
30 |
|
(c) |
|
— |
|
|
|
63 |
|
Other energy delivery (4) |
|
0.08 |
|
|
|
80 |
|
(c) |
|
(1 |
) |
(c) |
|
(6 |
) |
(c) |
|
8 |
|
(c) |
|
— |
|
|
|
81 |
|
Operating and maintenance expense (5) |
|
(0.05 |
) |
|
|
(18 |
) |
|
|
(28 |
) |
|
|
(35 |
) |
|
|
22 |
|
|
|
10 |
|
|
|
(49 |
) |
Pension and non-pension postretirement benefits |
|
0.01 |
|
|
|
(4 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
1 |
|
|
|
10 |
|
|
|
6 |
|
Depreciation and amortization expense (6) |
|
(0.03 |
) |
|
|
(22 |
) |
|
|
(6 |
) |
|
|
(5 |
) |
|
|
6 |
|
|
|
— |
|
|
|
(27 |
) |
Interest expense and other (7) |
|
(0.04 |
) |
|
|
7 |
|
|
|
(10 |
) |
|
|
2 |
|
|
|
(23 |
) |
|
|
(16 |
) |
|
|
(40 |
) |
Total year over year effects on Adjusted (non-GAAP) Operating Earnings |
$ |
0.04 |
|
|
$ |
22 |
|
|
$ |
(31 |
) |
|
$ |
(2 |
) |
|
$ |
44 |
|
|
$ |
4 |
|
|
$ |
37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2024 GAAP net income (loss) |
$ |
0.70 |
|
|
$ |
360 |
|
|
$ |
117 |
|
|
$ |
45 |
|
|
$ |
278 |
|
|
$ |
(93 |
) |
|
$ |
707 |
|
Change in environmental liabilities (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Change in FERC audit liability (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Cost management charge (net of taxes of |
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
2024 Adjusted (non-GAAP) operating earnings (loss) |
$ |
0.71 |
|
|
$ |
360 |
|
|
$ |
118 |
|
|
$ |
45 |
|
|
$ |
278 |
|
|
$ |
(93 |
) |
|
$ |
708 |
|
Note: Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from |
||
|
||
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
|
(b) |
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. |
|
(c) |
ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). |
|
(1) |
Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net. |
|
(2) |
In 2023, reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment. |
|
(3) |
For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset, partially offset by higher rate base. For BGE, reflects increased revenue primarily due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission rate increases. |
|
(4) |
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs and higher return on regulatory assets, partially offset by lower carrying cost recovery related to the CMC regulatory asset. |
|
(5) |
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, primarily reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased credit loss expense. For PHI, reflects decreased storm costs. For Corporate, reflects decreased in Operating and maintenance expense with an offsetting decrease in other income, for costs billed to Constellation for services provided by Exelon through the Transition Services Agreement (TSA). |
|
(6) |
Reflects ongoing capital expenditures across all utilities. |
|
(7) |
For PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense. |
|
(8) |
Primarily represents severance and reorganization costs related to cost management. |
|
Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Nine Months Ended September 30, 2024 and 2023 (unaudited) (in millions, except per share data) |
|||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||
|
Exelon Earnings per Diluted Share |
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||||
2023 GAAP net income (loss) |
$ |
1.72 |
|
|
$ |
822 |
|
|
$ |
410 |
|
|
$ |
286 |
|
|
$ |
490 |
|
|
$ |
(297 |
) |
|
$ |
1,711 |
|
Mark-to-market impact of economic hedging activities (net of taxes of |
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14 |
|
|
|
14 |
|
Asset retirement obligation (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
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 |
|
0.02 |
|
|
|
7 |
|
|
|
3 |
|
|
|
3 |
|
|
|
5 |
|
|
|
1 |
|
|
|
19 |
|
Income tax-related adjustments (entire amount represents tax expense) (2) |
|
(0.05 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(54 |
) |
|
|
(54 |
) |
2023 Adjusted (non-GAAP) operating earnings (loss) |
$ |
1.78 |
|
|
$ |
839 |
|
|
$ |
413 |
|
|
$ |
289 |
|
|
$ |
522 |
|
|
$ |
(289 |
) |
|
$ |
1,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Year over year effects on Adjusted (non-GAAP) operating earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Weather |
$ |
0.06 |
|
|
$ |
— |
|
(b) |
$ |
53 |
|
|
$ |
— |
|
(b) |
$ |
6 |
|
(b) |
$ |
— |
|
|
$ |
59 |
|
Load |
|
0.01 |
|
|
|
— |
|
(b) |
|
8 |
|
|
|
— |
|
(b) |
|
2 |
|
(b) |
|
— |
|
|
|
10 |
|
Distribution and transmission rates (3) |
|
0.23 |
|
|
|
(38 |
) |
(c) |
|
9 |
|
(c) |
|
161 |
|
(c) |
|
97 |
|
(c) |
|
— |
|
|
|
229 |
|
Other energy delivery (4) |
|
0.24 |
|
|
|
220 |
|
(c) |
|
(8 |
) |
(c) |
|
(13 |
) |
(c) |
|
38 |
|
(c) |
|
— |
|
|
|
237 |
|
Operating and maintenance expense (5) |
|
(0.10 |
) |
|
|
(95 |
) |
|
|
(63 |
) |
|
|
(58 |
) |
|
|
4 |
|
|
|
107 |
|
|
|
(105 |
) |
Pension and non-pension postretirement benefits |
|
(0.01 |
) |
|
|
(13 |
) |
|
|
(4 |
) |
|
|
— |
|
|
|
1 |
|
|
|
8 |
|
|
|
(8 |
) |
Depreciation and amortization expense (6) |
|
(0.09 |
) |
|
|
(57 |
) |
|
|
(16 |
) |
|
|
(17 |
) |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
(93 |
) |
Interest expense and other (7) |
|
(0.24 |
) |
|
|
7 |
|
|
|
(32 |
) |
|
|
(8 |
) |
|
|
(61 |
) |
|
|
(144 |
) |
|
|
(238 |
) |
Total year over year effects on Adjusted (non-GAAP) operating earnings |
$ |
0.08 |
|
|
$ |
24 |
|
|
$ |
(53 |
) |
|
$ |
65 |
|
|
$ |
85 |
|
|
$ |
(30 |
) |
|
$ |
91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2024 GAAP net income (loss) |
$ |
1.81 |
|
|
$ |
823 |
|
|
$ |
356 |
|
|
$ |
353 |
|
|
$ |
603 |
|
|
$ |
(322 |
) |
|
$ |
1,813 |
|
Change in environmental liabilities (net of taxes of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(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 |
|
|
|
— |
|
|
|
4 |
|
|
|
1 |
|
|
|
5 |
|
|
|
— |
|
|
|
10 |
|
2024 Adjusted (non-GAAP) operating earnings (loss) |
$ |
1.86 |
|
|
$ |
863 |
|
|
$ |
360 |
|
|
$ |
354 |
|
|
$ |
607 |
|
|
$ |
(319 |
) |
|
$ |
1,865 |
|
Note: Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from |
||
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
|
(b) |
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. |
|
(c) |
ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). |
|
(1) |
Represents costs related to the separation primarily comprised of system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation, and employee-related severance costs, which are recorded in Operating and maintenance expense and Other, net. |
|
(2) |
In 2023, reflects the adjustment to state deferred income taxes dues to changes in forecasted apportionment. |
|
(3) |
For ComEd, reflects decreased electric distribution revenues due to lower allowed electric distribution ROE and absence of a return on the pension asset, partially offset by higher rate base. For BGE, reflects increased revenue due to distribution rate increases. For PHI, reflects increased revenue primarily due to distribution and transmission increases. |
|
(4) |
For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, higher return on regulatory assets, and higher transmission peak load, partially offset by lower carrying cost recovery related to the CMC regulatory asset. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs. |
|
(5) |
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects an updated rate of capitalization of certain overhead costs. For PECO and BGE, reflects increased storm costs and credit loss expense. For Corporate, primarily reflects a decrease in Operating and maintenance expense with an offsetting decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA. |
|
(6) |
Reflects ongoing capital expenditures across all utilities. |
|
(7) |
For PECO, primarily reflects an increase in interest expense. For PHI, primarily reflects an increase in interest expense and an increase in taxes other than income. For Corporate, primarily reflects an increase in interest expense and a decrease in other income for costs billed to Constellation for services provided by Exelon through the TSA, with an offsetting decrease in Operating and maintenance expense. |
|
(8) |
Primarily represents severance and reorganization costs related to cost management. |
|
ComEd Statistics Three Months Ended September 30, 2024 and 2023 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather - Normal % Change |
|
|
2024 |
|
|
2023 |
|
% Change |
||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
8,409 |
|
8,199 |
|
2.6 |
% |
|
4.0 |
% |
|
$ |
1,117 |
|
|
$ |
1,047 |
|
6.7 |
% |
Small commercial & industrial |
7,869 |
|
7,822 |
|
0.6 |
% |
|
0.4 |
% |
|
|
603 |
|
|
|
540 |
|
11.7 |
% |
Large commercial & industrial |
6,903 |
|
7,039 |
|
(1.9 |
)% |
|
2.7 |
% |
|
|
286 |
|
|
|
263 |
|
8.7 |
% |
Public authorities & electric railroads |
210 |
|
209 |
|
0.5 |
% |
|
0.6 |
% |
|
|
11 |
|
|
|
11 |
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
280 |
|
|
|
265 |
|
5.7 |
% |
Total electric revenues(c) |
23,391 |
|
23,269 |
|
0.5 |
% |
|
2.4 |
% |
|
|
2,297 |
|
|
|
2,126 |
|
8.0 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(68 |
) |
|
|
142 |
|
(147.9 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
2,229 |
|
|
$ |
2,268 |
|
(1.7 |
)% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
835 |
|
|
$ |
896 |
|
(6.8 |
)% |
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
15 |
|
15 |
|
79 |
|
— |
% |
|
(81.0 |
)% |
Cooling Degree-Days |
818 |
|
791 |
|
722 |
|
3.4 |
% |
|
13.3 |
% |
Nine Months Ended September 30, 2024 and 2023 |
|||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather - Normal % Change |
|
|
2024 |
|
|
2023 |
|
% Change |
||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
21,617 |
|
20,217 |
|
6.9 |
% |
|
3.1 |
% |
|
$ |
3,017 |
|
|
$ |
2,744 |
|
9.9 |
% |
Small commercial & industrial |
21,586 |
|
21,854 |
|
(1.2 |
)% |
|
(0.2 |
)% |
|
|
1,755 |
|
|
|
1,363 |
|
28.8 |
% |
Large commercial & industrial |
20,577 |
|
20,101 |
|
2.4 |
% |
|
2.4 |
% |
|
|
875 |
|
|
|
553 |
|
58.2 |
% |
Public authorities & electric railroads |
589 |
|
622 |
|
(5.3 |
)% |
|
(5.6 |
)% |
|
|
43 |
|
|
|
33 |
|
30.3 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
803 |
|
|
|
716 |
|
12.2 |
% |
Total electric revenues(c) |
64,369 |
|
62,794 |
|
2.5 |
% |
|
1.6 |
% |
|
|
6,493 |
|
|
|
5,409 |
|
20.0 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(90 |
) |
|
|
427 |
|
(121.1 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
6,403 |
|
|
$ |
5,836 |
|
9.7 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
2,504 |
|
|
$ |
2,068 |
|
21.1 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
3,028 |
|
3,267 |
|
3,829 |
|
(7.3 |
)% |
|
(20.9 |
)% |
Cooling Degree-Days |
1,176 |
|
1,089 |
|
988 |
|
8.0 |
% |
|
19.0 |
% |
Number of Electric Customers |
2024 |
|
2023 |
Residential |
3,703,677 |
|
3,733,678 |
Small commercial & industrial |
393,796 |
|
391,222 |
Large commercial & industrial |
2,044 |
|
1,887 |
Public authorities & electric railroads |
5,762 |
|
4,802 |
Total |
4,105,279 |
|
4,131,589 |
__________ |
||
(a) |
Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. |
|
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
|
(c) |
Includes operating revenues from affiliates totaling |
|
(d) |
Includes alternative revenue programs and late payment charges. |
|
PECO Statistics Three Months Ended September 30, 2024 and 2023 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather- Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
4,146 |
|
4,134 |
|
0.3 |
% |
|
0.2 |
% |
|
$ |
641 |
|
$ |
654 |
|
(2.0 |
)% |
Small commercial & industrial |
2,129 |
|
2,070 |
|
2.9 |
% |
|
2.8 |
% |
|
|
153 |
|
|
148 |
|
3.4 |
% |
Large commercial & industrial |
3,768 |
|
3,830 |
|
(1.6 |
)% |
|
(1.5 |
)% |
|
|
73 |
|
|
67 |
|
9.0 |
% |
Public authorities & electric railroads |
156 |
|
152 |
|
2.6 |
% |
|
2.0 |
% |
|
|
7 |
|
|
7 |
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
74 |
|
|
80 |
|
(7.5 |
)% |
Total electric revenues(c) |
10,199 |
|
10,186 |
|
0.1 |
% |
|
0.1 |
% |
|
|
948 |
|
|
956 |
|
(0.8 |
)% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
12 |
|
|
14 |
|
(14.3 |
)% |
||
Total Electric Revenues |
|
|
|
|
|
|
|
|
|
960 |
|
|
970 |
|
(1.0 |
)% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
2,359 |
|
2,134 |
|
10.5 |
% |
|
13.4 |
% |
|
|
44 |
|
|
43 |
|
2.3 |
% |
Small commercial & industrial |
1,933 |
|
1,939 |
|
(0.3 |
)% |
|
1.4 |
% |
|
|
17 |
|
|
16 |
|
6.3 |
% |
Large commercial & industrial |
1 |
|
4 |
|
(75.0 |
)% |
|
(4.6 |
)% |
|
|
— |
|
|
— |
|
n/a |
|
Transportation |
5,232 |
|
5,278 |
|
(0.9 |
)% |
|
(2.5 |
)% |
|
|
7 |
|
|
7 |
|
— |
% |
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
2 |
|
|
1 |
|
100.0 |
% |
Total natural gas revenues(g) |
9,525 |
|
9,355 |
|
1.8 |
% |
|
1.9 |
% |
|
|
70 |
|
|
67 |
|
4.5 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
n/a |
|
||
Total Natural Gas Revenues |
|
|
|
|
|
|
|
|
|
70 |
|
|
67 |
|
4.5 |
% |
||
Total Electric and Natural Gas Revenues |
|
|
|
|
|
$ |
1,030 |
|
$ |
1,037 |
|
(0.7 |
)% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
386 |
|
$ |
411 |
|
(6.1 |
)% |
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
1 |
|
18 |
|
21 |
|
(94.4 |
)% |
|
(95.2 |
)% |
Cooling Degree-Days |
1,062 |
|
1,064 |
|
1,038 |
|
(0.2 |
)% |
|
2.3 |
% |
Nine Months Ended September 30, 2024 and 2023 |
||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather- Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
10,897 |
|
10,186 |
|
7.0 |
% |
|
0.7 |
% |
|
$ |
1,683 |
|
$ |
1,617 |
|
4.1 |
% |
Small commercial & industrial |
5,876 |
|
5,616 |
|
4.6 |
% |
|
1.5 |
% |
|
|
407 |
|
|
415 |
|
(1.9 |
)% |
Large commercial & industrial |
10,531 |
|
10,398 |
|
1.3 |
% |
|
— |
% |
|
|
191 |
|
|
196 |
|
(2.6 |
)% |
Public authorities & electric railroads |
470 |
|
464 |
|
1.3 |
% |
|
1.3 |
% |
|
|
21 |
|
|
23 |
|
(8.7 |
)% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
221 |
|
|
219 |
|
0.9 |
% |
Total electric revenues(c) |
27,774 |
|
26,664 |
|
4.2 |
% |
|
0.6 |
% |
|
|
2,523 |
|
|
2,470 |
|
2.1 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
14 |
|
|
14 |
|
— |
% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
|
2,537 |
|
|
2,484 |
|
2.1 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
25,779 |
|
23,697 |
|
8.8 |
% |
|
1.5 |
% |
|
|
300 |
|
|
335 |
|
(10.4 |
)% |
Small commercial & industrial |
14,742 |
|
14,381 |
|
2.5 |
% |
|
(3.3 |
)% |
|
|
106 |
|
|
123 |
|
(13.8 |
)% |
Large commercial & industrial |
17 |
|
39 |
|
(56.4 |
)% |
|
(9.4 |
)% |
|
|
— |
|
|
1 |
|
(100.0 |
)% |
Transportation |
17,248 |
|
17,482 |
|
(1.3 |
)% |
|
(3.0 |
)% |
|
|
20 |
|
|
20 |
|
— |
% |
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
11 |
|
|
12 |
|
(8.3 |
)% |
Total natural gas revenues(g) |
57,786 |
|
55,599 |
|
3.9 |
% |
|
(1.1 |
)% |
|
|
437 |
|
|
491 |
|
(11.0 |
)% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
1 |
|
|
2 |
|
(50.0 |
)% |
||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
438 |
|
|
493 |
|
(11.2 |
)% |
||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
2,975 |
|
$ |
2,977 |
|
(0.1 |
)% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
1,113 |
|
$ |
1,197 |
|
(7.0 |
)% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,441 |
|
2,236 |
|
2,853 |
|
9.2 |
% |
|
(14.4 |
)% |
Cooling Degree-Days |
1,599 |
|
1,297 |
|
1,430 |
|
23.3 |
% |
|
11.8 |
% |
Number of Electric Customers |
2024 |
|
2023 |
|
Number of Natural Gas Customers |
2024 |
|
2023 |
Residential |
1,529,205 |
|
1,531,168 |
|
Residential |
506,476 |
|
505,370 |
Small commercial & industrial |
155,126 |
|
155,932 |
|
Small commercial & industrial |
44,682 |
|
44,743 |
Large commercial & industrial |
3,156 |
|
3,111 |
|
Large commercial & industrial |
7 |
|
9 |
Public authorities & electric railroads |
10,716 |
|
10,416 |
|
Transportation |
643 |
|
629 |
Total |
1,698,203 |
|
1,700,627 |
|
Total |
551,808 |
|
550,751 |
__________ |
||
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission. |
|
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
|
(c) |
Includes operating revenues from affiliates totaling |
|
(d) |
Includes alternative revenue programs and late payment charges. |
|
(e) |
Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. |
|
(f) |
Includes revenues primarily from off-system sales. |
|
(g) |
Includes operating revenues from affiliates totaling |
|
BGE Statistics Three Months Ended September 30, 2024 and 2023 |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather- Normal % Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential |
3,589 |
|
3,601 |
|
(0.3 |
)% |
|
1.3 |
% |
|
$ |
558 |
|
|
$ |
512 |
|
|
9.0 |
% |
Small commercial & industrial |
733 |
|
722 |
|
1.5 |
% |
|
0.2 |
% |
|
|
96 |
|
|
|
86 |
|
|
11.6 |
% |
Large commercial & industrial |
3,675 |
|
3,664 |
|
0.3 |
% |
|
0.8 |
% |
|
|
154 |
|
|
|
144 |
|
|
6.9 |
% |
Public authorities & electric railroads |
46 |
|
50 |
|
(8.0 |
)% |
|
(8.8 |
)% |
|
|
8 |
|
|
|
7 |
|
|
14.3 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
110 |
|
|
|
104 |
|
|
5.8 |
% |
Total electric revenues(c) |
8,043 |
|
8,037 |
|
0.1 |
% |
|
0.9 |
% |
|
|
926 |
|
|
|
853 |
|
|
8.6 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(1 |
) |
|
|
(17 |
) |
|
(94.1 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
|
925 |
|
|
|
836 |
|
|
10.6 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential |
2,210 |
|
2,258 |
|
(2.1 |
)% |
|
(2.4 |
)% |
|
|
58 |
|
|
|
57 |
|
|
1.8 |
% |
Small commercial & industrial |
781 |
|
782 |
|
(0.1 |
)% |
|
(0.1 |
)% |
|
|
11 |
|
|
|
10 |
|
|
10.0 |
% |
Large commercial & industrial |
7,058 |
|
7,512 |
|
(6.0 |
)% |
|
(5.8 |
)% |
|
|
32 |
|
|
|
25 |
|
|
28.0 |
% |
Other(f) |
426 |
|
7 |
|
5,985.7 |
% |
|
n/a |
|
|
|
3 |
|
|
|
4 |
|
|
(25.0 |
)% |
Total natural gas revenues(g) |
10,475 |
|
10,559 |
|
(0.8 |
)% |
|
(4.6 |
)% |
|
|
104 |
|
|
|
96 |
|
|
8.3 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
15 |
|
|
|
— |
|
|
n/a |
|
||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
119 |
|
|
|
96 |
|
|
24.0 |
% |
||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
1,044 |
|
|
$ |
932 |
|
|
12.0 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
420 |
|
|
$ |
380 |
|
|
10.5 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
48 |
|
41 |
|
68 |
|
17.1 |
% |
|
(29.4 |
)% |
Cooling Degree-Days |
701 |
|
706 |
|
622 |
|
(0.7 |
)% |
|
12.7 |
% |
Nine Months Ended September 30, 2024 and 2023 |
||||||||||||||||||
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather- Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
9,755 |
|
9,162 |
|
6.5 |
% |
|
1.1 |
% |
|
$ |
1,556 |
|
$ |
1,308 |
|
19.0 |
% |
Small commercial & industrial |
2,078 |
|
2,005 |
|
3.6 |
% |
|
0.8 |
% |
|
|
274 |
|
|
253 |
|
8.3 |
% |
Large commercial & industrial |
10,061 |
|
9,812 |
|
2.5 |
% |
|
1.2 |
% |
|
|
425 |
|
|
412 |
|
3.2 |
% |
Public authorities & electric railroads |
150 |
|
153 |
|
(2.0 |
)% |
|
(2.3 |
)% |
|
|
24 |
|
|
22 |
|
9.1 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
303 |
|
|
303 |
|
— |
% |
Total electric revenues(c) |
22,044 |
|
21,132 |
|
4.3 |
% |
|
1.1 |
% |
|
|
2,582 |
|
|
2,298 |
|
12.4 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
6 |
|
|
24 |
|
(75.0 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
|
2,588 |
|
|
2,322 |
|
11.5 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
24,489 |
|
22,954 |
|
6.7 |
% |
|
(2.6 |
)% |
|
|
418 |
|
|
406 |
|
3.0 |
% |
Small commercial & industrial |
5,994 |
|
5,706 |
|
5.0 |
% |
|
(2.3 |
)% |
|
|
76 |
|
|
66 |
|
15.2 |
% |
Large commercial & industrial |
28,890 |
|
28,785 |
|
0.4 |
% |
|
(2.6 |
)% |
|
|
143 |
|
|
124 |
|
15.3 |
% |
Other(f) |
1,323 |
|
1,692 |
|
(21.8 |
)% |
|
n/a |
|
|
|
12 |
|
|
28 |
|
(57.1 |
)% |
Total natural gas revenues(g) |
60,696 |
|
59,137 |
|
2.6 |
% |
|
(2.6 |
)% |
|
|
649 |
|
|
624 |
|
4.0 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
31 |
|
|
40 |
|
(22.5 |
)% |
||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
680 |
|
|
664 |
|
2.4 |
% |
||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
3,268 |
|
$ |
2,986 |
|
9.4 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
1,228 |
|
$ |
1,145 |
|
7.2 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,429 |
|
2,195 |
|
2,909 |
|
10.7 |
% |
|
(16.5 |
)% |
Cooling Degree-Days |
1,039 |
|
917 |
|
885 |
|
13.3 |
% |
|
17.4 |
% |
Number of Electric Customers |
2024 |
|
2023 |
|
Number of Natural Gas Customers |
2024 |
|
2023 |
Residential |
1,215,873 |
|
1,208,230 |
|
Residential |
658,485 |
|
655,753 |
Small commercial & industrial |
115,032 |
|
115,557 |
|
Small commercial & industrial |
37,752 |
|
37,950 |
Large commercial & industrial |
13,206 |
|
13,007 |
|
Large commercial & industrial |
6,353 |
|
6,289 |
Public authorities & electric railroads |
260 |
|
264 |
|
|
|
|
|
Total |
1,344,371 |
|
1,337,058 |
|
Total |
702,590 |
|
699,992 |
__________ |
||
(a) |
Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission. |
|
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
|
(c) |
Includes operating revenues from affiliates totaling |
|
(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 September 30, 2024 and 2023 |
|||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather- Normal % Change |
|
2024 |
|
2023 |
|
% Change |
||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
2,432 |
|
2,529 |
|
(3.8 |
)% |
|
(1.1 |
)% |
|
$ |
426 |
|
$ |
405 |
|
|
5.2 |
% |
Small commercial & industrial |
306 |
|
315 |
|
(2.9 |
)% |
|
(2.6 |
)% |
|
|
52 |
|
|
54 |
|
|
(3.7 |
)% |
Large commercial & industrial |
3,834 |
|
3,975 |
|
(3.5 |
)% |
|
(3.6 |
)% |
|
|
281 |
|
|
303 |
|
|
(7.3 |
)% |
Public authorities & electric railroads |
164 |
|
175 |
|
(6.3 |
)% |
|
(6.3 |
)% |
|
|
9 |
|
|
9 |
|
|
— |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
85 |
|
|
67 |
|
|
26.9 |
% |
Total electric revenues(c) |
6,736 |
|
6,994 |
|
(3.7 |
)% |
|
(2.7 |
)% |
|
|
853 |
|
|
838 |
|
|
1.8 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
8 |
|
|
(16 |
) |
|
(150.0 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
861 |
|
$ |
822 |
|
|
4.7 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
294 |
|
$ |
288 |
|
|
2.1 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
— |
|
11 |
|
8 |
|
(100.0 |
)% |
|
(100.0 |
)% |
Cooling Degree-Days |
1,229 |
|
1,182 |
|
1,193 |
|
4.0 |
% |
|
3.0 |
% |
Nine Months Ended September 30, 2024 and 2023 |
||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather- Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
6,300 |
|
6,090 |
|
3.4 |
% |
|
(2.9 |
)% |
|
$ |
1,085 |
|
$ |
954 |
|
13.7 |
% |
Small commercial & industrial |
856 |
|
831 |
|
3.0 |
% |
|
(0.6 |
)% |
|
|
141 |
|
|
134 |
|
5.2 |
% |
Large commercial & industrial |
10,535 |
|
10,299 |
|
2.3 |
% |
|
(0.2 |
)% |
|
|
794 |
|
|
838 |
|
(5.3 |
)% |
Public authorities & electric railroads |
454 |
|
442 |
|
2.7 |
% |
|
2.3 |
% |
|
|
26 |
|
|
25 |
|
4.0 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
224 |
|
|
187 |
|
19.8 |
% |
Total electric revenues(c) |
18,145 |
|
17,662 |
|
2.7 |
% |
|
(1.1 |
)% |
|
|
2,270 |
|
|
2,138 |
|
6.2 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
50 |
|
|
36 |
|
38.9 |
% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
2,320 |
|
$ |
2,174 |
|
6.7 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
808 |
|
$ |
750 |
|
7.7 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,006 |
|
1,840 |
|
2,382 |
|
9.0 |
% |
|
(15.8 |
)% |
Cooling Degree-Days |
1,879 |
|
1,572 |
|
1,708 |
|
19.5 |
% |
|
10.0 |
% |
Number of Electric Customers |
2024 |
|
2023 |
Residential |
875,456 |
|
862,321 |
Small commercial & industrial |
54,058 |
|
54,082 |
Large commercial & industrial |
23,054 |
|
22,952 |
Public authorities & electric railroads |
207 |
|
205 |
Total |
952,775 |
|
939,560 |
__________ |
||
(a) |
Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. |
|
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
|
(c) |
Includes operating revenues from affiliates totaling |
|
(d) |
Includes alternative revenue programs and late payment charge revenues. |
|
DPL Statistics Three Months Ended September 30, 2024 and 2023 |
||||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather - Normal % Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential |
1,578 |
|
1,620 |
|
(2.6 |
)% |
|
6.0 |
% |
|
$ |
267 |
|
|
$ |
255 |
|
|
4.7 |
% |
Small commercial & industrial |
672 |
|
683 |
|
(1.6 |
)% |
|
1.5 |
% |
|
|
69 |
|
|
|
70 |
|
|
(1.4 |
)% |
Large commercial & industrial |
1,115 |
|
1,154 |
|
(3.4 |
)% |
|
(0.8 |
)% |
|
|
31 |
|
|
|
32 |
|
|
(3.1 |
)% |
Public authorities & electric railroads |
10 |
|
9 |
|
11.1 |
% |
|
9.8 |
% |
|
|
4 |
|
|
|
3 |
|
|
33.3 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
70 |
|
|
|
67 |
|
|
4.5 |
% |
Total electric revenues(c) |
3,375 |
|
3,466 |
|
(2.6 |
)% |
|
2.8 |
% |
|
|
441 |
|
|
|
427 |
|
|
3.3 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(2 |
) |
|
|
(1 |
) |
|
100.0 |
% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
|
439 |
|
|
|
426 |
|
|
3.1 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential |
397 |
|
414 |
|
(4.1 |
)% |
|
4.1 |
% |
|
|
11 |
|
|
|
12 |
|
|
(8.3 |
)% |
Small commercial & industrial |
343 |
|
350 |
|
(2.0 |
)% |
|
2.9 |
% |
|
|
6 |
|
|
|
7 |
|
|
(14.3 |
)% |
Large commercial & industrial |
408 |
|
381 |
|
7.1 |
% |
|
7.1 |
% |
|
|
1 |
|
|
|
1 |
|
|
— |
% |
Transportation |
1,190 |
|
1,119 |
|
6.3 |
% |
|
7.2 |
% |
|
|
4 |
|
|
|
3 |
|
|
33.3 |
% |
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
1 |
|
|
|
1 |
|
|
— |
% |
Total natural gas revenues |
2,338 |
|
2,264 |
|
3.3 |
% |
|
6.0 |
% |
|
|
23 |
|
|
|
24 |
|
|
(4.2 |
)% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
n/a |
|
||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
23 |
|
|
|
24 |
|
|
(4.2 |
)% |
||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
462 |
|
|
$ |
450 |
|
|
2.7 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
203 |
|
|
$ |
201 |
|
|
1.0 |
% |
||
Electric Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
14 |
|
26 |
|
25 |
|
(46.2 |
)% |
|
(44.0 |
)% |
Cooling Degree-Days |
858 |
|
1,007 |
|
928 |
|
(14.8 |
)% |
|
(7.5 |
)% |
Natural Gas Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
13 |
|
37 |
|
35 |
|
(64.9 |
)% |
|
(62.9 |
)% |
Nine Months Ended September 30, 2024 and 2023 |
||||||||||||||||||
|
Electric and Natural Gas Deliveries |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather - Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric (in GWhs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
4,188 |
|
3,993 |
|
4.9 |
% |
|
1.9 |
% |
|
$ |
725 |
|
$ |
626 |
|
15.8 |
% |
Small commercial & industrial |
1,793 |
|
1,765 |
|
1.6 |
% |
|
(0.5 |
)% |
|
|
191 |
|
|
189 |
|
1.1 |
% |
Large commercial & industrial |
3,115 |
|
3,138 |
|
(0.7 |
)% |
|
(1.2 |
)% |
|
|
91 |
|
|
98 |
|
(7.1 |
)% |
Public authorities & electric railroads |
30 |
|
31 |
|
(3.2 |
)% |
|
(3.7 |
)% |
|
|
12 |
|
|
11 |
|
9.1 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
198 |
|
|
186 |
|
6.5 |
% |
Total electric revenues(c) |
9,126 |
|
8,927 |
|
2.2 |
% |
|
0.5 |
% |
|
|
1,217 |
|
|
1,110 |
|
9.6 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
4 |
|
|
13 |
|
(69.2 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
|
1,221 |
|
|
1,123 |
|
8.7 |
% |
||
Natural Gas (in mmcfs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas Deliveries and Revenues(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
5,162 |
|
4,781 |
|
8.0 |
% |
|
(1.8 |
)% |
|
|
72 |
|
|
88 |
|
(18.2 |
)% |
Small commercial & industrial |
2,590 |
|
2,494 |
|
3.8 |
% |
|
(5.4 |
)% |
|
|
29 |
|
|
40 |
|
(27.5 |
)% |
Large commercial & industrial |
1,239 |
|
1,166 |
|
6.3 |
% |
|
6.3 |
% |
|
|
4 |
|
|
3 |
|
33.3 |
% |
Transportation |
4,491 |
|
4,350 |
|
3.2 |
% |
|
0.4 |
% |
|
|
12 |
|
|
11 |
|
9.1 |
% |
Other(f) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
5 |
|
|
8 |
|
(37.5 |
)% |
Total natural gas revenues |
13,482 |
|
12,791 |
|
5.4 |
% |
|
(1.2 |
)% |
|
|
122 |
|
|
150 |
|
(18.7 |
)% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
n/a |
|
||
Total natural gas revenues |
|
|
|
|
|
|
|
|
|
122 |
|
|
150 |
|
(18.7 |
)% |
||
Total electric and natural gas revenues |
|
|
|
|
|
$ |
1,343 |
|
$ |
1,273 |
|
5.5 |
% |
|||||
Purchased Power and Fuel |
|
|
|
|
|
|
|
|
$ |
573 |
|
$ |
562 |
|
2.0 |
% |
||
Electric Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,517 |
|
2,223 |
|
2,832 |
|
13.2 |
% |
|
(11.1 |
)% |
Cooling Degree-Days |
1,256 |
|
1,259 |
|
1,281 |
|
(0.2 |
)% |
|
(2.0 |
)% |
Natural Gas Service Territory |
|
|
|
|
|
|
% Change |
||||
Heating Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,620 |
|
2,306 |
|
2,993 |
|
13.6 |
% |
|
(12.5 |
)% |
Number of Electric Customers |
2024 |
|
2023 |
|
Number of Natural Gas Customers |
2024 |
|
2023 |
Residential |
489,634 |
|
484,425 |
|
Residential |
130,885 |
|
129,436 |
Small commercial & industrial |
64,626 |
|
64,101 |
|
Small commercial & industrial |
10,110 |
|
10,039 |
Large commercial & industrial |
1,267 |
|
1,245 |
|
Large commercial & industrial |
14 |
|
14 |
Public authorities & electric railroads |
598 |
|
593 |
|
Transportation |
161 |
|
165 |
Total |
556,125 |
|
550,364 |
|
Total |
141,170 |
|
139,654 |
__________ |
||
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. |
|
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
|
(c) |
Includes operating revenues from affiliates totaling |
|
(d) |
Includes alternative revenue programs and late payment charges. |
|
(e) |
Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. |
|
(f) |
Includes revenues primarily from off-system sales. |
|
ACE Statistics Three Months Ended September 30, 2024 and 2023 |
||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
|||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather - Normal % Change |
|
2024 |
|
2023 |
|
% Change |
|||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential |
1,343 |
|
1,587 |
|
(15.4 |
)% |
|
(7.3 |
)% |
|
$ |
323 |
|
$ |
299 |
|
8.0 |
% |
Small commercial & industrial |
519 |
|
509 |
|
2.0 |
% |
|
4.6 |
% |
|
|
82 |
|
|
75 |
|
9.3 |
% |
Large commercial & industrial |
885 |
|
923 |
|
(4.1 |
)% |
|
(2.3 |
)% |
|
|
53 |
|
|
51 |
|
3.9 |
% |
Public authorities & electric railroads |
10 |
|
10 |
|
— |
% |
|
(1.3 |
)% |
|
|
5 |
|
|
4 |
|
25.0 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
71 |
|
|
68 |
|
4.4 |
% |
Total electric revenues(c) |
2,757 |
|
3,029 |
|
(9.0 |
)% |
|
(3.6 |
)% |
|
|
534 |
|
|
497 |
|
7.4 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
6 |
|
|
5 |
|
20.0 |
% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
540 |
|
$ |
502 |
|
7.6 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
245 |
|
$ |
221 |
|
10.9 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
19 |
|
31 |
|
32 |
|
(38.7 |
)% |
|
(40.6 |
)% |
Cooling Degree-Days |
828 |
|
852 |
|
880 |
|
(2.8 |
)% |
|
(5.9 |
)% |
Nine Months Ended September 30, 2024 and 2023 |
|||||||||||||||||||
|
Electric Deliveries (in GWhs) |
|
Revenue (in millions) |
||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
Weather - Normal % Change |
|
|
2024 |
|
|
2023 |
|
% Change |
||||
Electric Deliveries and Revenues(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
3,232 |
|
3,122 |
|
3.5 |
% |
|
(2.1 |
)% |
|
$ |
727 |
|
|
$ |
601 |
|
21.0 |
% |
Small commercial & industrial |
1,246 |
|
1,227 |
|
1.5 |
% |
|
(1.1 |
)% |
|
|
187 |
|
|
|
180 |
|
3.9 |
% |
Large commercial & industrial |
2,348 |
|
2,455 |
|
(4.4 |
)% |
|
(6.0 |
)% |
|
|
149 |
|
|
|
163 |
|
(8.6 |
)% |
Public authorities & electric railroads |
32 |
|
33 |
|
(3.0 |
)% |
|
(2.0 |
)% |
|
|
14 |
|
|
|
13 |
|
7.7 |
% |
Other(b) |
— |
|
— |
|
n/a |
|
|
n/a |
|
|
|
206 |
|
|
|
194 |
|
6.2 |
% |
Total electric revenues(c) |
6,858 |
|
6,837 |
|
0.3 |
% |
|
(3.3 |
)% |
|
|
1,283 |
|
|
|
1,151 |
|
11.5 |
% |
Other Revenues(d) |
|
|
|
|
|
|
|
|
|
(3 |
) |
|
|
21 |
|
(114.3 |
)% |
||
Total electric revenues |
|
|
|
|
|
|
|
|
$ |
1,280 |
|
|
$ |
1,172 |
|
9.2 |
% |
||
Purchased Power |
|
|
|
|
|
|
|
|
$ |
557 |
|
|
$ |
493 |
|
13.0 |
% |
||
|
|
|
|
|
|
|
% Change |
||||
Heating and Cooling Degree-Days |
2024 |
|
2023 |
|
Normal |
|
From 2023 |
|
From Normal |
||
Heating Degree-Days |
2,685 |
|
2,558 |
|
2,982 |
|
5.0 |
% |
|
(10.0 |
)% |
Cooling Degree-Days |
1,242 |
|
1,007 |
|
1,184 |
|
23.3 |
% |
|
4.9 |
% |
Number of Electric Customers |
|
2024 |
|
2023 |
Residential |
|
507,060 |
|
504,330 |
Small commercial & industrial |
|
62,761 |
|
62,410 |
Large commercial & industrial |
|
2,848 |
|
2,980 |
Public authorities & electric railroads |
|
707 |
|
729 |
Total |
|
573,376 |
|
570,449 |
__________ |
||
(a) |
Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. |
|
(b) |
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. |
|
(c) |
Includes operating revenues from affiliates totaling |
|
(d) |
Includes alternative revenue programs. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030262655/en/
James Gherardi
Corporate Communications
312-394-7417
Andrew Plenge
Investor Relations
312-394-2345
Source: Exelon Corporation
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